Obviously the 1st 🤦‍♀️ because 2nd method will have FX spread will be more as decided Bank the receiving the money

1st method you can control the rate itself

Why you so scared when Wise is regulated by BNM rules 🤦‍♀️

You can't read or what? 🤦‍♀️ 🤦‍♀️🤦‍♀️

Both method utilise wise to convert. 🤦‍♀️🤦‍♀️🤦‍♀️

Both method will have very little fx spread by wise🤦‍♀️🤦‍♀️🤦‍♀️

He was just asking which one of the two options is better. 🤦‍♀️🤦‍♀️🤦‍♀️

Where got bank decide the FX spread. Go read it again. 🤦‍♀️🤦‍♀️🤦‍♀️

Technically, it'll be the same FX rate since Wise transfer is integrated into some foreign banks, but the first could cost more since Wise imposes fee on MYR withdrawal.

It will be the same if the transfer is done at the same time

What happens if he stores longer than that in wise and decide to convert it months later 🤦‍♀️

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.

@#chihuahua, @Mr Gray are correct. Transferring from Wise account to a bank typically has a small fee, so method 1 (from Wise MYR account to an MYR bank) will cost just a bit more.
Based on my personal experience with converting Euro.

What I tend to do is, when forex is optimal.

1. Transfer from foreign account to Wise EU account (EU transfers are free, though transferring out from Wise EU to an EU bank has a small fee)
2. Then Wise EU account --> local bank in Malaysia (Wise fees and the forex are clearly displayed, the displayed MYR is exactly how much you will receive in your account). There is no fee imposed by bank in Malaysia.

Edit: ask for referral to sign up, you'll get first transfer free (no Wise fee, ie. they will convert full amount).

Bear in mind that u can't store more than RM 20k in Wise regardless of the currencies, so u should probably only transfer to ur Wise EU account the moment when u decide to convert to MYR instead of making the transfer straight off.
Though 2 here is essentially the same with ur foreign bank's Wise transfer (EUR to MYR), unless ur foreign bank charges for the Wise transfer service.

I have just calculated, for 1000 usd, send straight from usd wallet to bank account is the same value as converting it to MYR wallet first and then transfer to bank

Hi sifus,
I'll be going to Switzerland this october. I plan to use a Debit card there. I could make up my mind either to get :
- wise
-big pay
- enrcih money
- rhb mca.

I came across a fb for the 'wise scam' where people got 'scam' by the wise management where their acct suddenly being locked or terminated. made me scared.

Also my problem is I've no online banking . Can I deposit the money into those cards using the teller only?

I appreciate your feedback and advice. Thanks

datolee32 you can FPX into Wise any amount above RM10

e.g., you have RM33.44 in Wise, just topup RM16.56 into wise. your Wise now have RM50.00. you should know what to do next