Overview
Wallex, at a glance.
Wallex is a payment institution headquartered in Singapore, regulated by Monetary Authority of Singapore, Customs and Excise Department, Bank Indonesia and 2 other regulators. The business account has no monthly fee. Opening an account takes 3–5 days.
Wallex says all customer funds are held in a segregated account. It is a business unit of M-DAQ Global Pte. Ltd.; the Singapore licence belongs to M-DAQ Payment Solutions Pte Ltd.
Why businesses pick Wallex
- No membership cost or account fee
- Payments in 47 currencies and collections in 35, including SGD, IDR, HKD, THB, MYR and PHP
- Licensed in Singapore, Hong Kong, Indonesia, Malaysia and Vietnam
- Onboarding documents are usually processed in 2 to 3 working days
- Bulk payments to up to 200 beneficiaries in one file
Watch out for
- Prices are not published: the percentage fee depends on the currency and is quoted by the sales team
- Trustpilot score of 1.9 from 20 reviews
- Built mainly for businesses in Singapore, Indonesia and Hong Kong; other countries on request
- Payments to and from 28 countries are not supported, including Russia, Ukraine, Serbia and Albania
- No list of prohibited industries is published
Business fit
Will Wallex accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on Wallex's published rules
Needs review
Wallex works with Import and export, but does not publish the countries it accepts companies from.
Wallex does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What Wallex publishes about the businesses it takes on.
Who Wallex serves
- Import and export
- E-commerce
- Startups and SMEs
Not supported
Industries and countries Wallex does not accept, from its own published lists.
Industries
- Not published
Countries
- Not published
Coverage
Where can you use Wallex?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
47 currencies to pay out
Collections in 35 currencies, and the wallet holds 13. The currency codes are not published.
Payment reach
Not published
Who can apply
Company incorporation countries3 countries · show list
- Singapore
- Indonesia
- Hong Kong SAR China
Owner nationality
Not publishedOwner residency
Not publishedCompany types
Not publishedPricing
What does Wallex cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
Free
Monthly fee
Free
Global Account
SGD 0 per month
SGD 0 setup · SGD 0 in year one
Transaction fees
| Cost | Listed amount | How it is charged |
|---|---|---|
| Outgoing | ||
| SWIFT / international | Not published | |
Other fees
Currency exchange (FX)
| Cost | Listed amount | How it is charged |
|---|---|---|
| FX markup | Not published |
Onboarding
From application to live account.
Opening an account typically takes three to five business days.
- 1
Apply
Start the application online or through the sales team.
- 2
Company and people
Give the company's registration details, directors and owners.
- 3
Checks
Upload the documents requested and complete identity verification.
- 4
Account live
Once approved, the account is opened and you receive its details.
Documents you need
Not published
FAQ
Your questions, answered.
Is Wallex a bank?
No. Wallex is a business unit of M-DAQ Global Pte. Ltd. Its Singapore entity, M-DAQ Payment Solutions Pte Ltd, is licensed by the Monetary Authority of Singapore as a major payment institution, licence PS20200433.
How much does Wallex cost?
There is no membership cost. Outgoing SWIFT and local payments are priced by the payment, and incoming payments carry a percentage fee that depends on the currency. Currency conversion is at the mid-market rate plus a flat percentage that depends on the currencies. Wallex quotes these figures on request.
Who can open a Wallex account?
Businesses, mainly in Singapore, Indonesia and Hong Kong. Other countries are supported on request. Wallex does not offer personal accounts.
Which countries does Wallex not support?
It does not send money to or receive it from 28 countries, including Afghanistan, Belarus, Cuba, Iran, North Korea, Russia, Syria and Ukraine, and cannot currently process payments to or from Myanmar. An application can be rejected if the business transacts with them.
Alternatives
How Wallex compares.
If Wallex is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 WallexThis pagePayment institution |      | Asia payments47 currencies |
 AirwallexE-money institution |    | Global accountsOnline businesses |
 StatrysMoney service operator | | Hong Kong accountFree account |
 AspirePayments platform | | Free planCorporate cards |
| CurrenxieMoney service operator |  | Hong Kong accountMarketplace sellers |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.