First part of receiving money is correct.

Second part u can either send money to urself via the convert or send option in ur usd account. im assuming the send will send the usd and the bank converts the ammount, for convert u use the wise rate and goes into ur myr account. Charges not sure though. But do give it a test and let us know. Interested to know.

Send the usd and the bank converts the ammount ( i guess this will use the bank rate which usually very low) and I have see the conversion using wise rate seems attractive. Just not sure is there any charges for using wise conversion rate.

Is there any charges (processing feee) to send the converted myr currency into malaysia bank from wise account? .

I don't think the other poster is quite right.

There are 2 options, depending on your choice of MY bank account.

1. MY bank account, created in Wise app.
This uses the "convert" function.

2. Local MY bank account. e.g. CIMB or Maybank.
This uses the "send" function.

Both will use Wise's conversion rate and fees. You can see the conversion rate and fee when you initiate the transfer - this is very transparent.
Then you can compare and decide whether you want to confirm the transfer.

I transfer money from my EU account to my local MY account frequently, they're all using Wise's rate. I dunno why the other poster said it uses bank rate - the point of Wise is that it uses Wise's rate and not standard bank rates.

The way Wise works is that they act like the money changer. They take your money in USD in US, then order their branch in MY to disburse the money to your MY account. . That's how they bypassed the banks and offer competitive rates.

This post has been edited by jonoave: Oct 13 2022, 04:59 PM

Hi the transfer money from EU account to local MY account does it incur any charges ?

Some side info I would like to know since you have send and receive money via this WISE account.

Let me take example :

Transfer USD : If let say a person pay me (transfer me) 100 USD into my WISE account.

Receiving USD : How much do I receive then ? Can I say the amount could be lesser than 100 USD because there are some fee ? Or I will receive exact 100 USD into my WISE account ?

then proceed to transfer from my WISE Account to local bank account (cimb), this will use Wise's rate am I right ?

Do you know usually how long the request after we transfer from wise account to local bank account ?

Because recently I found that if straight receiving foreign currecncy into local bank straigth will incur a very low rate by bank.

So looking for some alternative for it.

thanks for time and replying in advnace.

Any way to transfer from Philippines to Malaysia?

Like I said, you can see all the fees when you initiate the transfers.

I just opened the app, and right now if I want to send 100 euro from my Wise EU account to local CIMB account. It says:

0.88 EUR: Balance transfer fee.
99.12 EUR: Total amount we'll convert
4.56295: Guaranteed exchange rate

Recipient gets: 452.28 MYR

Here you can already see the fees, the exchange and how much you're getting.

And yes, I will get MYR452.28 in my local CIMB account, no additional fees or charges by banks.

If the person is transferring from a US account to your WISE US account, and presumably there is free transfer among US banks/institutiosn, then you should get 100 USD in your WISE US account.

At least that's my experience with Euro. I have another Euro account, and I top up my Wise account to use as prepaid card. Thanks to EU regulations, transfer between EU accounts are free. So I transfer 100 euro from my own EU account to my Wise EU account, no fees. But withdrawing from my Wise EU account does have some fees, but I never withdraw and just use it as prepaid card. And of course I also top up my WISE EU account, to send back as MYR occasionally.

You need to be aware that Wise is a multi-currency account. You need to "open" an account for each country you're interested.
That's why I always specify Wise US account. If you go to the Wise website, you can see images with different country flags in the app - each flag represent an account.
E.g. a person can hold:
100 USD
150 Euro
50 in SGD
200 GBP

All at the same time, within the Wise app. There is not just one WISE account, but it depends on how many account/countries you wish to open (AFAIK it's one account per country).


For me and likely for you, there is no need to open a Wise MY account since we already have a local bank. In your case, you would need to tap and "open" a US account within Wise first, which will give you the US account details you can forward to the sender in US.

However, if for example you opena GBP (UK) account in your WISE app and you give this UK account details to your friend in US, then there could be bank charges since the bank in US is paying in USD to a UK account.

From your WISE US account to your local MY CIMB account, that is correct.


I'm not sure about US -> MY, I've only done Euro to MYR. The first transaction might take longer, but these days for me it's usually 1 business day. Actually no, since last year I think it's within minutes for me.

Edit: btw, I can provide you with a referral code before you sign up so you can waive the transfer fees for your first transfer.

