Best alternatives similar to Revolut in Malaysia

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. There are even different Revolut cards for different tiers and purposes.

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

Is Revolut available in Malaysia?

You might be wondering: Can I open a Revolut account in Malaysia? Currently, 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.

Is Revolut a bank?

Revolut has received a banking licence with restrictions in the UK, and provides digital banking services to users including accounts, cards, currency exchange and stock trading. Depending on tier, Revolut users can also experience different transaction limits and benefits.

Revolut is also in the process of acquiring financial licences in other countries so do look out for when Revolut banking services might launch in Malaysia.

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 160+ countries, and spend all over the world with an international debit 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.

Skrill

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

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.

PayPal

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.

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

Summary

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 🌏