How to receive money internationally in Malaysia (2026)

Key Takeaways:

• You can receive money from overseas through a bank SWIFT transfer, an international transfer specialist, an online payment gateway, a digital wallet, or cash pickup — each with different costs and speeds.

• The real cost is often hidden in the exchange rate markup, not just the upfront fee.

• Airwallex lets you receive money in foreign currency using local account details, so you can avoid SWIFT transfers and reduce unnecessary fees.

If you're wondering how to receive money internationally in Malaysia, there are more options available than ever before.

Whether you're a freelancer getting paid by overseas clients, an eCommerce seller collecting revenue from international customers, or a business receiving payments from global partners, choosing the right method can help you get your money faster and keep more of it.

In this guide, we'll explain the main ways to receive money from overseas in Malaysia, the costs and rules you should be aware of, and how to choose the most suitable solution for your needs.

We'll also cover the exact details to give your sender, and how Airwallex helps you receive foreign currency without losing money to conversions.

What receiving money internationally means

Receiving money internationally means getting a payment that starts in another country and lands with you in Malaysia. The sender's money leaves their bank or app abroad, crosses the border through a payment network, and arrives in your account or as cash.

There are two common scenarios here:

• As an individual, you might receive support from family overseas, a refund, or payment for freelance work.

• As a business, you collect from overseas customers, marketplaces, or trading partners.

One choice shapes everything that follows: the currency you receive in.

You can take the money in ringgit, which means it gets converted before it reaches you. Or you can receive it in the original currency, such as USD or SGD, and hold it until you choose to convert.

In most cases, we’d recommend receiving in the foreign currency (not ringgit), because this gives you control over timing and cost.

6 ways to receive money internationally in Malaysia

There are six common ways to receive money from overseas in Malaysia. Each one suits a different mix of speed, cost, and currency control.

1. Multi-currency or foreign currency account

This type of account lets you receive and hold money in foreign currencies instead of converting straight to ringgit.

Specialist providers like Airwallex and Wise give you local bank details in several currencies, so your sender pays like a domestic transfer in their own country. Malaysian banks such as Maybank and CIMB also offer foreign currency accounts, though their conversion terms are often less competitive.

Holding the currency means you choose when to convert, which gives you the most control over cost. This is often the best fit for businesses with regular overseas income.

PS: With Airwallex, you can set up a multi-currency account to collect payments across 70 countries like a local, avoiding SWIFT transfers and associated fees. There are no setup fees, annual fees, or monthly fees. Sign up for free.

2. Bank transfer through SWIFT

A SWIFT transfer (also known as a wire transfer) is the traditional way to receive money into your Malaysian bank account.

Your sender uses your account number and your bank's SWIFT/BIC code, and the payment travels through the international banking network. It reaches almost any bank, but it is usually the slowest and most expensive route. Fees can be deducted at several points before the money reaches you.

3. International money transfer specialists

Money transfer specialists such as Wise, Instarem, and WorldRemit move money using local networks at both ends. Your sender sets up the payment in their app, and you receive it in your Malaysian bank account, often faster and cheaper than a bank SWIFT transfer.

Some also pay out to e-wallets or cash pickup. This works well for one-off and personal payments.

4. Online payment gateways

If you sell to overseas customers, a payment gateway lets you accept card and local payment methods online. Providers like Airwallex, Stripe, and Razorpay Curlec collect the payment and settle it to your account.

Gateways suit eCommerce stores and subscription businesses that take payments through a website or app. You pay a percentage fee per transaction in return for the convenience.

5. Digital wallets

Digital wallets like PayPal let an overseas sender pay you in seconds, as long as you both have accounts. They are widely trusted by international buyers, which makes them useful for freelancers and small sellers.

The downside is the currency conversion cost, which can be high when funds move between currencies. They suit smaller or occasional payments rather than large sums.

6. Cash pickup

Cash pickup suits urgent personal payments. Your sender arranges a transfer through a provider such as Western Union or MoneyGram, and you collect ringgit in cash at an agent location near you.

It’s fast and needs no bank account, but it is rarely the cheapest option and is not practical for business income.

How to choose the right method

The right method depends on four things: how fast you need the money, what it costs, whether you want to control the currency, and who is paying you.

If you’re wondering what to prioritise, it really depends on the situation.

For example, speed matters most for urgent personal transfers. Cost matters most when you receive large or regular amounts. Currency control matters if you would rather hold foreign currency than convert at the wrong time.

Use the table below to match your situation to a method:

The information in this table has been reviewed to be accurate as of 5 June 2026.

What it costs to receive money from overseas

The cost of receiving money from overseas is rarely a single fee. It usually comes in layers, and some are hard to see.

In total, there are four fees to look out for: the sender’s fee, intermediary bank deductions, the receiving banks’ fee, and the FX markup. Let’s take a closer look at each one:

1. The sender's fee

The sender usually pays a fee to start the transfer. This does not come from your pocket directly. But if they deduct it from the amount they send, you receive less than the agreed total.

2. Intermediary bank deductions

With a SWIFT transfer, the payment typically passes through one or more correspondent banks. Each can take a cut as it processes the payment. By the time the money reaches you, the amount can be smaller than the sender entered, with no clear breakdown.

3. Your receiving bank's fee

Many Malaysian banks charge an inbound or handling fee when foreign money lands in your account. The amount depends on your bank and account type, so check your terms before sharing your details.