This post has been edited by jonoave: Oct 13 2022, 07:56 PM

Find Philippines fintech. Very sure they exist.

Yeah My bad. i dont know about the send as i saw local bank account i assume that it will transfer the USD direct to the bank. lol

Alternatively, using Wise + MCA Bank accounts are the best way for keeping foreign currencies (but make sure your MCA account can transfer out directly bypassing RM conversions - get SG MCA accounts)

Transfer here is it refer to : from my WISE USD account transfer to my local bank account (maybank) right ? If yes, then sure! because my main motive is to accept USD funds to my WISE account and transfer it to my local bank account. You may pm me the referral code. thank!

Yes, give your Wise US account details to the sender. Once you have the money in your Wise USD account, up to you to:

1. Keep it there in USD, use the Wise card for while travelling overseas like in US or anywhere. Even in Malaysia (basically like you use credit card while overseas, only now in reverse. And yes, again using Wise's conversion rate + the fees).

2. Convert whatever amount you wish to MYR (by transferring it to Maybank). Using Wise's conversion rate + fees, based on the example above.


The example I give the sender is MYSELF. I'm the one sending/transferring 100 Euro from my Wise EU account to my local CIMB account. I'm giving you the example of how it would look like, once you have 100 USD in your Wise USD account and wants to transfer it you local Maybank account.

I don't know enough about US bank transfers, whether it's free for all. lIke in EU it's supposed to be free. In Malaysia, we used to have IBG fees of like RM0.50 - RM1. but now it's also all free. You can google or ask the person in US how much is the fee, but I doubt it will be high.

Look at the example I provided. it's already very clear. The fee here is 0.88 Euro deducted by Wise before conversion. That is all the fees imposed. You will received the amount stated in your Maybank account (in the example above, 452.28 MYR).

You can try with a small amount before converting if you're still unclear or unsure.

thank you for your reply ! Now I understand.

Has anyone here transferred money to their overseas bank account using Wise, e.g., to SG or NZ bank? Is it subject to the usual BNM checks if value is above RM5k, i.e., need to provide documentation e.g., pay slip, source of funds, purpose, etc.? I know this is required with MoneyMatch. Just wondering if Wise is less hassle.

Hi guys, anyone tried withdrawing That Baht from Bangkok bank ATMs lately?
for unknown reason, my card got declined. i have baht in the card. card settings also no issue. withdrawal already set to allowed. is there something that i should take note of?

Hi, is this the US acc as you mentioned above?


And also, can i send payment from Paypal to WISE account, in USD or Euro? Do you have any experience before?

Yes, that's the US account. You tap on it, and you should see an option to display the account details: Like account number, SWIFT number etc.


I've never tried sending money from Paypal to Wise. If I'm not mistaken, PayPal conversion rate is pretty low too.,

The point of Wise is that you want to use Wise's forex conversion rate, not the banks. in other words you receive money like a local.

If you're transferring USD in paypal, then put in the details of the Wise USD account as the recipient.

If you're transferring Euro in paypal, then put in the details of the Wise Euro account as the recipient.

Once you have the money in your (100 USD in your Wise USD or 100 Euro in your Wise Euro account), then you can do whatever you want - using Wise's forex rates and fees.


This post has been edited by jonoave: Oct 18 2022, 05:15 AM

Paypal don't allow transfer USD to wise. they will do conversion. rate similar like transfer to local bank but wise rate is better than bank.
transfer fee is free if above usd98

This post has been edited by ericlaiys: Oct 18 2022, 08:51 AM

Yea, Paypal rate is damm low compare to market, current conversion rate in Paypal 4.55 vs. Wise 4.719, i could have unrealised forex loss of >rm100 when convert my USD in Paypal. Can't find a way to avoid that.

not sure about this wise thing but i find it bit annoying to go for currency exchange when traveling especially withdrawing and the rates are not so good, for instance i am going to japan at dec

so my question is, what can i do with wise in this case? lets say i pump in 3k RM into wise, can i withdraw it in japan as yen cash?

only if you have the physical Wise debit card, then you can withdraw from ATMs.

Malaysia-issued Wise debit card rules on withdrawal:



There is additional info you need to check here: https://wise.com/help/articles/2935769/how-...o-withdraw-cash