How to use Wise (formerly TransferWise) in Malaysia

Hannes Ausmees

Wise (formerly known as TransferWise) is an e-money institution which offers low cost currency conversion, international payments, and a multi-currency account which comes with a linked international debit card.

If you’re looking for easier, faster and cheaper ways to manage your personal money across currencies, you may be wondering how to use Wise in Malaysia. This guide has you covered, looking at:

Click or tap on any of the three topics above to jump to the section that interests you. Let's get started.

Is Wise legit?

Before we look in more detail at how to use Wise money transfer or how to use the Wise card, the most important question: Is Wise safe?

Wise is regulated under the Malaysian law as a remittance, money-changing and e-money issuance business. It’s also overseen by other regulatory bodies all around the world. That means that you can trust it’s a safe and legit company for payments and account services.

In fact, Wise is already trusted by 13 million customers and gets the top Excellent rating on Trustpilot¹, from 167,000+ reviews. Learn more about how Wise keeps customers and their money safe and Terms of Use.

How to use Wise to transfer money?

Wise was launched with a mission to make it faster, cheaper and more convenient to send international payments. To this day, Wise is driving down the costs of transferring funds around the world, with simple online and in app services which get your payments where they need to be, quickly. Let’s look at a few key questions about Wise money transfers, and then a step by step on how to set one up.

How to send a Wise money transfer

Wise international transfers are fast, cheap and secure. But before you can send a Wise international money transfer you’ll need to create a Wise account. That can be done online or in the Wise app, with a smooth onboarding process which you can do right from home - here’s how:

  • Download the Wise app or head to the Wise desktop site
  • Register with your email, Facebook, Apple or Google ID
  • Complete the verification step using your passport or MyKad¹¹
  • You’re ready to set up your first transfer

If you don't have a Wise account yet, sign up by clicking the button below. Opening a Wise account is completely free.

Create a Wise account

This list is for information purposes only and is not meant to be a comprehensive list of all of the items that Wise may request to verify a customer's identity

Sending money with Wise step-by-step

Once you have your new Wise account up and running, you’re ready to make an international payment. Here’s how to do it in just a few simple steps²:

  • Select Send in the app or Send Money on the desktop site
  • Choose how you would like to fund the transfer (if you've added money to your Wise account, you can send directly from your currency accounts)
  • Choose the currencies you want to send from and to, using the dropdown fields
  • Confirm the type of payment - personal transfer, or paying for a service, for example
  • Enter the amount you want to send, or the amount you want the recipient to receive
  • Confirm how you’ll pay - from MYR this is usually bank transfer or FPX³
  • Enter your recipient’s details, which can be their bank account information or email address
  • Review and add a message for your recipient
  • Confirm and your money is on the way

Learn more from Wise's Help Centre.

How fast are Wise money transfers?

Wise money transfers are fast. In fact, 45%+ of Wise transfers arrive instantly - and the vast majority arrive within a day. That’s compared to an average of 3 - 5 days for a SWIFT transfer sent with a regular bank.¹²

This works because Wise built its own payment network instead of using the 50+ year old SWIFT preferred by banks. This moves your money faster, and cuts out on intermediary fees at the same time.

The speed of transaction claim depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.

How much do Wise transfers cost?

Ditching SWIFT fees isn’t the only way customers can save money when using Wise instead of a regular bank to send an international payment. Wise transfers use the mid-market exchange rate with no markup or margin, and no hidden fees¹³. There’s just a low, transparent charge - which is split out clearly so you can see exactly what you’re paying for your transfer.

Overall, that can make Wise up to 3x cheaper than traditional Malaysian banks.

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 (TransferWise) fees for sending money

The amount you’ll pay for your transfer with Wise depends on a few things - how much you’re sending, how you want to pay, and the exchange rate from MYR to your desired currency⁴.

Wise always uses the mid-market exchange rate, which is the one you’ll find on Google. In addition there are 2 other fees which are split out clearly:

  • Fixed fee: covering the fixed costs associated with the transaction. For major currencies this can be in the region of 1.80 MYR - 2.40 MYR
  • Variable fee: covering the cost of the currency exchange. For major currencies this can be in the region of 0.5% to 0.6% of the transfer value

Use this handy Wise cost calculator which displays the exact cost for your next transfer. Learn more about Wise fees in Malaysia - and model your payment - here.

Transfer limits

Wise limits are set according to the currencies involved. If you’re sending a payment from MYR to another currency, you’ll usually find the following limits in place:

  • Malaysian citizens and expats - 30,000 MYR per day
  • Foreign workers - 5,000 MYR per month

Here's more information about Wise limits for different currencies.

How to use the Wise account to hold and receive money

As well as sending a one off payment with Wise, you can also sign up for a Wise multi-currency account - a smart alternative to regular foreign currency accounts.

It’s free to get a personal account and you can sign up online or in the Wise app in just a few steps.

