With global borders gradually opening up, the launch of this new service by Wise will allow Malaysians to spend in 200 countries and territories while saving money by not having to pay unnecessary fees and exchange rate markups.
This multi-currency account and card service by Wise will allow Malaysians to have an international account to hold and spend money in more than 50 currencies. This makes it the first account to do so at the real exchange rate with zero markups, and no foreign transaction fees.
The Wise account and card is best for:
● International online shoppers – Use the card when shopping overseas or at foreign online stores without foreign transaction fees, and send, receive, convert and hold foreign currency with the account, all at the mid-exchange rate with zero markups.
● Malaysians relocating abroad for work or study/expats – open a local account easily within minutes to spend, receive and send money in a new country.
● Traveling abroad – free withdrawals up to 2x a month and safer than carrying a lot of cash
According to Wise, research shows that Malaysians had spent RM 10.5 billion in total card fees when shopping overseas from 2015 to 2020. That averages out to RM 1.75 billion each year of which around RM 1.5 billion were hidden in transaction fees and hidden exchange rate markups yearly.
Lim Paik Wan, Malaysia Country Manager and APAC Expansion Lead at Wise
“We are very excited to bring our multi-currency account and card solution to Malaysians. We believe the Wise card is the best way to spend internationally because, as the research shows, Malaysians are losing billions to hidden fees and exchange rate markups.
“This will now be a thing of the past. With more travel lanes gradually opening, it will provide even more value to Malaysians as they look to spend money across borders, when traveling or online,” Lim Paik Wan, Malaysia Country Manager and APAC Expansion Lead at Wise highlighted the benefits to Malaysians during the launch.
In conjunction with the launch, Malaysians can also join the fun “money personality” quiz – How Wise Are You About Money to find out how much they really know about making payments in different currencies.
