How To Open WISE Account & Transfer Money in Malaysia

Hello from ICEINK. In order for us in Malaysia to transfer money abroad (either receiving or sending money), we do have multiple options through the Internet such as using Paypal or Stripe. However the transaction fees is quite high (if im not mistaken, Paypal charge us around 4.4% transaction fee, and Stripe will charge around 3.5% per transaction). Do you have heard about WISE (formerly known as TransferWise)? Here is the introduction before you open WISE account :

To open WISE account, it is completely free while they only charge around 0.41% for sending money abroad. They also provide us with their VISA debit card which can send to your home address for RM13.70 only (one time charges). Not only that, you can save or convert your money (free) into multiple currencies with WISE account (up to 50 currencies/countries in the world such as Australian dollar, US Dollar, Singapore Dollar, Thai Baht and many more).

WISE FAIR PRICING

WISE did not charge with any subscription or any monthly fees. You’ll always see the fee upfront and only pay for what you use. Here is the summary of WISE pricing :

Registering with Wise
Opening an account	Free
Sending money abroad	From 0.41%
Spending with your card : Withdrawing 1,000 MYR per month 2 or less withdrawals	Free
ATM fees over 1,000 MYR per month + 5.00 MYR per withdrawal	1.75%
Getting the Wise debit card No subscription fees	13.7 MYR
Converting money : Fee varies by currency	From 0.41%
Hold 50+ currencies	Free
Holding money in your account	Free
Getting account details in 10 currencies Details for AUD, CAD, EUR, GBP, HUF, MYR, NZD, SGD, TRY and USD	Free
Receiving money Receive AUD, CAD, EUR, GBP, HUF, MYR, NZD, SGD, TRY and USD (non-wire)	Free

HOW TO REGISTER WISE ACCOUNT?

• First, you need to go to WISE official website.

• Select Register to open your account. it’s free.

• Now, put in your email address, create your password and select your country of residence

• Fill out the required personal information. After done with registration, the system will send you an email with security code or link in order to verify your contact information. Your account is ready now!

With WISE, you can send or receive money from any country easily, cheaper and faster. For example, if you are foreign worker who work abroad, you can send up to 5,000 MYR per month. If you are Malaysians or Expatriates, you are allowed to send up to 30,000 MYR per day. Transferring money from local bank (Maybank, CIMB etc) to WISE will usually takes about 20 – 30 minutes to be appear in your WISE account.

However, there are differences between WISE Personal account and WISE Company account. We will try to cover this differences in our new blog.

*For e-commerce platform (especially Woocommerce platform), you can connect your WISE account as payment gateway for your Woocommerce store too.