Wallex vs Airwallex: Compare fees & features for Malaysia (2026)

Key Takeaways:

• Wallex and Airwallex are both cross-border payment platforms licensed in Malaysia — but they serve different types of businesses.

• Wallex is a focused FX and payments platform. It supports international payments in 47 currencies¹ and holds 13 currencies¹ in a digital wallet, but has no corporate cards, payment gateway, or eCommerce integrations.

• Airwallex gives you multi-currency accounts in 20+ currencies, free transfers via local rails, corporate cards, expense management, and a payment gateway that supports 160+ local payment methods including DuitNow and GrabPay — all with no monthly fee.

If you're comparing Wallex vs Airwallex for your Malaysian business, both platforms offer cross-border payments at better rates than most banks. But beyond that, they work quite differently.

This guide compares both platforms on the features that matter most to Malaysian businesses: fees, FX rates, currency coverage, payment tools, and regulatory standing with Bank Negara Malaysia.

What is Wallex?

Wallex is a cross-border FX and payments platform operated by M-DAQ Global. It is licensed by Bank Negara Malaysia and is built around a specific use case: helping businesses send and receive money internationally at rates more competitive than banks.

With Wallex, you can hold 13 currencies¹ in a multi-currency wallet, send payments in 47 currencies¹ to 160+ countries,¹ and collect funds via virtual accounts in 36 currencies.¹ Bulk payments to up to 200 recipients¹ in multiple currencies are supported in one go.

The platform uses near mid-market FX rates¹ and charges no subscription fees — you pay only when you transact.¹

What is Airwallex?

Airwallex is a global financial platform that covers cross-border payments, multi-currency accounts, expense management, and online payment acceptance in one place.

It holds multiple licences from Bank Negara Malaysia, including an e-money issuing licence and a Class A licence — giving it one of the broadest regulatory footprints of any non-bank financial platform in Malaysia.

For Malaysian businesses, this means you can open Global Accounts in 20+ currencies, make free transfers via local rails, access FX conversion from 0.4% above interbank rates, and accept payments online through 160+ local payment methods including DuitNow, GrabPay, and FPX.

You also get corporate and employee cards, expense management, and accounting software integrations included in your Business Account. There is no setup fee or monthly fee.

Wallex vs Airwallex: Feature comparison

Here's how the two platforms compare across the features most relevant to Malaysian businesses. Here’s a quick overview:

Information in this table is accurate as of 9 April 2026.

Multi-currency accounts

Both platforms let you hold foreign currencies in a digital wallet — so you're not forced to convert every time money comes in. But the scope is different.

Wallex

Wallex's multi-currency wallet holds 13 currencies, with strong coverage of Asian pairs relevant to Malaysian businesses: MYR, SGD, IDR, HKD, THB, PHP, and CNY, among others.

This works well if your business primarily transacts with partners in Southeast Asia and Greater China, but not if you do business outside those areas.

Airwallex

Airwallex's Global Accounts let you open local currency accounts in 20+ currencies — each with its own account number and local bank details.

 When a customer or marketplace in the US pays you in USD, that money lands in your USD Global Account without being converted. You hold it, spend it directly, or convert it on your own terms. The same applies to EUR, GBP, AUD, CNY, HKD, and more.

For Malaysian businesses selling to customers in multiple countries, this removes the double-conversion problem entirely.

FX rates and transfer fees

Both platforms position themselves as cheaper than banks for cross-border transfers — and for most Malaysian businesses, that's true in practice. But how each one prices its services is quite different.

Wallex

Wallex uses near mid-market FX rates with no hidden fees and no monthly subscription. You pay only when you transact. Volume-based discounts are available — the more you move, the lower your per-transaction cost.

The catch: exact fees are not published on Wallex's pricing page.² To find out what you'll actually pay per transfer or conversion, you need to contact their team for a quote. That makes it harder to compare costs upfront before you commit.

Airwallex

Airwallex publishes its fee schedule openly:

• International transfers are free via local rails and cost RM30-90 via SWIFT

• FX conversions are charged from 0.4% above interbank rates, letting you save up to 80% on FX fees compared to a traditional bank.

Speed and coverage

How quickly your transfers arrive — and which countries you can reach — matters as much as the cost. Here's how Wallex and Airwallex compare on both.

Wallex

Wallex lets you send payments to 160+ countries¹ in 47 currencies.¹

Where speed is concerned, it offers same-day payments in MYR, SGD, IDR, and HKD.¹ For 20+ other major currencies — including USD, EUR, GBP, and INR — payments typically arrive the same day if funds are received before the daily cutoff time.¹

In other cases, delivery takes up to two working days.¹

Airwallex

Airwallex lets you send payments to 200+ countries. 45% of all transactions arrive instantly, and 93% arrive on the same day.

Corporate cards and expense management

This is one of the clearest gaps between the two platforms.

Wallex

Wallex does not offer corporate cards or employee cards.¹ It also has no built-in expense management tools. If your team spends money on SaaS subscriptions, business travel, or online advertising in foreign currencies, you'll need a separate solution for that.

Airwallex

Airwallex offers both company cards and employee cards — virtual and physical — with no international transaction fees and no card creation fee. Here’s how it works:

• Cards are multi-currency, so when your team pays in USD or EUR, the spend draws from your existing foreign currency balance.

• All card transactions are trackable in real time from your Airwallex dashboard.

