I have been using Wise to transfer my pension back from Aust (Aud to Rm) nearly every month. On average i transfer about A$7k-8k/mth. The transfer is fast and i get the funds almost immediately (about 10 secs later). Rate is usually about 1.6c less than the mid-rate.

I have been using Maybank (telegraphic transfer) to receive from CBA Aust before and Wise is so much better. So happy now using Wise.

This post has been edited by Garysydney: Apr 15 2023, 12:24 PM

The bulk of my retirement funds is still in Aust and i just transfer my 'passive income' (rental and pension from my superfund) every few weeks as i may still want to return to Aust to live.

My Wise was set up in Sydney and my address is in Paddington Sydney. According to what i have read, Wise will charge a small holding fee if i keep more than A$23k (totalled over a month and figure is accumulative daily balance) so if i transfer A$23k (i can't remember the exact figure but it is around A$23-25k). This means if i keep A$23k for one day then no holding fee is charge in that month but if i leave the A423k over 2 days then a holding fee is charged.

Mine is an Aust Wise acct so may be different if your Wise acct (i think based on address) is set up in Msia.

Hope this helps.

Yes.

Thank you.

I normally transfer my funds straight out of my Wise acct (to ringgit) once i have moved it from my CBA acct to Wise.

The transfer from CBA to Wise is almost immediate while the transfer from Wise to Maybank takes about 10 secs.

I am so happy using Wise because it is saving me a lot of money since the rate is so much better.

Someone in /k suggested to me about using Wise when i was still working inn Sydney (about 2-3 years ago) but at that time, i wasn't really keen as i haven't returned to Msia yet.

Thank you.

I might go enquire when i go past RHB next time.

The most i have done is A$8k per transaction.

You can also break it up into smaller amounts if you feel uncomfortable with larger amounts. There is a warning message you get if the amount you are sending is more than rm10k advising you not to send more than rm10k unless the account holder (in Msia) is a Malaysian resident. You are also asked what the money is for.

Recently it looks like their fees has increased but it is still better than the A$22 fee per transaction charged by CBA Australia.

If your Malaysian account you are sending to is a Malaysian resident then it shouldn't be a problem.

My Malaysian account is in Maybank and they have verified that i have worked in Aust for more than 30 years and i also showed them my superannuation balance (i have 2 superannuation accts and i showed the one with the lesser balance). I spoke to the Maybank Bangsar Baru remittance officer when i started to remit funds back to Msia (about 2 years ago) and she told me that i can remit any amount i like as i am considered a foreign retiree even though i am still a Msian.

I have been sending more than rm20k back to my MBB account using Wise on quite a few occasions (converting from Aussie to ringgit) and no problems so far. The only thing i noticed is Wise fees has increased a little over the past few months.

Good to know this.

I don't keep money in Wise. I only use it to convert Aussie back to ringgit.

I transfer funds from Australia to Malaysia quite regularly using Wise.

Sometimes funds goes through to my Maybank acct immediately but sometimes got to wait until 12 noon.

My Wise acct is Aust-based as my address is in Paddington, Sydney.

I have been given an acct in Aust which i use to regularly transfer from Aus->RM.

I wonder how if i need to transfer RM->Aus?

Wonder if i can ask Wise to give me a local MYR acct?

If not, i will need to ask my wife to open up a Msian-based WISE acct like how most of you guys in here are doing.

Mine is not a business account. Possibly cannot open a Msian acct when i have already an Aust bank acct which is my default.

I have only one acct that Wise has set up for me. The acct is in Aust with a bsb and account number. Whenever i want to transfer money back to MYR, i will first transfer money (in Aussie) from my CBA acct to my Wise acct. I then transfer the Aussie (which is the acct that Wise has set up for me) to my Maybank acct.

What i need is an acct in Malaysia that Wise PROVIDES so that i can fpx to this Msian acct. With money in the acct that WISE has provided me, i can then transfer it to whatever account i want to.

Malaysia is not one of the countries where i can add another account.

You can add a Singapore account or a New Zealand account or a Canadian acct (there is a list of countries). Malaysia is not one of those countries in the list.

I don't want to call Wise up. They might decide i am a Malaysian and close my Aussie acct and re-open it with an Msian acct as my default.

Wise at the moment is doing exactly what i want which is to allow me to transfer money from Aussie to ringgit. When i decide to go back to Sydney and live there for good then i will probably get my wife to open a Malaysian Wise acct and then transfer the funds back.

I have an Aust-based Wise acct and i can create accounts in quite a few different countries like EUR and UK accts.

You have a business account (i presume yours is a Malaysian-based) and you cannot create accounts in different countries?

If that is the case, it looks like Msian-based accts in Wise is pretty shitty.

I have at least 10 countries that i can choose from.

You mean you cannot transfer money overseas with your ringgit?

I thought that is why we mainly use Wise for.

With my account, i can send money anywhere. I bank in my funds with my Aussie account and move funds anywhere with Wise.

Shit. I learn something new today!

I didn't realise MYR-based Wise accounts are so restrictive.

What is the max you can fpx into your Wise account (in ringgit) a day?

on my Maybank description when i receive the funds, it says Wise Payments Malay*.

You can see who transferred to you only from your Wise account.

I have sent about A$90k back to Msia from Aust since Jan using Wise. I only use Wise for remitting funds from Aust to Msia.

So far quite happy with Wise. Usually money is instantly received but occasionally have to wait until 12 noon for the funds to come through. Fees have gone up quite a fair bit in the last 6 months but they are still quite competitive.