Merchantrade in Malaysia: a great way to transfer money abroad?

Hannes Ausmees

Looking to transfer money internationally? There are plenty of options to choose from in Malaysia - including Merchantrade¹ which offers online and in person payments on common payment routes.

This guide covers how Merchantrade money transfers work, the Merchantrade exchange rate and fees, and how Merchantrade services measure up against some competitors like financial technology company Wise.

Table of contents

What is Merchantrade?

Merchantrade is a financial services company and one of the biggest remittance companies in Malaysia. There are hundreds of Merchantrade branches throughout Malaysia, plus online and digital options if you’d prefer to stay home.

Merchantrade Malaysia offers services for business and personal customers, across a range of financial products. Merchantrade services for individuals include:

  • Valyou mobile wallet
  • Merchantrade card - a prepaid Visa card
  • Merchantrade life insurance
  • eRemit online transfers
  • Counter money transfer service
  • Counter currency exchange service

This article will focus mainly on Merchantrade money transfer services. If you want to learn more about Valyou check out this full guide.

Merchantrade money transfers in Malaysia

When it comes to sending money overseas with Merchantrade you’ve got 2 choices. You can either use the eRemit service² to sign up online and send money from home - or you can visit a Merchantrade branch or agent location to make your payment in person³.

To get an online account you’ll need to register and verify your identity with a selfie before you can send payments. Limits apply to the amount you can send, although you might be able to have these limits raised by having your identity verified in person at a Merchantrade outlet⁴.

If you’d prefer to send money in person you can visit one of the 84 outlets and 400 Merchantrade locations in Malaysia. You’ll be able to pay for your transfer in cash and, depending on where you’re sending your money to, you can choose for the recipient to get their money directly in their bank account or mobile wallet, or by collecting in cash at an agent near them.

How to find a Merchantrade location near you

Merchantrade has a lot of outlets and agents, so you shouldn’t struggle to find one near you. If you’re not sure which outlet is nearest, simply use the outlet locator tool⁵ on the Merchantrade website, which lets you enter your address and see all the available options in your area.

Merchantrade exchange rate and fees in Malaysia

When you send a payment with Merchantrade Malaysia you’ll need to watch out for a few key costs:

  • The transfer fee - which can vary depending on how you set up the payment
  • Any exchange rate markup used - this percentage fee can push up overall costs
  • Third party charges - like intermediary fees if your payment is processed on the SWIFT network

The Merchantrade exchange rate⁶ and fees applied to your transfer will depend on where you’re sending money, how you want to pay, and how you want the recipient to get their funds in the end. You’ll likely find different rates and fees for cash collection payments, compared to transfers to a bank account for example.

One important thing to watch out for is exchange rate markups. It’s common for banks and money transfer services to add a markup - an extra fee - to the exchange rate they offer customers. This is tricky to spot but can make a big difference to the amount you pay overall for your transfer.

Compare the rate you’re offered against the mid-market exchange rate to see if there’s a markup being used - or pick a provider like Wise which only ever uses the real mid-market rate with no markups and no hidden fees.

Comparing Merchantrade to other providers in Malaysia - sending 10,000 MYR to GBP

Wherever in the world you’re sending money to, you’ll want to compare a few options before you start, so you can make sure you get the best possible deal.. So to help you pick the perfect provider for you, we’ve compared a few popular services, with an example payment - sending 10,000 MYR to the UK:

ProviderSend amountTransfer feesExchange rateRecipient gets*
Merchantrade10,010 MYR10 MYR1 MYR = 0.18 GBP1,800 GBP
Wise10,000 MYR46.73 MYR1 MYR = 0.182958 GBP1,821.03 GBP
Western Union10,010 MYR10 MYR1 MYR = 0.1813 GBP1,813.24 GBP
Worldremit10,005 MYR5 MYR1 MYR = 0.1783 GBP1,783.01 GBP
Ria (IME)10,000 MYR25 MYR1 MYR =0.1794 GBP1,789.52 GBP
Skrill¹⁰10,000 MYR0 MYR1 MYR =0.1760 GBP1,759.81 GBP

Correct as of 28/04/2022, 02:32 UTC

As you can see, in our comparison, Wise comes out on top in terms of how much the recipient gets in the end. That’s because you’ll get a better exchange rate with Wise compared to the other providers listed.

It’s very common for banks and other payment providers to add a markup to the mid-market exchange rate - which is an extra fee and pushes up the overall cost.

Not all money transfer companies add a markup to the mid-market exchange rate. Check out Wise as a safe, fast and efficient way to send payments to over 80 countries, with the real exchange rate every time. The payment calculator below displays an accurate amount of money your recipient gets when you choose to send your money with Wise.

Still not sure which is the right provider for you? Here are some more detailed reviews to help you pick:

How to contact Merchantrade customer service

If you’ve got questions about your payment with Merchantrade you’ll be able to visit an agent ro ask for support in person, or you can get in touch with the Merchantrade customer service team in any of the following ways:


Merchantrade has good coverage of popular remittance routes from Malaysia, and plenty of branches and outlets to pick from. However, you can only send money to about 15 countries online with Merchantrade, so you’ll need to double check your payment can be supported.

Compare Merchantrade’s fees, exchange rate and delivery time against a few other providers - including specialists like Wise - to make sure you get the best possible deal for your payment.

Join Wise for free!

Wise for sending money


  1. Merchantrade
  2. Merchantrade money transfer - online eRemit service
  3. Merchantrade money transfer - counter service
  4. eRemit FAQ
  5. Merchantrade outlet locator
  6. Merchantrade daily exchange rate
  7. Western Union Malaysia
  8. Worldremit Malaysia
  9. Ria IME Malaysia
  10. Skrill
  11. Merchantrade contact

Sources checked on 04.05.2022

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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