Expense management is built in — you can capture receipts, set approval workflows, and reconcile directly with Xero or QuickBooks, both of which connect to Airwallex for free. For Malaysian businesses managing a team that spends across borders, this removes the need for a separate expense tool entirely.

Worth knowing: If your business currently uses a local bank card for overseas spending, you're likely paying a foreign transaction fee of around 1–2% on every purchase. Airwallex cards charge 0% on international transactions.

Payment gateway and online payments

If your business accepts payments from customers online, Airwallex offers a clear advantage over Wallex.

Wallex

Wallex does not offer a payment gateway, payment links, or eCommerce platform integrations.¹ It is built for outbound payments and collections via virtual accounts — not for accepting payments from your own customers at checkout.

If you sell online and use Wallex, you'll need a separate payment gateway to handle customer-facing transactions.

Airwallex

Airwallex has a built-in payment gateway that supports 160+ local payment methods, including DuitNow, GrabPay, FPX, and major card networks. For Malaysian businesses selling to local customers, this means your checkout supports the payment methods your customers actually use.

For businesses selling internationally, payments can be accepted in 130+ currencies and settled like-for-like in 20+ currencies — so USD from a US customer lands in your USD wallet without automatic conversion to RM.

Payment links are also available. You can generate a link, embed it in an invoice, or share it over WhatsApp or email — without needing to integrate a full checkout flow. Plugins for Shopify, WooCommerce, and other eCommerce platforms are available and free to connect.

Batch payments

If you regularly pay multiple suppliers, contractors, or employees at once, batch payment capacity is worth checking before you choose a platform.

Wallex supports bulk payments to up to 200 recipients¹ in multiple currencies in a single transaction.

Airwallex supports batch transfers to up to 1,000 recipients at once — five times Wallex's limit. For businesses managing large supplier networks, running payroll across multiple countries, or handling marketplace payouts, that difference is meaningful.

Why Malaysian businesses choose Airwallex over Wallex

Wallex is a capable platform for one thing: moving money across borders at competitive FX rates. If that's the only thing your business needs, it works.

But most Malaysian businesses that are growing — selling online, managing a team, paying multiple suppliers, or expanding into new markets — need more than a transfer tool. That’s where Airwallex comes in.

Here’s what you get with Airwallex:

You can accept payments from customers, not just send them

Wallex has no payment gateway. Airwallex lets you accept DuitNow, FPX, GrabPay, and 160+ other payment methods at checkout — built into the same platform where you hold your funds and manage transfers.

For any business selling online in Malaysia or to international customers, this matters.

Your team can spend without a separate card solution

Wallex offers no corporate or employee cards. With Airwallex, you can issue multi-currency cards with 0% international transaction fees, set spending controls, and track expenses in real time — all without adding another tool to your stack.

You know your fees before you sign up

Wallex requires you to contact their team for pricing. Airwallex publishes its full fee schedule openly. For a finance team budgeting for cross-border costs, that transparency makes planning easier.

Your accounting integrates automatically

Airwallex connects to Xero, QuickBooks, Shopify, WooCommerce, and more — all free. Wallex has no equivalent integrations. If your team is currently exporting spreadsheets and reconciling manually, that alone is worth the switch.

Frequently asked questions (FAQs)

Are Wallex and Airwallex the same company?

No. Despite the similar names, Wallex and Airwallex are entirely separate companies with different ownership, founding teams, and product focus. Wallex is an M-DAQ company founded in Singapore in 2016, built around cross-border FX and payments. Airwallex was founded in Australia in 2015 and operates as a broader financial platform covering payments, multi-currency accounts, corporate cards, and more.

Is Wallex available in Malaysia?

Yes. Wallex operates in Malaysia and is regulated in the country. It supports MYR as one of its 13 wallet currencies¹ and lists Malaysia as one of its key markets. You can sign up for a Wallex account as a Malaysian business, and the platform supports same-day payments in MYR.¹

Is Airwallex safe to use for Malaysian businesses?

Yes. Airwallex is a licensed and regulated financial platform in Malaysia. It holds a Money Services Business licence under the Money Services Business Act 2011, and is also a registered merchant acquirer under the Financial Services Act 2013. It meets international security standards including PCI DSS, SOC1, and SOC2 compliance.

How much does Airwallex charge for international transfers in Malaysia?

International transfers via local rails are free. SWIFT transfers cost RM30–90 per transfer. Foreign exchange conversions are charged at a highly competitive rate from 0.4% above interbank rates, letting you save up to 80% on FX fees.

Can I use Wallex or Airwallex instead of a traditional bank account in Malaysia?

Both platforms can handle cross-border payments, FX conversions, and multi-currency accounts — which covers many of the functions Malaysian businesses use a bank for when dealing internationally. Neither is a licensed bank, so they don't offer services like term deposits or business loans. For businesses whose main need is sending and receiving international payments at competitive rates, either platform can handle the core of that work without a traditional bank.

Does Wallex have a payment gateway for Malaysian businesses?

No. Wallex does not offer a payment gateway, payment links, or integrations with eCommerce platforms like Shopify or WooCommerce. It is focused on outbound payments, FX conversion, and virtual collection accounts. If you need to accept payments from customers online — including via DuitNow, FPX, or GrabPay — you will need a separate solution for that.

Sources:

1.  https://www.wallex.asia/en-my/

2.  https://www.wallex.asia/en-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).