Merchantrade vs Wise in Malaysia (2026): Fees, rates & key differences

Key Takeaways:

• Merchantrade Money is a Malaysian-founded multi-currency e-wallet with physical branches across the country, making it a strong option for cash-based users and those who prefer in-person service.

• Wise is a fully digital multi-currency account that uses the mid-market exchange rate with no markup, supporting 40+ currencies.

• If you run a business and need to receive international payments, pay overseas suppliers, or manage foreign currencies across multiple markets, Airwallex offers a purpose-built alternative to both.

If you're comparing Merchantrade vs Wise in Malaysia, you're probably trying to figure out which gives you a better deal — whether that's for sending money abroad, spending overseas, or holding foreign currencies.

Both are regulated by Bank Negara Malaysia (BNM) and offer multi-currency accounts with linked debit cards. Both are designed for personal use, but they're built differently, priced differently, and suited to different types of users.

This guide breaks down what actually matters: exchange rates, card fees, transfer speeds, supported currencies, and which service makes more sense for you.

What is Merchantrade?

Merchantrade Money is a multi-currency prepaid Visa card and e-wallet from Merchantrade Asia, Malaysia's largest money services provider.

You can use it to hold and exchange 21 currencies¹, send international remittances, and spend abroad using a linked card. It's available fully online through the Merchantrade Money app, or in person at Merchantrade's physical branches and agent locations across Malaysia.

What sets Merchantrade apart from most digital-only alternatives is its physical presence. If you prefer to top up with cash, get help face-to-face, or apply in person, Merchantrade has you covered. It also holds a Money Services Business (MSB) licence regulated by Bank Negara Malaysia.

What is Wise?

Wise is a global financial technology company that offers a multi-currency account and debit card, available fully online through the Wise app or website. In Malaysia, Wise is regulated by Bank Negara Malaysia.

Opening an account is free, and you can get a linked Wise debit card for a one-time fee of RM13.70³.

Wise's main draw is its exchange rate. It uses the mid-market rate — the same rate you'd see on Google — with no markup built in. You pay a transparent conversion fee from 0.77%³ instead. You can receive payments in 25 currencies³ using local account details, which is useful if you're a freelancer or get paid from abroad.

Worth knowing: Wise is a digital-only service. There are no physical branches in Malaysia — everything is done through the app or website.

Merchantrade vs Wise: Features comparison

Here's a quick look at how the two providers compare on features: 

The information in this table has been reviewed to be accurate as of 9 April 2026.

Exchange rates

This is the most important difference between the two providers.

Wise uses the mid-market rate — the same rate you'd see if you searched the currency pair on Google — with no markup built in³. You pay a transparent conversion fee on top of that, and you can see it before you confirm any transaction.

Merchantrade publishes its own daily exchange rates online¹. There are two rate types:

• Counter rates for cash exchange at physical branches

• Digital rates for the app and prepaid card

Digital rates are noted as typically better than counter rates¹. Because Merchantrade sets its own rates, there may be a margin built into the rate itself, separate from any listed fee.

Currencies and reach

Merchantrade Money supports 21 currencies in its multi-currency wallet¹. You can buy, store, and sell any of these through the app or at a branch.

Wise lets you receive payments using local account details in 25 currencies³ — useful if you're a freelancer or regularly get paid from overseas clients.

Card and spending

Both providers give you a linked debit card for local and international spending. With both, spending in a currency you already hold in your account is free.

The difference shows up when you spend in a currency you don't hold:

• With Merchantrade, the conversion is handled at the Visa rate plus an additional fee².

• With Wise, conversion uses the mid-market rate³. 

We cover the exact figures in the fees section below.

Service channels and ease of use

Wise is fully digital. You sign up, verify your identity, and manage everything through the app or website. There are no physical locations in Malaysia.

Merchantrade gives you both options. You can use the Merchantrade Money app for day-to-day transactions, or visit a branch or agent in person — useful if you prefer face-to-face service, want to top up with cash, or need help with a transaction. Merchantrade has branches and agent locations across Malaysia¹.

If you're comfortable doing everything on your phone, either provider works. If you want the option to walk into a branch, only Merchantrade offers that.

Receiving payments

Wise gives you local account details in 25 currencies³, which means overseas clients or platforms can pay you the same way they'd pay a local account. Receiving domestic payments is free³.

Merchantrade Money does not offer local account details for receiving payments in foreign currencies².

If you receive regular payments from abroad — as a freelancer, contractor, or remote worker — this is a meaningful difference.

Business accounts

Both Merchantrade Money and Wise Malaysia are primarily designed for personal use.

Wise Business is not available to Malaysian users. Merchantrade does offer some business products — including corporate expense cards and a digital wage solution — but these are focused on domestic expense management and payroll, not international B2B payments.

