How to open a Wise account in Malaysia [2025]
Wise offers personal and business multi-currency accounts which you can use to hold 40+ currencies, spend in 150+ countries, and receive payments conveniently with local account details for 9+ currencies. Plus, every time you need to convert from one currency to another, to send a payment or spend on your Wise card, you’ll get the mid-market exchange rate with low, transparent fees.
This guide covers how to open a Wise account in Malaysia, including all you need to know about types of Wise accounts, getting set up, making payments and more. Here’s a look at what we’ll cover:
Table of contents:
How to open a Wise account
Wise accounts are opened and managed online or in the Wise app, with a fully digital account registration process.
Once you’ve opened your Wise account you can send payments to 40+ countries, hold a balance in 40+ currencies, and access local and SWIFT account details for 9+ currencies to get paid conveniently to your account. Plus you can also order a Wise card for convenient spending and withdrawals around the world.
Here’s how to open a Wise account step by step:
Open the Wise desktop site or app and click on Create account
Enter your email address
Tap the type of account you want to open - personal or business
Confirm your country of residence
Verify your mobile number with a code
You’ll be asked to complete a verification step for security, usually by uploading images of some ID documents and confirming your personal and contact information. More on that, next.
What do I need to open a Wise account?
You can open a Wise Malaysia account entirely from your computer or smart device. With Wise, register for an account using the following:
Your personal and contact information
Valid proof of ID
Valid proof of address
Wise can accept a range of documents to verify customers’ identity and address - you’ll need to take a quality image of the documents you’re using, and upload them within the Wise app. You’ll then simply need to snap a selfie and upload that following the on screen instructions.
Generally if you’re a Malaysian citizen all you’ll need is your MyKad, passport or local driving license. Malaysian foreign residents may need to provide a passport and a visa document - but if you have any problems you can simply reach out to the Wise team using the chat feature to get advice.
Here are some common examples of the documents used to prove your ID and address when getting verified with Wise:
| Examples of valid ID documents | Examples of valid proof of address documents |
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Wise account verification
As a financial service provider, Wise must verify customer accounts before they can be used. This is an important step in keeping customers and their money safe - and it can be done entirely online or in the Wise app. More information here: Is Wise safe?
Getting verified with Wise is pretty straightforward. For a smooth verification experience, make sure your ID document is valid, and use a clear photo which captures all the important details of the document. You’ll also need to check the document you’re providing includes all of the information required, such as your full name, current address and date of birth. Once everything is uploaded, the Wise team can verify your account pretty quickly, or at least within a day or two.
How to know if your Wise account is verified
Once your Wise account has been verified you’ll get an email notification and can then use your Wise account login details to check and view your account information. If you’re sending a Wise transfer you’ll also be notified that your payment is on its way. And don’t worry if you’re looking to receive a payment with Wise - you can receive money with Wise without verification. Just make sure the person sending you money has all your bank details, and your transfer will be deposited right into your bank account.
How to set up a Wise account to receive money
When you open a Wise account you’ll be able to access local and SWIFT account details for up to 9 currencies. You can then use these account details to receive money to your Wise account conveniently. Just get your account information from the Wise app, and share the details with the person sending you money - easy for you and easy for the sender, too.
There’s also a handy Wise request payments feature which lets you generate a payment link you can send to someone, to make getting paid even faster.
How to open a currency balance in the Wise Account
With a Wise account, you can open balances easily from the Wise mobile app or desktop site.
Here’s how to open a currency balance in the Wise account:
Head to the Wise app or desktop site with your Wise account login information
Log into your account and select the currency you want to open a balance in
Click on Get account details, and top up your account using a bank transfer or FPX
You may need to complete a verification step - this can be done right from your phone
You can top up your account in MYR or one of the other supported top up currencies. Any money you add will be available for you to spend after, using your Wise card if you have one, or you can use the balance to send a payment to someone in a currency of your choice.
How to get your Wise account details
Once you’ve opened a currency balance in any of the supported receiving currencies, you can get your own account details to allow others to send money to you.
Here’s how to find your Wise account local and SWIFT account details:
Log into your account on the Wise app or desktop site
Tap the currency balance you need details for
Tap the details panel under the fund balance, and then tap View account details
You’ll be able to generate a shareable link which gives your account details
Once your account is up and running you can use the 9+ local and SWIFT account details to receive money conveniently in a broad selection of currencies. It’s free to receive incoming payments in many supported currencies. However, there are a couple of important fees to know about, including:
If you’re receiving a USD SWIFT transfer or wire, there’s a 6.11 USD fee to pay for incoming transfers.
