7 best Revolut alternatives in Malaysia (2026)

Key Takeaways:

• Revolut isn't available to Malaysian residents: you can't open an account using a Malaysian address.

• For personal use, locally licensed apps like Wise, BigPay, and Touch 'n Go eWallet replicate parts of the Revolut experience.

• For Malaysian businesses, Airwallex offers what Revolut Business does — multi-currency accounts, FX at near-interbank rates, corporate cards, and global payouts — built specifically for businesses operating in Malaysia.

If you're searching for Revolut alternatives in Malaysia, that's probably because Revolut doesn't currently accept Malaysian residents as customers¹.

This guide covers seven Revolut alternatives that work for Malaysian users. We'll look at what each does well, where each falls short, and how to choose based on how you actually use Revolut today.

Is Revolut available in Malaysia?

No. Malaysia isn't on Revolut's published list of supported countries. You can't sign up for a Revolut account using a Malaysian residential address.

That's a regulatory issue, not a technical one. To operate in Malaysia, Revolut would need a licence from Bank Negara Malaysia (BNM) — most likely as a Money Services Business or e-money issuer. As of early 2026, it doesn't hold one.

Can I use my Revolut card in Malaysia if I already have one?

Yes — partly. If you opened a Revolut account while living in a supported country, your card will work in Malaysia anywhere Visa or Mastercard is accepted³. You can use it to pay merchants, shop online, and withdraw cash from ATMs.

What you can't do is open a Malaysian Ringgit (MYR) balance. Revolut converts your held currency to MYR at the point of sale, which means every ringgit transaction triggers a foreign exchange.

Will Revolut launch in Malaysia?

There's no public timeline. Revolut has expanded into India and Mexico in recent years, but Malaysia hasn't been mentioned in the company's public expansion plans. Until that changes, you'll need an alternative — and several below are arguably better suited to how Malaysians actually use a multi-currency app.

What Malaysians like about Revolut

Before looking at alternatives, it's worth being clear about what Revolut actually does — because the right alternative for you depends on which features you use most.

Holding multiple currencies in one account

Revolut lets you hold balances in 30+ currencies inside one app. You can convert between them on demand, send to other Revolut users, and spend any held currency directly with the card. For frequent travellers and people who get paid in foreign currencies, this is the core appeal.

Low-fee currency exchange

On the Standard plan, you get £1,000 of fee-free currency exchange each month at the Revolut interbank rate, Monday to Friday. Above that, or on weekends, a small fair-use fee applies². Higher-tier plans raise the cap.

An integrated card

Every Revolut account comes with a Visa or Mastercard debit card — physical or virtual — that works wherever the card network is accepted³. When you spend in a currency you already hold, there's no conversion. When you don't, the card uses the Revolut exchange rate.

International transfers built into the app

You can send money to bank accounts in dozens of countries directly from the app. Fees vary by destination, and higher plans get discounts on transfer fees.

Sub-accounts and budgeting

Revolut Vaults let you set aside money for specific goals, and the app automatically categorises spending so you can see where your money goes.

Business banking

Revolut Business gives companies multi-currency accounts, corporate cards, expense tools, and global transfers in one platform. For SMEs in supported countries, it's one of the most popular alternatives to traditional business banking.

If you only use Revolut for one or two of these — say, a travel card and the occasional transfer — a single Malaysian alternative can probably cover you. If you use most or all of them, you'll likely end up combining two or three apps.

The sections below are organised by what each alternative does best, so you can match them to how you actually use Revolut.

Revolut alternatives in Malaysia (personal use)

Here’s a quick overview of the best Revolut alternatives in Malaysia, for personal use:

The information in this table has been reviewed to be accurate as of 29 April 2026.

1. Wise

Wise is the closest single-app replacement for Revolut in Malaysia. It gives you a multi-currency account, a Mastercard debit card, and transfers to 140+ countries at the mid-market exchange rate⁴. For major currencies, Wise charges a fixed fee plus a variable fee.

Personal MYR sending is capped at RM30,000 per day, and personal accounts can hold a maximum of RM20,000 across all currencies⁵.

The information in this table has been reviewed to be accurate as of 29 April 2026.

2. BigPay

BigPay is a Malaysian e-wallet and Visa/Mastercard prepaid card from AirAsia's fintech arm, regulated by Bank Negara Malaysia. It's the closest match for predictable, fixed-fee international transfers — fees are flat per destination and range from around RM3.50 to RM22 depending on the corridor⁶.

BigPay does not let you hold multiple currencies, so any non-ringgit spend or transfer triggers FX at the time of the transaction.

The information in this table has been reviewed to be accurate as of 29 April 2026.

3. Touch 'n Go eWallet (GOremit)

GOremit is the international remittance feature inside the Touch 'n Go eWallet, available to Pro and Premium-tier users. You can send to bank accounts, mobile wallets, or for cash pickup across 50+ countries, with fees from RM5 to RM20 per transaction and a minimum send of RM50⁷.

Bank transfers usually arrive within 24 hours; e-wallet and cash pickup payouts within 15 minutes⁷. It's the best fit for people who already use TNG eWallet daily and don't want to install another app.

