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 Wise (Transferwise) Malaysia Discussion, v1.0

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TSweisinx7
post May 1 2020, 08:57 AM, updated 2y ago

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Hi,

Received an email from Transferwise :


We’ve switched off borderless accounts in Malaysia. You can still send money abroad, just like you’ve always done, but you now can’t:

Add and hold money in your account
Use your international bank details



Anyone receive this? And what is the best alternative to transferwise now? The purpose is to receive foreign currency with better rate.

Thanks

This post has been edited by weisinx7: Sep 11 2022, 09:31 AM
TSweisinx7
post May 1 2020, 01:58 PM

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QUOTE(daifeigo @ May 1 2020, 10:57 AM)
To receive USD?
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yea, right now i'm looking at instarem or bigpay, are those able to receive USD from US?
TSweisinx7
post May 1 2020, 10:08 PM

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QUOTE(000022 @ May 1 2020, 09:27 PM)
Following up on more details, especially in regards to why this is happening, important part bolded:

Thank you very much for coming back to me and I am sincerely sorry for being the bearer of bad news.

I would of course be happy to elaborate on the regulatory changes I referenced in my previous email.
Up until now, in Malaysia and Thailand, for the borderless account TransferWise have operated under our UK entities licence which is provided to us by the FCA, this is completely normal and of course we are able to do this with legality.

When the UK left the European Union it forced us to re-evaluate our short and long term strategies when providing services under this licence.
We have made the difficult decision that we would need to switch our operations from our UK licence to our European licence held by our entity in Belgium.


In an ideal world this change over would happen instantaneously, in real time, meaning that our customers would not be affected by the change and no down time would be experienced, however unfortunately this is not possible and we have had to make the very difficult decision to temporarily suspend our borderless service in both of these regions whilst the change over occurs.

As I mentioned previously we are optimistic that this will not be for too long and as soon as all of the necessary changes have been made then we will of course notify everyone that was affected by this.

In regards to the deadlines and the questions that you posed; If you still have balance held in your borderless account upon the time of closing I do not have any official communications that I can give about this but seeing as we cannot hold your funds then yes we would most certainly send the money as a balance refund to your nominated account. We may ask you to confirm the details of the account that you would like us to refund the money to.

We would much rather you empty the balance yourself. Please let me know if this is something that you would like me to do.
Just to confirm, as of the 15th of May your account will be limited to international transfer remittance only and holding currencies will no longer be available.

I am sincerely hopeful that the outage of service will not be for a tremendous amount of time, we already know that it will take longer in Thailand than in Malaysia but it's difficult for us to give an exact timescale on this.

I do hope that this will not cause too much inconvenience to you and again, everyone at TransferWise as well as myself are truly apologetic for the change in the level of service that we are able to provide. I hope you can understand our position.

Thank you kindly for your continued patience and support of our platform, we will let you know as soon as we are able to start providing our Multi-Currency account to your region again in the future.

Best Regards,
Michael
TransferWise Support
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Thanks for this information, hopefully they will get the renewed license soon

TSweisinx7
post May 9 2020, 03:34 PM

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QUOTE(000022 @ May 9 2020, 09:33 AM)
Take note that you cannot self fund your USD account; only by another's business bank account via ACH transfer
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do you know the extra transfer fees of payoneer?

For example, if business bank account send 1K usd, how much i receive at payoneer?

also if i want to send this received 1K usd to my local msia bank, what would be the expected fee?
TSweisinx7
post May 11 2020, 09:50 AM

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QUOTE(Ramjade @ May 11 2020, 09:40 AM)
Nope. I got one more ace up my sleeve. Awaiting the fintech to reply me  biggrin.gif  biggrin.gif
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fintech? Mind to disclose more?
TSweisinx7
post May 15 2020, 08:18 AM

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QUOTE(chrysm @ May 14 2020, 03:35 PM)
Now... anybody got an email clarifying that it's all human error?
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yea, i did receive the email and they mentioned about the compensation of some RM, but still didn't see the money in my account. I still can see the borderless account in my account now
TSweisinx7
post May 15 2020, 04:50 PM

