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 Wise (Transferwise) Malaysia Discussion, v1.0

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TSweisinx7
post May 1 2020, 08:57 AM, updated 2y ago

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Hi,

Received an email from Transferwise :


We’ve switched off borderless accounts in Malaysia. You can still send money abroad, just like you’ve always done, but you now can’t:

Add and hold money in your account
Use your international bank details



Anyone receive this? And what is the best alternative to transferwise now? The purpose is to receive foreign currency with better rate.

Thanks

This post has been edited by weisinx7: Sep 11 2022, 09:31 AM
daifeigo
post May 1 2020, 10:57 AM

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QUOTE(weisinx7 @ May 1 2020, 08:57 AM)
Hi,

Received an email from Transferwise :
We’ve switched off borderless accounts in Malaysia. You can still send money abroad, just like you’ve always done, but you now can’t:

    Add and hold money in your account
    Use your international bank details

Anyone receive this? And what is the best alternative to transferwise now? The purpose is to receive foreign currency with better rate.

Thanks
*
To receive USD?
SUSwct
post May 1 2020, 11:02 AM

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Seriously? I have been sending aud back home. Last transaction in February. Immediate effect? My app still can send as of now.

user posted image

This post has been edited by wct: May 1 2020, 11:03 AM
David_Yang
post May 1 2020, 12:07 PM

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Yes, cancelled with immediate effect.

Malaysia prepare to defend the Ringgit, I don´t think this will help too much, but it is how it is.
Ramjade
post May 1 2020, 12:22 PM

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QUOTE(David_Yang @ May 1 2020, 12:07 PM)
Yes, cancelled with immediate effect.

Malaysia prepare to defend the Ringgit, I don´t think this will help too much, but it is how it is.
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What do you mean malaysia to defend ringgit?
Ramjade
post May 1 2020, 12:23 PM

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QUOTE(wct @ May 1 2020, 11:02 AM)
Seriously? I have been sending aud back home. Last transaction in February. Immediate effect? My app still can send as of now.

user posted image
*
Wait for official email. I did not received any email yet. Use alternative like instarem/bigpay to transfer money.
David_Yang
post May 1 2020, 01:28 PM

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QUOTE(Ramjade @ May 1 2020, 01:22 PM)
What do you mean malaysia to defend ringgit?
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Limit currency transactions. Actually Malaysia is already much more strict than most other countries.

QUOTE(Ramjade @ May 1 2020, 01:22 PM)
Wait for official email. I did not received any email yet. Use alternative like instarem/bigpay to transfer money.
*
You still can transfer in and out money as before. Just the very convinient borderless account is gone.

Bigpay rates only useful for SGD in my expierence.
TSweisinx7
post May 1 2020, 01:58 PM

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QUOTE(daifeigo @ May 1 2020, 10:57 AM)
To receive USD?
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yea, right now i'm looking at instarem or bigpay, are those able to receive USD from US?
kart
post May 1 2020, 02:19 PM

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QUOTE(David_Yang @ May 1 2020, 01:28 PM)
Limit currency transactions. Actually Malaysia is already much more strict than most other countries.
You still can transfer in and out money as before. Just the very convinient borderless account is gone.
*
Is it possible that Bank Negara Malaysia has instructed TransferWise to shut down borderless account for Malaysians?
David_Yang
post May 1 2020, 02:47 PM

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QUOTE(kart @ May 1 2020, 03:19 PM)
Is it possible that Bank Negara Malaysia has instructed TransferWise to shut down borderless account for Malaysians?
*
I would think so. Who else?
MiKE7LIM
post May 1 2020, 06:25 PM

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From: PJ~Damansara Utama


you mean we cant store MYR in transferwise anymore?
I have constantly transfer SGD to MYR and store some MYR in transferwise wallet...
didn't receive any email pertaining this ...
000022
post May 1 2020, 07:51 PM

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So this is what I got in response to a support email inquiring about this:

Thanks a lot for reaching out to TransferWise.
Sadly, due to licencing and regulatory changes we will need to temporarily remove the borderless account for customers that are based in Malaysia and Thailand.
We hope that we will be able to reintroduce this again very soon.
What this means for you right now is that we need you to withdraw the funds from your borderless account to an external bank to TransferWise. Once this has been done then we can proceed with closing the borderless account. The rest of your account will remain unchanged, only the ability to receive and hold funds.
Access to your borderless account will be removed by May 15th so please ensure that you withdraw your funds before this time.
I sincerely apologise for the inconvenience and we hope to be able to re-introduce this service in a timely manner.
Thanks for your time.
Kind Regards,
Michael
TransferWise Support


I followed up with asking on what would happen to the funds, if there are still balance, should 15th of May lapsed. Not that I'm planning to do so, I just want to know their SOP

This post has been edited by 000022: May 1 2020, 07:51 PM
000022
post May 1 2020, 07:54 PM

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QUOTE(MiKE7LIM @ May 1 2020, 06:25 PM)
you mean we cant store MYR in transferwise anymore?
I have constantly transfer SGD to MYR and store some MYR in transferwise wallet...
didn't receive any email pertaining this ...
*
If you're based in Singapore, and able to prove it, I think they won't close your account, but definitely confirm it with them.
MiKE7LIM
post May 1 2020, 08:13 PM

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QUOTE(000022 @ May 1 2020, 07:54 PM)
If you're based in Singapore, and able to prove it, I think they won't close your account, but definitely confirm it with them.
*
thanks. I just checked my email, got nothing from them.
yes I based in Singapore

