If you’re a personal user in Malaysia, you can’t hold more than 20,000 MYR in your account. This is based on the total amount you have in your account, and includes the money you hold in all currencies. This doesn’t apply to business accounts in Malaysia.
We know that from time to time, you may receive or hold more than 20,000 MYR at a time. So to remain compliant, while giving you control of your money, you’ll have 7 days to withdraw the excess money to an external bank account. If the excess amount isn’t withdrawn in 7 days, we’ll freeze your account.
Keep in mind: Holding limits don’t apply to business accounts in Malaysia.
Setting up an external account
An external account is essentially another bank account you can send money to when you’re holding more than 20,000 MYR (or equivalent).
If you forget to send the excess amount of money to your external account, we’ll automatically do it for you — so you never go over the limit. We’ll charge the usual fees to convert (if needed) and withdraw money.
To add your external account as a recipient in Wise:
Go to Recipients
Add your own bank account as a recipient
Select Mark this as my external account
Transfer money locally
If you’re sending from your personal account and live in Malaysia:
If your recipient is in Malaysia, you can only make transfers that involve MYR. But you can send to any currency as long as the money is sent from your MYR balance.
If your recipient is not in Malaysia, you can send from or to any currency.
For business accounts in Malaysia, you can send to any recipient any currency.