Wise vs Merchantrade money - Full comparison 2024

Looking for a way to hold and exchange multiple currencies, or send and spend foreign currencies conveniently? Maybe you’re torn between services from Wise and Merchantrade.

This guide covers all the information you need to know about both, including a look at international transfers, the types of account available, card services and more. To help you weigh up whether Wise vs Merchantrade is right for you, we’ll also look at a comparison of their fees and features side by side.

Summary: Wise offers online and in-app international payments with the mid-market rate and low fees, plus multi-currency accounts to hold, send, spend, receive and exchange a broad selection of currencies, including ringgit. Merchantrade also has a multi-currency digital wallet and card, and offers remittance services, plus a hybrid Current Account-i by AmBank Islamic. Merchantrade services are offered both online and through physical locations.

Wise Vs Merchantrade: side by side

Let’s start with an overview of Wise vs Merchantrade so you can get a feel for what services each provider has, and how they measure up.

So, to sum up:

• Wise offers service digitally - online and in-app - only, while Merchantrade has these channels, and physical locations in Malaysia for face to face service

• Wise multi-currency accounts can hold 40+ currencies, while Merchantrade supports 20 currencies

• Both providers have debit cards available, but Wise also offers local account details to receive payments from others in 9 currencies - a service Merchantrade doesn’t have

• You can spend any currency you hold on your card for free with both providers. If you’re spending a currency you don’t have, Wise charges their conversion fee which starts at 0.43%, while Merchantrade has a 1.75% overseas transaction fee

• Wise payments can be faster than Merchantrade - but Merchantrade remittances can be sent to more destination countries

• Wise uses the mid-market rate to convert currencies, while Merchantrade uses their own rate which may include a markup

• Both providers are properly regulated and offer business services - Merchantrade also has Islamic services in the form of its Hybrid Current Account-i

The important bits

To summarise:

• Rates: Wise uses the mid-market rate, whereas Merchantrade may add a margin to calculate the exchange rate available

• Fees: Free to spend currencies you hold with both provider - Wise charges from 0.43% if you need currency conversion for card spending, while Merchantrade applies a 1.75% foreign transaction fee

• Speed: Wise transfers may arrive instantly, and 90% arrive in 24 hours, while Merchantrade transfers start from 1 day processing time

• Service: Both providers have online and in-app service, Merchantrade also has physical locations throughout Malaysia

• Safetly: Both providers are fully regulated and licensed

• Reviews: Wise has an Excellent rating on Trustpilot from 192,000+ reviews, Merchantrade is not active on the platform

Both providers have a good selection of services in Malaysia, and while there are many overlapping service areas, there are some differences too. This guide should help you weigh up the pros and cons of each, so you can decide if Wise vs Merchantrade suits your specific needs more.

Pros and cons

Wise Vs Merchantrade: The verdict

Both Wise and Merchantrade have a good selection of services available in Malaysia. Which is best for you will simply come down to the type of transactions you need to make.

Merchantrade has a broader selection of services including a Shariah compliant currency account, while Wise has more of a focus on international services with more supported currencies and mid-market exchange rates. If you prefer a face to face service, Merchantrade might be right for you - but if you want to hold, send, spend, receive and exchange a broader selection of currencies in your account, with the mid-market rate, Wise may appeal.

Compare both providers based on the services you need and the type of transaction you’ll make often to decide which suits you best.

About Wise and Merchantrade

Wise review: Wise was founded in 2011 with a focus on cross border transfers, and has subsequently grown to include multi-currency account services, debit cards and business products. Today, Wise has over 16 million customers globally. All Wise services are delivered online and in app, with transparent fees and low overall costs.

Merchantrade: Merchantrade began in 1996 as a telecommunications company and has grown over time to include international transfers, digital payment solutions, multi-currency accounts and more. Merchantrade is based in Malaysia and has hundreds of agent locations, as well as its own offices for face to face customer service.

How do they work?

With both Wise and Merchantrade you’ll need to register an account to transact. Wise accounts can be set up online or through the Wise app, and with Merchantrade you can choose to register and transact online, or to visit a Merchantrade location to get face to face support if you’d prefer.

Once you have an account set up you can explore your options - with Wise you can hold, send, spend, exchange and receive dozens of currencies, and order a linked payment card for use in 150+ countries. Wise international transfers are available to 160+ countries, and as they’re processed through Wise’s own payment network, the fees are kept low for customers.

Merchantrade has a broad selection of services, including multi-currency accounts to hold 20 currencies, Islamic banking products, international debit cards and even healthcare services. You can send payments with Merchantrade to 200+ countries and territories, with variable fees and rates.

