According to Bank Negara Malaysia Regulation, electronic money issuers like Wise have to ensure that Malaysian users’ e-wallets have holding limits applied.
For personal accounts:
You can't hold more than 20,000 MYR in your account by the end of the day. This includes all the money you hold across all currencies on your Wise Balances and Jars.
For business accounts:
There are no limits to how much you can hold in your Wise account.
How do I know if I'm a Malaysian user?
You are a Malaysian user if you've registered with a Malaysian address in your Wise account.
How does Wise calculate my holding balance?
If you're holding money in currencies other than MYR, we use the mid-market rate to convert all your non-MYR balances to MYR to determine your total balance in MYR. For example: If you have 10,000 MYR and 3,500 USD. And the exchange rate is 1 USD = 4.40 MYR. This means your USD is 15,400 in MYR. So in total, you’re holding 10,000 + 15,400 = 25,400 MYR. As the holding limit set is 20,000 MYR, you will be 5,400 MYR over the limit.
How do I remain within the holding limit?
You'll need to set up an external account. This is a bank account, where Wise automatically sends your excess funds to, in case your balance exceeds 20,000 MYR. If we need to convert your funds to send your excess funds out, we will apply the usual fees. If you don't have an external account set up and you still have excess funds at the end of each day, we’ll have to restrict your account to remain compliant. You won't be able to deposit and receive funds into your account.
How do I set up an external account?
Log in to the Wise website (this won’t work on the app)
Go to Recipients
Add or select the bank account you’d want to mark as your external account
This account can be in another currency besides MYR, as long as it's under your ownership — but it cannot be your own Wise Account.
My account is restricted.
If you weren't able to withdraw your excess funds on time, your account will be restricted and you won't be able to deposit and receive funds into your account.
If this has happened, please set up your external account so that your excess funds will be automatically transferred out. Alternatively, you can manually transfer the excess funds out by sending out the money from your balance. Once your excess funds are transferred out, your account restrictions will be lifted.