Watch Monito's Video Review of Wise Card Malaysia
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This video is a review Wise Card Malaysia. In it, we take a good look at their personal free accounts by delving into its fees, how it works, the benefits of using it to transfer money, and much more.
Wise Malaysia Review Video Transcript
In December last year, Wise released their Multi-Currency account & card in Malaysia and if you’re from Malaysia and you’re considering getting this card I want to help you decide whether it’s right for you. To do this I’m going to explain the benefits of the account, its costs and fees as well as it’s pros & cons. I’ll also answer some of the questions we’ve received here at Monito, regarding this account.
Multi-Currency Account at a Glance
We’ve reviewed the Wise Multi-Currency account previously on this channel so I’ll keep the general facts about Wise brief.
One thing I want to cover though is whether you can trust them with your money. Although they aren’t a traditional bank, the answer is still yes - because when you deposit money into your Wise account it’s stored with established financial institutions such as Barclays and JP Morgan Chase. So in the unlikely event of Wise going bust you would be refunded your money. They’re also regulated under the laws of Malaysia and are a publicly traded company on the London Stock Exchange, meaning they’re constantly under scrutiny.
Who is this account for?
The account and card is great for anyone dealing with foreign currencies, and not just if you’re in a distant country. You can be in Malaysia and just use it to receive and spend foreign currency.
The account is also great for anyone that travels, and spends time abroad. For example, if you’re moving from Malaysia to work, let’s just say the US, you can get paid in US dollars without opening a local bank account. And of course you can spend these dollars in the US without incurring any additional fees.
This is basically a great foreign currency account and card, and there are a lot of people that will benefit from using it.
Wise Multi-Currency Account Benefits
Firstly, the best thing about this card is that it gives you bank details for 10 different currencies, including SGD, MYR, USD, GBP, EURO and more. With these account details you can receive money in any of these currencies, just like a local. These accounts also have no monthly charges and don’t require a minimum balance.
You could give these details to your friends, family, companies or clients in the UK, Europe, US, Australia, New Zealand and Singapore and get paid in the local currencies, directly into the account.
Another benefit is that you can also add, hold and convert over 54 currencies, all with the official, mid-market exchange rate. This means that if you’ve opened an account in one of those 10 currencies, and received money, you can then convert that money into any one of these 54 currencies, and then send it to someone else. All while paying very little fees.
And that’s the third benefit, whether you’re exchanging or spending foreign currency, unlike traditional banks, you’ll only pay very small fees. You see most providers use exchange rates to profit off currency conversion and international transactions, while Wise use only the real, mid-market exchange rate and apply a very small fee to each transaction.
You can of course spend any currency you already have for free, and withdraw money from an ATM. Although you may potentially incur fees when withdrawing money, and these fees will vary depending on whether you’re in Malaysia or overseas.
If you’re in Malaysia, you can take out money for free twice a month, as long as the total amount is under 1,000 Malaysian Ringgit. After that, Wise will charge you 5 Ringgit per transaction. If you take out over 1,000 Malaysian Ringgit in one month, Wise will charge you a 1.75% fee on top of the fixed 5 Ringgit Fee.
For international withdrawals, Wise will always charge you a fixed 5 Ringgit fee, and once you exceed the withdrawal amount of 1,000 Ringgit you’ll be charged 1.75% and that fixed fee.
So it might not be wise (no pun intended) to use this account if you intend to withdraw a large amount of cash.
Wise Card Negatives.
Besides the ATM withdrawals which might be a negative for you, there are very few other disadvantages of using a Wise debit card.
Obviously this isn’t a credit card, it’s a prepaid card so to pay for items you’ll need to have enough funds in your account before purchasing. Also the card itself costs 13.7 Malaysian Ringgit and it costs that amount to replace as well.
Otherwise I find this card pretty difficult to criticize. Their customer service is also very responsive, and if you’re registered you can access it via your account, and they even provide telephone support for people that would rather speak to someone on the phone.
Although I don’t think they have a local Malaysian call center and I believe the closest one is in Singapore.
In terms of customer feedback, Wise has almost 150,000 reviews on TrustPilot of which 85% are positive, and from the 5% that are bad, there were some mentions of delays when signing up, although for me this was pretty quick. I think it took less than 2 hours.
And if you are in Malaysia, to sign up for this card all you need is either an email address, or an account with Facebook, Google or Apple. You’ll be required to verify your identity, and you can use either your passport or MyKaaad. And once that’s approved you can just add money to your Wise card using your bank account or via a FPX payment.
Wise Card Q&A
Will the card work if I move abroad?
A popular question we receive at Monito is whether this card can still be used if you were to move abroad. The answer is yes, for example, let’s say you want to move to Saudi Arabia for 6 months. You could make the move and still get all the benefits the Wise card offers. So don’t be afraid to register for this account, even if you intend to move.
Are there spending limits?
The account does come with certain spending limits that you can check both online and once you’re registered in the app.. There are also default limits that are set which you can adjust within the Wise app. For example, for online purchases you can use your card to spend up to 57,000 Ringgit per day and 170,000 Ringgit per month. Although to access those limits you’ll need to adjust them in the app as the default limit you can spend online, per month is just 11,500 Ringgit.
Can I make cash deposits?
Unfortunately you can’t make cash deposits with this account, and you can only deposit money via bank transfer or FPX payment.
What We Like & Dislike
We at Monito love the fact that the account is free, and that international transactions and foreign currency exchange incur very little fees.
We love that you can receive and spend a number of different currencies for free. The Wise app is also really neat, it’s simplistic, well-designed and has some great benefits such as card freezing, the option to have multiple virtual debit cards, spending limit settings and transaction notifications.
The ATM withdrawal fees aren’t the best, nor is the fact that you have to pay for this card and any replacements. That said, these are only minor disadvantages when compared to the amount you can save when spending and sending money internationally with this card. For example, according to their own research Wise say it’s up to 7x cheaper to send 500 Malaysian Ringgit internationally with them, compared to 6 other banks and providers in Malaysia, this includes BigPay, Maybank and HSBC.
So if you’re someone who spends and sends internationally, or perhaps likes to shop with overseas stores, or wants to send money overseas to a loved one, it’s likely you’ll benefit from this card and account. And with that in mind, if you do want to register please use the link in the description box below. It’s an affiliate link and by clicking it, you’ll be supporting Monito and helping us make more videos like this one.
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