Wise has today announced the launch of its multi-currency account and card in Malaysia, which will allow personal customers in the country to spend in 200 countries and territories and save them millions that would otherwise have been lost to unnecessary fees and exchange rate markups.
Independent research commissioned by Wise found that Malaysians had spent RM 10.5 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 RM 1.5 billion were hidden in transaction fees and hidden exchange rate markups yearly.
An extension of Wise’s current money transfer offering in Malaysia, the launch of the Wise account and card gives Malaysians a truly cost-saving, international account to hold and spend money in more than 50 currencies. This makes it the first account to do so at the real exchange rate with zero markups, and no foreign transaction fees.
The car can be used for online shopping, it can be useful for Malaysians relocating abroad for work or study or as expatriates and for travelling abroad.
This offering also eliminates the need for Malaysians to visit physical branches to process transactions which can be inconvenient and time-consuming. All transactions can be done right on your mobile devices through the app or browser enabling unrivalled mobility when managing money across borders, whether you’re based locally or moving in between international borders.
Lim Paik Wan, Malaysia Country Manager and APAC Expansion Lead at Wise, said, “We believe the Wise card is the best way to spend internationally because, as the research shows, Malaysians are losing billions to hidden fees and exchange rate markups. This will now be a thing of the past. 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.”
