India Price Comparison Research
A dedicated comparison research team in Wise compared Wise to four India bank accounts. They found that we’re on average 3x cheaper to send ₹9,000 abroad....
Sending and spending money overseas? Save up to 7x with your Wise multi-currency account and card.
An independent researcher compared Wise to 6 other provider and Malaysia bank accounts. They found that Wise is on average 3x cheaper to send, spend, and withdraw money overseas. They found that consumers can save up to RM 6.25 per transaction when spending in foreign currencies. And save up to RM 47.50 per transaction when withdrawing 3,000 MYR from an overseas ATM. There are no monthly fees, and no minimum balance with the Wise account. It’s also up to 7x cheaper to send money abroad.
What we researched
The research was carried out in November 2021 by market research agency Alderson Consulting, with an in-market researcher in Malaysia, in conjunction with Wise. The data was gathered through publicly available pricing information and mid-market rate comparison data provided by Refinitiv, formerly known as Reuters.
The different fees recorded for this price comparison include:
Cost^ of 100 MYR and 500 MYR point-of-sale (POS) transaction (this is when your card is swiped at a register or machine, at a store or restaurant, or used to make an online purchase)
Cost^ to withdraw 1,000 MYR and 3,000 MYR from an ATM abroad in another currency every month
Cost# to send 500 MYR and 5,000 MYR abroad
^With regard to the cost of using cards overseas, there may be additional costs to the consumer where the brand applies a % fee on top of the retail margin within the rate provided by Visa or Mastercard. In the interest of fairness, since it’s not possible to accurately determine all these costs, we only compare the transaction charges declared by the brands in their online documentation, or confirmed via social media.
#The costs collected are made up of both the foreign transaction fee and any exchange rate markup.
Research took place on transfers from MYR to AUD, CNY, JPY, SGD and USD routes. The providers compared were CIMB Bank, HSBC, MayBank, Public Bank Berhad, RHB Bank and BigPay.
How we do it
When comparing Wise to the propositions of the specified brands, we remove the consumer-initiated advantages, like use of currency balances or currency auto-detection. In brief, we assume that the conversion takes place at the point of transaction. This is consistently applied across all propositions, including Wise.
When comparing the cost to “Send” funds with the brands, we have, where possible, used the customer journey on their websites to determine the exchange rate. Otherwise, we’ve used the TTS Sheet Rates published on the brands' websites.
For the fees, we used information taken directly from within the payment journey or from the relevant brand's website relating to the specified product or as guided by the brand, i.e fee documents. Where there was any question of interpretation, we obtained further clarification via social media or customer channels before applying the fees reported.
For the remaining areas of comparison, “Spend” and “Withdraw”, we use information taken directly from the relevant brands’ website relating to the product in question or as guided by the brand, i.e general fee documents. Where there is any question of interpretation, we obtain further clarification via social media or customer channels before applying the fees reported.
Research is undertaken over 5 working days (Monday to Friday) during standard trading hours, and is currently updated every six months. It is acknowledged that brands may change their propositions during that period and therefore, the published results should be considered indicative, and individual experiences may differ.
What we found out
Consumers can save up to RM 1.25 per transaction when spending 100 MYR internationally with Wise compared to the 6 banks and providers in Malaysia – BigPay, CIMB Bank, HSBC, Maybank, Public Bank Berhad, RHB Bank.
With regard to the cost of spending using cards overseas, whilst many brands do not charge a fee for point of sale transactions,** there may be additional costs to the consumer where the brand a % fee on top of the retail margin within the rate provided by Visa or Mastercard.** In the interest of fairness, as it is not possible to accurately determine these costs, we only compare the transaction charges declared by the brands in their online documentation or confirmed via social media. Wise always offers the real exchange rate and does not add any mark-up to exchange rates.
MYR → AUD: Wise card offers savings of up to RM 1.25 per transaction
Wise card: RM 0.00
BigPay card: RM 0.00
CIMB Debit Mastercard: RM 1.00
HSBC Everyday Multi-Currency Debit card: RM 0.00
Maybank Visa Debit card: RM 0.00
Public Bank Visa Debit card: RM 1.25
RHB multi-currency card: RM 0.00
MYR → CNY: Wise card offers savings of up to RM 1.25 per transaction
Wise card: RM 0.00
BigPay card: RM 0.00
CIMB Debit Mastercard: RM 1.00
HSBC Everyday Multi-Currency Debit card: RM 0.00
Maybank Visa Debit card: RM 0.00
Public Bank Visa Debit card: RM 1.25
RHB multi-currency card: RM 0.00
MYR → JPY: Wise card offers savings of up to RM 1.25 per transaction
Wise card: RM 0.00
BigPay card: RM 0.00
CIMB Debit Mastercard: RM 1.00
HSBC Everyday Multi-Currency Debit card: RM 0.00
Maybank Visa Debit card: RM 0.00
Public Bank Visa Debit card: RM 1.25
RHB multi-currency card: RM 0.00
MYR → SGD: Wise card offers savings of up to RM 1.25 per transaction
Wise card: RM 0.00
BigPay card: RM 0.00
CIMB Debit Mastercard: RM 1.00
HSBC Everyday Multi-Currency Debit card: RM 0.00
Maybank Visa Debit card: RM 0.00
Public Bank Visa Debit card: RM 1.25
RHB multi-currency card: RM 0.00
MYR → USD: Wise Wise card offers savings of up to RM 1.25 per transaction
Wise card: RM 0.00
BigPay card: RM 0.00
CIMB Debit Mastercard: RM 1.00
HSBC Everyday Multi-Currency Debit card: RM 0.00
Maybank Visa Debit card: RM 0.00
Public Bank Visa Debit card: RM 1.25
RHB multi-currency card: RM 0.00
Consumers can save up to RM 6.25 per transaction when spending 500 MYR internationally with Wise compared to the 6 banks and providers in Malaysia – BigPay, CIMB Bank, HSBC, Maybank, Public Bank Berhad, RHB Bank.