SUSwct
post May 1 2020, 08:17 PM

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Can confirm that still able to transfer from aud to myr just the virtual borderless acc will be ceased.
000022
post May 1 2020, 08:32 PM

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QUOTE(wct @ May 1 2020, 08:17 PM)
Can confirm that still able to transfer from aud to myr just the virtual borderless acc will be ceased.
*
Right. The email mentioned that their remittance service continues, just that borderless account will be closed for Msia and Thai. If your primary reason of usage for Transferwise is purely remittance, then I do not believe there is any issue. Only borderless account is affected, even for Msia and Thai. This does not mean your entire Transferwise account is shutdown.
000022
post May 1 2020, 09:27 PM

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Following up on more details, especially in regards to why this is happening, important part bolded:

Thank you very much for coming back to me and I am sincerely sorry for being the bearer of bad news.

I would of course be happy to elaborate on the regulatory changes I referenced in my previous email.
Up until now, in Malaysia and Thailand, for the borderless account TransferWise have operated under our UK entities licence which is provided to us by the FCA, this is completely normal and of course we are able to do this with legality.

When the UK left the European Union it forced us to re-evaluate our short and long term strategies when providing services under this licence.
We have made the difficult decision that we would need to switch our operations from our UK licence to our European licence held by our entity in Belgium.


In an ideal world this change over would happen instantaneously, in real time, meaning that our customers would not be affected by the change and no down time would be experienced, however unfortunately this is not possible and we have had to make the very difficult decision to temporarily suspend our borderless service in both of these regions whilst the change over occurs.

As I mentioned previously we are optimistic that this will not be for too long and as soon as all of the necessary changes have been made then we will of course notify everyone that was affected by this.

In regards to the deadlines and the questions that you posed; If you still have balance held in your borderless account upon the time of closing I do not have any official communications that I can give about this but seeing as we cannot hold your funds then yes we would most certainly send the money as a balance refund to your nominated account. We may ask you to confirm the details of the account that you would like us to refund the money to.

We would much rather you empty the balance yourself. Please let me know if this is something that you would like me to do.
Just to confirm, as of the 15th of May your account will be limited to international transfer remittance only and holding currencies will no longer be available.

I am sincerely hopeful that the outage of service will not be for a tremendous amount of time, we already know that it will take longer in Thailand than in Malaysia but it's difficult for us to give an exact timescale on this.

I do hope that this will not cause too much inconvenience to you and again, everyone at TransferWise as well as myself are truly apologetic for the change in the level of service that we are able to provide. I hope you can understand our position.

Thank you kindly for your continued patience and support of our platform, we will let you know as soon as we are able to start providing our Multi-Currency account to your region again in the future.

Best Regards,
Michael
TransferWise Support
TSweisinx7
post May 1 2020, 10:08 PM

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QUOTE(000022 @ May 1 2020, 09:27 PM)
Following up on more details, especially in regards to why this is happening, important part bolded:

Thank you very much for coming back to me and I am sincerely sorry for being the bearer of bad news.

I would of course be happy to elaborate on the regulatory changes I referenced in my previous email.
Up until now, in Malaysia and Thailand, for the borderless account TransferWise have operated under our UK entities licence which is provided to us by the FCA, this is completely normal and of course we are able to do this with legality.

When the UK left the European Union it forced us to re-evaluate our short and long term strategies when providing services under this licence.
We have made the difficult decision that we would need to switch our operations from our UK licence to our European licence held by our entity in Belgium.


In an ideal world this change over would happen instantaneously, in real time, meaning that our customers would not be affected by the change and no down time would be experienced, however unfortunately this is not possible and we have had to make the very difficult decision to temporarily suspend our borderless service in both of these regions whilst the change over occurs.

As I mentioned previously we are optimistic that this will not be for too long and as soon as all of the necessary changes have been made then we will of course notify everyone that was affected by this.

In regards to the deadlines and the questions that you posed; If you still have balance held in your borderless account upon the time of closing I do not have any official communications that I can give about this but seeing as we cannot hold your funds then yes we would most certainly send the money as a balance refund to your nominated account. We may ask you to confirm the details of the account that you would like us to refund the money to.

We would much rather you empty the balance yourself. Please let me know if this is something that you would like me to do.
Just to confirm, as of the 15th of May your account will be limited to international transfer remittance only and holding currencies will no longer be available.

I am sincerely hopeful that the outage of service will not be for a tremendous amount of time, we already know that it will take longer in Thailand than in Malaysia but it's difficult for us to give an exact timescale on this.

I do hope that this will not cause too much inconvenience to you and again, everyone at TransferWise as well as myself are truly apologetic for the change in the level of service that we are able to provide. I hope you can understand our position.

Thank you kindly for your continued patience and support of our platform, we will let you know as soon as we are able to start providing our Multi-Currency account to your region again in the future.

Best Regards,
Michael
TransferWise Support
*
Thanks for this information, hopefully they will get the renewed license soon

Ramjade
post May 1 2020, 10:52 PM

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This is bad. sad.gif I need somewhere to hold my USD.
000022
post May 2 2020, 12:44 PM

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QUOTE(Ramjade @ May 1 2020, 10:52 PM)
This is bad. sad.gif I need somewhere to hold my USD.
*
sigh, I totally get you, came as quite a surprise as well on Thursday. I've never really come across another avenue like Transferwise for holding USD, am hoping to be able to continue perusing their services in a few months time.

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