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QUOTE(chrysm @ May 15 2020, 03:38 PM)
Didn't see the RM in my acc either. Sent an email and this is what I got from them:

Three weeks ago, we planned to close borderless for Thailand and Malaysia residents. We sent out emails to our customers but since then we’ve had a chance to revisit the decision and have decided to no longer close borderless for new or existing users in Thailand, or for existing users in Malaysia. This means that only new users with a Malaysia address will not be able to get borderless accounts.
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i see, thanks
TSweisinx7
post Oct 20 2020, 08:08 PM

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so far no problem, used it like weekly, but same contact
TSweisinx7
post Mar 15 2021, 01:29 PM

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it's just some error from their side, should be no issue now. Also now they changed their name to Wise , and exchange speed is quite fast as well, within half an hour i can see the the money in my local bank already.
TSweisinx7
post Jul 5 2021, 08:51 PM

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existing user shouldn't be affected, just new user couldn't have it anymore. I still can use it from time to time.
TSweisinx7
post Jul 6 2021, 09:14 AM

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QUOTE(jack2 @ Jul 5 2021, 10:07 PM)
soon existing users will be closing down too. haha
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Where do you get this information? If this is just your speculation, better don't put it here to confuse the others.
TSweisinx7
post Jul 6 2021, 01:59 PM

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QUOTE(Ramjade @ Jul 6 2021, 09:48 AM)
He's anti TransferWise cause they close his account without reason. Cause he use his account for crypto.
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But is there any terms that mentioned the account cannot be used for crypto? I can see many are using it.
TSweisinx7
post Nov 1 2021, 03:55 PM

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QUOTE(000022 @ Nov 1 2021, 03:50 PM)
Hmm - anyone encountering this? transfers into Transferwise accounts nowadays almost always go through "Routine checks" which delays the transfer by a week or so
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Not at last week, when do you start to encounter this problem?
TSweisinx7
post Nov 1 2021, 03:57 PM

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So received this shit again:

user posted image

I'm speechless with the local authority now.
TSweisinx7
post Nov 1 2021, 04:25 PM

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QUOTE(000022 @ Nov 1 2021, 04:02 PM)
oh snap - i do have a business account with them, but will still clarify this. I guess, this might be a factor in my delays. But damn - this is annoying - it went to my junk mail, Wise is pretty shite at communicating this
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Yea, probably this is the reason why, please do let us know if this is affecting business account or not too, thanks.
TSweisinx7
post Nov 2 2021, 01:05 PM

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QUOTE(000022 @ Nov 2 2021, 12:01 PM)
weisinx7

So like the first email mentioned, if you're a business verified account, nothing would change (for now).
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great, thanks.
TSweisinx7
post Nov 29 2021, 07:45 AM

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QUOTE(Archemedia @ Nov 28 2021, 11:10 PM)
i tried this. turns out business account not supported in Malaysia. They dont prevent you from opening 1 though... you will go through all the hassle just to close the account later doh.gif
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So what would be their final reply? Is it just business account is not supported in Malaysia yet? Or some other technical issue or it's not being approved in Malaysia yet?
TSweisinx7
post Nov 29 2021, 10:38 AM

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QUOTE(Archemedia @ Nov 29 2021, 10:03 AM)
They said:

We are reaching out to you about your business account.

Please note that we are not able to support Wise account (multi currency balance) feature for companies in Malaysia just yet.

I think can use business account for TRANSFERS only. Just cannot hold any money inside your wise account...
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Too bad, i think is not their problem, but mostly is the regulation from current government. I guess no need to tell more, you guys should know more about this.
TSweisinx7
post Dec 29 2021, 02:43 PM

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So anyone can take over this post and change it to transferwise discussion? Admin can help?
TSweisinx7
post Aug 22 2022, 10:03 AM

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Did anyone successfully create a business account in wise and created a multi-currency account for it? Tried to do it but looks like the support told me it's not supported for now:

at the moment we do not support multi currency account feature for businesses in Malaysia. We support it only for personal customers.

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