That means the rate is not as good then, 2% spread means the conversion rate is effective 4.71 instead of 4.62?

It does not make sense for PIDM to compensate your lost SGD, USD, CHF with MYR.

In a crisis, chances are MYR will depreciate sharply against those currencies, pay you 229,850 MYR now, the next moment, 229,850 may buy much less than 50k USD.

Moreover, in a crisis like a bank run, there will be a huge USD shortage in the market. Buying USD isn't as easy as you may think.

In the end, PIDM can always guarantee MYR, because BNM prints MYR. You can never guarantee a currency you don't print. The best PIDM can do is, as you say, pay you "at prevalent rates" the equivalent of your currency foreign currencies in MYR. But it begs to ask who will want MYR at that point? (Banks failing... Economy go south... 1998 Asian Financial Crisis repeats...)



For some people, it defeats the purpose of placing USD/SGD etc. FD in the first place, should they know they get paid in MYR in the end.

But ok lah, that's just me. If you are happy with PIDM paying your foreign currency FD in MYR in the event of a bank run/crisis, that's perfectly fine.

The chance of a bank run on RHB being backed by its biggest shareholder (EPF) with around RM1 trillion asset? Meh, I feel a lot safer with RHB than Wise.

Despite being a famous company, Wise total equity is just a puny 400 million pound = RM2.27 billion, and total asset of GBP7.5 billion. And it's still just a remittance company, it's not regulated like a normal bank.

Banks have to adhere to much stricter capital adequacy requirements, Basel etc, you won't be seeing a ratio of only 5.3% equity/asset like what Wise balance sheet shows now

Hi

For RHB conversion rate, is it this one to look for ?
1 USD = 4.5910 MYR ?

Is RHB conversion rate better than OCBC and maybank ?

i am not sure is the ACAT option available for me to choose ...
i am thinking to explore the wire transfer, to put as another broker receiving bank information ...

Probably still Wise is the better choice. Today rate 4.58 (wise) vs 4.48 (RHB MCA).

This is a good rate. How do you check this special counter rate?

The forex rate at https://www.rhbgroup.com/treasury-rates/mul...card/index.html isn't real time.

You need to hold MCA account with VISA debit card to get this special "Counter" rate. The term "Counter" is somewhat confusing ...

Login to RHB online account/mobile app to initiate a buy/sell transaction (you can cancel transaction half-way through) to see the latest rate, which only get refreshed every few minutes.

Hi all, I have some Baht transferred to my Wise account. Since I go to Bangkok quite often, like once every month, how can I use the fund in the account? Can I use it with the Wise card? Can I withdraw it from a Thai ATM? I have no idea.

I hardly use my Wise account, but I was helping to collect this payment from overseas on behalf of my partner. Now I'm figuring out what to do with the money besides transferring it to my partner's bank account later, which will incur transfer charges.

I have not used the card before since I got the card last year's Jan. I hope it is not blocked. I still can see it in my app though.

If withdraw money oversea , is it still same no fee charged by wise for first 2 withdrawal less than RM 1000?

It only listed few countries... How about countries not listed ?

anyone tried using SAMSUNG PAY with wise.

mine says incompatible.

i got answer from wise:

Thanks for getting in touch, and sorry about the trouble you're having here.
Unfortunately, we do not support Samsung Pay in Malaysia - at the moment.

oh u mean i can add wise to samsung pay when i am in UK?
i actually intend to use wise  in Netherland & UK

coz i google most places is contactless.
whereas i tested my WISE in Singapore most outlets i have to key in pin!!!!

Contrary to what you said, I often find that Mid Valley offers better rates than Wise. It's crucial to consider all the fees associated with Wise when making a comparison.

Well, it rests on one's own judgment. You can't simply manipulate the facts due to your personal opinion.

For those who frequently visit Mid Valley for various reasons, choosing the Mid Valley is a convenient course of action.

For context, I believe he only thinks this way now because he's retired.
But is retired now because he used his time wisely prior to retirement.

Saving time/making money is no longer a priority for him but killing time definitely is lol.

Hello sifu,

Wise no longer give the competitive rate right?
Just now I went to some random money exchange in Sunway pyramid, the rates are 1000 won = 3.58 MYR

However when using wise to transfer money to KRW account in wise, the rate is 1000 won = 3.61 MYR (3.58 rate, 0.03 fee)

So seems like its better off to exchange from physical store now ?
Or did I do something wrong?

Thanks for the info, didnt know about the G7 currencies thing. However the rate for Japan Yen is also similar to Korean won case above tho, but I think like other mention, the rate changes from time to time, so will monitor for longer to see how it goes.

So generally if your usage is just to exchange the foreign currency and spend on oversea, Wise no longer the go to option anymore? Usually what option do people use for this kind of scenario?
Thanks for the info, I used to use Bigpay like 3 or 4 years ago, but ever since didn't touch on it at all, so not sure how it changed. I heard the rate for Bigpay now is no longer competitive as well, will have a look and compare.

ok understood. The amount might be 3/4 figures (maybe small for you) in the end, since there quite a few people who will be traveling together, and for quite long. So was just trying to get the best rate as we can.

Thanks for the help.

but some places like China using mostly wallets and very little cash