How to receive USD in Malaysia
To receive US dollars in Malaysia, give the payer the details of a USD foreign currency account at a Malaysian bank, which payers fund by SWIFT wire, or US account details from a provider that accepts Malaysian customers, which US payers fund by ACH. Bank Negara Malaysia lets residents receive foreign currency from abroad freely, but exporters of goods must repatriate proceeds to Malaysia within 6 months of shipment. This guide covers the routes, the rules, what to give the payer, arrival times, published fees and platform options.
- A Malaysian business can receive US dollars into a foreign currency account at a Malaysian bank, or into US account details from a provider that accepts Malaysian companies.
- BNM's Foreign Exchange Policy Notice 7 requires export proceeds for goods to be repatriated to Malaysia in full within 6 months from the date of shipment, with retention abroad only on application.
- Since 15 April 2021, Malaysian exporters manage the conversion of export proceeds into ringgit according to their own foreign currency cash flow needs.
- Under FEP Notice 4 a resident is free to receive foreign currency from a non-resident for any purpose, and a resident without domestic ringgit borrowing may invest any amount in foreign currency assets onshore and abroad.
- Maybank publishes a RM5 service charge for an inward remittance received from other banks, and Hong Leong Bank lists a USD 5,000 initial deposit for its USD business foreign currency account.
- Wise states that customers in Malaysia can hold money only in personal accounts, while Airwallex lists Malaysia as a supported business registration location.
How to receive USD in Malaysia: the short answer
Malaysian electronics, palm oil, rubber glove and furniture exporters are paid in US dollars. So are software companies, digital agencies, game studios and freelancers in Kuala Lumpur, Penang and Johor who bill clients in the United States and elsewhere. Each needs to decide where the buyer or client should send the money.
There are three main answers. A foreign currency account (FCA) at a Malaysian bank, an account held in a currency other than the ringgit (MYR), receives an international wire by SWIFT, the network banks use to send cross-border payments. US account details, a routing number and account number from a provider that accepts Malaysian customers, let a US client pay by ACH, the low-cost US domestic bank transfer system. And payment platforms collect into a balance you withdraw to a Malaysian bank.
Bank Negara Malaysia (BNM), the central bank, lets residents receive foreign currency from abroad freely. The rule that shapes the choice for exporters of goods is the 6-month repatriation period under its Foreign Exchange Policy (FEP). Since April 2021, exporters decide when to convert to ringgit. This guide covers the rules, what to give the payer, arrival times, published fees, platforms and where a Helm account fits. For the account side, see our guide to a USD business account in Malaysia.
BNM rules on money received from abroad
BNM publishes the FEP as numbered Notices, with rules organized by whether a person is resident or non-resident in Malaysia. Four points matter to anyone paid in dollars from abroad.
| Who is paid | Rule | Source |
|---|---|---|
| Any resident paid by a non-resident | Free to receive foreign currency from a non-resident for any purpose, except certain derivatives | FEP Notice 4, Payment and Receipt |
| Exporter of goods | Repatriate export proceeds to Malaysia in full value within 6 months from the date of shipment, in ringgit or foreign currency | FEP Notice 7, Export of Goods |
| Exporter of goods, conversion | Since 15 April 2021, exporters manage conversion into ringgit according to their foreign currency cash flow needs | BNM, Liberalisation of Foreign Exchange Policy (31 March 2021) |
| Exporter of goods, longer period or retention abroad | Up to 24 months only for reasons beyond the exporter's control and other permitted reasons (Form EX-EXT); retention abroad on Form EX-OA | FEP Notice 7 |
| Resident without domestic ringgit borrowing | Free to invest any amount in foreign currency assets onshore and abroad | FEP Notice 3 |
| Resident with domestic ringgit borrowing | Up to RM50 million equivalent a calendar year on a corporate group basis, or RM1 million for an individual, from ringgit conversion or a Trade FCA | FEP Notice 3 |
Sources: Bank Negara Malaysia, FEP rules for residents on payment in foreign currency, export of goods, and investing in foreign currency assets; BNM, Liberalisation of Foreign Exchange Policy (31 March 2021). As published on 29 October 2026. Check the current Notices before acting.
Domestic ringgit borrowing means ringgit borrowing a resident obtains from another resident, including from Malaysian banks. A Trade FCA is the type of FCA that holds trade-related foreign currency, such as export proceeds, and BNM allows its funds to be used for foreign currency payments, including imports and services.
