Thinking of getting the Boost e-wallet in Malaysia but not sure if it’s the right option for you? Read on, as we’ve put together a handy guide covering everything you need to know.
We’ll walk you through how the Boost wallet works and give you the lowdown on features, benefits and the list of merchants you can use it with. And help you get started, by showing you how to top up your Boost wallet for the first time.
Plus, a handy tip to help you save money when shopping and spending internationally - as it may not be possible with Boost. Get the Wise international debit card and you can shop online and in 200+ currencies for low fees and the fairest exchange rate around.
But more on that later. For now, let’s get back to the Boost e-wallet.
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The Boost e-wallet is an electronic money app for shopping and transferring money. It’s a prepaid wallet though, so you’ll need to top it up with ‘credit’ before you can use it.
You can use your Boost wallet to scan and pay at over 200,000 merchant touchpoints¹ throughout Malaysia. You can also pay bills, send money to friends, pay for transport and shop online too.
Screenshot from https://www.myboost.com.my/
As a Boost e-wallet user, you can look forward to the following features:
You’ll also earn rewards through the BoostUP Rewards Programme. This includes earning Boost Stars on your spending and top ups. Once you've earned enough Stars, you'll have the opportunity to rank up and earn even more Boost Stars when you do.
You can use your earned Boost Stars to redeem rewards from the BoostUP catalogue. This includes food vouchers, household appliances, game credits, gadgets and much more. Alternatively, you can exchange them for entries in the BoostUP Pick & Win competition taking place every month².
The list of brands and stores you can use Boost at in Malaysia is pretty extensive, and includes restaurants, grocery stores, fashion retailers, health and beauty brands, petrol stations and many more.
You’ll find them in the Boost marketplace within the app, and will have a choice to either Scan & Go, order to collect or order for delivery (depending on the merchant). You can also search and filter the Boost merchant list here.
There are few limits and restrictions you need to know about with Boost. It all depends on whether you’re on the basic or premium plan, as this can affect everything from wallet size to your transaction limits. Let’s take a look³:
| Basic Plan | Premium Plan | |
|---|---|---|
| Maximum wallet size | RM 1,000 | RM 4,999 |
| Monthly transaction limit | RM 2,000 | RM 4,999 |
| Annual transaction limit | RM 24,000 | RM 59,999 |
| Sending money between Boost wallets | Unavailable | Available |
You should find it pretty straightforward to use Boost. It all starts with downloading the Boost app and creating your account. We’ll run through how to do this next, along with how to top up and start using Boost for shopping and spending.
To join Boost, you’ll need to do the following⁴:
You’ll start off with a Basic account, but you can upgrade to a Premium account by completing an identity verification process. This includes uploading photos of ID documents, and recording a selfie video⁵.
To start using Boost, you’ll need to make your first top up. This means choosing one of the available Boost payment methods, which include credit/debit card and bank account.
To add a new payment method, follow these steps⁶:
Now you’re ready to top up. Simply tap the wallet icon in the Boost App, select your preferred payment method and key in the amount you want to add to your wallet.
You’ve got the Boost app, registered an account and made your first top up. Now you’re ready to start spending.
If you’d like to use your Boost wallet to Scan & Pay at a retail store, all you need to do is scan the merchant’s QR code at the checkout. Alternatively, you can get the merchant to scan the QR code in your Boost app¹. You’ll have the option to do either when you tap on ‘Scan & Pay’ in the app, selecting either ‘I Scan Them’ or ‘They Scan Me’. Either way should be quick and easy.
The Boost e-wallet is super handy for spending and shopping in Malaysia. But it’s not really that useful overseas. So if you travel a lot or spend time in other countries, check out Wise.
Open a free Wise multi-currency account online and you can manage 50+ currencies at once and get local bank details for 10 currrencies (including MYR, USD, SGD, AUD and more). What’s more, you can get a Wise debit card for contactless spending in 200+ countries.
This contactless international card automatically converts currency at the mid-market exchange rate, for only a small conversion fee (or it’s free if you have the currency in your Wise account). You can also use it for shopping online in different currencies.
So if you want to spend freely online or while travelling, studying or working abroad, without worrying about poor exchange rates:
If you need help, you can contact customer support through one of the following options⁷:
Unfortunately, there doesn’t appear to be a Boost customer service contact number for Malaysia.
To terminate your Boost account, you can email Boost using the address above and provide the following information:
After reading this guide, you should be all clued up on the benefits, features and limits of the Boost wallet in Malaysia. We’ve covered everything from Boost merchants and Scan & Pay to the BoostUp reward scheme.
This should help you work out whether the Boost e-wallet is the right option for you, and sign up for an account if so.
Sources used for this article:
Sources checked on 22.08.2022.
*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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