8 best Merchantrade alternatives in Malaysia (2026)

Key Takeaways:

• Merchantrade is strong for cash-based remittances and in-person service, but it doesn't make it easy to compare exchange rates before you commit to a transfer. It also doesn't support receiving payments from abroad.

• Alternatives like Wise, BigPay, and Instarem offer more transparent pricing, competitive exchange rates, and fully digital convenience — all regulated by Bank Negara Malaysia.

• If you run a business that needs to collect international payments, pay overseas suppliers, or manage multi-currency cash flow, Airwallex is a purpose-built alternative to personal remittance tools.

Merchantrade alternatives are worth exploring if you send money from Malaysia and want better rate transparency, lower fees, or a fully digital experience.

This guide covers eight alternatives to Merchantrade available in Malaysia, including what each does well, where they fall short, and which option fits your needs. We also cover what businesses should use instead, since personal remittance apps don’t work well for commercial payments.

Why look beyond Merchantrade?

Merchantrade has real strengths, particularly for users who prefer in-person service or send cash to popular corridors in South and Southeast Asia. But there are a few areas where it falls short compared to newer digital alternatives.

1. Exchange rates aren't published openly

Merchantrade publishes daily exchange rates on its website, but only for counter transactions at physical branches — and rates vary by branch location. Digital rates for the prepaid card are listed separately and noted as "typically better" than counter rates¹.

In either case, you can't model an international transfer online to see the exact rate and fee before signing up. With providers like Wise or Instarem, you can see the full cost of a transfer before creating an account.

2. No way to receive payments from abroad

Merchantrade Money does not offer local account details in foreign currencies². If you're a freelancer, remote worker, or contractor who gets paid from overseas clients, this is a meaningful gap.

Several alternatives on this list give you local bank details in multiple currencies, so people abroad can pay you as if you were a local account holder.

3. Overseas spending fees add up

Spending in a currency you already hold in your Merchantrade wallet is free. But if you spend in a currency you don't hold, the conversion is handled at the Visa rate plus 1.75% of the transaction amount².

Some alternatives charge less — Wise, for example, charges from 0.77%³ using the mid-market rate.

4. Annual fees and dormancy rules

Merchantrade charges an annual fee of RM10. Most digital-first alternatives — including Wise and BigPay — do not have an annual fee.

What to look for in a Merchantrade alternative

Before switching providers, it helps to know what actually drives the cost and experience of an international transfer. These are the four things that matter most.

1. Exchange rate transparency

The exchange rate is where most of your money is won or lost. Some providers use the mid-market rate — the real rate you'd see on Google — with no markup. Others set their own rates, which may include a margin that doesn't show up as a separate fee.

A provider with a low transfer fee but a wide exchange rate markup can end up costing more than one with a higher fee and no markup. Always check the total cost, not just the listed fee.

2. Transfer fees

This is the explicit charge per transaction, and it’s either a flat fee, a percentage of the amount, or a combination.

On its own, this number doesn't tell you enough. A provider advertising "zero fees" may still be expensive if the exchange rate includes a built-in margin. Look at the transfer fee and the exchange rate together to get the real cost of your transfer.

3. Delivery options

How your recipient collects the money matters. The main options are:

• Bank deposit

• Cash pickup

• Mobile wallet

• Airtime top-up

If your recipient doesn't have a bank account or prefers collecting cash, you'll need a provider with a physical agent network at the destination. If they do have a bank account, digital-only providers are usually cheaper and faster.

4. Regulatory status

All money transfer providers operating in Malaysia must be licensed by Bank Negara Malaysia (BNM). A valid BNM licence means the provider meets Malaysia's anti-money laundering standards and is subject to regulatory oversight.

Before opening an account with any provider, check that they hold a current licence — you can verify this directly on the BNM website.

8 best Merchantrade alternatives in Malaysia

If you’re sending money abroad as an individual, these are the most relevant alternatives to Merchantrade available from Malaysia. All providers listed below are licensed or regulated in Malaysia by Bank Negara Malaysia (BNM).

Here’s a quick overview, before we go into the individual providers:

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

1. Wise

Wise uses the mid-market rate — the same rate you'd see on Google — with no markup. You pay a transparent conversion fee from 0.77%, and the full cost is shown before you confirm. You can receive payments using local account details in 25 currencies at no charge.

The Wise debit card costs a one-time fee of RM13.70, with no annual fee. Spending in a currency you already hold is free. Conversion for currencies you don't hold starts from 0.77%. ATM withdrawals are free up to 2 per month (or RM1,000), after which a fee of RM5 plus 1.75% applies³.

