Hi All,

I have been using WISE a while to send money overseas. Rates pretty good. But I haven't used it to receive money. I have read FAQ and it says no charges but as always i don't really trust that.

Wondering any forummers here have personal experience receiving money on other currency? Do you get exact amount without any charge? What about convert that money to MYR and the withdraw the money out. Seems like many process and I'm not sure if it's entirely free.

1) Receive overseas funds - Free?
There are no fees to receive payments using your account details, with the exception of receiving US dollars domestic or SWIFT wires that cost $4.14 per transaction.

2) Convert to MYR - 0.41%?
Fee varies by currency - From 0.41%

3) Withdraw MYR to cash - Free?
If your card was issued in Malaysia: You can take out money for free twice a month — as long as the total amount is under 1,000 MYR. But after that, we’ll charge you 5 MYR per transaction. This is a fixed fee. If you take out over 1,000 MYR in one month, we’ll charge you 1.75% on top of that.

Hope someone with experience can share. Thanks!

Hi All,

I have been using WISE a while to send money overseas. Rates pretty good. But I haven't used it to receive money. I have read FAQ and it says no charges but as always i don't really trust that.

Wondering any forummers here have personal experience receiving money on other currency? Do you get exact amount without any charge? What about convert that money to MYR and the withdraw the money out. Seems like many process and I'm not sure if it's entirely free.

1) Receive overseas funds - Free?
There are no fees to receive payments using your account details, with the exception of receiving US dollars domestic or SWIFT wires that cost $4.14 per transaction.

2) Convert to MYR - 0.41%?
Fee varies by currency - From 0.41%

3) Withdraw MYR to cash - Free?
If your card was issued in Malaysia: You can take out money for free twice a month — as long as the total amount is under 1,000 MYR. But after that, we’ll charge you 5 MYR per transaction. This is a fixed fee. If you take out over 1,000 MYR in one month, we’ll charge you 1.75% on top of that.

Hope someone with experience can share. Thanks!

my experience, transfer from paypal to Wise
USD converted. Before transfer, if less than USD 98- got rm3.80 fees. If over USD98, no fees.
They will show the currency conversion rate. So far you wont get USD 4.43. I only able to get USD 4.3 conversion

Paypal will tell u first, if you agree before transfer

I transfer back to local bank after that. No issue.

Withdrawal is from ATM.

Item 1 - If you have the particular currency wallet, then you can receive the currency for free (up to wallets total of USD 5K). As soon as the amount is more than USD 5K, it will be converted to MYR wallet and then withdrawn to your local bank account.

Item 3 - You can also withdraw to your MYR bank account from your MYR wallet. They charge RM 1.06 for that.

U transfer USD to Wise or MYR? Sounds like u sent MYR and the conversion happened in paypal?

So withdraw MYR on ATM no fees. Thanks!
1) thanks!
2) Withdraw to bank account from the app need charge 1.06? Withdraw from ATM is free?

i wish can send usd . but paypal dont allow.
Last time i did transfer usd from merchantrade

U transfer USD to Wise or MYR? Sounds like u sent MYR and the conversion happened in paypal?

So withdraw MYR on ATM no fees. Thanks!
1) thanks!
2) Withdraw to bank account from the app need charge 1.06? Withdraw from ATM is free?

Withdraw from ATM is limited to RM 1000 or 2 withdrawals per calendar month. Withdraw to bank account can be much higher amount.

Ok, noob here. Got a few question need help to clear my doubt.

1. Would like some advice for investing/saving USD/GBP/AUD. Is a traditional bank FCA better or WISE better?
2. Is there a max holding limit in WISE multi-currency account?
3. How secure and safe is WISE? Do they have physical presence and what are the remedies if account dispute? Transaction are all recorded and BNM approve?

Appreciate those who take some time to answer my query. Thanks

Googled and found these,...
For individual customers, the maximum amount that your Wise Account can hold at any time is 20,000 Malaysian Ringgit (MYR) (or such equivalent aggregate amount in foreign currencies).
https://wise.com/my/terms-of-use#:~:text=Fo...n%20currencies).

TransferWise Secures Remittance License in Malaysia
by Fintech News Malaysia June 17, 2019
https://fintechnews.my/20874/payments-remit...e-malaysia-bnm/

Thanks .....MYR20k kind of low 

If you want higher amount,... Maybe can try cash account...??
https://www.fsmone.com.my/support/frequentl...tUniqueKey=2471

Is it possible for someone in malaysia to receive money via wise from a bank account in overseas without much hassle for a big amount transfer? is there any BNM regulation that prohibit certain limit on money transfer electronically to be received in malaysia? i tried to find online but only can find someting about physical cash transaction limit of RM25k but nothing else about electronic transfer like Wise..

would you guys recommend using direct wise transfer or through its multicurrency account?

Noob question here for all sifu

1. What is the difference between opening a foreign currency account vs offshore account? E.g if I want to diverse my savings to SGD, which option is better?

2. Heard about this Wise account, anyone here using it? is it safe compare to banks in terms of security ?

Thanks in advance.