How to choose a corporate card in Malaysia (2026 guide)

Key Takeaways:

• The best corporate card depends on your spending mix. Local ringgit expenses, overseas payments, and subscription costs in foreign currencies each benefit from different card features.

• Many Malaysian bank-issued corporate cards come with annual fees (including RM25 service tax per card¹) and stricter eligibility requirements such as business track record and credit checks.

• Modern fintech options like Airwallex Corporate Cards offer multi-currency spending, no annual fees, instant virtual card creation, and built-in expense management.

Trying to figure out how to choose a corporate card? Most Malaysian businesses quickly realise there isn’t a one-size-fits-all option.

The right choice depends on how your business spends: whether that’s mainly in ringgit locally, or across overseas suppliers, ads, and SaaS tools in foreign currencies. These patterns affect everything from FX costs to how easily you can control employee spending.

In this guide, we’ll walk through the key factors to consider when deciding how to choose a corporate card in Malaysia, and what actually matters for different types of businesses.

If you are new to corporate cards altogether, read what a corporate card is and how it works before continuing.

Where does your team spend?

Before you compare card perks, map out where your business money actually goes. The answer shapes every other decision, from whether FX fees matter to whether cashback is worth chasing.

If most of your spend is local

If the majority of your transactions are in ringgit — paying local suppliers, covering staff claims, booking domestic travel, or settling utility and office costs — then a traditional bank corporate credit card can work well.

In this case, the features worth comparing are the cashback or rewards structure, whether you get an interest-free period (typically 20 to 50 days), and whether the card is accepted for payments like JomPAY or online banking transfers.

If your team pays overseas regularly

If your business runs Meta or Google ad accounts billed in USD, pays for SaaS tools priced in USD or EUR, or settles invoices with overseas suppliers, FX costs become your most important variable, not cashback.

A ringgit-denominated card converts every foreign currency transaction at the bank's retail rate, which typically includes a markup of 1% to 2.5% on top of the network rate.

On RM10,000 of monthly overseas spend, that adds up to RM1,200 to RM3,000 in conversion costs per year — often exceeding whatever cashback the card returns. In this case, look for corporate cards that support multi-currency balances or charge no FX markup.

How much will FX fees cost you?

Most business owners underestimate how quickly foreign exchange costs accumulate. This is not a single transaction fee, but a percentage applied to every overseas payment, every month, across every card on your account.

Malaysian bank corporate cards typically convert foreign currency at a retail exchange rate that includes a markup above the mid-market rate. That markup is usually built into the rate itself rather than shown as a separate line item, which makes it easy to overlook.

Here’s a simple way to pressure-test whether FX costs matter for your business. Take your average monthly overseas spend in ringgit equivalent and apply a 1.5% conversion cost:

• RM5,000/month overseas spend → RM75/month → RM900/year in FX costs

• RM10,000/month overseas spend → RM150/month → RM1,800/year in FX costs

• RM20,000/month overseas spend → RM300/month → RM3,600/year in FX costs

At those levels, you can judge for yourself whether FX costs are worth absorbing or worth fixing.

If the number is large enough to matter, the alternative is a multi-currency card that lets you hold USD, EUR, or other currencies directly and pay overseas suppliers or platforms from that balance without conversion.

For example, with an Airwallex multi-currency account and corporate card, if a US customer pays you in USD, you can hold that USD in your account and use it to pay your Google or Meta ad bills, your SaaS subscriptions, or your overseas suppliers — all in USD.

This means you skip the ringgit conversion on the way in and on the way out, removing two rounds of FX fees entirely. Learn more about Airwallex Corporate Cards or sign up for a free account to get started.

How many people need cards, and how quickly?

The number of employees who need cards — and how fast you need to issue them — affects which type of corporate card is practical for your business. Bank credit cards and fintech debit cards work very differently here.

Smaller or newer teams

Bank-issued corporate credit cards typically require at least two years of audited business history and a Central Credit Reference Information System (CCRIS) check. Most banks prefer Sdn Bhd entities rather than sole proprietors or limited liability partnerships (LLPs).

If your business is under two years old or you need cards approved quickly, a bank credit card may not be a realistic option right now.

Larger teams or immediate issuance needs

If you need to issue cards to multiple employees quickly, or want to control exactly how much each person can spend, fintech debit cards are built for this.

Virtual cards can be issued from a dashboard in minutes, with individual spend limits and merchant restrictions set per card.

Do you need a credit float, or are you fine spending from your balance?

This is not a question of which option is better; it is a question of which structure suits your cash flow. Both have legitimate uses, and the right answer depends on how your business manages money day to day.

If cash flow timing matters to you

A corporate credit card gives you an interest-free window (typically 20 to 50 days) between when your team spends and when you settle the bill.

If your business collects payments from clients on a monthly cycle but incurs costs throughout the month, that float can be useful.

The trade-off: you will need to pass a CCRIS check, show at least two years of business history, and accept that the RM25¹ annual service tax applies per card issued.

If you prefer to spend from existing funds

A corporate debit card draws directly from your business account balance. There is no credit check, no service tax, and no risk of carrying debt.

This makes it a cleaner option for newer businesses, those without an established credit profile, or finance teams that want tighter day-to-day control over cash.

What level of expense management do you need?

A corporate card does more than process payments. It also shapes how your finance team tracks, approves, and reconciles spend.

Before choosing a card, decide how much visibility and control you actually need.