MYR → AUD: Wise card offers savings of up to RM 6.25 per transaction
Wise card: RM 0.00
BigPay card: RM 0.00
CIMB Debit Mastercard: RM 5.00
HSBC Everyday Multi-Currency Debit card: RM 0.00
Maybank Visa Debit card: RM 0.00
Public Bank Visa Debit card: RM 6.25
RHB multi-currency card: RM 0.00
MYR → CNY: Wise card offers savings of up to RM 6.25 per transaction
Wise card: RM 0.00
BigPay card: RM 0.00
CIMB Debit Mastercard: RM 5.00
HSBC Everyday Multi-Currency Debit card: RM 0.00
Maybank Visa Debit card: RM 0.00
Public Bank Visa Debit card: RM 6.25
RHB multi-currency card: RM 0.00
MYR → JPY: Wise card offers savings of up to RM 6.25 per transaction
Wise card: RM 0.00
BigPay card: RM 0.00
CIMB Debit Mastercard: RM 5.00
HSBC Everyday Multi-Currency Debit card: RM 0.00
Maybank Visa Debit card: RM 0.00
Public Bank Visa Debit card: RM 6.25
RHB multi-currency card: RM 0.00
MYR → SGD: Wise card offers savings of up to RM 6.25 per transaction
Wise card: RM 0.00
BigPay card: RM 0.00
CIMB Debit Mastercard: RM 5.00
HSBC Everyday Multi-Currency Debit card: RM 0.00
Maybank Visa Debit card: RM 0.00
Public Bank Visa Debit card: RM 6.25
RHB multi-currency card: RM 0.00
MYR → USD: Wise card offers savings of up to RM 6.25 per transaction
Wise card: RM 0.00
BigPay card: RM 0.00
CIMB Debit Mastercard: RM 5.00
HSBC Everyday Multi-Currency Debit card: RM 0.00
Maybank Visa Debit card: RM 0.00
Public Bank Visa Debit card: RM 6.25
RHB multi-currency card: RM 0.00
It is free to withdraw 1,000 MYR internationally with Wise compared to the 6 banks and providers in Malaysia – BigPay, CIMB Bank, HSBC, Maybank, Public Bank Berhad, RHB Bank.
MYR → AUD:
Wise card: RM 0.00
BigPay card: RM 10.00
CIMB Debit Mastercard: RM 20.00
HSBC Everyday Multi-Currency Debit card: RM 10.00
Maybank Visa Debit card: RM 12.00
Public Bank Visa Debit card: RM 22.50
RHB multi-currency card: RM 12.00
MYR → CNY:
Wise card: RM 0.00
BigPay card: RM 10.00
CIMB Debit Mastercard: RM 20.00
HSBC Everyday Multi-Currency Debit card: RM 10.00
Maybank Visa Debit card: RM 12.00
Public Bank Visa Debit card: RM 22.50
RHB multi-currency card: RM 12.00
MYR → JPY:
Wise card: RM 0.00
BigPay card: RM 10.00
CIMB Debit Mastercard: RM 20.00
HSBC Everyday Multi-Currency Debit card: RM 10.00
Maybank Visa Debit card: RM 12.00
Public Bank Visa Debit card: RM 22.50
RHB multi-currency card: RM 12.00
MYR → SGD:
Wise card: RM 0.00
BigPay card: RM 10.00
CIMB Debit Mastercard: RM 20.00
HSBC Everyday Multi-Currency Debit card: RM 10.00
Maybank Visa Debit card: RM 12.00
Public Bank Visa Debit card: RM 22.50
RHB multi-currency card: RM 12.00
MYR → USD:
Wise card: RM 0.00
BigPay card: RM 10.00
CIMB Debit Mastercard: RM 20.00
HSBC Everyday Multi-Currency Debit card: RM 10.00
Maybank Visa Debit card: RM 12.00
Public Bank Visa Debit card: RM 22.50
RHB multi-currency card: RM 12.00
Consumers can save up to RM 12.50 per transaction when withdrawing 3,000 MYR internationally with Wise compared to the 6 banks and providers in Malaysia – BigPay, CIMB Bank, HSBC, Maybank, Public Bank Berhad, RHB Bank.
