Personal Finance

Here’s why it’s safe to use Wise in Malaysia

Hannes Ausmees

30.01.26 (last updated)

Read time 2 minutes

Open to residents with a registered address in the following countries: United States of America, Singapore, Malaysia, Australia or New Zealand.

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Let’s start with the basics: what is Wise?

Well, Wise is an e-money institution and a money services business offering low cost, secure currency conversion and multi-currency accounts, which has been in business for over a decade, and now has a broad global presence, and 15.6 million customers.

If you’ve never used Wise before, your next question is likely to be: is Wise safe? This guide has you covered. We’ll look at the steps in place to keep customers and their accounts safe in Malaysia, including how Wise safeguards money. Let’s dive in.

Is Wise safe to use in Malaysia?

Wise is regulated under the Malaysian law as a remittance, money-changing and e-money issuance business².

Wise has a reputation for offering low cost international transfers with exchange rates which can beat the banks. It’s not a bank, but for the services it offers, it’s regulated in much the same way as any traditional bank would be.

Here are some of the key ways that Wise keeps customers and their money safe:

Wise is regulated in Malaysia and other global regulatory bodies around the world
Customer funds are safeguarded at leading institutions, and held separately to Wise’s own operating capital
Wise uses 2 factor authentication and a thorough customer verification process to keep accounts safe
Frequent audits and stress tests are carried out to ensure Wise operates safely and securely
Wise uses manual and automatic tools to detect and prevent fraud, 24 hours a day

Learn more about how Wise is regulated around the world.

Is Wise a bank?

Wise isn’t a bank but an an e-money institution and a money services business.

However, like most financial service providers, Wise is regulated by the same bodies that regulate banks globally - which means Wise is safe and secure to use in Malaysia.

How does Wise keep my money safe?

Wise safeguards customer funds with leading banks and institutions around the world³. That means that whenever you deposit funds into your Wise account, they are held by a reputable bank - and kept separate to Wise’s own operating capital.

In Malaysia, your money is deposited in MYR into the dedicated and segregated account with Oversea-Chinese Banking Corporation Limited (OCBC Bank) held by Pacific Trustee, which is Wise’s safeguarding institution.⁴

Customer funds can not be used or accessed by Wise or any third parties in the normal operation of business - so you’ll know you can always get your hands on your money whenever you need it.

It’s also helpful to know that, in order to comply with financial regulations around the world, Wise is required to hold regulatory capital - like a float - so they always have money on hand if they need it at short notice. To make sure the amount held is sufficient, Wise carries out regular stress testing to think through any potential issues which could arise - however unlikely - and work through the ways they’d be able to protect customers and their money even in these unusual situations.

What would happen if Wise became insolvent?

In the unlikely event that Wise ran into financial difficulties and became insolvent, safeguarding rules would still apply. That means that customer funds remain inaccessible to Wise and other third parties, even in this extreme situation.

Learn more about how Wise protects customers, here.

Ready to stretch your Ringgit? Get started with Wise

The Wise account is an easy way to hold and exchange 40+ currencies, including MYR, USD, GBP, and more. All you need to do is create a free account to get started.

With Wise, you can exchange currencies at the mid-market rate each time, with low, transparent conversion fees from 0.77% and absolutely no markups. Plus, you can order a linked Wise card for convenient spending without any foreign transaction fees, and up to 2 free ATM withdrawals to the value of 1,000 MYR when you're overseas. You'll even get 8+ local account details to get paid conveniently to your Wise account in MYR and a selection of other major global currencies.

Sending money or making payments abroad? Wise also offers fast, low cost transfers to 140+ countries - you can track your transfer in your account and your recipient will also be notified when a transfer reaches them.

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*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.