I checked my wise balance in ATM , apparently I should have MYR but on the ATM it seems to be showing GBP amount and Maybank ATM warns that charges apply for non-maybank card cash withdrawal.

So the no fees on wise typically has fees as well

Try other banks ATM as I believe Maybank trying to rip you off by recognising it as a UK bank card instead 🤦‍♀️

Interesting. I will go check out mine at ATM with different banks as well.

hi guys is there a way to withdraw large amount from wise to MY local bank account. My aunt from Germany wanted to send large amount of EUR to assist my grandfather health expenses. anyway to reduce charges?

One option is that your aunt could sign up for Wise and then send the money from her bank in Germany to your bank in Malaysia using Wise ...

Or she can just go to her bank and TT it over to your bank directly, which costs a bit more... but is straightforward for most people, and since it's a large sum you wouldn't want it to get stuck in processing for any reason...

2 cents worth.

Wise personal account only RM10k max. Very mah fan. If you want to transfer like RM200k...many rounds wor...just do direct transfer lah.

At least for my personal Wise account, I can send RM30k MYR and receive RM950k MYR from EUR...

i guess now the money stuck at her wise account, how to withdraw it?

Got so high? Even Business account only can hold RM100k max, got some other type of account? How do you store RM950k in WISE?

We're talking about a simple international money transfer to a bank account, not a Wise local currency account. Wise does that very well as it's core business, and for very large sums.

If it's already in her Wise currency account (not stuck in transfer processing), then just initiate a money transfer in the Wise app to your bank account here.

You mean you use WISE to receive large amount in the JP Morgan Bank ac allocated by WISE? I have issue transferring large amount to Singapore Bank also, can I use WISE for this purpose? Using WISE better exchange rates and lower fess?

Before Wise introduced the card and multi-currency accounts, it solely existed for the purpose of international money transfers and I use it a lot to send and receive money from people around the world.

For sending money from Malaysia to supported foreign countries, it accepts source funds from either direct FPX or any other bank transfer method to their JP Morgan account, and then converts and remits the converted amount to the foreign bank account you wish to transfer to via their partner bank in that country.

Oh, I see. Does this means I can say, receive SGD 50k from my Singapore CIMB bank? And then send from the JP Morgan the SGD 50k and convert it to RM to send to my local Maybank? Can I do it the other way from JP Morgan to the Singapore Bank as well?

if money in wise account (any currency) transfer to local malaysia bank account got any charges other than the currency conversation fee?

This is all done as one single Wise transaction, i.e. you are performing one simple international funds transfer from Point A to Point B.

You can send SGD from CIMB SG to MBB MY (converted to RM), and you can send MYR from MBB MY to CIMB SG (converted to SGD).

You may check the Wise website for their product overview and how it all works.

Got... even MYR cash out to Malaysia bank will have a small fee.

When you initiate the transfer, it will tell you exactly how much the exchange rate will be (if it involves forex) and the total fees imposed. Try it once and see.

This post has been edited by gooroojee: Jan 12 2023, 01:36 PM

will try and see. i received 1500USD from sale of second hand apple product from expat here. stuck at the money inside wise. should i convert to RM first before to local bank or direct USD to RM local bank? Will there be saving on either way?

If it is already in Wise, as mentioned, just transfer it to your local bank account in Malaysia and be done with it. The app will tell you exactly how much you will incur in fees. For your scenario it's the most viable and cost efficient option to get that money out of Wise and into your local Malaysian bank...

understand, will bank notify if there is large amount inbound to local bank? whats the limit again before bank trigger