Best Prepaid Debit Cards in Malaysia - 6 Best Options

Prepaid debit cards, also known as cash cards, can be a handy way to spend and make cash withdrawals, without needing to worry about accidentally blowing your budget, or running into interest and penalty fees. If you’re thinking of getting a prepaid card, this review of the best prepaid debit cards in Malaysia is for you. Let’s dive right in there.

What is a prepaid card?

A prepaid debit card can be used to spend in person and online, and to make cash withdrawals. Prepaid cards are not linked to your primary bank account - instead you’ll simply top up your card account, to conveniently spend the balance you’ve added.

Because prepaid cards aren’t credit cards, you can’t run up debts and you won’t have a bill to pay at the end of the month. That can make them a handy option for planned spending or when you travel. Different prepaid cards have their own features and fees - read on for more information, so you’re prepared before you buy your prepaid debit card.

Benefit of prepaid cards

Not sure about getting a prepaid debit card? Here are some of the prepaid card benefits you’ll usually find:

• You won’t need to pay interest, and there’s no risk of penalty fees as there is with a credit card
• Prepaid cards can be helpful for budgeting - just top up the card to the amount you want to spend, with no risk of overspending
• Some prepaid cards come with extra features like rewards points or member promotions
• Specific international prepaid debit cards can be handy when you travel, and may offer cheaper ways to convert currencies and spend overseas
• Prepaid cards often come with partner apps which allow you to manage the card, freeze and unfreeze it, and review transactions

Best prepaid debit card issuers in Malaysia

You’ve got plenty of choice when it comes to prepaid cards in Malaysia. You’ll be able to select a card from a major bank or card issuer, or from a specialist provider. Each option has its own unique features which may make it more suited to certain customers. To help you decide which will work for you, let’s walk through our top picks for the best prepaid debit cards in malaysia.

Wise card - the most international prepaid debit card

Open a Wise account online, to hold and convert 40+ currencies and spend all over the world with the linked Wise debit card. You’ll be able to add money to your account conveniently in MYR and then convert to the currency - or currencies - you need with the mid-market exchange rate and low, transparent fees. Or you can simply let the card do the hard work, as the autoconvert features will always switch your balance to the currency required with the lowest possible fee when you spend.

There’s no fee to spend any currency you hold on your account with the card, and you can just fund your account to the amount you want to spend, with no risk of running into interest charges, penalty fees or an overdraft. No hassle, and no hidden fees - just simple ways to spend around the world.

Get a Wise card today 💳

Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

Maybank Prepaid Cards

If you already bank with Maybank you could get a Maybank prepaid debit card¹ to help manage your budgeting and spending. Maybank has a couple of featured prepaid cards, including the Manchester United branded Visa card, and an option produced in partnership with Shell petrol stations. The Shell card is not available for new users at the time of writing.

CIMB Prepaid Cards

Until November 2022, CIMB offered several CIMB prepaid card options. However, the CIMB KWIK Account and CIMB Lazada Prepaid Mastercard Account have now been withdrawn². Instead, CIMB advises customers to open an Octosavers account³ which is a fully digital account which comes with a debit card. This can effectively be used similarly to a prepaid card, making it an attractive option to customers looking for prepaid card options.

Visa Prepaid Cards

Visa⁴ works with several major Malaysian banks and card issuers, to offer prepaid debit cards you can use at home and abroad. The Maybank Manchester United branded prepaid card which we covered earlier, for example, is issued on the Visa network. If you’d like to get a Visa prepaid card it’s well worth checking if your bank offers this option, and shopping around to find a few different view prepaid cards which may suit your needs.

Mastercard Prepaid Cards

If you’re picking a prepaid debit card for travel you’ll want to make sure it’s issued on one of the most popular and most globally accepted payment networks. We’ve already looked at some Visa cards which offer great global coverage, but one other card issuer to consider is Mastercard⁵. Mastercard - like Visa - is popular around the world, with a broad selection of different cards available depending on your personal preferences.

AEON Prepaid Cards

Aeon⁶ offers prepaid cards which are on the Visa network for good global acceptance. There is an annual fee of 12 MYR, although there is no joining fee required. Cards can be topped up at AEON cash deposit machines, AEON stores, and AEON online banking for free, while top ups using another bank's online banking services might incur a fee. If you use your card to spend when you’re overseas your ringgit will be converted to the currency you need with the Visa exchange rate, plus a fee of 1% of the transaction value⁶.

How to buy a prepaid debit card

Some prepaid debit cards can be picked up in person at a bank branch, while others can be ordered online for convenience. You’ll often need to show some form of identification to verify your account before you can get a card, and there may be a fee to pay as well.

If you’re planning on getting a prepaid card that has been issued through a major bank, you’ll be able to get the full details of how to apply for your card by calling a branch. Otherwise, if you’re ordering a card through a specialist service - like the Wise card we featured earlier - you can apply online and have the card delivered to you for convenience.

As an example, let’s look at the steps you’ll need to take to get a Wise prepaid card⁷:

1. Download the Wise app or visit the Wise desktop site
2. Click Sign up, and create a Wise account using your email address, Facebook or Google ID
3. Upload your ID documents for verification - this can be done with a passport or MyKad⁸
4. Open a balance in the currency of your choice - MYR for example, and add funds using your bank account or FPX
5. Order your Wise card, for a one time fee⁹
6. You’ll be able to instantly use the Wise virtual card, and your physical card will arrive in the post

Summary

Prepaid cards can be handy for anyone wanting to manage a budget, and avoid interest charges and penalty fees. In Malaysia there are plenty of different prepaid card options, both issued through major local banks, and from specialist providers. Each card has its own features and fees, which should mean that there’s the perfect product for you out there, no matter what you’re looking for.

Use this guide to the best prepaid debit cards in Malaysia to start your research, and don’t forget to check out the Wise account and card if you love to travel or spend online with international retailers.