The information in this table has been reviewed to be accurate as of 29 April 2026.

4. Merchantrade Money

Merchantrade Money is a multi-currency e-wallet with a Visa prepaid card from one of Malaysia's largest licensed Money Services Business operators. You can hold and exchange 20+ currencies in-app, top up at hundreds of physical branches across Malaysia, and send to 200+ countries and territories⁸.

Spending in any currency you hold incurs no transaction fee; spending in other currencies adds 1.75% on top of the Visa rate⁸. The card costs RM10 to issue and RM10 per year⁸.

The information in this table has been reviewed to be accurate as of 29 April 2026.

5. Instarem

Instarem is a Singapore-headquartered fintech operating a licensed remittance service for Malaysian users. You can send to 60+ corridors directly from the app or website, with low FX margins and an InstaPoints loyalty programme that earns points on each transfer to offset future fees.

There's no card or multi-currency wallet — Instarem is purely for sending money to bank accounts abroad. It's a strong choice for larger transfers on major corridors (US, EU, India, Australia, Singapore) where the FX spread matters more than the headline fee.

The information in this table has been reviewed to be accurate as of 29 April 2026.

6. MoneyMatch

MoneyMatch is a Malaysian-founded fintech licensed by Bank Negara Malaysia, offering personal and business cross-border transfers to 100+ countries. It's known for transparent flat-fee pricing and FX rates close to the mid-market rate.

There's no card or multi-currency wallet — you fund transfers via FPX and send to overseas bank accounts. For larger one-off transfers like overseas tuition, property payments, or family support, the savings versus a bank wire transfer can be meaningful.

The information in this table has been reviewed to be accurate as of 29 April 2026.

7. WorldRemit

WorldRemit (Malaysia) Sdn Bhd is licensed by Bank Negara Malaysia as a Class B digital money remittance provider. You can send from Malaysia to 130+ countries via four payout methods: bank transfer, cash pickup, mobile money, and airtime top-up⁹. Funding is by FPX or debit card from a Malaysian bank⁹.

WorldRemit is particularly strong for corridors where mobile money and cash pickup matter — for example, the Philippines, Nigeria, Kenya, India, Indonesia, Pakistan, and Ghana⁹.

The information in this table has been reviewed to be accurate as of 29 April 2026.

Revolut Business alternatives (for companies)

If you're a Malaysian business owner, the personal apps above won't work. Bank Negara Malaysia rules — and most providers' own terms — restrict personal accounts to personal use, so they can't be used for paying suppliers or collecting from international customers.

Personal accounts also don’t come with features that businesses need: batch payouts, accounting integrations, team controls, and proper reconciliation.

Here’s a quick overview of what you can use instead:

The information in this table has been reviewed to be accurate as of 27 April 2026.

1. Airwallex

Airwallex is a Malaysia-licensed business financial platform built specifically for companies that operate across borders.

With Airwallex, you can open Global Accounts in 20+ currencies with local account details, send transfers to 200+ countries, hold and convert currencies at competitive FX rates that save you up to 80% on FX fees, issue multi-currency corporate cards for your team. Everything sits inside one platform, with native integrations to Xero, QuickBooks, and NetSuite.

Airwallex Malaysia holds e-money issuance and Class A Money Services Business licences from Bank Negara Malaysia, in addition to its Class B MSB licence and Registered Merchant Acquirer status.

The information in this table has been reviewed to be accurate as of 29 April 2026.

2. Payoneer

Payoneer is a US-headquartered cross-border payments platform widely used by Malaysian freelancers, agencies, and eCommerce sellers who get paid by overseas marketplaces. You can open receiving accounts in USD, EUR, GBP, CAD, and other currencies, accept card payments from clients via payment requests (up to 3.99%¹⁰), and withdraw to a Malaysian bank account at 1–4% depending on region and volume¹⁰.

The Payoneer Mastercard costs US$29.95 per year and incurs up to 3.5% on transactions involving currency conversion¹⁰. Payoneer is strongest if your income comes from marketplaces like Upwork, Fiverr, Amazon, or Airbnb that pay directly into a Payoneer balance.

The information in this table has been reviewed to be accurate as of 29 April 2026.

3. Wise Business

Wise Business is one of the most popular Revolut Business alternatives globally, but it's not currently available to Malaysian-incorporated companies.

Wise's own Malaysia website states plainly: "Malaysia doesn't have Business yet". Only personal Wise accounts are available to Malaysian residents, and those can't be used for business or third-party payments under Wise's terms.

If your business is incorporated in Singapore, the UK, EU, US, Australia, or another supported market, Wise Business is worth considering — but as a Malaysia-only business, you'll need to look elsewhere.

The information in this table has been reviewed to be accurate as of 29 April 2026.

4. Traditional Malaysian banks (Maybank, CIMB, RHB)

The traditional route is opening a foreign currency current account with one of the major Malaysian banks. Maybank, CIMB, and RHB all offer foreign currency accounts that let you hold balances in major currencies like USD, EUR, GBP, SGD, and AUD, send international payments via SWIFT, and access trade finance facilities, overdrafts, and term loans.

