How to open a Wise account in Malaysia [2024]

Wise offers personal and business multi-currency accounts which you can use to hold 50+ currencies, spend in 170+ countries, and get paid like a local from 30+ countries. 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 to opening a Wise account in Malaysia covers 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

• What do I need to open a Wise account?

• How to set up a Wise account to receive money

• How to get your Wise account details

• How to open a Wise business account

• How to set up Wise business account to receive payments

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 70+ countries, hold a balance in 50+ currencies, and access local bank details for up to 9 currencies to get paid fee free. If you’d like, you can also order a Wise international debit card for convenient spending and withdrawals around the world.

Here’s how to open a Wise account step by step:

1. Open the Wise desktop site or app and click on Create account

2. Enter your email address

3. Tap the type of account you want to open - personal or business

4. Confirm your country of residence

5. 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. To open a Wise account you’ll need to have 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 - all you’ll need to do is to take a quality image of the documents you’re using, and upload them within the Wise app.

Generally if you’re a Malaysian citizen all you’ll need is your MyKad. Malaysian foreign residents may need to provide a few more documents - 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:

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 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. 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 normal 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 bank account details for up to 9 currencies. You can then use these bank account details to receive money to your Wise account from 30+ countries using a local transfer. Just get your local 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:

1. Log into your account on the Wise app or desktop site

2. Select the currency you want to open a balance in

3. Click on Get account details, and top up your account using your bank account, Apple Pay, credit or debit card

4. You may need to complete a verification step - this can be done right from your phone

You can top up your account in any currency you'd like to have available, with the minimum initial top up amount the equivalent of 20 GBP. 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 9 supported receiving currencies, you can get your own local account details to allow others to send money to you using a local transfer.

Here’s how to find your Wise account local bank details:

1. Log into your account on the Wise app or desktop site

2. Tap the currency balance you need details for

3. Click Receive and View and share account details

4. 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 account details to receive money from over 30 countries. It’s free to receive incoming payments in supported currencies, and to get paid by ACH in US dollars. If you’re receiving a USD wire, there’s a 4.14 USD 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 local account details to get paid in 9 currencies.

Although, its 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, fund 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 50+ 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.

Can I use Wise as a normal bank account?

Wise isn’t a bank, and the Wise account won’t necessarily come with all the same features you’d get from a bank.

Wise accounts can be used for everyday transactions in Malaysia and abroad, but it’s important to read through the account’s terms and conditions so you understand the differences between Wise and a standard bank, to help you choose how to use your Wise account.

Can you open a Wise account without a Malaysian address?

You’ll be asked to prove your residential address when you open a Wise account. That means that to open a Wise account in Malaysia you’ll need a Malaysian address.

However, to open a Wise account you don’t need to be a Malaysian citizen or passport holder. Wise accounts can also be opened from a broad range of other countries, so if you’re a foreign resident you may still be able to open your Wise account with your local proof of address from wherever is home for you.

How to open a Wise business account

Wise business accounts have all the perks of a Wise personal account with some extra business friendly features, too. You can hold 50+ currencies, get paid by customers around the world with local bank details for 9 currencies, and pay contractors, suppliers and staff in 70+ countries. Whenever you need to convert from one currency to another you’ll get the mid-market exchange rate, with low, transparent fees.

Here’s how to open a Wise business account step by step:

1. Open the Wise desktop site or app and click on Create account

2. Enter your email address and confirm you’re opening a business account

3. Add details about yourself and your business

4. Upload any required verification documents

5. Start a transfer and pay the one time fee for full Wise business account access

6. Once your verification is complete, you’ll be notified and can use your account freely

Requirements to open a business account

Wise business accounts are available to Malaysia based freelancers, entrepreneurs and business owners. The exact documents and information you’ll need to register a Wise account can vary based on the business type. However, in general you’ll need:

• Business name and Malaysian address

• Tax information

• Information about the company directors or shareholders with a 25% or higher stake

• Details about what your business does

The account holders, and any team members you want to add to the account, will also need to be verified, usually by adding images of some ID and address documents. The whole process can be done online or in the Wise app, and the Wise team can always help if you’re not sure what documents or details are required in your situation.

How to set up Wise business account to receive payments

Wise Malaysia business customers can get their own local account details for 9 currencies, to make it easy for customers to pay from 30+ countries. Simply give the bank details to anyone sending you money, add to your invoices or generate a Wise payment request, to have funds deposited directly to Wise. You can also add your local account details to marketplace sites and PSPs to get paid in a selection of currencies easily.

Here’s how to open a currency balance in your Wise business account, and receive payments:

1. Log into your account on the Wise app or desktop site

2. Select the currency you want to open a balance in

3. Click on Get account details, and top up your account if you’re opening a balance for the first time

4. You may need to complete a verification step - this can be done right from your phone

Once you have a currency balance set up you can give your local account details to anyone sending you a payment. To get your local account details with Wise here’s what you’ll do:

1. Tap the currency balance for the currency you want to be paid in

2. Click Receive and View and share account details

3. You’ll be able to generate a shareable link which gives your account details

What is Wise?

Wise is a fintech company which 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 50+ currencies,  and order a linked international debit card for spending in 170+ 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 0.41%. That can mean you save compared to using a regular bank - with no foreign transaction fees, minimum balances or maintenance costs to worry about.

What are the advantages of a Wise account?

Not sure if Wise is for you? 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 50+ currencies

• Get a Wise card for spending and withdrawals in 170+ countries

• Send payments to 70+ countries and get paid like a local from 30+ countries

• Convert currencies with the mid-market exchange rate and low fees from 0.41%

• 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 and getting paid in foreign currencies and more. It’s easy to open a Wise account online or in-app, to hold 50+ currencies and spend around the world with your linked Wise international debit card. Wise always converts currencies with the mid-market exchange rate, with low, transparent fees for the services you need - which can mean that you get a better deal overall.