How To Use Wise In Malaysia

Wise formerly known as TransferWise is an e-money institution that provides currency exchange services, multi-currency accounts with international debit cards (linked) and international payment services which is cheaper, faster and easier. It is regulated under Malaysian law as a remittance service, money changer and e-money issuance. In addition, it is also subject to several world regulatory bodies around the world. Wise’s credibility and legacy make it a reliable and legitimate company for account payment services.

 

Wise is also recognized as Excellent by Trustpilot and has almost 13 million customers from all over the country. If you’ve never used the service, this article might help.

 

How to Register a Wise Account

Before you can use this Wise service, you need to register an account first. It can be done through the website and also the Wise app. Here’s how to register a Wise account.

  • Visit the Wise website at https://wise.com/my/ or download the Wise app on your smartphone
  • Register using email, Facebook, Apple or Google
  • Click the Next button, select the type of account either Personal Account or Business Account
  • Select country of residence
  • Enter your mobile phone number and click the Next button
  • Enter the code (OTP) for verification  
  • Enter the password for your account and click the Next button
  • You will be taken to your Wise account and can start using it

 

How to Send Money Using Wise

Here’s how to send money using Wise account:

  • Log in to your Wise account
  • Click the Send Money button 
  • Enter the amount  
  • Select the currency you want to send using the dropdown selection column
  • Provide the sender’s details, the recipient’s details and the recipient’s bank account or email address
  • Check and confirm the currency delivery details, write a message to the recipient if needed
  • Confirm payment method – in RM currency, usually using bank transfer or FPX³ and done
  • The service charge depends on the amount of the transfer, the payment method and the foreign currency exchange rate
  • Other charges are:
  1. Fixed fee which includes fixed costs regarding the transaction which is between RM 1.80 to RM 2.40
  2. Variable fee is around 0.5% to 0.6% of the transfer amount for the world’s major currencies which is includes the cost of foreign currency exchange  
  3. Although Wise charges a little, it is 3 times cheaper than banks in Malaysia
  • The transfers (maximum) allowed are depends on the currency involved. In the case of Ringgit Malaysia (RM) currency transfer to another currency, the maximum limit is RM 30,000 per day for Malaysian citizens and expatriates, while for foreign workers, the maximum limit is RM 5,000 per month
  • Money transfer takes a faster time which means money is received immediately and most receive money within one day only compared to bank services which take an average of 3 to 5 days
  • However, the transaction depends on the approval of the banking system and the Wise verification system 

 

Benefits of Using Wise

  • Can be used to save money and convert it to more than 50 currencies
  • Low-cost remittance to over 80 countries
  • Users can receive money from overseas or in Malaysia easily with local bank details for almost 10 currencies, including RM, USD, EUR, SGD, AUD and more
  • Debit card can be used in over 175 countries   
  • Wise money exchange rate uses mid-market exchange rate at all times
  • No minimum balance is set or monthly fees are charged
  • Easily manage money through the Wise app
  • Instant transaction alerts
  • Freeze or reactivate a debit card with just a few clicks

 

How to Reload Money in Wise Account 

If you have a Wise multi-currency account, easily top up the account in any of the 10 supported currencies. The way to add value to the Wise account is as follows:

  • Log in to your Wise account
  • Click on the currency account you want to top up
  • Click the Add button
  • Enter the amount you want to deposit and the type of currency you want to pay
  • Choose a payment method then click Continue to payment
  • Follow the payment instructions that will be displayed, depending on the payment method you choose

 

How to Receive Money into Wise Account

You can easily receive remittances from home and abroad to your Wise account. The way to receive money to the Wise account is as follows:

  • Select the type of currency to be accepted
  • Click Get account details
  • If it is the first time to receive money, follow the instructions to add the necessary information
  • For those using a currency account for the first time, you need to make a deposit in a small amount first (it is not a charge)
  • Give the account details that have been given to the sender
  • You can continue to receive payments/remittances to your account, in the selected currency

 

Maximum Holding Limit

Users in Malaysia can only have a holding limit of up to RM 20,000 in Wise accounts and applies to all currencies held. If the remittance exceeds RM 20,000, the user needs to withdraw the amount that exceeds the limit to the bank account and Wise gives up to 7 days to withdraw the excess money. The user’s Wise account will be frozen if the withdrawal of the excess money is not done within the specified period and the account is reactivated after the user complies with the specified amount in accordance with the provisions of Malaysian law.

 

Wise Debit Card in Malaysia

Users can order Wise physical cards which it linked to Wise multi-currency accounts, use it for physical payments and can make withdrawals at ATM machines. This debit card can be used worldwide (more than 175 countries) and can make withdrawals in up to more than 50 types of currency without foreign transaction charges and without account maintenance charges (maximum withdrawal of RM 1000 per month). There is also no annual fee.

 

Wise debit card has various security features and is safe to use. It makes it easier for users to monitor Wise account transactions. The following are the security features owned by Wise:

  • Wise accounts require 2 factor authentications
  • Freezing and reactivation of the card is through the Wise application
  • Get instant notifications that can monitor expenses
  • 24/7 manual and automatic anti-fraud process to identify and prevent suspicious transactions

 

Charges for Wise Cards in Malaysia

Wise charges a small fee to account users with a low rate. Among the charges are as follows:

  • Physical card – RM 13.70
  • Digital card – Free when users order a physical card
  • Renew card – Free
  • Card shopping – Free for currency held. Foreign currency exchange using the mid-market exchange rate with a rate as low as 0.43%
  • ATM Withdrawals – Free withdrawals 2 times a month with an amount up to RM 1,000. If it exceeds RM 1,000, the charge is RM 5 + 1.75%

 

Application of Wise Card in Malaysia

Card application will cost users RM 13.70 and it can be used for 5 years. How to apply for a Wise card is as follows:

  • Enter the Wise application and click the ‘Card’ tab. Then click ‘Order your card’
  • Enter personal details and home address. The card will be sent directly to your home based on the address.
  • You can choose free delivery or DHL Express with an immediate rate costing more than RM40. The date when the card will reach you will be displayed.
  • Set the name on the card, PIN number and finally make the payment until complete
  • Finally, you need to verify your identity by uploading a photo of MyKad or using a driver’s license
  • You just have to wait for the card to arrive at your home (delivery will be done within two weeks)
  • After receiving the physical card, the user needs to activate the card by making a payment via chip or making a cash withdrawal.
  • You can use all contactless payment facilities after activating for the first time

 

Summary

Now, remittances and global multi-currency account services are safe with Wise accounts. It is a fully regulated service in Malaysia, licensed and trusted by customers around the world. Low and transparent service charges make Wise more and more popular.

 

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