If your business needs to collect overseas revenue, pay foreign suppliers, or manage multi-currency cash flow, neither provider is built for that. For those looking for a business tool, we cover that at the end of this article.

Merchantrade vs Wise: Fees and pricing

Here's a full breakdown of what each provider charges:

The information in this table has been reviewed to be accurate as of 9 April 2026.

A few things worth flagging:

Merchantrade overseas transfer fees are variable. The fee depends on the destination country and is not published as a flat rate². Check the fee in the app before you send.

Wise's ATM free tier resets monthly. You get up to 2 withdrawals totalling RM1,000 per month at no charge from Wise³. After that, fees apply. Note that some ATM operators may charge their own additional fee on top.

On card spending abroad: Wise charges from 0.77%³ using the mid-market rate. Merchantrade charges the Visa conversion rate plus 1.75%² — and because Merchantrade's rate may already include a margin, the total cost of spending an unconverted currency can be higher than it first appears.

Which is better for your needs?

If you’re trying to decide between Merchantrade vs Wise, the right choice really depends on what you’re using for.

Choose Merchantrade Money if:

• You send remittances regularly and want access to a wide range of corridors, including destinations across South and Southeast Asia

• You prefer to handle transactions in person at a branch or agent location

• You want to top up using cash

• You're looking for an Islamic banking option 

• You want DuitNow transfers included at no extra charge

Choose Wise if:

• You travel frequently and want a card that converts at the mid-market rate with no markup

• You occasionally receive money from friends or family overseas and want free local account details to share with them

• You want full fee transparency before committing to any transaction

• You want to avoid paying an annual card fee

• You're comfortable managing everything digitally with no branch access needed

What about Malaysian businesses?

As mentioned earlier, both Merchantrade and Wise are personal finance tools — neither is built for businesses that need to collect overseas revenue, pay international suppliers, or manage multi-currency cash flow across markets.

If that's what you need, Airwallex is worth looking at. Airwallex is a business finance platform regulated by Bank Negara Malaysia that's designed specifically for this.

It gives your business Global Accounts — local currency accounts in 20+ countries that let you collect payments in your customers' currencies without triggering unnecessary conversions. You can open accounts in markets like the US, UK, Australia, Singapore, and Hong Kong, all from one dashboard.

Here's what you get with Airwallex:

• No account opening fees, monthly maintenance charges, or minimum transaction requirements.

• Send transfers to 200+ countries, with 93% of transactions arriving on the same day.

• Collect payments in 70+ countries using local account details. This lets your international customers pay you the same way they'd pay a local business.

• Hold funds in foreign currencies and convert at competitive FX rates that save you up to 80% on FX fees.

Frequently Asked Questions (FAQs)

What is the difference between Merchantrade and Wise in Malaysia?

Both are multi-currency accounts with linked Visa debit cards, regulated by Bank Negara Malaysia. The main differences are in how they price currency conversion and how you access their services. Wise uses the mid-market exchange rate with a transparent conversion fee from 0.77%³. Merchantrade publishes its own daily rates, which may include a margin, and operates physical branches across Malaysia¹ — something Wise does not offer.

Is Merchantrade or Wise cheaper for sending money abroad?

It depends on the destination and how you send. Wise charges a transparent fee from 0.77%³ using the mid-market rate. Merchantrade's overseas transfer fees vary by destination country and are not published as a flat rate² — you'll need to check the fee in the app before sending. For card spending in a currency you don't hold, Wise charges from 0.77%³ while Merchantrade charges the Visa rate plus 1.75%². Always compare the total cost — including the exchange rate — before you send.

Is Wise regulated in Malaysia?

Yes. Wise is regulated by Bank Negara Malaysia as a licensed remittance, money-changing, and e-money issuance business. Your account is protected with two-factor authentication, instant transaction notifications, and the ability to freeze your card instantly through the app³.

Is Merchantrade regulated in Malaysia?

Yes. Merchantrade Asia holds a Money Services Business (MSB) licence regulated by Bank Negara Malaysia². It is one of Malaysia's largest licensed money services providers, with physical branches and agent locations across the country¹.

Can I use Merchantrade or Wise for daily spending in Malaysia?

Both cards work for everyday spending in Malaysia wherever Visa is accepted. Spending in ringgit from your account balance is free with both providers²³. Merchantrade also supports DuitNow transfers, which are currently waived². Wise is digital-only, while Merchantrade lets you top up and transact in person at a branch.

I run a business — is either of these suitable for international payments?

Neither Merchantrade nor Wise is designed for business-to-business international payments. Wise Business is not available to Malaysian users, and Merchantrade's business products focus on domestic payroll and expense management. If your business needs to collect overseas revenue or pay international suppliers, use Airwallex, which offers multi-currency Global Accounts designed specifically for cross-border business payments.

Sources:

1. mtradeasia.com/exchange

2. merchantrademoney.com/fees/

3. wise.com/my/pricing/

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).