BNM's export rule is written for goods; its Notice 7 page covers export of goods only. A software firm, agency or freelancer paid for services receives under the general freedom in Notice 4. Whether a balance held with a provider abroad counts as a foreign currency asset under Notice 3 is a question to put to your bank if your company has domestic ringgit borrowing.
For an exporter of goods, the practical point is the clock. Keep the shipment date for every invoice, because it starts the 6-month period, and make sure the money reaches Malaysia in time whichever account the buyer pays into.
The ways to receive US dollars in Malaysia
The table compares the routes. It is not a ranking, and many Malaysian firms combine two.
| Route | How the payer pays | What arrives | Suits |
|---|---|---|---|
| USD FCA at a Malaysian bank | SWIFT wire through a correspondent bank | US dollars, net of bank charges | Exporters of goods and firms that want dollars onshore |
| Ringgit account at a Malaysian bank | SWIFT wire | Ringgit, converted by the bank on arrival | Payments that will be spent in ringgit at once |
| US account details from a provider | ACH or Fedwire, as a US domestic payment | US dollars, held with the provider | Service firms and exporters with US buyers |
| Payment platform balance | Through the platform or a marketplace | US dollars, then ringgit on withdrawal | Freelancers and marketplace sellers |
| US company with a US account | ACH or Fedwire | US dollars in the US company's name | Groups with US operations and contracts |
Source: Helm Editorial Team, from BNM's Foreign Exchange Policy and providers' published pages, as published on 29 October 2026.
Fedwire is the Federal Reserve's real-time system for US dollar payments, used for large or urgent amounts. A correspondent bank is a bank that holds an account for another bank and settles payments in its currency, usually in New York for US dollars.
Banks publish their FCA terms. Hong Leong Bank, for example, lists AUD, CAD, CNY, EUR, GBP, JPY, HKD, NZD, SGD and USD for its business FCA, with an initial USD deposit of USD 5,000. If you receive dollars often, an FCA lets you choose when to convert instead of accepting the bank's rate on the day a wire lands in a ringgit account.
What to give the payer
Send each buyer or client one set of details, in writing, and ask its accounts team to save them as a vendor record.
| Field | For a wire to a Malaysian bank (SWIFT) | For US account details (ACH or Fedwire) |
|---|---|---|
| Beneficiary name | Company name exactly as registered with SSM and on the account | Registered name exactly as on the account |
| Account number | The USD FCA number, not the ringgit account | US account number |
| Bank identifier | Bank's full name, address and SWIFT code | Nine-digit routing number |
| Intermediary bank | The US correspondent your bank names, with its SWIFT code | Not needed |
| Reference | Invoice number | Invoice number |
| Charges | OUR, so the full invoice amount arrives | Not applicable to ACH |
Field list reflects standard SWIFT and US payment practice; confirm your bank's exact inbound instructions. As published on 29 October 2026.
SSM is Suruhanjaya Syarikat Malaysia, the Companies Commission of Malaysia, which registers companies and businesses. Banks may ask for an invoice or contract to confirm the purpose of a large receipt, so send it with the first payment from a new buyer. Use our SWIFT code lookup to check your bank's code, and see how to receive USD from overseas buyers for a full invoice layout.
OUR, SHA and BEN are SWIFT charge codes. OUR means the sender pays all fees and the full amount arrives. SHA means fees are shared, so intermediary banks can deduct theirs from the amount in transit. BEN means the receiver pays all fees. Agree OUR in the contract, or price in the expected deductions.
How long a USD payment takes to arrive
Arrival time depends mainly on the rail the payer uses.
| Rail | Published timing | What affects it |
|---|---|---|
| ACH to US account details | About 80% of ACH volume settles in one banking day or less; Same Day ACH accepts payments up to $1 million each | Client's bank cut-off and whether it sends Same Day ACH |
| Fedwire to US account details | Real-time gross settlement; the business day runs from 9:00 p.m. ET the previous day to 7:00 p.m. ET, Monday to Friday | US holidays and the client's bank hours |
| SWIFT wire to a Malaysian bank | Depends on the correspondent chain and the receiving bank's processing | Correspondent checks, incomplete details, US and Malaysian holidays |
| Platform payment | Set by the platform | Platform's own payout schedule |
Sources: Nacha, "Significant majority of ACH payments settle in one business day or less" (28 August 2023); Federal Reserve, About the Fedwire Funds Service. As published on 29 October 2026.
Real-time gross settlement means each payment settles individually as it is processed. Kuala Lumpur is 12 hours ahead of New York in the US summer and 13 hours ahead in the US winter, so a wire sent in a New York afternoon reaches the correspondent overnight in Malaysia. Ask the buyer for the SWIFT confirmation once the payment is sent, so your bank can trace it if it does not arrive.
