Best alternatives similar to Revolut in Malaysia

Hannes Ausmees

Revolut account holders can manage and exchange dozens of currencies, shop on and offline, save, invest, and even teach their kids about money management with their own Junior accounts. Pretty neat for a service delivered entirely online and through a smartphone app.

If you’ve read a glowing Revolut review you might be wondering about Revolut in Malaysia - read on for all you need to know.

Can I open a Revolut account in Malaysia?

Malaysian legal residents can not currently create Revolut accounts. When you set up a Revolut account you’ll be asked to provide proof of your residential address, which must come from one of Revolut’s supported countries or regions - the European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, the UK or the US¹.

If you’re a Malaysian citizen living in one of Revolut’s supported countries, you’ll be able to create a Revolut account using your local proof of address there.

Wondering when Revolut will be available in Malaysia? While Revolut’s services are only supported in select regions, they’re rolling out to more countries all the time. Keep an eye out for updates to learn more about when Revolut Malaysia might launch.

Meanwhile, learn more about similar providers currently available for Malaysians.

Does Revolut work in Malaysia?

If you already have a Revolut account, you’ll still be able to use it when you’re in Malaysia. So for example, if you’re a Malaysian citizen and opened an account when you lived overseas in a country supported by Revolut, you can still use your Revolut card to spend and make withdrawals in Malaysia. Similarly, if you’re a foreigner travelling in Malaysia, your Revolut account will work just like normal when you’re there.

It’s worth noting that Revolut accounts don’t support MYR for holding and exchange² - but MYR is supported for spending using your linked Revolut card³.

Best Alternatives similar to Revolut available in Malaysia

So, until Revolut Malaysia arrives, you’ll need to find an alternative. Let’s walk through some great non-bank alternatives similar to Revolut, which offer multi-currency accounts for easy international transactions - Wise, Skrill, and PayPal.

If you’re looking for a multi-currency account from a traditional bank instead, you’ll find lots of hints, tips, and comprehensive account reviews, over on the Wise personal finance blog.

Wise account (formerly TransferWise)

Hold 40+ currencies, send payments to 80+ countries, and spend all over the world with an international debit card.

Pros ✔️Cons ❌
  • Mid-market exchange rates and low, transparent fees
  • No ongoing charges for account or card
  • Receive money locally in 10 currencies
  • Hold, send and spend dozens of currencies
  • No branch network, no cash transaction options
  • You’ll pay a one off 13.70 MYR fee if you want a Wise card

Open a Wise multi-currency account online or in the Wise app, with no minimum balance and no monthly fees. Accounts can hold 40+ currencies, and you’ll get the mid-market exchange rate whenever you want to switch between them. Order a Wise card online for a low, one time fee, and you’ll be able to spend on and off line, with instant access to virtual cards whenever you need them.

Wise is fully licensed and regulated in Malaysia and around the world, making it a safe provider with market beating fees and exchange rates.



Hold, send and spend money around the world, buy and sell crypto, and earn loyalty points as you go.

Pros ✔️Cons ❌
  • Easy, popular online and in-app service which has been available for over 20 years
  • Loyalty scheme offers reward points you can swap for cash
  • Select crypto currencies supported
  • Currency conversion fees of up to 4.99% when sending overseas payments
  • International transfers can be costly
  • Inactivity fee of 5 EUR/month (around 23 MYR)

Popular e-wallet Skrill⁴ offers accounts which are free to open, and can be used to send and receive international payments, and spend globally. Skrill also offers a secure way to buy and sell crypto currencies.

While some services are offered free with Skrill, it’s worth knowing that Skrill accounts come with some fees, which can get particularly steep if you’re transacting internationally. Watch out for currency conversion costs which can run up to 4.99%⁵ and may apply any time you’re sending or spending in a foreign currency. Want to learn more about Skrill Malaysia? Get the full guide and Skrill review here.


If you shop online the chances are you’ve already got a PayPal account - use it to send and receive payments, and get buyer protection when spending online.

Pros ✔️Cons ❌
  • Established and widely used payment provider
  • Buyer protection makes PayPal a good option when shopping online
  • Send money with just your recipient’s email or phone number
  • Fees can be high - particularly when paying using a credit card
  • Currency conversion fees run to around 4%
  • Recipient needs a PayPal account to get their money

PayPal⁶ is a widely accepted form of payment when shopping online - and because so many people already have PayPal accounts it can also be a handy way to send money to others. All you need is their email or mobile number to get started.

PayPal doesn’t charge a fee when you shop domestically online, or send money locally and pay with your PayPal balance or a linked bank account. However, for most other transactions there are fees, which can get particularly steep if you’re paying with a credit card, or transacting internationally⁷. The costs of currency conversion vary based on the specific currency you need, but can be around 4% added on top of any other fees accrued - this pushes up the costs significantly when you send money or spend overseas. Read more about PayPal's fees in Malaysia


Until Revolut Malaysia launches, you’ll need to find a different provider if you’re looking for a digital multi-currency account. However, the good news is that there are plenty of good options out there, which each have their own features and benefits. Use this guide as a starting point to pick the right one for you - and don’t forget to check out the Wise multi-currency account if you want low cost international transactions which offer the real mid-market exchange rate.

Join Wise for free 🌏


  1. Revolut FAQ - supported countries
  2. Revolut FAQ - supported currencies for holding and exchange
  3. Revolut FAQ - supported currencies for spending
  4. Skrill
  5. Skrill fees
  6. PayPal Malaysia
  7. PayPal Malaysia fees

Sources checked on 27.04.2022

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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