Wise Vs Merchantrade fees

Both Wise and Merchantrade value transparency and show many of their fees upfront. You can get a rundown of most relevant fees online or through the provider apps - although while Wise allows customers to model an international payment and see the fees before signing up to an account, this service isn’t available with Merchantrade.

Let’s look at the key costs you’ll need to know about - you’ll also want to review the providers’ own fee schedules before you pick one.

Fees correct at time of writing - 6th July 2023

Wise Vs Merchantrade: which is cheaper? 

NB Merchantrade won’t let me model a payment. I can get live rates but there’s no obvious fee info and the rates are confusing (ie. several different rates for the same currency). So I’ve kept this quite generic rather than using the table as per the brief. Let me know if you want something different

Whether Wise or Merchantrade is cheaper for you will depend on the specifics of your transaction or transfer.

If you want to check how much your international transfer would cost with Wise you can get an instant cost comparison on the Wise website or app. You’ll see the rate and fees right away, as well as the costs of your payment from a few other major providers. If a competitor within the comparison is cheaper than Wise you’ll always be informed to help you get the best deal.

With Merchantrade you’ll be able to see the live exchange rates for your currency online, and once you register an account you can see full fee information when you model a payment. This will then allow you to compare services, to see which will mean your recipient gets more in the end.

Learn more about Wise fees.

Wise Vs Merchantrade exchange rates

The Wise currency exchange rate is the same as the mid-market rate - that’s the one you’ll find on Google or using a currency conversion tool. With Wise you can also generate an instant quote for a payment which shows the amount you’ll pay, the fees clearly split out, and the amount your recipient will get in the end.

Merchantrade exchange rates may include a markup, and are published on their desktop site or in their app.

Wise Vs Merchantrade: which is faster?

If you’re sending an international payment, speed matters. Wise payments are usually quick - 50% are instant, and 90% arrive in 24 hours. Merchantrade states that payments can arrive from as little as one business day after being initiated.

Ultimately the how long it takes for an international transfer to arrive will depend on where you’re sending money to, how you want to pay, and the value of the transfer. With Wise you’ll see a delivery estimate before you confirm the payment so you’ll have an idea of the likely delivery time.

Wise Vs Merchantrade international transfer limits

Both Wise and Merchantrade have limits on the amount of money you can send or receive, which can vary depending on the account type you hold.

Wise Vs Merchantrade card

Both Wise and Merchantrade have linked debit cards you can use for local and international payments and withdrawals. Here’s a quick side by side feature comparison.

Related: How to get a Wise card in Malaysia

Wise vs Merchantrade card: Where can you use them?

You can use your Wise card in 170+ countries, to spend 50+ currencies. Wise cards are issued on either Visa or Mastercard networks, to give great global coverage.

Merchantrade cards are issued on the Visa network and can be used globally anywhere you see the Visa logo.

Related: How to use Wise card abroad

Wise Vs Merchantrade business

Wise offers business account and payment services, including international debit and expense cards. Merchantrade offers international business payment services through Merchantrade Remit.

Ease of use

• Creating an account: Create your account online or in-app with both Merchantrade and Wise. Merchantrade also allows customers to create accounts by visiting an agent or office location

• Making a transfer: Wise typically allows local bank transfers and FPX payments, while Merchantrade lets you top up your account by card, online banking, ATMs and in branches

• Ways to send money: Send payments to your recipient’s bank account directly with both Merchantrade and Wise

• Languages: Merchantrade is focused in Malaysia and has services in English primarily, with support in Bahasa Melayu. Wise offers 15 languages, plus multi-lingual support services

• Minimum & maximum amounts: Wise and Merchantrade both have sending limits which can vary by destination country, and based on your account type. Account holding limits also apply.

Supported currencies

Wise accounts can hold 40+ currencies, Merchantrade supports 20 currencies.

Safety

Both Wise and Merchantrade are regulated by Bank Negara Malaysia in Malaysia. As a global business, Wise is also overseen by other regulatory bodies in the countries and regions in which it operates.

Conclusion: Comparing Wise and Merchantrade

Wise is a global business with a focus on international payments, multi-currency accounts and debit cards which can be used in 150+ countries. Merchantrade has some services which overlap with Wise, including multi-currency accounts and international transfer options - but as a Malaysian company it also has several services and products more aimed at a local market, including an Islamic banking Current Account-i, and some healthcare services.

If you’re in Malaysia, it's well worth checking out both Wise and Merchantrade to see which may suit you. Wise may be a good fit if you travel a lot and want to be able to hold, exchange, send and receive a broad range of currencies. Merchantrade may be more for you if transacting face to face is important - plus you can top up your accounts in branches and at an ATM, which may be a bonus if you prefer to use cash day to day. Use this guide to start you off, and see which works best for your transacting needs.