Malaysians are losing between RM200 and RM350 on each overseas trip due to exchange rate markups they do not see, according to new research by international money app Wise.
This is happening even as many spend up to two days searching for flight and hotel deals.
The study found that 31 percent of travellers believe they save more than RM500 through promotions, but only 41 percent check exchange rates.
A RM2,500 weekend in Singapore can cost RM180 to RM250 more and a RM5,000 Bangkok trip may rise by RM350 to RM450.
Even a RM15 latte in Melbourne effectively becomes RM16.50 once the markup is applied.
Wise said many providers mark up exchange rates by three to six percent above the mid-market rate and pocket the difference.
These markups rarely appear on receipts or booking confirmations, making them easy to miss.
To help travellers spot hidden fees ahead of the holidays, Wise is extending its “Siapa Wise?” campaign with content creator Adam Izzy.
Adam will bring back his Uncle Tim character at an interactive pop-up at Starhill Piazza at The Starhill on 18 and 19 November, from 10am to 10pm.
Activities include bowling down unfair rates and high ATM fees, quizzes on travel money myths and a prize grab.
Visitors who complete all stations can redeem Wise merchandise such as bucket hats, luggage tags and travel pillows and stand a chance to win travel vouchers worth up to RM800.
“We’ve created a culture where ‘good deal’ means the flashiest promo code or the cheapest headline price, but Malaysians are leaving money on the table by not looking at the rate.
When the exchange rate is 3–6% worse than the mid‑market rate, a RM3,000 ‘budget’ trip can quietly become RM3,300. Our message is simple: look at the rate, not just the price, so every Ringgit goes further abroad.”
said Yen Ting Chiam, Country Manager, Wise Malaysia.
Wise said it uses the mid-market rate with no hidden markups and allows customers to hold, convert and spend more than 40 currencies.
Travellers can lock in preferred rates through auto conversion and withdraw cash twice a month for free at ATMs worldwide, offering an alternative to airport money changers that often charge higher rates.
