Wise takes on BigPay and Merchantrade in Malaysia with its multicurrency wallet and card

Malaysians are now able to make a multi-currency account and card with Wise, which allows you to hold and spend more than 50 foreign currencies at a “real exchange rate”. Wise also claims that they won’t charge you “unnecessary fees and exchange rate markups”.

“Independent research commissioned by Wise found that Malaysians had spent RM10.5 billion in total card fees when shopping overseas from 2015 to 2020. That averages out to RM 1.75 billion each year of which around RM1.5 billion were hidden in transaction fees and hidden exchange rate markups yearly,” wrote Wise in their press release.

These fees included card ownership as well as miscellaneous fees like the ones for transactions and exchange rates. Wise added a pricing comparison between its multi-currency account and other Malaysian banks. For example, sending RM500 to USD would mean that users could get charged up to RM31.72 (if you use HSBC)—whereas the fee when using Wise would be RM4.98.

The service would be great for you if you often send money to people living in other countries, like if you’re living abroad and want to send money to your parents, or if you want to send money to your kids studying elsewhere. It could also be more convenient if you plan to travel more often (or already are), and if you often buy items online internationally. If you’re planning an overseas trip in the future, you can top up early in your preferred currency when the rates are favourable.

Wise allows you to create multiple virtual cards. This is useful for online transactions or when signing up for a trial subscription and you can replace it easily if the card details are compromised.

To order the physical card, you’ll need to top up with a minimum of RM101. The card will be shipped for free but you can request expedited delivery which costs extra. Before the physical card arrives, you can start using it for online shopping as you can view the card details including expiry and CVV from the app.

You can make two free cash withdrawals at the ATM up to RM1,000 each month. After that, they will charge RM5 per withdrawal. Wise charges a 1.75% fee on withdrawals over RM1,000. There’s also a daily withdrawal limit of RM8,600 per day and RM17,000 per month.

All transactions can be done through Wise’s app (iOS, Android) or through the web browser. Wise notes that the offering “also eliminates the need for Malaysians to visit physical branches to process transactions which can be inconvenient and time consuming”.

Here’s what the Wise account and complementing card can give its users:

1. Hold and convert between 50+ currencies instantly and spend in 200 countries and territories wherever Visa is accepted online and in-store
2. Built-in auto-conversion technology that chooses the cheapest possible currency to convert money from when using the card
3. Get local account details in MYR and 9 other currencies (GBP, EUR, USD, AUD, NZD, CAD, HUF, SGD and TRY) within minutes so you can send and receive money like a local
4. Easy-to-use app to add and convert money, get instant spend notifications, and freeze or unfreeze your card anytime
5. Get card details upon successful card order

“With more travel lanes gradually opening, it will provide even more value to Malaysians as they look to spend money across borders, when traveling or online,” said Lim Paik Wan, Malaysia Country Manager and APAC Expansion Lead at Wise.

The Wise multi-currency account and card are now available to all personal users in Malaysia. The sign-up fee for the card will also be waived until 1 January 2022. You can visit their site for more information.

Wise looks like a serious contender for BigPay and Merchantrade Money. BigPay is a prepaid card under AirAsia group which offers competitive fees for international transfers and transactions. Meanwhile, Merchantrade Money is a multi-currency account with a prepaid card that offers remittance service to over 200 countries. AirAsia used to have a multi-currency prepaid card called EzPay passport in 2015 but it has been discontinued.