Wise vs MAE - Full comparison 2023

If you need ways to spend easily locally and overseas, and want to be able to manage your money entirely from your phone, you may have heard of digital wallet and card services from Wise and MAE by Maybank2U.

If you’re not sure which is best for you, this guide covers all you need to know, including a look at card services, the types of account available, international transfers and more. We’ll also look at a comparison of Wise vs MAE fees and features side by side, so you can see if either works for you.

Summary: Wise offers online and in-app multi-currency accounts with cards which you can use to hold, send, spend, receive and exchange a broad selection of currencies. You can also make Wise international payments which use the mid-market rate with low fees. MAE by Maybank2U is a digital wallet and card, which you can open using the Maybank2U app, with easy ways to pay bills, shop, and even order online groceries.

Wise Vs MAE: side by side

Let’s kick off with a side by side comparison of Wise vs MAE by Maybank2U so you can get a feel for what services each provider has, and how they measure up.

So, to sum up:

• Wise offers service digitally - online and in-app - only, while MAE has these channels, and Maybank branch locations for face to face service

• Wise multi-currency accounts can hold 40+ currencies, while MAE supports MYR only. Wise also offers local account details to receive payments from others in 9 currencies - a service MAE doesn’t have

• Both providers have debit cards available, which can be used globally

• If you’re spending a currency you don’t hold abroad, Wise uses the mid market exchange rate and charges their conversion fee which starts at 0.43%, while MAE uses the Maybank exchange rate which is likely to include a markup

• Wise payments can be faster than MAE. MAE remittances must be arranged via the full Maybank2u online banking service

• Wise uses the mid-market rate to convert currencies, while MAE uses the Maybank rate which may include a markup

• Both providers are properly regulated - MAE is also has Shariah compliant

The important bits

To summarise:

• Rates: Wise uses the mid-market rate, whereas MAE may add a margin to calculate the exchange rate available

• Fees: Free to spend MYR with MAE, and free to spend currencies you hold with Wise - Wise charges from 0.43% if you need currency conversion for card spending, while MAE converts with the Maybank rate which is likely to include a markup

• Speed: Wise transfers may arrive instantly, and 90% arrive in 24 hours, while MAE transfers via Maybank2u can take 3 days

• Service: Both providers have online and in-app service, MAE also operates through Maybank branches throughout Malaysia

• Safetly: Both providers are fully regulated and licensed

• Reviews: Wise has an Excellent rating on Trustpilot from 192,000+ reviews, Maybank2u is not active on the platform

While Wise and MAE have some similarities, in that they both offer digital wallets and payment cards, there are also significant differences. Wise has an international focus with multi-currency account options and ways to get paid conveniently from overseas. MAE is more based on holding MYR, and although you can spend easily with your card overseas you can’t get paid by others in foreign currencies. Instead, MAE has handy local features like ways to order food and groceries from local suppliers via the MAE app.

This guide should help you weigh up the pros and cons of each, so you can decide if Wise vs MAE by Maybank2U suits your specific needs more.

Pros and cons

Wise Vs MAE: The verdict

Both Wise and MAE by Maybank2U offer interesting features for customers in Malaysia. They overlap in terms of having digital account services you can operate in-app, and linked payment cards. However, there are big differences in the 2 options, as well.

MAE is offered as part of the Maybank online banking Maybank2u service, and as such customers can access the full suite of Maybank services - although for some things you may need to upgrade to a full Maybank account rather than the MAE digital wallet. This does mean you can get extra services like loans and credit, as well as international payments.

However, MAE doesn’t let you hold foreign currencies, and as such it’s not optimised for international use in the same way that Wise is. If you want to hold, send, spend, receive and exchange a broad selection of currencies in your account, for travel or shopping online with overseas retailers, Wise may appeal.

Compare both providers based on the services you need and the type of transaction you’ll make often to decide which suits you best.

About Wise and MAE

Wise review: Wise was founded in 2011 with a focus on cross border transfers, and has subsequently grown to include multi-currency account services, debit cards and business products. Today, Wise has over 16 million customers globally. All Wise services are delivered online and in app, with transparent fees and low overall costs.

MAE: MAE by Maybank2U is Maybank Malaysia’s digital wallet and card service. You can open a MAE account if you’re already a Maybank customer, or you can apply without upgrading to a full Maybank account if you’d prefer. MAE offers a payment card, ways to make transfers and pay bills, budgeting and saving tools and access to a broad suite of Maybank services via Maybank2u.

How do they work?

Wise and MAE by Maybank2U are a bit different in how they work - but there are similarities in how you get started. With both providers you can sign up in-app - and with MAE if you’ve already got a standard Maybank account you can simply add the MAE digital wallet as an extra connected service, too.

Wise is an independent financial technology company, while MAE is a digital wallet offered via a bank. This does mean that some of the services offered are different, and the processes that run in the background can vary too.

For example, with Wise money transfers , if you send a payment overseas, it’ll be processed through the Wise payment network which can result in low overall fees and a fast - or even instant - delivery time. MAE transfers may be offered via Maybank, which usually means they’re processed through SWIFT which can attract higher fees and take 3 to 5 days.