If you only need basic tracking

If your team is small and transactions are infrequent, a card that produces a clear monthly statement may be enough.

The minimum to look for: itemised transaction records, the ability to download statements for your accountant, and acceptance by the platforms your business uses most.

If you need full expense automation

If you have multiple cardholders, regular overseas payments, or a finance team spending hours each month chasing receipts and reconciling statements, you need more than a statement.

Look for cards that offer real-time transaction visibility, receipt capture at point of purchase, per-card spend limits, merchant category restrictions, and approval workflows for larger purchases.

Accounting integration is also worth paying close attention to in a Malaysian context. Many local businesses use Xero, QuickBooks, SQL, or MYOB, but most bank corporate card statements require manual export and import, which adds time and introduces errors.

Cards that sync directly with your accounting software remove that step entirely and make month-end reconciliation significantly faster.

Will the card grow with your business?

The card that works for a three-person team today may create friction when you hire more staff, expand into new markets, or start paying suppliers in multiple currencies. Before committing, run through these questions:

• Can you add new cards quickly without going through a full approval process each time?

• Can you adjust individual card limits or freeze a card without calling your bank?

• Does the platform integrate with the accounting tools you plan to use as you grow?

• If you expand into new markets, can the card handle payments in those currencies without high conversion costs?

• Does the provider have a track record of adding features, or will you outgrow the product in 12 months?

If the answer to most of these is no, it is worth factoring that switching cost into your decision now rather than later.

Why Malaysian businesses choose Airwallex corporate cards

If you’ve been putting off sorting out corporate cards because the bank process feels slow and costly, Airwallex is the most straightforward place to begin. With Airwallex, Corporate Cards are free to create, virtual cards are ready to use immediately, and you can issue both virtual and physical cards to your team without a credit check or RM25 service tax per card.

Here’s what you get with Airwallex Corporate Cards:

No card fees, no service tax

Airwallex corporate cards are free to create. There is no annual fee and no RM25¹ service tax per card, so whether you issue cards to 3 employees or 30, the cost of the card itself is zero. You only pay for what you actually spend.

Virtual cards + physical cards

Company cards — used for shared expenses like software subscriptions and ad spend — are available as virtual cards and can be used online immediately after creation.

Employee cards support both virtual and physical format, so your team can spend in-store or add the card to Apple Pay or Google Pay without waiting weeks for a bank to process an application.

No FX fees on overseas spend

Airwallex cards pay directly from your multi-currency held balances, so if you are spending in USD, EUR, or any other supported currency from your balances, there’s no forced conversion and no FX fee.

If you do not have the required currency balance, Airwallex auto-converts at competitive rates that save you up to 80% on FX fees compared to traditional banks.

Expense management built in

Set daily, weekly, or monthly spend limits per card. Freeze or cancel a card instantly from the dashboard. Sync all card transactions directly with Xero or QuickBooks. Your finance team gets a real-time view of every transaction as it happens.

Frequently asked questions (FAQs)

What is the difference between a corporate card and a business credit card in Malaysia?

A corporate card is issued in the company's name and the liability sits with the business — not with individual employees. A business credit card is often issued under the business owner's personal credit, with a personal guarantee attached. If you want clean separation between company finances and personal liability, a corporate card is the more appropriate structure. You can read a full breakdown in our guide to what a corporate card is.

Can a sole proprietor get a corporate card in Malaysia?

Yes, but options are narrower than for Sdn Bhd companies. Some bank-issued cards accept sole proprietorships and partnerships, though you will need to pass a Central Credit Reference Information System (CCRIS) and CTOS check and provide business registration documents. Fintech debit cards have lower documentation requirements since there is no credit underwriting involved.

Do corporate cards work for overseas payments?

Yes. Any Visa or Mastercard corporate card works at merchants and ATMs worldwide. The cost is what varies. Bank-issued ringgit cards apply a foreign currency markup on every overseas transaction, which adds up on regular international spend. A multi-currency card lets you pay directly from a foreign currency balance you already hold, with no markup applied at the point of payment.

What is the RM25 service tax on corporate cards?

It is a federal service tax that applies to credit and charge cards in Malaysia, charged at RM25¹ per card per year — including supplementary cards. It applies regardless of how much you spend and even on cards marketed as having no annual fee. Debit-based corporate cards are not subject to this tax.

Can I get a corporate card without a credit check in Malaysia?

Yes. Debit and prepaid corporate cards do not require a credit check. You fund the card from your business account and spend up to that balance. This is the standard model for fintech corporate cards in Malaysia, and it is usually the most accessible path for newer businesses or those without an established credit history.

How many corporate cards can I issue to my team?

It depends on the provider. Bank-issued corporate credit cards typically involve a separate application and approval process for each supplementary card, and the RM25¹ service tax applies to each one issued. Fintech platforms generally let you issue virtual cards to team members directly from a dashboard, with no per-card approval process and no service tax.

Sources:

1. mysst.customs.gov.my/assets/document/Industry%20Guides/GI/Guide%20On%20Credit%20Card%20and%20Charge%20Card_v2.1_20211026.pdf

This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Malaysia) Sdn. Bhd., a company incorporated under the laws of Malaysia with company registration number 201801007747 (1269761-X), is regulated as a licensed remittance business under the Money Services Business Act 2011 (Licence number 00743 with an expiry date of 3 August 2028, an E-Money Issuer and a registered merchant acquirer under the Financial Services Act 2013.)