Merchantrade vs Wise: Which is Cheaper for Malaysians in 2026?

Merchantrade Money is a popular e-wallet in Malaysia. It offers eRemit products for overseas payments, a multi-currency wallet and card, and the Hybrid Current Account-i for added savings.

Wise, on the other hand, specialises in international payments, multi-currency accounts, and global debit cards. You can send money abroad using the mid-market rate (the one you see on Google), convert currencies without exchange rate markups, and get paid like a local in a selection of currencies – all conveniently from Malaysia.

This guide breaks down Merchantrade vs Wise. We compare features, transfer costs, and wallet services so you can decide which fits you best.

Merchantrade vs Wise: Key feature breakdown

Merchantrade Malaysia offers everything from financial services to insurance and medical support. This review zooms in on what matters for your money: e-wallets, payments, and cards. Let’s start with a side-by-side look:

*Details correct at time of research - 2nd March 2026

How Wise and Merchantrade differ

Looking for the best e-wallet in Malaysia? Both Wise and Merchantrade have strong offerings, but they work quite differently. You will need to weigh the services carefully.

Wise has a multi-currency account that lets you hold 40+ currencies and send money to 140+ countries, delivered to banks and mobile money wallets. You can also receive payments in 8+ currencies with local account details, and spend in 150+ countries with the Wise card. Every conversion uses the mid-market exchange rate – no hidden markups, just low, transparent service fees.

Merchantrade, however, has a multi-currency e-wallet supporting 20 currencies and an optional card. You can also add the Shariah-compliant Current Account-i to hold a higher balance and earn a profit. Their eRemit service lets you send money to around 20 countries. Recipients can receive the money via a bank, a mobile wallet, or as a cash pick-up. Keep in mind, Merchantrade uses retail exchange rates, which may include a markup or foreign transaction fee.

Want to check the mid-market rate for yourself? Take a look below:

Wise vs Merchantrade: Fees and Exchange Rates

For overseas payments, Wise always uses the mid-market rate, while Merchantrade uses retail rates⁵, which typically include a markup. Both use variable fees depending on the transfer details.

This can be confusing to navigate, but as both providers have digital calculators you can use without needing to register an account, you can easily model your payment to see which is better for you.

Here’s an example of a couple of different transfer values, sending money to Australia to be deposited ot a bank account, to illustrate:

*Details correct at time of research - 2nd March 2026

What’s interesting to note here is that Wise and Merchantrade have very different fee structures on these two transfers.

Because Wise uses the mid-market exchange rate and splits out the costs for transparency, the upfront fee looks to be much higher on the 10,000 MYR transfer. However, Merchantrade adds a percentage charge into their exchange rate for currency conversion. This makes their overall costs higher, even though their upfront fee looks cheaper.

This means that in the end, your recipient gets more with Wise on both payments - even where the Wise fee is higher than the Merchantrade transfer fee. This goes to show how important it is to compare both fees and rates, every time you make an international transfer

Wise vs Merchantrade: Managing your money

Both Wise and Merchantrade have apps to help you manage your daily finances and travel spending. The right choice comes down to how you use your money.

If you need a broad multi-currency account, it’s worth comparing the currency support offered by each provider. Wise supports 40+ currencies, while Merchantrade has 20 supported currencies. If you want an everyday account that doubles up as a travel companion, Wise gives you more global reach.

For day-to-day spending, however, it’s important to check the different wallet limits which will apply. Here, Wise has a limit of 20,000 MYR for personal customers. Merchantrade’s wallet combined with the Hybrid Account-i gives you a holding limit of up to 50,000 MYR, which can be a bonus if you need to keep a high balance.

Finally it’s worth looking at the card services and fees available from both providers. Wise has the Wise card that lets you spend in 150+ countries, with no fee to spend a currency you hold in your account. If you don’t have the local currency, the card converts it for you using the mid-market rate and a low conversion fee. Plus, you get up to 2 free ATM withdrawals every month.

The Merchantrade card⁶ is linked to the multi-currency wallet and can be used to spend your 20 holding currencies with no additional fee. If you spend a currency you don't hold, there’s a foreign transaction fee of 1.75%. Local ATM withdrawals have variable fees depending on the ATM owner and how frequently you withdraw, while overseas ATM costs start at 10 MYR/transaction.

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Wise vs Merchantrade: Sending and Receiving Money

With Wise, you can send money to banks, mobile wallets, and other Wise accounts in 140+ countries. You can also receive money in 8+ currencies like a local, or 20+ currencies via SWIFT. Receiving money locally is free, and SWIFT payments carry low, fixed fees.

Merchantrade’s eRemit supports payments to around 20 countries for bank deposits, mobile wallets, or cash pick-ups. However, you cannot top up your Merchantrade account from a bank account that is not in your name.

The Verdict: Is Wise or Merchantrade better for Malaysians?

Both Wise and Merchantrade offer great services - but their focus is slightly different and so it’s likely one will suit you better than the other.

• Choose Wise for currency conversion which uses the mid-market rate and a multi-currency account to hold 40+ currencies.
• Choose Merchantrade for cash pickup services and access to a Shariah compliant savings account add-on from Ambank.

Send Money Across Borders with Ease with Wise

Wise international money transfers can be set up online or within the Wise app with low fees from 0.77% and the mid-market rate, to over 140+ countries. There’s no markup added to the exchange rate that’s used to convert your currency, which makes it easier to see exactly what you're paying for a transfer, and what the recipient will get in the end. Just transfer the amount indicated in MYR and let Wise do the rest.

Track your transfers easily when you create a free Wise account, and manage, hold, and convert your money in MYR and 40+ other currencies. You'll get the same great rates, and be able to track your transfers all from one place. As a bonus, you can also get 8+ local account details to be able to receive money in MYR, USD, GBP, and more.

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