Only if the transferer/receiver is a non-Malaysian based account. It is not possible to directly transfer for Msian account to another Msian account without first exchanging it for RM/MYR.

I tried for USD but couldn't, and I assume it is similar to other foreign currencies.

Actually what is the reason for this, for Malaysian not able to transfer between another Malaysian with same currency account ?

Tried to find their help articles for explanation but can't find any info for this on their website.

This post has been edited by wat3r: Sep 3 2024, 11:57 AM

Foreign currencies are not held directly in local MY bank accounts, they need to clear through correspondent banks in the countries which issue the currencies (e.g. US correspondent banks for USD, JP for JPY). So what seems like a simple transfer of JPY or USD between 2 Wise accounts actually involve intra-account crediting/debiting of the nostro account(s) of Wise's correspondent banks in Japan (for JPY) and the US (USD).

There is no local JPY or USD clearing facility here in Malaysia, so everything has to be converted to MYR first before exchanging to other currencies.

If you wish to send JPY to another JPY account without all the hassle then BOTH accounts have to be based in Japan when they are opened, so they are like local Japanese bank accounts and need not involve the use of correspondent banking in the process of money transfer.

Just based on my limited understanding of the global banking system.

Unrelated but touches on aspects of correspondent banking: https://www.ziv.unibe.ch/unibe/portal/fak_r...diction_ger.pdf

I got that email as well. I’ve started using Revolut for receiving foreign currency—it’s been pretty solid with competitive rates and has a decent app. N26 is another option I’ve heard good things about.

BNM requirements ?

Hmm, actually you can do interbank foreign currency settlement onshore in Malaysia via RENTAS.

https://www.bnm.gov.my/documents/20124/9380...RENTAS_0624.pdf

But USD or JPY transfers within Wise accounts look more like intrabank transfers and this is beyond the scope of what Wise can offer in Malaysia.

Have a look at this too:

https://www.bnm.gov.my/fep

This post has been edited by TOS: Sep 3 2024, 08:59 PM

put jar means cannot be use.
just put in euro wallet or MYR

how do you spend the jar money in japan?

meaning first open new account with jpy currency, add myr and convert to here.
then open new jar and move $ from the new account?

haven't been to Japan yet after converting, just leveraging on the low JPY at the moment. But can use the visa card to pay, and can withdraw from ATM free once up to RM1000.

Yes, convert into the open JPY account, open jar, and you will see an option to move the JPY into the jar.

would there be any different? as i actually open jar and add $ , it direct convert myr to jpy.
i'm still learning

Don't think you can do that, but can try.

Since were talking about yen, its not that great the rates now. 33.xx, its was great in July, peaked at 34.8x.

After that wise started intro dynamic fees, then now they hide everything and plainly say its just "fees". So much for being transparent.

This post has been edited by mhyug: Sep 6 2024, 10:38 PM

Hi guys, travelling to china soon and wanna know that whether wise has additional charge or not if:

1) Bind Wise card into Alipay with MYR balances in Wise account - if i pay in China, MYR will be deducted but will there be any conversion fees of 1+% showing up?

2) Bind Wise card into Alipay with MYR converted to CNY which already has conversion fee paid with some MYR balance - if i pay in China, which currency in my WISE account will be deducted first? CNY or MYR?

People who have used it says TnG is good with conversion.

Charge Gxbank Master debit card to Airasia Japan 5400 yen = Myr 165.39 not including cashback . Rates 1000yen= Myr 30.628 not bad n better than Midvalley moneychanger. Better than Wise even without including cashback.

There are two types of TNG -
1) TNG Visa Card
2) TNG Ewallet x Alipay +

But both using different conversion rate + fee

In China, no reason to use any card.

But might wanna bind the card to Alipay app (Global/china) ?

Can anyone share their experiences in using the Wise card overseas?
Especially in more unknown ones like Albania, Croatia, Slovenia, Romania?

Thanks

Generally speaking. Since it is a Visa, as long as the merchants accept Visa, it should work like any Visa anywhere in the world. I would think those countries you mention falls into this category

But there are exception.
If you use it in countries that have a very different official and black market rate, then you have to consider what is the rate the card is using.
For unknown reason, in some regions, all the cards regardless of Visa or MC or from which bank, sometimes they all doesn't work.