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?

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)

You can direct send after conversion without going through Wise MYR account to avoid the charges.

Currently, I use Wise purely as a foreign exchange broker where funds are transferred from source of origin bank in A denomination, converted via Wise exchange + fees and redirected back to source of origin bank in B denomination.

I think Wise charge RM 1.06 for any transaction to local bank, that's what he meant maybe.

I was charged too.

The debit card issuance is like RM 10 as well and I doubt I will make 10x transfer of Wise MYR account to local bank so I didn't bothered with it.

Quick question, does Wise charge incoming TT to Wise accounts, if yes; how do you minimise the charges?

Wise account itself need to reload $ in it right?

Example: SGD > Wise > MYR > Local Bank

Still have TT charges right?

I used the first method, only fees is RM 1.06 extra to transfer to local bank.
The 1.75% only applicable if you withdraw from ATM.

Yes, tested this already. Good to keep around 4500 USD in wallet to take advantage of the exchange rate when MYR becomes cheaper

To be fair, I think you need to include RHB outgoing TT from the MCA

IINM, another forumer shared outbound TT is flat USD 10 and must be done OTC, so definitely Wise is the better one.

The requirement of only able to do transaction during business hours and need to OTC for any foreign outward TT is already a big problem. and if not mistaken can only convert during market hours, not sure? Maybe someone can explain more on this. Wise is like 24/7

If you have FCA account with bank, transferring FCA from another source will not convert into MYR as long the FCA source and FCA destination is in same currency and supported currency. This is my experience with HSBC. HSBC only charge flat rate as well. USD 4 equivalent regardless of amount transferred.

Maybank FCA also works the same.
CIMB I am not sure.

This post has been edited by MystiqueLife: Mar 13 2024, 07:20 PM