With how ubiquitous e-wallets have become in daily life, Malaysians looking to pay on holiday overseas will probably stick to what’s familiar – QR codes and e-wallets.
But what’s the best e-wallet for Malaysian travellers?
Join us as we look at some of the crowded e-wallet scene in Malaysia.
First thing’s first though – what’s an e-wallet?
What are e-wallets anyway?
E-wallets are basically app-based accounts that usually require you to load money into digital wallets before using it in transactions via smartphone, with your Ringgit being exchanged with foreign currency then and there.
When paying, most e-wallets have you scan QR codes with your smartphone. For merchants who don’t support QR, certain e-wallets also offer debit cards.
Why e-wallets?
As we outlined in our Malaysian Guide to Paying Overseas, e-wallets combine the cashless convenience of credit cards with real-time exchange rates. And compared to credit cards, they’re much easier to apply for since you only need your IC card for eKYC (know-your-customer) verification.
But, e-wallet drawbacks include having to maintain a balance in your account, plus a solid Internet connection. It’s also much harder to get refunds compared to credit cards while stolen or hacked phones may compromise your e-wallet account. Credit card providers may also charge you for paying/converting currencies via e-wallets.
So, what are the best travel e-wallets for Malaysians?
Noteworthy E-Wallets for Malaysian Travellers:
Banking Apps (DuitNow)
Don’t want to download even more apps? Then using your default banking app might help.
Though not technically e-wallets, most major Malaysian banking apps support cross-border QR code payments via DuitNow with no transaction fee.
However, DuitNow QR payments are extremely limited to Thailand, Singapore and Indonesia. Plus, on top of charging currency exchange fees, ATM withdrawals are only possible with a debit or credit cards. Good for getting some Thai snacks and cosmetics, but not much beyond that.
Some of the bigger players in banking e-wallets include Maybank’s MAE app (ASEAN only), CIMB’s Octo app (ASEAN only) and Public Bank’s MyPB app (Alipay+).
Pros
- No need to download a separate app
- No leftover currency
- No transaction fee
Cons
- Very limited coverage for QR pay
- Linked to your savings account
- No travel-related perks
- Expensive ATM cash withdrawals
Verdict: Avoid unless you’re sticking to ASEAN or have no other options
Touch ’n Go (TNG)
Malaysia’s leading e-wallet app by market share, Touch ’n Go or TNG is probably the e-wallet most Malaysians are familiar with, making it an easy switch for travel payments.
It also helps that TNG is linked to the Alipay+ network, allowing you to pay by QR code at an impressive 60+ countries, albeit with a 1% transaction fee. Just remember to switch the country in the top-left of the TNG app.
For places without QR payment, TNG also has the TNG eWallet Visa Card, a debit card (RM15 application fee, ~RM5 delivery) paired with perks geared towards travellers.
One of these perks that TNG likes to tout is its maximum 3% cashback on overseas spending (at least, until 31 Dec 2026). Unfortunately, this is quite misleading as you’ll need to spend at least RM300 in one purchase to get the top tier 3% cashback. You’ll most likely see the lower tier 0.5% or 1.5% cashback instead. Oh, and besides a one-year waiver, there’s an annual RM8.00 fee.
On the bright side, the card offers a 0% transaction free plus a monthly one-time ATM cash withdrawal via the Visa card (separate ATM fees excluded), making it a great way to get an emergency snack at one of Europe’s many Christmas markets. Paying with the card also waives
TNG also uses the currency exchange rates on the day of your purchase, so it’s all up to chance and the markets. However, the next e-wallet has a key feature that circumvents all that.
Pros
- QR payment, Visa Card widely accepted
- No leftover currency
- Visa Travel Card perks:
- 0.5% – 3% cashback on overseas spending
- Free one-time ATM withdrawal monthly
Cons
- 1% transaction fee
- RM8 annual fee for Visa card after first year
- Exchange rate determined on day of transaction
- Leftover currency
Verdict: Great, solid option for first-time travellers or last-minute packers
Touch ’n Go / TNG Official Website: https://www.tngdigital.com.my/
Wise
Wise is a UK-based e-wallet primarily focused on multi-currency wallets and transfers that has picked up steam as a travel e-wallet among Malaysians.
Wise supports free international QR code payments via Alipay+, in addition to their physical, Wise Visa debit card (RM13.70 order fee, ~RM50 delivery). You can also create a separate Wise digital card that turns your phone into a card instead.
But arguably the biggest reason to use Wise is its currency wallet. Unlike most e-wallets which convert and pay in foreign currencies immediately on purchase, Wise allows you to convert foreign currencies beforehand and take advantage of cheaper exchange rates months or even years before your trip. This is perfect for repeat travellers to one country who often use a particular currency, i.e. hardcore fans of anime and manga who regularly visit Japan’s Akihabara or Ikebukuro.
On top of that, Wise also offers guaranteed rates for periods ranging from 2 to 48 hours (depending on currency) alongside two free ATM cash withdrawals worth up to RM1,000 per month (separate ATM fees excluded, Wise card only).
However, Wise does have quite a few transaction fees for sending money via the app or using receiving US Dollars, UK Pounds or Euro via Swift. But for the average Malaysian traveller at an Italian shopping arcade or a Seoul K-pop store, paying with the Visa Wise card is free.
Another risk with Wise is leftover currency. Any balance left in your account can be converted back into MYR, but you’ll be charged with the daily exchange rate and an extra fee on top. So it’s best to convert only as much as you need if you’re not a frequent user.
