Wise, a London-based online money transfer service formerly known as TransferWise, announced the launch of its multi-currency account and card in Malaysia.
The Wise account and complementary card comes with additional features which are not typically found within the standard Malaysian multi currency account.
This will allow customers to hold and convert between 50+ currencies instantly and spend in 200 countries and territories wherever Visa is accepted online and in-store
Wise said that the app is easy to use as it enables users to add and convert money, get instant spend notifications, and freeze or unfreeze their card anytime.
It also has a built-in auto-conversion technology which chooses the cheapest possible currency to convert money from when using the card.
Customers will also be able to get local account details in MYR and 9 other currencies (GBP, EUR, USD, AUD, NZD, CAD, HUF, SGD and TRY) within minutes.
Wise said that this makes it the first account to do so at the real exchange rate with zero markups, and no foreign transaction fees.
More than 2 million cards have been issued to date with £3.7 billion in current deposits with Wise.
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.”