Is it possible that Bank Negara Malaysia has instructed TransferWise to shut down borderless account for Malaysians?

Fees for Wise Visa Prepaid Card:
https://wise.com/my/multi-currency-account/...account-pricing





So, is it true that most Wise users here have no issue paying RM 13.70, to get Wise Visa Prepaid Card?

Thank you for your respective replies, dwRK, ZeneticX and Gwynbleidd.

Yes, paying RM 13.70 fee for Wise Visa Prepaid Card is not a big issue, as long as we can get reasonable benefits from using the card.


If we transfer our money from our savings accounts in foreign country to Wise Multi Currency Account, and then spend the money via Wise Visa Prepaid Card (swiping the card on credit card terminals, or paying for online transactions), income tax is till being imposed on our money, right?

This post has been edited by kart: Dec 16 2021, 10:14 PM

Others than the fees stated in https://wise.com/my/multi-currency-account/...account-pricing, is there any other fees for Wise Visa Prepaid Card, perhaps mentioned in more detailed terms and conditions of the card?


My concern is whether inactivity fee will be imposed for Wise Visa Prepaid Card, or not. I will be using the card on as-needed basis. In other words, I will not frequently be using the card.


Let's say that I have not used the card for many months. Will there be inactivity fee imposed?


Thank you for sharing your opinion.

For us to use the Wise Multi Currency Account, we would need documentation, to prove that the money transferred into Wise Multi Currency Account (regardless of any currency) is not income. Otherwise, it is costly to use Wise Multi Currency Account in year 2022, because income tax is being imposed on our money.

In other words, we can say that our Wise Multi Currency Account is domiciled in Malaysia, since we opened our Wise Multi Currency Account as Malaysian tax residents.

Sigh, it is more difficult for us.

This post has been edited by kart: Dec 20 2021, 09:07 AM

I am sorry that I cannot locate a more recent PayPal thread. Anyway, I want to ask on how to transfer USD from my PayPal Malaysia account, to my Wise Multi Currency USD account.


I have tiny amount of USD in my PayPal Malaysia account. The issue is that PayPal Malaysia allows withdrawal to only Malaysian bank savings accounts. As such, my USD will be converted at PayPal's unfavourable USD-MYR rate.


I would prefer that my USD is directly transferred from my PayPal Malaysia account, to my Wise Multi Currency USD account. That way, I can keep my money as USD, avoiding the loss to currency exchange. I do not mind paying some fee for the direct transfer, as long as my money is retained as USD.


Thank you for your advice.

This post has been edited by kart: Jan 5 2022, 09:58 AM