Here’s what you’ll get:

  • Hold and exchange 50+ currencies
  • Send low cost payments to 80+ countries
  • Receive money abroad or in Malaysia with local bank details for 10 currencies, including MYR, USD, EUR, SGD, AUD and more
  • Get a linked debit card to spend in 175+ countries
  • Wise currency exchange uses the mid-market exchange rate every time
  • No minimum balance requirements or monthly fees to pay
  • Manage your money online or in the Wise app
  • Get instant transaction notifications
  • Freeze and unfreeze your card in just a couple of clicks


How to add money to your Wise account

When you have your Wise multi-currency account, you’ll be able to add funds in any of the 10 supported currencies easily. Here’s what you need to do⁵:

  1. Open your Wise account
  2. Tap the currency account you’d like to add money to
  3. Click Add
  4. Enter the amount you want to add and the currency you’d like to pay with
  5. Select how you’d like to pay, and click Continue to payment
  6. Depending on how you’d like to pay, you’ll be guided through the payment steps

How to receive money to your Wise account

Your Wise account can also be a very useful way to get paid by anyone looking to send you money abroad or in Malaysia. You'll get personal account details in 10 currencies which makes it easy to receive money into your Wise account - as senders can simply transfer money to your Wise account with a regular bank transfer. Here’s how to get your account details⁶:

  1. Open your Wise account
  2. Select the currency account you wish to receive money in (for example if someone wants to send you money in USD, select your USD account)
  3. Click Get account details
  4. Follow the prompts to add some information if it’s your first set of account details. We'll ask you to add a small deposit to your account for the first time (this is not a fee)
  5. Give the account details provided to the person who needs to send you money
  6. You’ll be able to receive a payment right into your account, in the currency you selected

Here's more information about receiving money from Wise's help centre.

Holding limits

In Malaysia, Wise personal customers can hold a maximum of 20,000 MYR in their Wise accounts at any time⁷. This limit applies to the sum of all currencies held.

If you’ve sent a payment of more than 20,000 - or if you’ve sent a payment which pushes your total balance above this limit - you’ll need to withdraw the excess to your bank account.

You’ll be notified if your account hits this limit, and will have 7 days to withdraw the excess funds to your external account. After this time, your Wise account will be automatically frozen until you’re able to withdraw the funds, to comply with Malaysian laws.

Using the Wise card in Malaysia

For convenient spending online and in person, and cash withdrawals all over the world, check out the Wise Visa card⁸. This international debit card is linked to your Wise account, and lets you spend and make withdrawals in 175+ countries, in 150+ currencies.


With your Wise card you could save up to 6.25 MYR on every transaction when transacting in foreign currencies. Which is excellent for traveling abroad or shopping online.

For added security, whenever you spend with your Wise card you’ll see an instant notification in the app, and you can freeze and unfreeze the card in just a few clicks any time you need to.

Read more here: Wise card Malaysia - why is it worth it?

How to get a Wise card

Ordering a Wise card couldn’t be easier⁹:

  • Click on Cards on the Wise website or any Android device; or Account if you’re using Apple
  • Follow the onscreen prompts to order your new card
  • Pay your one time 13.7 MYR fee
  • Your Wise card will be mailed to you within 2 weeks¹⁰, digital cards can be used right away.

Your card will be shipped as soon as all your details have been verified - you can also start using your virtual card right away as soon as your application has been approved. All the currency balances in your Wise account are linked to the card, so you can conveniently spend wherever in the world you are.

Once your Wise physical debit card has arrived, you’ll have to activate it by making a chip and PIN purchase or cash withdrawal. After that you can make contactless payments for convenience.

Get your Wise card today 💳

Wise card Malaysia fees

It’s free to spend any currency you hold in your account - and even if you don’t have the right currency to hand, the smart auto convert technology will switch your funds from the currency balance which attracts the lowest fees. So you’ll always get the best deal on your spending.

You’ll just pay a one off 13.7 MYR fee to get your card - and you can start shopping immediately with your digital card for online and mobile payments. Your physical card will arrive in the post within a couple of weeks.

There are fees for withdrawing cash from ATMs with your Wise card - you can make up to 2 cash withdrawals from Visa-supported ATMs to the value of 1,000 MYR per month for free. After that there’s a low fee of 5 MYR + 1.75% per withdrawal.


Wise is a safe global provider of money transfers and multi-currency account services, fully licensed and regulated in Malaysia, and trusted by millions of customers around the world.

You can make a one off payment with Wise easily online or in the Wise app, with the mid-market exchange rate and low, transparent fees. That can work out cheaper than using a normal bank. And because Wise processes transfers through its own payment network rather than relying on SWIFT like traditional banks do, your money could arrive far faster too.

For even more convenient ways to manage your money across currencies, check out the Wise multi-currency account and card. Hold dozens of currencies, and get paid like a local from 30+ countries. You can spend with your card around the world, and manage your entire account online and in the Wise app, with the great exchange rates and low fees Wise is famous for.



  1. Trustpilot - Wise
  2. Wise help - how to send money with Wise
  3. Wise - guide to MYR transfers
  4. Wise help - fees for sending money
  5. Wise help - how do I add money to my account?
  6. Wise help - how do I receive money?
  7. Wise help - holding limits
  8. Wise Malaysia card
  9. Wise help - Wise card
  10. Wise help - Wise card hasn't arrived
  11. This list is for information purposes only and is not meant to be a comprehensive list of all of the items that Wise may request to verify a customer's identity
  12. The speed of transaction claim depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.
  13. 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

Sources checked on 31.08.2022

*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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