On the flipside, because MAE is offered through a bank with a full Malaysian banking licence, the range of services you can get is bigger compared to Wise. You’ll be able to access home loans and credit for example, which aren’t an option with Wise.

Wise Vs MAE fees

There are a few service fees you’ll want to know about if you’re considering either Wise or MAE. And while both offer pretty good value with many free to use services, there are some costs involved which it’s important to understand.

Let’s look at the key costs for Wise vs MAE - you’ll also want to review the providers’ own fee schedules before you pick one.

Fees correct at time of writing - 6th July 2023

Wise Vs MAE: which is cheaper? 

Wise and MAE work a bit differently when it comes to international transfers. MAE is part of Maybank and as such MAE transfers in most cases will be routed through Maybank’s Maybank2u online banking service. Fees for Maybank vary based on where you’re based and where you’re sending to. However, the best way to compare the costs of any international payment service is to take a look at how much your recipient is likely to get in the end with a few different providers.

Here are some Wise vs MAE (Maybank2u) examples:

Correct at time of writing, 6th July 2023

As you can see from this comparison, on our chosen payment routes, Wise came out on top each time. This is usually because Wise uses the mid-market exchange rate and its own payment network, which means you cut out the extra costs involved with routing a transfer through the SWIFT system. This allows Wise to keep costs to a minimum and pass these savings on to the customer.

Compare a few services before you arrange your overseas payment, to see which is best for your specific transfer.

Learn more about Wise fees.

Wise Vs MAE exchange rates

The currency exchange rate used by Wise is the mid-market rate. That’s the one you’ll find on Google or using a currency conversion tool. It’s a helpful benchmark, because it’s the rate that banks get when they buy and sell currencies on the global markets. However, banks often add a markup - which is an extra fee - onto the mid-market rate, to generate the exchange rates they offer retail customers.

MAE exchange rates may include a markup, and are published on the Maybank2u desktop site or in the MAE app.

Wise Vs MAE: which is faster?

50% of Wise transfers are instant, and 90% arrive in 24 hours. Maybank2u payments can take around 3 days to arrive, depending on the destination.

[How long does international transfer take](how long does international transfer take)? Delivery times for overseas transfers can vary pretty widely, depending on the payment route and the recipient bank’s own processes, Wise uses its own payment network which tends to speed things up a bit, while Maybank uses SWIFT which can take a few days.

Wise Vs MAE international transfer limits

Both Wise and MAE have limits on the amount of money you can send or receive, which can vary depending on the account type you hold.

Wise Vs MAE card

One of the key features of both Wise and MAE by Maybank2U are the linked debit cards you can use for local and international payments and withdrawals. Here’s a quick side by side feature comparison.

Wise vs MAE card: Where can you use them?

You can use your Wise card in 150+ countries, to spend 40+ currencies. Wise cards are issued on either Visa or Mastercard networks, to give great global coverage.

MAE cards are issued on the Visa network and can be used globally anywhere you see the Visa logo.

Ease of use

• Creating an account: Create your account online or in-app with both MAE and Wise

• Making a transfer: Wise typically allows local bank transfers and FPX payments, while MAE lets you top up your account by debit card, FPX and CDM

• Ways to send money: Send payments to your recipient’s bank account directly with both MAE and Wise

• Languages: MAE is focused in Malaysia and has services in English primarily, with support in Bahasa Melayu. Wise offers 15 languages, plus multi-lingual support services

• Minimum & maximum amounts: Wise and MAE both have sending limits which can vary by destination country, and based on your account type. Account holding limits also apply. MAE also has limits on the annual transaction you can make, of 60,000 MYR cumulatively

Supported currencies

Wise accounts can hold 40+ currencies, MAE supports MYR only.

Safety

Wise and MAE are both regulated by Bank Negara Malaysia in Malaysia. Wise is also licensed and overseen by other regulatory bodies in the countries and regions in which it operates, like the FCA in the UK, and ASIC in Australia.

Conclusion: Comparing Wise and MAE

Wise and MAE both offer great ways to manage your money from your phone, with convenient linked debit cards you can use for payments and withdrawals. However, the focus of each provider is a little different.

Wise is a global financial technology company offering multi-currency holding accounts, ways to get paid like a local from 30+ countries, and mid-market exchange rates whenever you spend or send foreign currencies. The Wise card can be used in 150+ countries, and both personal and business services are available. Wise can be a good pick particularly if you’re a traveller or if you spend in foreign currencies online. It’s also handy if you need to get paid in foreign currencies as a freelancer or business owner, for example.

MAE on the other hand is offered through Maybank and has more of a domestic focus, with access to a great range of banking services such as loans and overdrafts. You can only hold MYR in MAE, but you can spend overseas at competitive rates with your MAE card, and send payments internationally via Maybank2u. If you prefer a face to face service, MAE may suit you as you can call into a Maybank branch if you need help - plus you’ve got all the options that come with a full bank at your disposal if you need them.

Whether MAE or Wise is best for you will depend on the types of transactions you need to make. Compare both to see which fits your needs best.