What it costs: published fees
A dollar receipt can carry the payer's bank fee, correspondent deductions and your own bank's or provider's charge. The table shows charges that providers publish. Other banks set their own fees.
| Provider and item | Published charge |
|---|---|
| Maybank: inward remittance received from other banks | RM5 service charge |
| Maybank: inward remittance received from Maybank branches | Nil |
| Hong Leong Bank: initial deposit for a USD business FCA | USD 5,000 |
| Airwallex Malaysia: multi-currency account | No setup, annual or monthly fees, per its Malaysia guide |
| Payoneer: receiving into a non-local-currency receiving account | 1%, minimum $1 |
| Payoneer: withdrawal to a bank in the recipient's local currency | 1.2% to 4% |
| Payoneer: annual account fee | $29.95, only if the account receives less than $6,000 in 12 consecutive months |
Sources: Maybank, remittance fees and charges; Hong Leong Bank, Foreign Currency Account (business); Airwallex, how to receive money internationally in Malaysia (8 June 2026); Payoneer, Fees (last updated 1 January 2026). As published on 29 October 2026. Correspondent banks may deduct their own charges.
Two costs sit outside every tariff. The first is the exchange rate when dollars become ringgit: a rate 1% below the market rate costs $100 on every $10,000 converted. Airwallex's guide notes that a provider's markup can be built into the rate, so it does not show as a separate fee. The second is correspondent deductions on SHA wires. Because BNM lets exporters choose when to convert, a firm that also imports can hold repatriated dollars in a Trade FCA and pay suppliers abroad without converting twice.
Wise, Payoneer and other platforms in Malaysia
The table records what each provider's own pages state about Malaysia, as published on 29 October 2026. It is not a ranking, and lists change.
| Provider | What its own pages state | Point to check |
|---|---|---|
| Airwallex | Malaysia is a supported business registration location | Which account details are issued and the conversion rate |
| Wise | Customers in Malaysia can hold money only in personal accounts, not business accounts | Holding a balance on a business account is not available |
| WorldFirst | World Account holds USD and MYR; Malaysian companies register with the SSM certificate; freelancers and sole proprietors can register | Fees shown in the account |
| Payoneer | Serves 190+ countries and territories; fees published globally | Withdrawal fee to Malaysian banks shown in the account |
Sources: Airwallex eligible countries; Wise, where do I need to live to hold money; WorldFirst Malaysia, how to open a USD account (5 August 2026); Payoneer, Fees. As published on 29 October 2026.
WorldFirst's page states that its Malaysian entity is licensed by BNM for money-changing and remittance business. Before choosing any provider, check whether the account details are in your own name, which rails they accept, and how dollars move back to your Malaysian bank. For an exporter of goods, the last point decides whether you meet the 6-month repatriation period.
Stablecoins
Some clients offer to pay in USDC or USDT, digital tokens designed to hold a steady value of one US dollar. Under a 2019 Order, digital currencies and digital tokens that meet its conditions are prescribed as securities, and a digital asset exchange must be registered with the Securities Commission Malaysia (SC) as a recognized market operator. BNM stated in 2014 that Bitcoin is not recognized as legal tender in Malaysia. Use only an SC-registered exchange, document the underlying sale, and take advice on how a stablecoin receipt sits with the Notice 7 obligation for goods.
Freelancers and service firms
Malaysian freelancers, agencies and software firms are paid for services, so Notice 7 on export of goods does not set a repatriation period for their receipts. Notice 4 lets residents receive foreign currency from non-residents for any purpose. They can keep dollars in an FCA in Malaysia. Before holding balances with a provider abroad, ask your bank how Notice 3 on foreign currency assets applies to you, especially if you have domestic ringgit borrowing.
A freelancer has three practical choices. A personal FCA at a Malaysian bank receives SWIFT wires and keeps the money in dollars. A platform with US account details lets clients pay by ACH. A marketplace balance pays out on the platform's terms. Wise states that Malaysian customers can hold money in personal accounts, which suits freelancers, while its business account cannot hold balances for Malaysian customers.
A freelancer who wants a business account first registers the business with SSM. Banks and providers then ask for the SSM registration, identity documents (MyKad, the Malaysian national identity card, or a passport) and proof of address. Keep contracts and invoices for every client, because banks may ask about large or frequent inward payments, and the records support your tax filings.
