If you’re looking for a convenient way to send and spend foreign currencies, you may have heard of both BigPay Malaysia and the Wise Account and card. Both offer some overlapping services, like cross currency payments and a linked international debit card. But which is the best bet if you’re a Malaysian citizen or resident? This guide has you covered with all you need to know about BigPay vs Wise.
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BigPay¹ offers online accounts and linked payment cards to residents of Malaysia and Singapore. You may also be able to pay your bills from your BigPay account, send a BigPay international transfer, take a personal loan, or make mobile payments. All you need to get started with BigPay is a smartphone and a local phone number.
We’ll dive into the BigPay features available to Malaysian citizens and residents next. If you’re interested in learning more you can also check out our full BigPay review and BigPay card review here.
BigPay accounts can be helpful for travellers, foreigners in Malaysia, students, freelancers, online shoppers and anyone looking to manage their money in an app or online. Here are some of the key features offered by BigPay Malaysia:
Wise, which was previously called Wise, offers international accounts and cards to individuals and business owners in all but a handful of countries around the world. You can use your Wise account to hold 40+ currencies, get paid in up to 10 currencies fee free like a local, and spend with your linked card in 150+ countries.
Wise currency exchange uses the mid-market exchange rate with low, transparent fees, so you'll be getting great deals and seamless transactions.
Wise accounts are available for individuals and business owners, freelancers and anyone looking to cut the costs of transacting internationally. Here are some of the key features you’ll want to know about:
Not sure which will work for you between BigPay vs Wise? Here’s an overview of some key features of both to help you decide.
| BigPay² | Wise* | |
|---|---|---|
| Eligibility | Malaysian or Singapore residents only | Available in most countries around the world |
| Account opening fee | Free | Free |
| Account currencies | Hold MYR Spend with the BigPay card in most countries around the world Send payments to 11+ countries | Hold 40+ currencies Spend in 150+ countries with the Wise card Send payments to 70+ countries |
| Fee to get a debit card | 20 MYR | 13.7 MYR |
| Foreign transaction fees | Conversion up to 1% + network charges | Free to spend any currency you hold in your account Currency conversion from 0.43% |
| Fee to send an international payment | 0.5 MYR - 22 MYR depending on the country involved | From 0.43% |
| ATM withdrawal fee | 6 MYR in Malaysia 10 MYR internationally | Up to 2 withdrawals, to the value of 1,000 MYR per month free Then 5 MYR + 1.75% |
| Account top up fee | 1% credit card fee (local cards) 3% credit card fee (foreign cards), 1% until further notice Up to 5 MYR for cash top ups | Receive payments for free in 10 currencies 4.14 USD fee for receiving a USD wire payment |
| Other notable features | Pay bills locally in Malaysia Get budgeting and analytic tools Apply for a BigPay personal loan online | Currency conversion uses the mid-market exchange rate International payments are often instantly deposited in bank accounts |
*Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.
Wise is a specialist in currency conversion and international payments. With Wise you’ll be able to send money to 70+ countries, with the mid-market exchange rate and low fees which you can see before you open a Wise account.
BigPay international transfers are offered to a slightly more limited range of countries, with 11 key payment markets, plus some options to transfer to the UK and EU. To see the limits and exchange rates which apply to your BigPay international payment you’ll first need to register and verify an account.
Let’s take a look at how Wise and bigPay match up when it comes to sending international payments:
| Provider | Transfer fee | Exchange rate | How to get a quote |
|---|---|---|---|
| Wise | From 0.43% | Mid-market exchange rate | Model your payment online or in the Wise app - no account needed |
| BigPay | Up to 22 MYR based on the country | Rates confirmed at time of payment | Register and verify a BigPay account to see the exchange rate available for your transfer |
Use the calculator below to see how much an international transfer costs if you're using Wise:
Both BigPay and Wise offer a linked debit card you can use for local and international spending. Here’s a rundown of how the two card options measure up.
Learn more about the BigPay card in this full review and Wise card benefits in Malaysia.
| Feature | BigPay Card | Wise Card* |
|---|---|---|
| Fee to get a card | 1st card free, replacement cards 20 MYR | 13.7 MYR |
| ATM withdrawal charges | 6 MYR in Malaysia; 10 MYR overseas or 2% of withdrawal amount, whichever is higher | Up to 1,000 MYR/month in two withdrawals fee free, fees apply for further withdrawals |
| Foreign transaction fee | Conversion up to 1% + network charges | No foreign transaction fee Currency conversion from 0.43% |
| Other notable features | Manage card in the BigPay app | Manage card in the Wise app Get a virtual card instantly once you apply for a physical card |
*Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.
Whether BigPay or Wise wins for you may come down to how you want to use your account. BigPay has a range of services like personal loans, local bill payment and budgeting analytics, which can be handy. However, you’ll only be able to hold MYR in your BigPay account. So while you can conveniently spend with the BigPay card, and send payments to select international markets, the account isn’t really optimised for people who transact internationally regularly.
If you’re looking for a way to get paid fee-free from abroad, to hold and exchange dozens of currencies in the same account, and get the mid-market exchange rate whenever you need to spend or make a payment, the Wise Account and card may be the cheaper and more flexible option for you.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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