Your wise account is MY, SG or other countries?

OCBC 365 Mastercard and Hong Leong I'm Card Visa

You can't read or what? 🤦‍♀️ 🤦‍♀️🤦‍♀️

Both method utilise wise to convert. 🤦‍♀️🤦‍♀️🤦‍♀️

Both method will have very little fx spread by wise🤦‍♀️🤦‍♀️🤦‍♀️

He was just asking which one of the two options is better. 🤦‍♀️🤦‍♀️🤦‍♀️

Where got bank decide the FX spread. Go read it again. 🤦‍♀️🤦‍♀️🤦‍♀️

Just try your wave at several shops in Malaysia first. Experience for many people, so many terminal cannot wave.

Please update if it is no longer the case

I guess so. My account also verified and cannot change the address both in app/website.

The address setting is greyed out

RHB gives the best rate, better than even Wise and HLB to convert to USD.

MYR to 1000USD

RHB MCA: RM4442.00
HLB Wallet: RM4464.30
Wise: RM4455

I am just annoyed at his know-it-all and condescending attitude.

Every single post, must have that stupid face palm emoticon, and arrogant reply.

This is converting RM to USD. The amount needed in ringgit to get 1000usd.

The less ringgit, the better.

Inward transfer through duitnow on Wise JP Morgan account details took 2-3 days, the last time I did it.

Don't worry, your money is not lost.

Money credited to the JP Morgan account is instant, however Wise took several days to reflect that in your Wise account.

Ditto, RHB MCA seems more competitive than Wise for inward TT.

Outward TT, depends on value, looks like wise better most of the time.

Did you actively use the wise account? Or haven't even added money?

You're so lucky still can change address. Thus Can easily add to Google pay and apple pay.

I and many other people, cannot change address.

RHB MCA rate is always more competitive than Wise. Wise has additional fees, so total cost of conversion from Ringgit to foreign currencies, RHB wins hands down. See pictures of my real transaction yesterday on RHB MCA, as compared to Wise

Pros of RHB MCA
1. Possibly the best rate in the market, it's even better than Wise for sure.
2. All balances receive very competitive interest, calculated daily, credited monthly. (no lock-up period, but rate is lower than FD).
3. Insured by PIDM up to RM250k.

Cons of RHB MCA
1. Only useful for keeping foreign currencies in your own RHB account
2. Outward TT will incur fees, inward TT is free though. So conversion from different currencies between different bank accounts across countries, Wise would be better.
3. Limited to 24 currencies, Wise have more currencies.
4. Each conversion must involve Ringgit. IE say to convert between USD and EUR, U need to convert USD to MYR first, then MYR to EUR, so you lose on the double spread. Wise is better for direct conversion between any pair of currencies not involving ringgit.

That special rate is valid for all RHB MCA accountholders with debit card. MCA debit card is a must condition. It has been there since always, so don't think it's promotional.

Call rate as of today: AUD (3.25%), CAD (4%), GBP (4.1%), NZD (4.5%), SGD (3.4%), USD (4.95%).

Comparison of rates between RHB and Wise as at 25 May 2023 morning, of conversion from Ringgit into the respective currencies. Rate from Wise website is taken at the same time I did conversion from Ringgit.

USD125: RHB (RM576.13), Wise (RM580)
AUD125: RHB (RM377.66), Wise (RM380.21)
GBP125: RHB (RM712.16), Wise (RM716.59)
CAD125: RHB (RM424.40), Wise (RM427.94)
NZD125: RHB (RM352.58), Wise (RM355.36)
SGD125: RHB (RM427.59), Wise (RM431.47)








This post has been edited by Mr Gray: May 26 2023, 07:56 PM

Wise better rate is misleading. If you click convert currency inside wise website, they will only show the rate, and didn't show the additional fees.
Need to click "send money", then only they show the full fees

But in actuality, they do charge conversion fee.

So apple to apple comparison would be to compare total cost of converting the same amount of currency.

As rhb doesn't have any other fees.

This post has been edited by Mr Gray: May 27 2023, 06:40 AM

For sure wise and RHB are useful for different types of users.

Of course la Malaysia can't print foreign currencies, I also didn't tell that.

but still it's an deposit insurance. Compared to wise, no insurance at all.

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

This post has been edited by Mr Gray: May 27 2023, 11:54 PM

Standard Chartered Jumpstart is a better card than Wise. Free overseas withdrawal too

And RHB MCA account is also better than Wise, but limited to 16 currencies only

Both cards give better conversion rates than Wise.

This post has been edited by Mr Gray: Jul 1 2023, 07:23 AM

No online banking? Then how are you supposed to add money to wise/bigpay/rhb mca. All required transactions to be done on phone app.

At this age still no online banking. How old are u uncle?.

As long as you are connected to Internet, mae notification will come through

Yes RHB conversion better than Wise. Plus RHB gives you very decent interest on your balance eg more than 5% on USD

Both rates are generated inside RHB app and Wise app.

https://pasteboard.co/jJue7wbKTfe5.png

https://pasteboard.co/MeqVltqktR8W.png