If you’re receiving a CAD SWIFT transfer, there’s a 10 CAD fee to pay for incoming transfers.
Do I need a bank account for Wise?
You do not need a bank account to receive a payment with Wise. You can simply open a digital Wise account and use your Wise account details to get paid in 9+ currencies.
It's also possible to receive money into your bank account with Wise, if you are the recipient of the transfer. You can simply give your bank account details to the sender, and they can use Wise to transfer money to your account. The funds will be directly transferred to your bank account.
What is the minimum deposit for a Wise account?
There’s no minimum deposit for a Wise account. To access some features for the first time you may be asked to top up your account, but the funds are yours to send, spend or withdraw however you’d like to once the feature has been activated.
How much money can I hold in my Wise account?
It’s free to hold money in your Wise Malaysia account, and you can hold up to 20,000 MYR in your personal Wise account across all of the supported 40+ currencies.
If you receive a payment which takes your account balance over 20,000 MYR, Wise will transfer the funds to your connected external account, or ask you to make a withdrawal if you don’t have a linked external account yet.
Does Wise charge a monthly fee?
There’s no Wise monthly or annual fee to pay. You may be asked to pay a one time fee for some Wise features - like ordering a Wise card - but after that you’ll only pay Wise’s low transaction fees when you use your account.
How to open a Wise Business account
Wise Business accounts are not available in Malaysia at the time of writing. However, if you have a business registered in another eligible country - like Singapore for example - you can open your Wise Business account there instead.
Where available, the Wise Business account allows you to pay contractors, suppliers and staff in 160+ countries. When you need to convert from one currency to another you’ll get the mid-market exchange rate, with low, transparent fees.
Opening a Wise Business account is simple as long as you have a registered business in an eligible country. Here’s how to open a Wise Business account in Singapore step by step:
Open the Wise desktop site or app and click on Create account
Enter your email address and confirm you’re opening a business account
Add details about yourself and your business - your can use Singpass if you have it, to prepopulate some personal information fields
Upload any required verification documents
Start a transfer and pay the one time fee for full Wise Business account access
Once your verification is complete, you’ll be notified and can use your account freely
What is Wise?
Wise exists to make it easier for individuals and businesses to hold, send, spend and receive foreign currencies. You can open a Wise account online or on the Wise app, hold 40+ currencies, and order a linked international debit card for spending in 150+ countries.
Wise stands out because of its feature packed accounts which offer flexible and low cost ways to manage your money across currencies. All Wise currency exchange uses the mid-market exchange rate, and fees which start from 0.71%. That can mean you save compared to using a bank - with no foreign transaction fees, minimum balances or maintenance costs to worry about.
What are the advantages of a Wise account?
So - how does Wise work? Here are some of the features and benefits available with Wise, for you to consider:
Open a Wise account online or in app, to hold 40+ currencies
Get a Wise card for spending and withdrawals in 150+ countries
Send payments to 40+ countries and receive payments conveniently with local account details for 9+ currencies
Convert currencies with the mid-market exchange rate and low fees from 0.71%
Accounts available for personal and business customers around the world
Conclusion on Opening a Wise account in Malaysia
Wise accounts are flexible and low cost, with great international features, which makes them a good choice for anyone who loves to travel or shop overseas, business owners paying suppliers in foreign currencies and more. It’s easy to open a Wise account online or in-app, to hold 40+ currencies and spend around the world with your linked Wise t card. Wise converts currencies with the mid-market exchange rate, with low, transparent fees for the services you need - which can mean that you get a great deal every time you transact.
How to open a Wise account FAQ
Yes. Wise works in Malaysia, and in most countries around the world. Open a Wise Malaysia account online or in the Wise app in just a few steps.
Head to the Wise desktop site and click Create an account to register your Wise Malaysia account. You’ll just need to add a few personal and contact details, and to complete a verification step - which can all be done right from your phone or laptop.
It’s free to open a personal Wise account, with a low one time fee to open a Wise Business account. There’s no maintenance charge to worry about, so you’ll only pay Wise transaction fees for the services you actually need.
You’ll need to provide a proof of address document to verify your Wise account. That means that to open a Wise Malaysia account you’ll have to have a Malaysian address. However, Wise is also available in almost all other countries around the world, so if you’re not a Malaysian resident you’ll likely still be able to register a Wise account in your home country.
There’s no fee to open a Wise personal account, and no minimum balance or maintenance charge to pay either.
As a financial service provider, Wise must verify customers to comply with the law and keep accounts safe. Banks have to do the same when you set up an account - asking for some ID is all part of the verification process used to ensure customers and their money are secure, and accounts can’t be used fraudulently.