Wise (Transferwise) Malaysia Discussion, v1.0
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 Apr 16 2023, 05:03 PM
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#1
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Junior Member
143 posts Joined: Jul 2011 
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QUOTE(Mr Gray @ Apr 16 2023, 04:18 PM) Ditto, RHB MCA seems more competitive than Wise for inward TT. Yes, RHB MCA typically offers better rates than Wise for converted balances.Outward TT, depends on value, looks like wise better most of the time.  |
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May 21 2023, 10:01 PM
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#2
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Junior Member
143 posts Joined: Jul 2011
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QUOTE(rollinginsodeep @ May 21 2023, 03:01 AM) Got it. So i can use Wise to make money from the forex exchange right? There exist multiple currency accounts from the banks offering better forex rates with no charges during currency exchanges. Additionally, there are foreign exchange investment accounts designed for forex trading. Wise isn't the top option for this when it comes to rates and fees. rocketaz liked this post
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May 22 2023, 05:57 PM
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#3
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Junior Member
143 posts Joined: Jul 2011
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QUOTE(rollinginsodeep @ May 22 2023, 12:48 PM) Noted. Can you share some of the best foreign exchange investment accounts designed for forex trading ? If you find yourself less inclined towards forex trading, as the gentleman earlier suggested, you might want to explore the RHB Multi-Currency Account. It usually provides more favorable rates compared to Wise and spares you from the conversion fees imposed by Wise.This post has been edited by Steve78: May 22 2023, 06:00 PM Mr Gray liked this post
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May 27 2023, 11:07 PM
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#4
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Junior Member
143 posts Joined: Jul 2011
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Yes, the rate displayed on Wise misleads people, many referring to it when claim that it offer the best rate. In actual transactions, there is a conversion fee of roughly 0.65%.
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Jun 8 2023, 04:46 PM
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#5
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Junior Member
143 posts Joined: Jul 2011
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QUOTE(Teutonic Knight @ Jun 8 2023, 01:52 PM) If you go Midvalley money exchanger is more or less the same rate as Wise. Once you exchange to TBH, there wont be any hidden interest rate as is consider 1 to 1. Just remember to activate the card via transacting locally in Malaysia first before transacting in Thailand or any overseas countries. Contrary to what you said, I often find that Mid Valley offers better rates than Wise. It's crucial to consider all the fees associated with Wise when making a comparison. bill11 liked this post
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Jun 8 2023, 06:23 PM
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#6
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Junior Member
143 posts Joined: Jul 2011
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QUOTE(xander2k8 @ Jun 8 2023, 05:56 PM) Yes but at the expense of your time 🤦♀️ while queuing up for it Well, it rests on one's own judgment. You can't simply manipulate the facts due to your personal opinion.The difference is only less than rm10 per USD1k which makes it not worth of your time just for it For those who frequently visit Mid Valley for various reasons, choosing the Mid Valley is a convenient course of action. This post has been edited by Steve78: Jun 8 2023, 06:25 PM |
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Jun 9 2023, 05:26 PM
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#7
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Junior Member
143 posts Joined: Jul 2011
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Don't take it the wrong way, I wholeheartedly believe that the time and effort factor should be taken into account. However, it's laughable to distort the truth, claiming that Wise offers the best rates out there. Yes, Wise's rate surpasses that of the bank counter, but it's far from the best.
Wise fanboys here began shifting focus towards queue times when I pointed out their practice of bending the truth with misleading details. |
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Jun 29 2023, 08:15 PM
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#8
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Junior Member
143 posts Joined: Jul 2011
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The more I read at this post, the more I realize that people here just blindly believe in "Wise works towards maximizing the user benefit and minimizing cost".
