imho... once you xfer into wise mca... it is deemed to be remitted into Malaysia, if the monies is an income, it is taxable next year

received my card. about 2 weeks to KV

Is that mean we can withdraw up to RM1000 for free in Malasia?
Then what about atm withdrawal in oversea countries? How to calculate the fee?

In contrast, bigpay charge RM6 for local and RM10 for oversea.
As simple as that.

I think it means equivalent of RM 1000 in foreign currency. I still think RM 5 + 1.75% fee is not that expensive compared to withdraw from ATM bank card(with unfavorable forex rate) or from money changer.

This post has been edited by wotvr: Dec 18 2021, 05:14 PM

If I wanna withdraw SGD 1,000 that means the fee will be RM5 + SGD 17.5?

So bigpay charge RM10 is the best choice for oversea atm withdrawal?

I think you need to look at the forex rate they offer and not only the charges.

Others than the fees stated in https://wise.com/my/multi-currency-account/...account-pricing, is there any other fees for Wise Visa Prepaid Card, perhaps mentioned in more detailed terms and conditions of the card?


My concern is whether inactivity fee will be imposed for Wise Visa Prepaid Card, or not. I will be using the card on as-needed basis. In other words, I will not frequently be using the card.


Let's say that I have not used the card for many months. Will there be inactivity fee imposed?


Thank you for sharing your opinion.

For us to use the Wise Multi Currency Account, we would need documentation, to prove that the money transferred into Wise Multi Currency Account (regardless of any currency) is not income. Otherwise, it is costly to use Wise Multi Currency Account in year 2022, because income tax is being imposed on our money.

In other words, we can say that our Wise Multi Currency Account is domiciled in Malaysia, since we opened our Wise Multi Currency Account as Malaysian tax residents.

Sigh, it is more difficult for us.

This post has been edited by kart: Dec 20 2021, 09:07 AM

one should always have documentation of one's monies... local and foreign

wise is just another vessel for moving funds about... I think it's still a bit gray area as one can argue that mca funds are technically still offshore until you spend it locally or you put into ringgit account, especially when they give you foreign account banks/numbers...

Hey. Wondering if wise business account is available right now in Malaysia? If yes, will I be getting business card (debit)

People said it's available. Need to pay rm120 for it.

Malaysia business account is not available, they will refund u the 120 later on.

Well - not sure if it's because I hadnt use the pin and pay yet to activate, but tried adding card to apple pay - NOPE.

Mine is the Visa version (personal acc - business acc is still missing this), which is the "out of beta" version

This post has been edited by 000022: Dec 24 2021, 10:31 AM

Received MY Wise card this week and managed to activate/use it for chip & pin transaction.

However, it failed to get through contactless transaction yesterday, after activation.

Anyone faces similar problem ?

Thanks

Check card settings? From my settings, seems like you need to enable it after activating it via chip & pin

it is enabled for all payment methods (contactless inclusive), not exceeding transaction limits either.

I will ask for the transaction error codes next time when I try.

the max zero-charge MYR withdraw only rm2000/month?

if i would like to hedge myr depreciation, by topping up inside then convert to USD, later say USD/MYR increase, convert back to MYR n wanna withdraw as MYR ma kena charged liao

like this also considered "income" ah?


also max MYR can hold in wise is just rm20k?

This post has been edited by premier239: Dec 24 2021, 04:34 PM

Forex profit is income... but this case probably close one eye lah

yes 20k

i see, but for other currency like USD & SGD, did they state the max amount to hold in account?

can have any currency but total account value max myr 20k...

This post has been edited by dwRK: Dec 24 2021, 04:54 PM

hmmm, means if more than rm20k, for normies better save in cimb sg... or hedge/invest in ibkr