I managed to withdraw GBP from Travelex ATM at airport but it costs RM 10 + GBP 3.

BTW UK has gone pretty cashless, you dont need > GBP 50 cash per week per person IMO.

Nope these two were smooth only the contactless wave always fails but u can just use pins instead

I registered account in Wallex but the exchange rate is lower than Wise although fees are slightly cheaper, Wise seems to be better. Thanks by the way for your help. Finished setting up my Wise account but realised local transfers are charged RM 1.06 but I don't need the Wise debit card. Is there anything that could be paid using Wise from the app? Like TNG eWallet?

Omg, RM10 & 3GBP is steep ! I thought its supposed to be free. Will avoid Travelex machine. Thanks for the advice on the amount of cash needed

Noted, thanks for the advice ! Was kinda worried since I've already loaded currency into my Wise already.

Eh, unless you cannot buy the currency notes at mid valley, don't anyhow withdraw $$ abroad lah.

Mid valley rates are crazy good, sometimes even better than what visa/banks offer.

Eh my bad, RM 10 is by bigpay, but Travelex charged GBP 3 anyway.

Try your luck finding free ATMs on tripadvisor forum?

Since UK is pretty much cashless, I still advise against withdrawing cash there, just change a bit at mid valley.

Auntie confirms, it's Wise!

Forget about using wise app. Only good thing about wise is their borderless account and their card.

I have a business trip to Europe soon, so I've just gotten my Wise card, paid RM13.70 and looks like it will be delivered to me in 10 working days.

...but I'm still trying to understand how the borderless account works...

Now I also compared several rates, and to my surprise, the cash option is way cheaper, assuming the advertised rates on their websites are true and without surcharge:


Another point to note is that Wise has the shittiest rate if it's a small amount (100 or below). So here are my questions, assuming the same rate holds:
1. What if I deposit into my EUR account at one go, and then I swipe Wise card when in Europe? Please confirm my example:
- load 218 EUR (pay slightly less than RM1000)
- swiped 10 transactions with Wise card, each at 21.48 EUR > my EUR account is now left with 3.2 EUR

2. What if I deposit into my MYR account, and do the same? Please confirm example:
- load RM 1000
- swiped 10 transactions with Wise card, each at 21.48 EUR > my MYR account is deducted RM 100 each, resulting in 0 money left.

If my examples are correct, then I'm planning to load my EUR account before travelling, then I have the freedom to either swipe my card directly, or just ATM to get some cash if I don't have enough.

Now another follow up question: suppose I have excess EUR after the trip - will I be allowed to deposit to my IBKR broker via this EUR account? Note: I also see that it is possible to get IBAN/SWIFT code or something if I deposited some money first... does that give me a proper "bank account number" that the IBKR can flag as an account I own, rather than 3rd party?

1. Convert how much you think you will need in Europe. Then just swipe. Card is widely accepted in Europe.
Midvalley money changer rates are one of the best.

You can transfer to IBKR but it's not proper as it's not under your name. If you are planning to transfer just get ready to answer IBKR inquiries say 6-7months later.

Do not forget that cash option requires you to travel to Mid-Valley etc. Some opportunity costs are not immediately obvious.

Petrol, highway jam, traffic, time, they all cost money. The online fintech total cost might be worse but it's direct and straightforward.

The rates may change over time. Last time Wise is better than Instarem, but these days, Instarem seems to truimph Wise in total cost. It's hard to draw a conclusion based on one day observation. The best way is to compare just before you want to transfer.

And your examples are highly theoretical. What makes you think it must be exactly 21.84 EUR every transaction? That's very exact.

--------------------------

I have not tried depositing EUR to IBKR from Wise before. I only tried CHF (without account details). So far no issues from IB for CHF despite not having any account details.

Wise's EUR balance has account details, so you can transfer money from there theoretically. https://wise.com/help/articles/2827505/how-...account-details

Be mindful of outgoing transfer charges of 0.37 EUR for SEPA (EUR-EUR transfer). https://wise.com/gb/pricing/send-money?sour...etCcy=EUR&tab=0

As IBKR accepts SEPA transfer, you should be fine using the EUR account balance details from Wise.