There are several trade-offs: account opening typically requires in-branch visits and physical documents, FX is at the bank's board rate (you usually end up paying more than if you were to use a fintech), SWIFT payments are slower and carry more fees, and you'll need to juggle separate online platforms for each currency account.

The information in this table has been reviewed to be accurate as of 29 April 2026.

Why Malaysian businesses choose Airwallex over Revolut

To reiterate: if you’re in Malaysia, you can’t use Revolut Business.

That’s why many Malaysian businesses turn to Airwallex instead. It offers a similar multi-currency setup, but is licensed in Malaysia by Bank Negara Malaysia (BNM) and built to support cross-border operations from within the country.

Here’s what you get with Airwallex:

Global Accounts in 20+ currencies, with local details

Open accounts in currencies like USD, GBP, EUR, SGD, AUD, HKD, JPY, and CNY — each with local account details your customers can pay into as a domestic transfer.

A US customer pays your USD account via ACH; a UK customer pays your GBP account via Faster Payments. You receive the funds with no SWIFT fees, no intermediary deductions, and no forced conversion to MYR.

Save up to 80% on FX fees

Airwallex’s FX rate is from 0.4% to 0.6% above the interbank rate. Our customers save up to 80% on FX fees as compared to traditional banks.

Transfers to 200+ countries

Send to suppliers and contractors in 200+ countries, with most payouts going through local rails rather than SWIFT — meaning faster delivery and lower fees. Batch upload thousands of payouts in one CSV, schedule recurring payments, and approve everything from a single dashboard.

Multi-currency corporate cards

Issue physical and virtual Visa cards for your team, with spending limits, merchant categories, and approval workflows you control. When you spend in a currency you already hold in your account, there's no FX charge.

Batch payments and accounting integrations

Run payroll for international contractors, pay 50 suppliers at once, or settle marketplace fees in bulk — all in one upload. Native integrations with Xero, QuickBooks, and NetSuite reconcile every transaction back to your books automatically, so finance doesn't spend hours matching CSV exports to bank statements.

Frequently asked questions (FAQs)

How much does Revolut charge for ATM withdrawals in Malaysia?

If you're using a Revolut card from a supported country, ATM fees depend on your plan and how much you've withdrawn that month. On the Standard plan, you get a small fee-free monthly allowance, after which Revolut charges a 2% fee per withdrawal. On top of that, the local Malaysian bank operating the ATM may charge its own fee — typically RM10 or more for foreign card withdrawals.

Can I send money from Revolut to a Malaysian bank account?

Yes, if you have a Revolut account from a supported country. You can send MYR to a Malaysian bank account from the app, with the funds arriving via SWIFT or local rails depending on your plan and the destination bank. Fees and delivery times vary, and the amount the recipient receives depends on Revolut's MYR exchange rate at the time of sending.

Can I open a Revolut account as a Malaysian living abroad?

Yes — if you're legally resident in a country Revolut supports, you can open an account using your address there. You'll typically need to verify your identity with a passport or local ID, and provide proof of address in that country. A Malaysian passport alone isn't enough; you need to be an actual resident of a supported country.

Are there any Malaysian-built apps similar to Revolut?

The closest Malaysian-built option is BigPay, which combines an e-wallet, a Visa prepaid card, and international transfers in one app. Merchantrade Money is the next closest — it's a multi-currency wallet with a Visa card and a wide remittance network. Neither matches Revolut's full feature set, but both are licensed by Bank Negara Malaysia and built specifically for Malaysian users.

Does Revolut support DuitNow or FPX?

No. Revolut isn't connected to Malaysia's domestic payment rails — DuitNow, FPX, or DuitNow QR — because it doesn't operate in Malaysia. To send or receive payments through these rails, you need an account with a BNM-licensed bank, e-wallet, or fintech.

Is it worth switching from Revolut to a Malaysian alternative if I'm moving to Malaysia?

For day-to-day spending in Malaysia, yes — a local app like BigPay, Touch 'n Go eWallet, or a Malaysian bank account will integrate with DuitNow, FPX, and local merchant networks in ways Revolut can't. You may want to keep your Revolut account for travel back to your home country or for holding non-MYR balances. If you're running a business in Malaysia, you'll need a BNM-licensed business platform like Airwallex — Revolut Business isn't an option here.

Sources:

1. https://help.revolut.com/en-SG/help/profile-and-plan/profile-plan/verifying-identity/what-countries-are-supported/

2.  https://www.revolut.com/our-pricing-plans/

3.  https://help.revolut.com/help/cards-pin/using-your-card/where-can-i-use-my-card/

4.  https://wise.com/my/

5.  https://wise.com/help/articles/2932689/limits-for-sending-money-from-malaysia

6.  https://www.bigpayme.com/pricing

7.  https://www.touchngo.com.my/eWallet/Features/GOremit

8.  https://www.merchantrademoney.com/

9.  https://www.worldremit.com/en-my

10.  https://payoneer.com/about/fees/

11.  https://wise.com/my/business/

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.