Worth knowing: Wise personal accounts in Malaysia are for personal use only. Using your account for business payments violates local regulations and will result in account deactivation.

For a detailed side-by-side comparison of Merchantrade and Wise specifically, see our Merchantrade vs Wise guide.

2. BigPay

BigPay is a Malaysian-born fintech that lets you send money to 45+ countries with fixed fees and competitive exchange rates, shown upfront in the app. It started as a prepaid card tied to AirAsia's rewards programme but has grown into a full remittance app for Malaysian residents.

The app is 100% digital: you can send to bank accounts or e-wallets in supported countries in just a few taps⁴.

Worth knowing: BigPay is digital-only with no physical branches. Transfer limits apply and may vary by destination. Check the app for current limits before sending.

3. MoneyMatch

MoneyMatch is a Malaysia-founded remittance platform regulated by BNM (Licence No. 00544). It sends to 110+ countries and shows you the full cost before you confirm. There are no subscription fees or hidden charges⁵.

MoneyMatch also offers a business transfer product and an enterprise API for companies that need to integrate cross-border payments into their own platforms.

Worth knowing: Cash pickup is available, but only in select destination countries. Most transfers are bank-deposit only.

4. Instarem

Instarem supports transfers from Malaysia to 60+ countries with exchange rates close to the mid-market rate and fees shown upfront. Most transfers are instant or same-day. Every completed transfer earns InstaPoints, which you can redeem against future transfer fees.

It is operated by Nium Sdn. Bhd., licensed in Malaysia by BNM as a Class B Money Service Business (Licence No. 00625, valid until January 2028)⁶.

Worth knowing: New users get a special offer on their first transfer — check the app or website for current promotions. Cash pickup is available only in the Philippines.

5. TNG Remit (GOremit)

If you already use Touch 'n Go eWallet for daily payments in Malaysia, GOremit lets you send money internationally from the same app. It sends to 50+ countries via bank transfer, cash pickup, or local e-wallet, and charges one flat fee regardless of the transfer amount⁷.

There's no separate app to download — everything runs through your TNG eWallet.

Worth knowing: You need a verified TNG eWallet account to use GOremit⁷. Non-Malaysian residents must upload a valid work permit to use the service.

6. WorldRemit

WorldRemit stands out for its range of delivery options. Where most providers on this list offer only bank deposits, WorldRemit also supports cash pickup, mobile wallet transfers, and airtime top-ups — sending mobile credit directly to a recipient's phone. It sends to 130+ countries from Malaysia and shows fees upfront before you confirm⁸.

WorldRemit is licensed in Malaysia by BNM (Licence No. 00675). You can fund transfers via FPX bank transfer or a Malaysian-issued debit card.

Worth knowing: WorldRemit is digital-only with no physical branches in Malaysia. The exchange rate shown may differ from the mid-market rate, so always compare the total amount your recipient will receive before confirming.

7. Western Union

Western Union has one of the largest physical agent networks in Malaysia, with 2,500+ locations. Transfer fees start from RM5, and your recipient can pick up cash at any of 525,000+ agent locations worldwide. You can send up to RM30,000 online or via the app with a verified profile⁹.

It's most useful when your recipient needs cash at the destination and doesn't have a bank account.

Worth knowing: Western Union also makes money from currency exchange. The exchange rate includes a markup on top of the transfer fee, so the listed fee alone doesn't reflect the full cost. Always compare the total amount your recipient will receive.

8. MoneyGram

MoneyGram offers multiple delivery options in Malaysia, including cash pickup, mobile wallet, bank account, and debit card transfers¹. It partners with several local agents across Malaysia — including TML, SMJ Teratai, and Lulu Money — for cash pickup.

Like Western Union, it's most useful when cash pickup is required at the destination.

Worth knowing: MoneyGram charges both a transfer fee and an exchange rate markup. Fees vary by destination, amount, and payment method.

Money transfer apps you can't use from Malaysia

Some of the most commonly searched money transfer apps aren't available to senders in Malaysia. If you've come across any of these while researching, here's why they won't work for you.

Remitly

Remitly is one of the most popular remittance apps globally, with a strong reputation for low fees and fast delivery. However, it does not support sending from Malaysia.

Remitly is currently only available to senders based in the US, Canada, the UK, Australia, Singapore, and a handful of European countries. You can receive a payment in Malaysia via Remitly if the sender is in one of those eligible countries — but you cannot send outbound.

Revolut

Revolut is a digital banking app with built-in multi-currency accounts and international transfers. It often comes up in comparisons with Wise and Merchantrade. However, Revolut is not available for Malaysian residents.

You cannot open a Revolut account if your residential address is in Malaysia. If you already hold a Revolut account from another country, your card may still work for spending while travelling in Malaysia — but you can't sign up locally.