If you want to avoid this, a multi-currency account from a specialist provider (such as Airwallex) lets you receive for free.

4. The exchange rate markup

This is the cost most people miss. When your money is converted to ringgit, the rate often includes a markup above the mid-market rate. Because it is built into the rate, it does not show as a separate fee, but it can be the biggest cost of all.

You can skip this fee by choosing a provider that lets you settle like-for-like, instead of forcing you to convert all incoming funds to your home currency.

For example, say you run an online store and receive US$5,000 from a customer. You also need to pay US$5,000 for your Meta or Google ad spend.

Scenario 1: If you’re using a provider without like-for-like settlement, you’ll be forced to convert the US$5,000 to ringgit when it arrives, then convert ringgit back to USD to pay for your ad spend. You pay the markup twice: that’s two rounds of FX fees.

Scenario 2: If you’re using a provider with like-for-like settlement (such as Airwallex), you can hold the US$5,000 and pay for your ad spend directly in USD. Since the money is never converted, you don’t pay any FX fees.

Rules and compliance in Malaysia

Receiving money from overseas in Malaysia is governed by Bank Negara Malaysia's Foreign Exchange Policy. The rules are open for most legitimate payments, but a few points are worth knowing before funds arrive.

Who counts as a resident

Your residency status decides which rules apply. A business registered and operating in Malaysia counts as a resident, as does a Malaysian citizen living here. Most readers receiving overseas income fall into this group.

Receiving foreign currency

A resident is generally free to receive foreign currency from a non-resident for trade in goods and services. This covers most businesses getting paid by overseas customers. You can receive the funds and hold them in a foreign currency account, or convert them to ringgit.

Documentation your bank may ask for

Your bank runs its own due diligence on inbound payments. It may ask for documentary evidence of the purpose, such as invoices, contracts, or proof of the business relationship. Keep these records on file, as banks can request them before processing funds.

Limits to keep in mind

If you are a non-resident holding a ringgit External Account, receipts into that account are capped at RM10,000 per account per day¹, with some exemptions. Most resident businesses receiving foreign currency are not affected by this limit. If you are unsure of your status, ask your bank.

How to receive money faster and for less

A few simple habits help your money arrive faster, with less taken out along the way.

Agree who pays the fees

For SWIFT transfers, the sender chooses who covers the charges. Ask them to pay all fees so the full amount reaches you.

Use a multi-currency account with local bank details

The cheapest way to get paid is to let the sender pay you locally instead of by SWIFT or wire transfer, which cuts out correspondent bank fees.

But this only works if you own a multi-currency account with local bank details in their currency. Once you share those details, the sender can pay you like a domestic transfer in their own country.

Give the right details the first time

A wrong account number or missing code can delay a payment for days or trigger a repair fee. Check every detail before you share it.

Match the currency to how you'll use the money

If you will spend or pay suppliers in a foreign currency, receive and hold it in that currency. This avoids converting twice and losing money each time.

Why Malaysian businesses choose Airwallex to receive money internationally

A bank account works well if all you need is the occasional large wire from one known payer. A transfer app is fine for a one-off payment from your family.

But most Malaysian businesses need more than that. You might collect from overseas customers, hold revenue in different currencies, and pay foreign suppliers, all in the same month.

That's where Airwallex comes in. It is built to receive, hold, and use money across currencies from one account. Here’s what you get with Airwallex:

Collect like a local in 70 countries

Your Global Account gives you local bank details to collect payments across 70 countries, so overseas customers pay you like a domestic transfer in their own market. You avoid SWIFT wires and correspondent fees on the way in.

Hold and convert on your terms

With Airwallex, you get like-for-like settlement in up to 12 currencies. This means you can hold your USD in USD, and use it to pay your US-based subscriptions, ad spend, and vendors. You skip two rounds of conversions, and two rounds of FX fees.

Accept payments in 180+ countries

Beyond bank transfers, you can collect card and local payments from customers in 180+ countries and settle them into your account.

Frequently asked questions (FAQs)

How long does it take to receive money from overseas in Malaysia?

It depends on the method. A bank SWIFT transfer usually takes a few business days, because it passes through the international banking network. Specialist providers, digital wallets, and multi-currency accounts are often much faster, with some payments arriving the same day or within minutes. If you go through Airwallex, 93% of our transactions arrive on the same day, and 45% arrive immediately.

How much does it cost to receive money from overseas?

There is rarely a single fee. Your bank may charge an inbound or handling fee, intermediary banks can deduct charges along the way, and the exchange rate used to convert your money often includes a markup. A multi-currency account from a specialist provider can cut several of these costs.

Do I need to declare money received from overseas in Malaysia?

It depends on the amount and the reason for the payment. Your bank may ask for documents such as invoices or contracts to confirm the purpose of business funds. If you are unsure about tax, check with a licensed tax adviser.

What details do I need to give the sender?

For a bank transfer, the sender needs your full name, account number, and your bank's SWIFT/BIC code. With a multi-currency account like Airwallex, you can share local account details instead, so the sender pays you like a domestic transfer.

Is there a limit on how much I can receive?

Resident businesses receiving foreign currency for goods and services generally face no cap. A non-resident holding a ringgit External Account can receive up to RM10,000 per account per day¹, with some exemptions.

Sources:

1.  https://www.bnm.gov.my/fep

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.