This post has been edited by TOS: Sep 17 2022, 10:04 PM

business trip means company pays for everything... including exchange rate fees and losses when exchange back to myr... yes? then find the most expensive money changer to exchange a small amount and use that rate as record for your claims lor... and find the cheapest for your actual spend... hahaha... personally i don't do this... just put everything on company card and enjoy... small incidental i don't even claim...

as for option 1 or 2... if myr is strengthening then option 2 may end up better... personally i would just load some eur for draw down and not worry about rates... btw wise website (without logging in) shows option 2 to be better... 0.55% fee vs 0.58% fee... so better check properly after login... (avernue k is 0.5537%)

yes you'll get a proper iban account number once you create the eur account... i have received eur from ibkr... ts has send eur to ibkr...

This post has been edited by dwRK: Sep 18 2022, 11:34 AM

Thanks both for the mid valley tips. I'm not going to stay in the city centre and my colleague who's a local remarked that it's still kinda 50/50 with regards to card vs cash... That's why I'm looking into getting some cash too. It's going to be a big group of us so might be able to share the opportunity cost.. let's see!

You're right about changing rates, hence my decision to get Wise card to open up more options. My bigpay physical so ngam is expiring next year after all

Actually the examples were meant to compare EUR and MYR accounts directly and confirm my understanding of which rates would be used, wasn't meant to be realistic haha...

80% correct... I'm extending my stay on weekends for personal travel also, which will not be covered. I am indeed going with convenience for the ones I know my company's paying... E.g. my hotel stay, just gonna swipe CC

I don't think I can cheat my company audit your way... As our claims are itemised, I'm afraid will kena reject if they see the receipt I'm only getting a small amount at that rate, but claim so much more.


Last 2 questions about account opening:
1. It requires me to deposit like RM 101 -- is that a permanent amount to park there, just like how we need to park a minimal amount in our bank accounts to prevent closure?

2. It warned that any amount entering the EUR account needs to be of my own name, to prevent money laundering yadayada, kinda like IBKR. Have you tried using different fintech to transfer into Wise account? (Relevant if Wise offers worse rate)

Thank you all for very detailed answers. I am inclined to proceed with EUR account on Wise as I like that I can channel the excess into IBKR as investment, without another round of forex loss.

Yes, the minimum deposit is required for just one time and thereafter you can get account details for the eligible account balances, including USD, SGD, EUR, MYR etc. You can withdraw the 101 MYR or send the money thereafter and restore your balance to 0 (but be mindful of transfer out charges).

Most likely you will deposit MYR or other currencies and convert to EUR within Wise. I think it's best not to transfer money into Wise from another fintech (except Wise itself) but I am not sure how strict Wise's regulation is. I have not transferred in from another fintech before. If the other fintech (e.g. Revolut) has account details like Wise, maybe you can try, but no guarantees of any consequences as a result.

always carry some cash lah for convenience... and a few debit and credit cards... travelling in a group at least not so bad got backup...

as for audit... you didn't falsify anything so its not cheating lah... can have many reasons why only exchange 100 but spend 500... myself i always have some leftover notes laying around... so for any new trip i exchange a bit more to top up and take the leftovers as well... sometimes family got leftovers i sapu theirs also... lol... got money changer receipt that is good enough for audit... i will never teach ppl to cheat...don't lose your job over a few cents...

101 is to make sure you are serious... you can spend it all after you get your card... which i did... but i also did top up a few times for testing... and also top up with eur and usd...

ps... where yall going? kepoh a bit... lol

This post has been edited by dwRK: Sep 18 2022, 01:36 PM

So I am going to Europe. Should I just left my money in RM or convert in bulk into Euro account first? Before I start swapping my Wise card in Europe? Any difference?

If you predict Euro vs RM will go down, don't buy Euro.
If you predict Euro vs RM will go up, buy Euro now.

Excluding that, would it be better to change to Euro in bulk and spend from Euro wallet. Or change to Euro piecemeal from RM wallet. Charges wise.

The difference should be less than 1%.
But for peace of mind, it is better convert a small portion to Euro, not very sure it will block the merchant use "Dynamic Currency Conversion" which settle in RM instead of local currency.

This post has been edited by ClarenceT: Sep 19 2022, 11:55 AM