MYR → AUD:
Wise card: RM 35.00
BigPay card: RM 10.00
CIMB Debit Mastercard: RM 40.00
HSBC Everyday Multi-Currency Debit card: RM 10.00
Maybank Visa Debit card: RM 12.00
Public Bank Visa Debit card: RM 47.50
RHB multi-currency card: RM 12.00
MYR → CNY:
Wise card: RM 35.00
BigPay card: RM 10.00
CIMB Debit Mastercard: RM 40.00
HSBC Everyday Multi-Currency Debit card: RM 10.00
Maybank Visa Debit card: RM 12.00
Public Bank Visa Debit card: RM 47.50
RHB multi-currency card: RM 12.00
MYR → JPY:
Wise card: RM 35.00
BigPay card: RM 10.00
CIMB Debit Mastercard: RM 40.00
HSBC Everyday Multi-Currency Debit card: RM 10.00
Maybank Visa Debit card: RM 12.00
Public Bank Visa Debit card: RM 47.50
RHB multi-currency card: RM 12.00
MYR → SGD:
Wise card: RM 35.00
BigPay card: RM 10.00
CIMB Debit Mastercard: RM 40.00
HSBC Everyday Multi-Currency Debit card: RM 10.00
Maybank Visa Debit card: RM 12.00
Public Bank Visa Debit card: RM 47.50
RHB multi-currency card: RM 12.00
MYR → USD:
Wise card: RM 35.00
BigPay card: RM 10.00
CIMB Debit Mastercard: RM 40.00
HSBC Everyday Multi-Currency Debit card: RM 10.00
Maybank Visa Debit card: RM 12.00
Public Bank Visa Debit card: RM 47.50
RHB multi-currency card: RM 12.00
It’s up to 7 x cheaper to send 500 MYR internationally with Wise compared to the 6 banks and providers in Malaysia – BigPay, CIMB Bank, HSBC, Maybank, Public Bank Berhad, RHB Bank.
MYR → AUD: Wise is on average 7 x cheaper
Wise upfront fee: RM 4.52
Wise exchange rate markup: RM 0.00
Average brand upfront fee: RM 21.52
Average brand exchange rate markup: RM 11.57
MYR → CNY: Wise debit card is on average 3 x cheaper
Wise upfront fee: RM 10.24
Wise exchange rate markup: RM 0.00
Average brand upfront fee: RM 12.22
Average brand exchange rate markup: RM 12.22
MYR → JPY: Wise debit card is on average 3 x cheaper
Wise upfront fee: RM 10.66
Wise exchange rate markup: RM 0.02
Average brand upfront fee: RM 22.83
Average brand exchange rate markup: RM 10.58
MYR → SGD: Wise debit card is on average 5 x cheaper
Wise upfront fee: RM 5.70
Wise exchange rate markup: RM 0.06
Average brand upfront fee: RM 19.86
Average brand exchange rate markup: RM 9.62
MYR → USD: Wise debit card is on average 6 x cheaper
Wise upfront fee: RM 4.94
Wise exchange rate markup: RM 0.04
Average brand upfront fee: RM 22.83
Average brand exchange rate markup: RM 9.38
It’s up to 5 x cheaper to send 5,000 MYR internationally with Wise compared to the 6 banks and providers in Malaysia – BigPay, CIMB Bank, HSBC, Maybank, Public Bank Berhad, RHB Bank.
MYR → AUD: Wise is on average 5 x cheaper
Wise upfront fee: RM 28.24
Wise exchange rate markup: RM 0.31
Average brand upfront fee: RM 21.52
Average brand exchange rate markup: RM 115.70
MYR → CNY: Wise debit card is on average 2 x cheaper
Wise upfront fee: RM 61.84
Wise exchange rate markup: RM 0.00
Average brand upfront fee: RM 28.33
Average brand exchange rate markup: RM 122.23
MYR → JPY: Wise debit card is on average 3 x cheaper
Wise upfront fee: RM 37.95
Wise exchange rate markup: RM 0.17
Average brand upfront fee: RM 22.83
Average brand exchange rate markup: RM 105.75
MYR → SGD: Wise debit card is on average 4 x cheaper
Wise upfront fee: RM29.87
Wise exchange rate markup: RM 0.56
Average brand upfront fee: RM 19.86
Average brand exchange rate markup: RM 96.17
MYR → USD: Wise debit card is on average 4 x cheaper
Wise upfront fee: RM 28.67
Wise exchange rate markup: RM 0.38
Average brand upfront fee: RM 22.83
Average brand exchange rate markup: RM 93.80
*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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