OCTIS vs Airwallex vs traditional banks for Malaysian businesses
A multi-currency account and a bank current account do different jobs. Here is what each costs and where each fits.
Last checked · 5 sources
Otty's short answer
Open a bank current account if you need cheques, overdrafts, a bank loan or PIDM-protected deposits. Open Airwallex if you pay or get paid in foreign currency, because it charges 0.4% over interbank on major currencies and has no monthly fee. Most Sdn Bhd owners end up with both: the bank for local operations, Airwallex for cross-border money.
Side by side
Swipe to see every column
| What matters | OCTISSdn Bhd + OCTIS | Airwallex | Maybank | CIMB | Hong Leong Bank |
|---|---|---|---|---|---|
| Monthly fee | Priced from your bill; no separate account line to track | RM0 | RM10 half-yearly below RM1,000 | RM10 half-yearly below RM1,000 | Check with bank |
| Minimum opening deposit | Set by our licensed partner; quoted before you commit | None stated | RM2,000 (Corporate) | RM3,000 | RM500 |
| Open fully online as Sdn Bhd | Arranged through OCTIS with your Sdn Bhd | Yes | Branch visit often needed | Online for eligible entities | Yes, no branch visit |
| Hold foreign currencies | Multi-currency business account via licensed partners | 20+ currencies | Ask the bank | Ask the bank | Ask the bank |
| FX rate | Set by our licensed partner; quoted before you commit | 0.4% over interbank (majors) | Bank rate, margin not published | Bank rate, margin not published | Bank rate, margin not published |
| Local MYR transfers | Collect and send payments via licensed partners | Free | Ask the bank | Ask the bank | Ask the bank |
| SWIFT transfer out | Set by our licensed partner; quoted before you commit | RM30 to RM90 | RM10 online, about RM30 branch | Ask the bank | Ask the bank |
| Company cards | Corporate card via licensed partners | Free, virtual and physical | Corporate cards via bank | Corporate cards via bank | Corporate cards via bank |
| Cheque book | Not an OCTIS product | No | Yes | Yes | Yes |
| Bank loans and overdraft | No, OCTIS is not a bank | No | Yes, subject to approval | Yes, subject to approval | Yes, subject to approval |
| Accounting links | Bookkeeping by OCTIS accountants in the same workspace | Xero, QuickBooks free | Maybank2uBiz exports | Bank statements | Bank statements |
| Regulator | Not a bank; accounts and FX via licensed partners | BNM: MSB, e-money, acquirer | BNM licensed bank, PIDM | BNM licensed bank, PIDM | BNM licensed bank, PIDM |
Data sources & disclaimer: Comparison data was compiled from publicly available sources — including the competitors' own published pricing and feature pages — captured on 9 November 2026. Figures reflect the typical or advertised pricing at that time and may have changed since; plans, inclusions and prices vary by provider, region and promotion. OCTIS is independent and not affiliated with the named companies; all trademarks belong to their respective owners. This comparison is provided in good faith for general information only and is not professional, legal or financial advice — please verify current details with each provider before deciding.
Which one fits you
OCTIS · Sdn Bhd + OCTIS
Choose OCTIS if you want your Sdn Bhd, accounts, multi-currency banking via licensed partners and CRM in one place.
Airwallex
Choose Airwallex if you pay suppliers or collect from customers abroad and want cheap FX and fast online setup.
Maybank
Choose Maybank if you want the widest branch network, cheques and an easy path to a bank loan.
CIMB
Choose CIMB if your company type is eligible online and you can fund the RM3,000 deposit.
Hong Leong Bank
Choose Hong Leong Bank if you want a low opening deposit and an online application without a branch visit.
What the table does not show
What each one is
Maybank, CIMB and Hong Leong are licensed banks. Deposits at a PIDM member bank are protected up to RM250,000 per depositor. Airwallex (Malaysia) Sdn. Bhd. is not a bank. It is licensed by Bank Negara Malaysia as a money-changing and remittance business, an e-money issuer and a registered merchant acquirer. Balances in an e-money account are not PIDM deposits, so keep operating cash you cannot afford to freeze in a bank.
Where the cost differs
Local costs are small at both. The gap shows up on foreign currency. Airwallex publishes its margin: 0.4% over interbank for 17 major currencies and 1.0% for others, plus RM30 to RM90 for a SWIFT payment. Banks set their own rate and do not publish the margin, so the true cost is only visible in the quote before you confirm. Ask each bank for the rate on a sample USD payment and compare it to the interbank rate that day.
Opening the account
Bank requirements vary. Several banks want a minimum opening deposit of RM500 to RM3,000, and some Sdn Bhd applications need a director to visit a branch or an introducer from an existing customer. Airwallex opens online and lists no minimum deposit, but it reviews each business and can decline. Have your SSM documents, Form 24, 49 and the director IDs ready for either route.
Where OCTIS fits
Whichever account you open, your books still need doing. OCTIS bookkeeping works from the statements of a bank, Airwallex or both, so you can split local and foreign money without splitting your records. OCTIS is not a bank and has no partnership with any bank or with Airwallex. Ask about 10–30% off your current bill.
Frequently asked questions
Can Airwallex replace my bank account in Malaysia?
For most trading companies it can cover day-to-day payments and foreign currency. It has no cheque book, overdraft or bank loans, and balances are not PIDM-protected deposits. Many owners keep a bank account for loans and statutory payments and use Airwallex for cross-border money.
Is Airwallex regulated in Malaysia?
Airwallex (Malaysia) Sdn. Bhd. states it is licensed under the Money Services Business Act 2011, is an e-money issuer, and is a registered merchant acquirer under the Financial Services Act 2013. It is not a licensed bank.
Which bank is easiest for a new Sdn Bhd?
Banks that accept online applications from Sdn Bhd, such as Hong Leong PrimeBiz, have the least friction. Public Bank and RHB may ask for an introducer. Confirm with each bank, as rules change.
Do I pay a monthly fee for a business current account?
Most Malaysian banks charge a small half-yearly service charge that is waived when your average balance stays above a threshold, often about RM1,000. Airwallex charges no monthly fee.
Sources
Checked on the date above. Links open the provider's or regulator's own page.