Xe

Xe is well known for its currency converter and live exchange rate tools. It does offer money transfers, but its personal remittance product is primarily structured around sending to Malaysia from countries like the US, UK, Australia, and Canada — not from Malaysia itself.

While Xe has a business money transfer product available in Malaysia through a local partner (IME (M) Sdn. Bhd., licensed by BNM), this is aimed at business users, not personal senders.

What should Malaysian businesses use for transfers?

Every provider covered in this guide is designed for personal remittances — sending money from one individual to another. Here’s why you shouldn’t use them if you’re running a business:

• Regulatory risk. Wise explicitly states that sending from MYR for commercial purposes violates local regulations and will result in account deactivation. Other providers have similar restrictions in their terms.

• Low transfer limits. Personal accounts cap how much you can send per day or per month — far below what most businesses need.

• No batch payments. You can't pay multiple suppliers, contractors, or employees in a single action.

• No accounting integrations. Nothing connects to Xero, QuickBooks, or NetSuite, which means manual reconciliation at the end of every month.

If you run a business in Malaysia that transacts internationally, Airwallex is designed specifically for this. It is regulated by Bank Negara Malaysia as a licensed remittance business under the Money Services Business Act 2011 (Licence No. 00743).

Here's what you get with Airwallex:

Global Accounts

Open local currency accounts in 20+ currencies without setting up a legal entity in each country. Collect payments from international customers in their local currency — they pay you the same way they'd pay a local business. This removes the need for unnecessary conversions and reduces the fees your customers face.

FX & Transfers

Access competitive FX rates and save up to 80% on FX fees. Send transfers to 200+ countries, with 93% of transactions arriving on the same day.

Corporate Cards

Issue multi-currency virtual or physical corporate cards to your team. Spend in local currency with no international transaction fees. Set per-card limits and track spending in real time.

Accounting integrations

Connect directly to Xero, QuickBooks, or NetSuite for automatic reconciliation — no more manual data entry or end-of-month spreadsheet work.

No account fees

There are no account opening fees, monthly maintenance charges, or minimum transaction requirements.

Frequently asked questions (FAQs)

Is Merchantrade regulated in Malaysia?

Yes. Merchantrade Asia holds a Money Services Business (MSB) licence regulated by Bank Negara Malaysia (BNM)¹. It is one of Malaysia's largest licensed money services providers, with physical branches and agent locations across the country. You can verify its licence status directly on the BNM website.

What is the cheapest way to send money from Malaysia?

It depends on the destination, the amount, and the delivery method. For most popular corridors, digital providers like Wise, Instarem, and MoneyMatch consistently offer better total value than traditional operators. The cheapest option on any given day is best found by comparing the total amount your recipient will receive — including the exchange rate — across two or three providers before sending.

Can I receive money from abroad with Merchantrade?

No. Merchantrade Money does not offer local account details in foreign currencies for receiving payments². If you need to receive money from overseas — for example, as a freelancer or remote worker — providers like Wise offer local bank details in 25 currencies³ that let people abroad pay you as if you were a local account holder.

Is Revolut available in Malaysia?

No. Malaysian residents cannot open a Revolut account. Revolut is currently available in the UK, the European Economic Area, Australia, Singapore, and a handful of other markets — but not Malaysia. If you already hold a Revolut account from another country, you can use your card while travelling in Malaysia, but you cannot sign up locally.

What happens if I use a personal remittance app for business payments in Malaysia?

Using a personal account for commercial transactions from Malaysia can violate BNM regulations. Wise explicitly states this will result in account deactivation. Other providers have similar restrictions in their terms. Transfer limits are also too low for most businesses, there's no batch payment capability, and nothing integrates with accounting software. For business payments, use a platform with a dedicated business account, like Airwallex.

Does Merchantrade offer an Islamic banking option?

Yes. Merchantrade offers a Hybrid Current Account-i (hCA-i), which is a Shariah-compliant current account product². This is one feature that sets Merchantrade apart from most digital-first alternatives, which do not currently offer Islamic banking options in Malaysia.

Sources:

1. mtradeasia.com/exchange

2. merchantrademoney.com/fees/

3. wise.com/my/pricing

4. bigpayme.com/transfers/international-bank-transfers/

5. moneymatch.co/

6. instarem.com/en-my/personal/

7. touchngo.com.my/tngdr/remittance/

8. worldremit.com/en-my

9. westernunion.com/my/en/send-money.html

10. moneygram.com/r/my/en

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 is licensed in Malaysia as a MSB Class B (remittance business only) licensee and is regulated by Bank Negara Malaysia (licence number 00318).