Where a Helm account fits
Helm works with companies registered in Malaysia. Helm is a financial technology company, not a bank, and accounts are held with regulated partner institutions. A Helm account gives a company USD account details in its own name: a routing and account number that receives ACH, Fedwire and SWIFT, so a US client pays you as it pays a domestic supplier. EUR details (IBAN, SEPA and SWIFT) and GBP details (sort code, Faster Payments and SWIFT) are issued in your company's own name too.
- Service firms and agencies can collect from US clients by ACH or Fedwire and hold USD or convert, within the FEP rules for their company.
- Exporters of goods can collect a buyer's payment in the account, but the account cannot be where export proceeds stay: Notice 7 requires them to reach Malaysia in full within 6 months of shipment unless BNM has approved retention abroad on Form EX-OA.
- Importers can pay suppliers abroad by SWIFT, or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before sending.
- Stablecoins: Helm's USDC and USDT wallet features are not available to companies registered in Malaysia. Malaysian companies receive USD account details only.
A named account manager answers review questions in writing within one business day, and trade finance, including receivables finance, is arranged case by case. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
Checklist for receiving USD in Malaysia
- Open a USD FCA so dollars are not converted on arrival.
- Give buyers the exact SSM name, the FCA number, the SWIFT code and the correspondent bank, or US account details.
- For goods, record the shipment date and repatriate within 6 months.
- Agree OUR charges for wires, or price in the expected deductions.
- Check the Notice 3 limit if your group has domestic ringgit borrowing.
- Compare the conversion rate before you convert to ringgit.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
How can a business in Malaysia receive US dollars?
A Malaysian business can receive US dollars into a foreign currency account at a Malaysian bank, which payers fund by SWIFT wire, or into US account details from a provider that accepts Malaysian companies, which US payers fund by ACH or Fedwire. Payment platforms are a third option, mainly for freelancers and marketplace sellers.
Do Malaysian exporters have to bring USD back to Malaysia?
Exporters of goods do. BNM's Foreign Exchange Policy Notice 7 requires export proceeds for goods to be repatriated to Malaysia in full within 6 months from the date of shipment. Up to 24 months is allowed only for reasons beyond the exporter's control and other permitted reasons, and retention abroad needs an application on Form EX-OA.
Do I have to convert USD to ringgit when I am paid from abroad?
No. BNM removed the export conversion rule from 15 April 2021, and exporters now manage conversion according to their foreign currency cash flow needs.
Do service exporters in Malaysia have to repatriate USD?
BNM's Notice 7 repatriation rule covers export of goods. Under Notice 4, residents are free to receive foreign currency from non-residents for any purpose, and a resident without domestic ringgit borrowing is free to invest any amount in foreign currency assets onshore and abroad.
What details does a foreign client need to pay my Malaysian bank account in dollars?
The client needs your name exactly as registered with SSM and on the account, the USD foreign currency account number, the bank's full name, address and SWIFT code, and the US correspondent bank your bank names. Ask the client to quote your invoice number and use the OUR charge code.
How much does Maybank charge to receive an international transfer?
Maybank's published remittance charges list a RM5 service charge for an inward remittance received from other banks, and nil for one received from Maybank branches. Correspondent banks may deduct their own charges before the money arrives.
Can a Malaysian business open a Wise USD account?
Wise states that customers in Malaysia can hold money only in personal accounts, not business accounts. Airwallex lists Malaysia as a supported business registration location, and WorldFirst states that Malaysian companies can register with their SSM certificate.
Is it legal to receive USDT in Malaysia?
Digital currencies and digital tokens that meet the conditions of a 2019 Order are regulated as securities, and only exchanges registered with the Securities Commission may operate. BNM has stated that Bitcoin is not recognized as legal tender. Helm's USDC and USDT wallet features are not available to Malaysian companies.
How long does a USD payment to Malaysia take?
A US client paying US account details by ACH usually settles in one banking day or less, as Nacha reports for about 80% of ACH volume, and Fedwire settles in real time during its operating hours. A SWIFT wire to a Malaysian bank depends on the correspondent chain and complete payment details.
References
- Bank Negara Malaysia: FEP rules for residents, Export of Goods (Notice 7)
- Bank Negara Malaysia: Liberalisation of Foreign Exchange Policy (31 March 2021)
- Bank Negara Malaysia: FEP rules for residents, Payment in foreign currency (Notice 4)
- Bank Negara Malaysia: FEP rules for residents, Investing in foreign currency assets (Notice 3)
- Maybank: Remittance fees and charges
- Hong Leong Bank: Foreign Currency Account (business)
- Payoneer: Fees
- Nacha: Significant majority of ACH payments settle in one business day or less (28 August 2023)
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.