Also, being able to pick the best exchange rates beforehand is great and all, but only if you keep regular tabs on the rates. You can set up daily or threshold alerts via Wise, but if you’d rather not bother, then maybe skip Wise.
Pros
- Ability to convert and save currencies anytime
- QR payment, Visa Card widely accepted
- Mid-market rates
- Two free monthly ATM cash withdrawals via Visa card
- Digital card available
Cons
- Transaction fees for sending cash via app
- Pricey card delivery fees
- Need to monitor exchange rate for best savings
- Risk of leftover balance
Verdict: Amazing for early planners, veteran travellers and repeat visitors.
Wise Official Website: https://wise.com/
Alipay
Since every e-wallet and their grandmother is using Alipay+ these days, why not go straight to them?
Alipay, or as it’s known in Chinese – Zhifubao (支付宝) – is one China’s two largest e-wallets alongside WeChat Pay (more on them later). This makes it one of the most useful China travel apps to have, thanks to the country’s walled-off app ecosystem.
Once you’ve linked a credit card and verified with their finnicky system, you can shop cashless pretty much anywhere in China, whether you’re in a Chengdu shopping mall or even way out at a remote Xinjiang rest stop. Its suite of mini-programs also comes in handy for booking taxis, tours, tickets and more in China without having to download another app. Outside of China, Alipay+ allows you to pay via QR worldwide – for free!
However, Alipay doesn’t offer a travel card for places without QR, nor any way to withdraw ATM cash. Also, transactions in China above 200 CNY (~RM120) get slapped with a hefty 3% fee. Overseas Taobao and Tmall shoppers using non-China cards from VISA, MasterCard and JCB also get a separate 3% charge.
Now, a short aside about Alipay’s rival WeChat or Weixin (微信). Like its name suggests, WeChat Pay is integrated with the chat app. But, like I explained in my review of Must-have Travel Apps in China, the WeChat app is a must-have for ordering food at certain stores. But for payments, most stores accept both Alipay and WeChat Pay anyway, so it’s optional.
Pros
- Alipay+ QR payment accepted worldwide
- Tons of useful mini programs
- No leftover currency
Cons
- No cards or ATM cash withdrawals
- Exchange rate determined on day of transaction
- 3% fee for transactions above 200 yuan (~RM120)
- Fee at Chinese e-commerce sites with foreign credit card
Verdict: Great, no-frills e-wallet for travellers who don’t mind going full cashless, especially in China
Alipay+ Official Website: https://www.alipayplus.com/
Others
The world of e-wallets and digital payment apps is too vast to explore in a single blog post, so here’s a few standouts in very brief detail.
Boost App
Small but notable e-wallet player with worldwide QR payment integration via UnionPay and WeiXin Pay (WeChat) that charges a 1% conversion fee for cross-border transactions. They do offer a Boost Beyond Mastercard debit card, but it’s limited to CelcomDigi customers and does not support ATM cash withdrawals.
BigPay
AirAsia’s e-wallet app charges 1% for overseas spending while offering promos on travel spending via the AirAsia Move app. Their Visa debit card (RM20, excluding shipping) also offers ATM cash withdrawals (RM10/transaction).
Take note: BigPay and its parent company have been facing financial problems and restructuring lately. Plus, their unusually quiet social media accounts and a defunct main website do not inspire confidence.
Google Pay, Apple Pay & Samsung Pay
Google Pay, Apple Pay and Samsung Pay are technically e-wallets, but they require you to link your debit or credit cards to your phone, turning it into a usable card via NFC.
Besides some extra peace of mind, loyalty points integration and some niche uses (Apple Pay can be used on public transport in Japan), there’s not much reason to use them over actual debit or credit cards when travelling.
Others
E-wallets by e-commerce players like GrabPay, ShopeePay and Lazada Wallet also support very limited cross-border payments, but unless you’re living or travelling in the few supported countries or are a heavy user of their associated apps, they’re not worth exploring for now.
So, Which E-Wallet is the Best?
If you travel infrequently, hate messing with apps and don’t like to keep tabs on currency, then Touch N’ Go, Boost or even bank apps are more than fine (if you stick to Asia).
But if you travel often to one particular country, don’t mind an extra app and often monitor exchange rates, then Wise or Alipay work best for their currency accounts and China integration respectively.
At the end of the day, your destination and personal preferences will determine which e-wallet’s perks and niches suit you best.
| E-wallet | Fees | Card | ATM Withdrawals |
| TNG | 1% via QR; 0% via Visa card | Yes, Visa (RM15 fee, ~RM5 delivery, RM8 annual fee after first year) | Yes, free 1x monthly; RM10 per withdrawal |
| Wise | Variable Conversion Fee: ~0.6%; Sending via app: ~0.25%; Spending via card: Free | Yes, Visa (RM13.70 order fee, ~RM50 delivery) | Yes, free 2x monthly up to RM1,000; RM5 + 1.75% per withdrawal |
| Alipay | Free; 3% above 200RMB (~120MYR) | No | No |
| Boost | 1% via QR 2% via card | Yes, Mastercard (CelcomDigi customers only) (RM20 order) | No |
| Bank Apps | 1-3% | Debit/Credit Card | Yes, via debit/credit cards |
Already got your e-wallet? Then discover more ways to pay overseas with our Malaysian Guide to Paying Overseas or pick up some spending tips from these Budget Travel Tips for Malaysian Travellers.
