UOB PRVI Miles card review - Should Malaysians use this card for overseas transactions?
Should Malaysians get the UOB PRVI Miles card for travel? Find out more about the card’s travel benefits, discounts, fees, and miles conversion rate.
WeChat Pay is now available in Malaysia, and that means you can send money to other WeChat users, and shop online or in stores, without needing to carry your wallet or bank cards.
If you’re thinking of starting to use WeChat Pay Malaysia, this guide covers all you need to know, including:
WeChat Pay doesn’t allow international payments from Malaysia at present. Therefore, we’ll also take a look at a smart way to send money to friends and family overseas cheaply using Wise, which can be used to send CNY to WeChat accounts in China. Let’s dive right in.
With WeChat Pay Malaysia you’ll be able to do the following:¹
If you’re a merchant, you can sign up to WeChat Pay to receive payments online and in person using the WeChat Pay portal and POS equipment.²
Getting started with WeChat Pay is easy. You’ll need to download the WeChat app which is available on both Apple and Android devices, and then add your bank card to activate your WeChat wallet.
Here’s all you need to do³:
You’ll be able to send money to any of your WeChat contacts using WeChat Pay. This means it’s easy to split a bill, send a gift or share the costs of your shopping. Here’s how:⁴
The good news is that you don’t need to actively top up your WeChat Pay account to use it. Once you add your bank card to WeChat, funds are automatically deducted from your bank account once you make a payment. Easy.
You can also use WeChat to pay merchants, simply by scanning their WeChat QR code:
It is not currently possible to make an international transfer with WeChat Pay Malaysia⁵. You’ll only be able to send payments in MYR to Malaysian WeChat account holders.
If you need to send a payment to someone in a foreign currency, you’ll need a different solution. Read on for a smart and convenient way to make cross border payments online, with Wise.
A crucial thing to remember when sending money abroad is to always check exchange rates. The true cost of an international transaction isn’t just the upfront transfer fees. See how Wise compares against major Malaysian banks:
When you factor in exchange rates, you’ll see that your recipient actually receives more when using Wise even when sending the same amount. So, in this case, the total cost is actually cheaper with Wise.
With Wise, you can send money to 70+ countries with low, transparent fees and the mid-market exchange rate. More importantly, Wise is a great way to send CNY to individual recipients in China directly to their WeChat (Weixin) accounts!
To send money with Wise,
And that is it! You can track your transfer in your account and your recipient will also be notified when a transfer reaches them.
Spend in foreign currencies? Receive money from abroad? Wise can help that too!
An independent research found that it is on average 3x cheaper to send, spend, and withdraw money overseas with Wise compared to 6 other provider and Malaysia bank accounts.
No monthly charges or minimum balances required 😉
Join 11 million people who use Wise and save 1 billion GBP (≈5.6 billion MYR) a year compared to using a bank.
If you’re a merchant and want to get a WeChat Pay account to receive payments online, you’ll need to take the following steps to get started:²
If you need to delete your WeChat Pay Malaysia account remember to clear your balance first, as any remaining funds will be lost once your account is closed. Once you’re ready to close your account:
All users, both merchants and personal users, can receive money on WeChat Pay. Here’s how:⁷
WeChat Pay is a simple, smart option for people looking to make hassle free contactless and online payments in MYR. You’ll be able to send money packets to friends, buy your groceries, or top up your mobile phone. However, you can’t yet use WeChat Pay to send or receive money in a foreign currency.
If you’re looking for a way to arrange an international payment, you’ll love the low cost, convenient service from Wise. Send and receive payments all over the world, using the mid-market exchange rate. You’ll only ever pay a low, transparent fee, which can work out up to 7x cheaper than using your regular bank.
Join over 11 million people
who get the real exchange rate🌏
*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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