Wise (Transferwise) Malaysia Discussion, v1.0
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 Oct 15 2022, 07:47 PM
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#1
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Junior Member
394 posts Joined: Dec 2017 
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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.
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Dec 14 2022, 01:38 PM
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#2
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Junior Member
394 posts Joined: Dec 2017
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Has anyone here transferred foreign currency, e.g., USD, from their Wise account directly to their foreign currency account with local banks in Malaysia, e.g., Maybank, CIMB, etc.?
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Apr 16 2023, 09:55 AM
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#3
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Junior Member
394 posts Joined: Dec 2017
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I just sold off a property in Australia and expecting to receive the proceeds in my AZ bank soon. My plan is to bring back the funds here as I am consolidating my assets. Preference is to maintain the funds in AUD instead of converting to MYR. I think Wise can only hold RM20k worth of money, so option to use Wise for transfer look not feasible as anything above 20k will be converted to MYR and deposited into local bank account. So now I am thinking of TT old fashion way to my local bank's Foreign Currency accounts instead and dump it to FD after. Hopefully not too many questions asked by bank where the funds are coming from...
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Apr 16 2023, 10:27 AM
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#4
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Junior Member
394 posts Joined: Dec 2017
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QUOTE(Garysydney @ Apr 16 2023, 10:12 AM) 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. Thanks. I believe the limit here is MYR20k. This is from Wise website: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.  If you live in Malaysia, you can only hold up to 20,000 MYR on your personal Wise account. This includes all the money you hold in your Balances and Jars in any currency. We know that from time to time, you may receive funds into your account taking your balance over 20,000 MYR: If you've already set up your external account, we will immediately transfer any amount over 20,000 MYR to you. If you've not set up your external account yet, you’ll have 7 days to withdraw the excess money. If you don’t withdraw it within 7 days, we’ll freeze your account so that we remain compliant. |
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May 4 2024, 02:08 AM
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#5
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Junior Member
394 posts Joined: Dec 2017
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QUOTE(biertrinker @ May 4 2024, 01:23 AM) I'm new to Wise. How do I use the Wise debit card? Can do both. Which is better? Depends on forex trend.I'm in the US right now. So I need to topup MYR. For using the debit card in the US, do I need to convert my MYR to USD or Wise can automatically convert my MYR as needed? Which is the better option? biertrinker liked this post
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