Payoneer supports business payments across 190+ countries and territories and 70+ currencies, but using the service can involve fees such as an annual US$29.95 account charge when less than US$6,000 is received in 12 months, plus receiving, sending and withdrawal fees and currency conversion fees that can include a 0.5% charge. This article reviews five alternatives available to Malaysian businesses and the main features each provider offers.
Payoneer alternatives in Malaysia
WorldFirst
WorldFirst offers the World Account, a multi-currency account for Malaysian businesses that need to pay and receive funds internationally. In Malaysia, businesses can obtain local receiving account details for USD and MYR and hold balances separately in USD and MYR. The account lets businesses send USD, MYR and CNH, convert between those currencies, and receive payouts from more than 130 marketplaces and payment gateways including Amazon, Etsy, Stripe and Shopify. WorldFirst also offers Firm Orders to lock exchange rates for USD, MYR and CNH transactions and provides World Pay as the authorised international payment provider for 1688.com to pay suppliers in China.
Airwallex
Airwallex provides business accounts with local receiving account details in 20+ currencies, including USD, GBP, EUR, AUD, CNY, HKD and CAD, supports transfers in 60+ currencies to 200+ countries, and enables multi-currency holdings and conversions. Airwallex Malaysia’s platform covers payment acceptance, billing and expense management, and its corporate card products include multi-currency virtual cards and employee cards with spending controls and real-time transaction visibility. Pricing notes: zero setup and monthly account fees; FX conversion is 0.4% above the stated interbank rate for listed currencies and 1% for others; SWIFT transfers cost RM30 to RM908. *Fees checked in September 2026
Wise
Wise offers personal accounts in Malaysia with receiving account details in 23 currencies (including MYR, USD, GBP, EUR, AUD, CAD, SGD, JPY, HKD and CNY). Users can hold and convert 40+ currencies and use a personal Wise debit card for online and in-store payments, with card spending supported in 40+ currencies and digital cards available. Wise allows sending money to 100+ countries with transfers up to RM975,000 per transaction. Wise Business is not available in Malaysia, so Malaysian businesses cannot access business features such as bulk payments, custom spending limits or business cards. Pricing notes: registration has no fee, transfers and conversion start from 0.25%, the personal debit card costs RM13.70, receiving account details are provided without a fee, and SWIFT receiving fees vary by currency starting from 2.16 GBP. *Fees checked in September 2026
XTransfer
XTransfer focuses on B2B international transactions, supporting payments across 200+ countries and regions and more than 20 currencies. Its local account network covers about 60 countries and regions, enabling businesses to receive payments using local business bank account details in supported markets. The service supports multi-currency collection, 24/7 currency exchange and online account management, and uses domestic payment networks where available; XTransfer-to-XTransfer payments can be near-instant. XTransfer does not provide corporate cards. Pricing notes: account opening and maintenance fees are zero; transfer and FX costs depend on the corridor and transaction. *Fees checked in September 2026
MoneyMatch
MoneyMatch is a Malaysia-based international transfer platform offering business payment services through its Pulse platform. Businesses can pay in 110+ countries and send funds in 88+ currencies. Pulse provides live exchange rates, bulk uploads for up to 500 recipients, transfer tracking and multilingual support in English, Bahasa Malaysia and Chinese. MoneyMatch does not provide a multi-currency account for holding foreign-currency balances; business card solutions are available through MoneyMatch partners, and the MoneyMatch Card and eWallet product is listed as coming soon. Pricing notes: account registration and subscription fees are zero; transfer fees vary, starting from RM322. *Fees checked in September 2026
Each provider differs by account type, supported currencies, local receiving details, transfer coverage, card offerings and pricing. Malaysian businesses should compare supported currencies, local receiving account options, international transfer coverage, currency conversion fees and account charges when choosing a multi-currency payment service.
