Merchantrade Money review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Merchantrade Money suits travellers who want a multi-currency card without a monthly charge, since the monthly fee is MYR 0. The trade-off is breadth, since the currency list is narrower than the biggest wallets, though a Bank Negara Malaysia licence and a DuitNow focus cover the everyday basics for someone spending abroad.
Key facts
- Best for
- A fee-free multi-currency card for travellers spending abroad.
- Monthly fee
- MYR 0↗
- Currency conversion fee
- 0% to 1.75%↗
- Currencies
- 20↗
- Free ATM withdrawals
- MYR 0↗
- Transfer fee
- RM0.11 per card-to-card transfer; DuitNow transfer and DuitNow QR P2P waived until further notice↗
- Legal entity
- Merchantrade Asia Sdn Bhd (199601038238 (410591-T))↗
- Headquarters
- Malaysia↗
- Founded
- 1996↗
- Support channels
- Phone, Email, Help-centre↗
- Audience
- Travelers
- Pricing model
- No monthly fee, Low FX fees
- Official website
- merchantrademoney.com
Money transfer
- Exchange rate markup
- 0% to 1.75%↗
- Delivery time
- Instant (DuitNow Transfer)↗
- Payout methods
- Bank, Cash-pickup, Wallet↗
- Fee to send 1,000
- MYR 0.11↗
Facts checked September 26, 2026, 7 sources
Apps and profiles
- Get the app
- App Store
- Elsewhere
- LinkedInfacebook.com
Pros and cons
Pros
- Monthly fee of MYR 0 with an ATM free allowance of MYR 0.
- Payouts run to bank, cash pickup and wallet.
- Licensed by Bank Negara Malaysia under licence 00344.
- Domestic DuitNow delivery is Instant (DuitNow Transfer).
Cons
- Currency count of 20 is narrow, ranking 53 of 379.
- Card-to-card transfers cost MYR 0.11 each, so the waived routes cover some payment paths only.
- Withdrawals run through bank, cash pickup and wallet only.
Who it suits
- People listed as travelers who want one card for several currencies.
- Travellers who need cash on arrival as well as card spending, given payouts to bank, cash pickup and wallet.
- Customers comparing accounts purely on monthly cost, where this one charges MYR 0.
Who should look elsewhere
- eToro users who need a wider currency range, since this card holds 20.
- Skrill users chasing a fee edge: Skrill's monthly fee is €0 too, so compare conversion cost instead.
- PayPal Colombia users who want a Colombian base rather than a MY licence.
Fees and currency costs
There is no monthly charge, with a monthly fee of MYR 0 on the account, and conversion costs run 0% to 1.75% on each currency conversion. Card-to-card transfers carry a small per-transfer fee, while DuitNow transfers and DuitNow QR person-to-person payments are waived until further notice. The rate to watch is conversion, since every purchase abroad runs through it.
Where it sits among rivals
On monthly fee, Merchantrade Money sits at 1 of 500 brands compared, which puts it among the cheapest accounts on that measure. On currencies it ranks 53 of 379, so the account offers less currency choice than many rivals while its monthly cost sits at the cheap end.
How Merchantrade Money compares
9.3 vs 8.7
9.3 vs 8.6
9.3 vs 8.0
9.3 vs 8.9eToro's monthly fee is £0, so pick by the currency list you need against 20 here.
9.3 vs 9.1
9.3 vs 9.2
9.3 vs 8.7
9.3 vs 8.7
9.3 vs 8.7
9.3 vs 9.0Skrill's monthly fee is €0, so the deciding factor between the two is the conversion cost of 0% to 1.75%.