Wise isn't the best for exchange rates and, like credit cards, it has hidden fees. Do your own research on the official website and don't just trust everything people say here. This post has been edited by Steve78: Jun 29 2023, 08:16 PM |
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Sep 30 2023, 05:39 PM
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#9
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Junior Member
143 posts Joined: Jul 2011
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QUOTE(Mr Gray @ Sep 30 2023, 02:12 PM) Yes RHB conversion better than Wise. Plus RHB gives you very decent interest on your balance eg more than 5% on USD Plus, RHB MCA doesn't have many hidden fees as Wise does.Both rates are generated inside RHB app and Wise app. https://pasteboard.co/jJue7wbKTfe5.png https://pasteboard.co/MeqVltqktR8W.png |
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Oct 1 2023, 12:13 AM
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#10
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Junior Member
143 posts Joined: Jul 2011
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QUOTE(Medufsaid @ Sep 30 2023, 09:06 PM) edwynkim can refer this mega thread Mid Valley still provides the most favorable exchange rates if paper notes aren't an issue. |
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Oct 21 2023, 12:52 AM
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#11
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Junior Member
143 posts Joined: Jul 2011
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QUOTE(veloos @ Oct 20 2023, 08:19 PM) Sorry for non-Wise relevant topic. Open RHB MCA recently and notice the rate are follow "Multi Currency Account/-i Counter Rate" instead of "Multi Currency Account/-i Debit Card Special Counter Rate*" Where did you see the rate set to the counter rate? The Card Special Rate is always what you get online.How we can change it? Request thru branch? Thanks. If you're hoping for help with RHB MCA, don't count on it here, they blindly think Wise is always the best. This post has been edited by Steve78: Oct 21 2023, 12:54 AM |
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Oct 21 2023, 04:58 PM
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#12
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Junior Member
143 posts Joined: Jul 2011
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QUOTE(veloos @ Oct 21 2023, 11:23 AM) Do have the MCA debit card... but the rate remain as expensive once clicked in. Yes, there seems to be an issue with your rate. For your reference, here's my rate. Try mobile apps also showing the same. Seem may need to drop by branch to enquiries.   |
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Nov 26 2023, 06:38 PM
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#13
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Junior Member
143 posts Joined: Jul 2011
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QUOTE(Medufsaid @ Nov 26 2023, 03:24 PM) DarkCoffee I believe your AirBNB is most likely based in singapore (but charging you in RM). if it's really locally based in Malaysia, you can complain to Bigpay and ask to undo the 1.5% fee Even if they are based in Malaysia, they still can make use of foreign payment gateways, so it's best to avoid any cards that come with these fees.It's been a long time since we've had any reason left to opt for BigPay. |
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Nov 29 2023, 04:35 PM
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#14
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Junior Member
143 posts Joined: Jul 2011
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QUOTE(Ramjade @ Nov 29 2023, 03:08 PM) You can spend only RM6k/day. What's the source of your info? I've had no difficulties in withdrawing more than 6k. |
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Nov 29 2023, 04:43 PM
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#15
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Junior Member
143 posts Joined: Jul 2011
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QUOTE(jasontoh @ Nov 29 2023, 03:19 PM) Not sure whether I can link Wise to IBKR and then transfer MYR to IBKR and then do the MYR to USD in IBKR? Is it allowed? After several trials and comparisons with IBKR deposits recently, the best method I've identified is to initially convert MYR to USD at Wise, and then execute a USD Wise Balance Transfer at IBKR. |
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Nov 30 2023, 12:01 AM
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#16
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Junior Member
143 posts Joined: Jul 2011
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QUOTE(Ramjade @ Nov 29 2023, 05:18 PM) Not about withdrawing. It's about using the card. Maximum transaction is RM6k on the card. From standard charted website. If you are priority customer then RM10k. I made the withdrawals in Japan through the Visa Plus network.I've gone through the T&C for the account and card, I don't believe there's a spending limit in place. This post has been edited by Steve78: Nov 30 2023, 12:02 AM |
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Dec 6 2023, 12:46 AM
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#17
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Junior Member
143 posts Joined: Jul 2011
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QUOTE(elea88 @ Dec 4 2023, 09:13 AM) wanna ask if i link WISE CARD to touch and go for the purpose of using ALIPAY in China Alipay handles its foreign currency conversions, deduct your balance in MYR.anyone tried before? if lets say my tng no $ inside. does it auto deduct from the RM Wallet or the CNY YUAN wallet? and if use in HK.. WILL deduct HKD or MYR? This post has been edited by Steve78: Dec 6 2023, 12:47 AM |
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Dec 31 2023, 12:58 AM
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#18
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Junior Member
143 posts Joined: Jul 2011
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QUOTE(CoffeeDude @ Dec 30 2023, 07:02 PM) I see many complaints against Wise in this FB group. The majority of account restriction problems are typically due to receiving funds from sanctioned countries or individuals. If the source of your funds is yourself, you should be fine.https://www.facebook.com/groups/transferwisevictims Makes me wonder if I should keep money inside my Wise account  |
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Jan 1 2024, 07:23 PM
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#19
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Junior Member
143 posts Joined: Jul 2011
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[False Information]
This post has been edited by Steve78: Jan 1 2024, 07:25 PM |
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Jan 9 2024, 10:33 PM
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#20
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Junior Member
143 posts Joined: Jul 2011
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QUOTE(Sycamore @ Jan 9 2024, 10:03 PM) Hello, collected some exchange rate data for Wise, BigPay, TnGo and credit card during my Indonesia trip. This aligns with what other members have been saying for a while now. TnG Visa and BigPay have consistently been at the lower end for forex rates. Wise definitely outperforms them, but for the most competitive rates, RHB MCA and SCB JumpStart. SCB JumpStart even offers free overseas withdrawals.Not sure where to post. Posting here since I found Wise is still superior in exchange rate. I. Debit Card
II. Credit Card |Date |Channel |IDR |MYR |1 MYR equal to x IDR|
1. Wise's exchange rate is superior. 2. RHB MCA seems to provide best exchange rate. However a fee will apply for cash withdrawal from foreign country's atm. Unfortunately I never had the chance to experience it. 3. This is probably the last time I'm doing this. Bigpay and TnGo will be retired. Next time I'll do it differently. This post has been edited by Steve78: Jan 9 2024, 10:36 PM |
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