9.3 vs 8.7
9.3 vs 9.5
9.3 vs 9.4
9.3 vs 9.3
9.3 vs 9.2
9.3 vs 9.2
9.3 vs 9.2
9.3 vs 9.2
9.3 vs 9.2
9.3 vs 9.2
9.3 vs 9.1
9.3 vs 9.0
9.3 vs 9.0
9.3 vs 8.9
9.3 vs 8.9- 9.3 vs 8.9
9.3 vs 8.7
9.3 vs 8.5
9.3 vs 8.5
9.3 vs 8.5
9.3 vs 8.4
9.3 vs 8.3
9.3 vs 8.2
9.3 vs 8.1- 9.3 vs 8.1
9.3 vs 8.0
9.3 vs 8.0
9.3 vs 8.0
9.3 vs 9.1
Where Merchantrade Money is available
- Available
- Malaysia
- Licence in Malaysia
- Bank Negara Malaysia (00344), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to hold a Merchantrade Money account?+
The monthly fee is MYR 0, and the ATM free allowance is MYR 0 as well. The costs that do bite are currency conversion at 0% to 1.75% and a charge on card-to-card transfers, so the fee advantage matters most for people who rarely convert.
How much does currency conversion cost?+
Conversion runs 0% to 1.75% on the account, and the stated margin on the rate is 0% to 1.75%. The conversion line is the one to check if you hold more than one balance, since the charge applies each time you switch rather than once a year.
Who regulates Merchantrade Money?+
The account is licensed by Bank Negara Malaysia under licence 00344, and the licensed entity is Merchantrade Asia Sdn Bhd (199601038238 (410591-T)). The operator sits in Malaysia, so the regulation and the customer base are both Malaysian.
How many currencies can I hold?+
The card covers 20 currencies, enough for most trips and short stays but narrow beside the largest multi-currency wallets on the comparison tables. Check the list against the places you plan to spend in before opening the account.
How fast are transfers and what do they cost?+
DuitNow transfers land Instant (DuitNow Transfer), and DuitNow QR person-to-person payments are waived until further notice. Card-to-card transfers are the exception, carrying MYR 0.11 each, so the waived routes cover domestic bank moves rather than every payment path.
How can I get money out of the account?+
Payouts run through bank, cash pickup and wallet, so a transfer can end in a bank account, a cash pickup point or a wallet. Cash pickup suits travelers who want local currency on arrival rather than a bank sweep at the destination.
Who is the account built for?+
The stated audience is travelers, and the account model is no monthly fee and low fx, which points to a no monthly charge, low conversion card. It suits regular travellers who want to hold and spend several currencies from one card rather than juggling separate accounts.
Can I reach someone by phone?+
Support runs on phone, email and help centre, so phone, email and a help centre are all covered rather than one channel. That is enough for card, transfer and fee questions, including problems that surface while travelling.
Sources
- mtradeasia.com/legal/msb-license checked September 26, 2026
Backs: Headquarters, Legal entity, Licences
“BNM License Serial No 00344 ... Corporate Office Suite 1632, 16th Floor, Lobby 7, Block A, Damansara Intan, No. 1, Jalan SS 20/27, 47400 Petaling Jaya, Selangor Darul Ehsan”
- merchantrademoney.com checked September 26, 2026
Backs: Support channels
“FAQ Find your answers here ... Customer support +603 8313 8606 ... Email us Get in touch”
- merchantrademoney.com/duitnow checked September 26, 2026
Backs: Delivery time
“DuitNow Transfer is instant and recipients will receive funds in their bank account or eWallet instantly upon successful payment.”
- merchantrademoney.com/fees checked September 26, 2026
Backs: Free ATM withdrawals, Currency conversion fee, Exchange rate markup, Pricing model, Monthly fee, Transfer fee, Fee to send 1,000
“Cash Withdrawal Charges: Merchantrade Branches & Participating Agents RM1.00 (less than 3 withdrawals / month); Safeguards/Local/Domestic Visa Plus ATMs RM1.50”
- merchantrademoney.com/help/faq checked September 26, 2026
Backs: Payout methods
“Cash withdrawals can be performed at all Merchantrade branches, participating agents as well as at VISA Plus-enabled ATMs.”
- merchantrademoney.com/the-only-multi-currency-card-you-need checked September 26, 2026
Backs: Audience, Currencies
“Unlike other travel prepaid cards which charge you in MYR, this card allows you to buy foreign currencies, lock-in the desired rate prior to your travels”
- mtradeasia.com/about checked September 26, 2026
Backs: Founded
“1996 Merchantrade was founded”
Compiled from 7 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Licence type, Deposit protection.
Merchantrade Money
A fee-free multi-currency card for travellers spending abroad.