Mae vs BigPay vs Wise in Malaysia

Mae is a wallet and card from Maybank, which lets you manage your money on the go and spend at home and abroad. BigPay lets you budget, split bills, send money overseas, and use your card for spending and withdrawals. Wise is a flexible digital multi-currency account and card you can use to hold, exchange, send, spend and receive MYR and foreign currencies easily. But which is best?

While all three providers have overlapping features, they’re quite different in how they work. This guide looks at Mae vs BigPay vs Wise on accounts, cards, transfers and more.

Summary: Mae could be a good option if you want a digital wallet and card from a major bank. BigPay may suit if you manage your money in MYR only but need to split bills, pay by QR and make international card payments. Wise is a good fit for anyone looking for a flexible international account and card you can use at home and abroad with low fees and the mid-market rate.

Mae vs BigPay vs Wise : side by side

Mae, BigPay and Wise all offer digital accounts and cards which you can use at home and abroad. However, there are a few key differences in the features available. Here’s an overview:

In summary:

• Mae, BigPay and Wise all allow you to hold a balance in MYR - only Wise supports foreign currencies for holding and exchange

• Mae has an annual card fee - BigPay and Wise have a one time card order fee, and no ongoing costs

• All of the providers let you use your card in an ATM to get cash at home and abroad

• Mae only lets you send overseas payments if you use the main Maybank app - with BigPay you can send money overseas to select markets, Wise supports 160+ countries for bank deposits

• Wise allows you to receive payments in foreign currencies, the other providers do not

• BigPay allows you to earn AirAsia points as you spend, the other providers do not

The important bits

• To summarise:

• Rates: Wise uses the mid-market rate, Mae and BigPay may use a markup or percentage fee

• Fees: Mae has an annual card fee, BigPay and Wise have a one off card order fee. There’s no fee to spend a currency you hold with Wise, but all 3 have some transaction fees which may apply depending on how you transact

• Speed: BigPay transfers take up to 2 working days, Wise transfers could arrive instantly or in 24 hours

• Service : All providers have online, in app and phone service - Mae also lets you visit a Maybank branch for help

• Safety: All providers are safe and regulated

Pros and cons

The verdict: Which is better Mae, BigPay, or Wise ?

Mae and BigPay are both local providers which let you hold a balance in ringgit and spend internationally. They also have cards you can use for spending and withdrawals, and offer other features, such as pay by QR, split bills, budgeting tools, and local bill pay. Wise has a more international outlook. You can hold MYR in your account alongside 40+ other currencies, spend in 150+ countries with your Wise card, receive payments to Wise in foreign currencies, and send money abroad to 160+ countries.

Mae may work for you if you want an account linked to a local bank which also gives greater access to key banking services. BigPay is handy for holding an MYR balance and transacting abroad with low foreign transaction fees. Wise could be better if you need more international services, travel often, or shop online with international retailers a lot.

About Mae, BigPay and Wise 

Mae by Maybank is available to new and existing Maybank customers, alongside the Maybank2U online banking services. You can get a Mae card for international spending with preferential exchange rates and also use your account to send and request money, pay by QR, buy flights, and pay in person and online.

BigPay is a digital wallet which you can use to hold MYR. You’ll get a virtual card instantly and for free, and you can pay to get a physical card for cash withdrawals too. BigPay lets you transact internationally with a low foreign transaction fee, and send payments abroad to a selection of countries.

Wise is a flexible international provider of multi-currency accounts and cards, with services for individuals and businesses. You can hold 40+ currencies in your account, including MYR, spend in 150+ countries with your card, send money to 160+ countries, and receive payments to Wise with local account details in 19 currencies.

How do they work?

You’ll need to apply online for all of our chosen providers - although with Mae, existing Maybank customers can also apply through Maybank2U, the Maybank digital banking platform.

Once you’ve created an account, all 3 providers offer a virtual card to use online and for mobile payments - or you can order a physical card for in person payments and withdrawals. Add money to your digital account - usually from your bank or with another card - and then start spending. Maybank also lets customers fund Mae with cash over the counter or through an ATM deposit, and BigPay also has cash deposit options available for a fee.

Mae vs BigPay vs Wise fees

Here’s a head to head of the key fees from all providers - remember to read the full fee schedule before you sign up.

Mae vs BigPay vs Wise : which is cheaper for international transfers? 

Mae doesn’t offer international transfers specifically - but you can send payments with Maybank through the normal Maybank2U online banking system. When it comes to BigPay and Wise the way international transfer fees work varies.

BigPay has a fixed fee depending on the destination. This is from 3.5 MYR to 22 MYR. There may also be a fee added to the exchange rate used to convert your MYR to the currency needed for deposit.

Wise doesn’t add a fee to its exchange rate. Instead there’s a simple, transparent fee from 0.35% which you’re shown before you confirm your payment.

Which is cheaper for you will depend on the specific service you need - compare both to see which fits your needs.

Mae vs BigPay Vs Wise exchange rates

If you spend overseas with your card, or send a payment, you’ll need to know the currency exchange rate which applies. The costs of currency conversion can be different for different transaction types.

For card spending, Mae offers a preferential rate - but you’ll need to look in the app to see what exactly that is. Compare the rate against the mid-market rate to see if there’s any extra fee combined here.

On cards, BigPay uses a 1% fee + any network charge applied. This is cheaper than many foreign transaction fees on bank debit or credit cards. For international transfers, BigPay will show you the applicable rate before you confirm - which is likely to include a markup.

When you spend with your Wise card, or send a Wise payment, you get the mid-market exchange rate with low conversion fees from 0.35%.

Mae vs BigPay vs Wise : which is faster for international transfers?

How long any international transfer takes can be influenced by many different factors, including the destination, the currency, and the recipient bank’s processes.

With BigPay, transfer speed can change a lot depending on the country. Delivery times can be from a few minutes to 2 working days depending on destination.

Wise payments are usually pretty quick. 60%+ arrive instantly or in seconds, while 90% are there in 24 hours.

Mae vs BigPay vs Wise  international transfer limits

As we've seen, Mae doesn’t offer its own international transfers. Here’s a quick comparison of the limits when sending payments with BigPay vs Wise:

Mae vs BigPay vs Wise : Payment methods

You can pay into all providers with a card or bank transfer. With BigPay and Wise you can also deposit cash. Varied top up fees may apply depending on the provider and the deposit method.

Ease of use

• Creating an account: Make an account online or in app with all 3 providers

• Making a transfer: Send money online and in app with Wise or BigPay - with Mae you can’t transfer unless you use Maybank2U instead

• Ways to send money: Send money for bank deposit with Wise or BigPay

• Minimum & maximum amounts: BigPay has variable transfer limits that you’re notified of in the app - Wise has a high limit of around 1 million GBP or the equivalent for many currencies. If you’re sending from MYR, Malaysians and expatriates can send up to 30,000 MYR/day. You may be able to make multiple transfers of up to 30,000 MYR in a single day when sending from a Wise balance. Foreign workers sending MYR can send up to 5,000 MYR/month

Supported currencies

For holding, Mae and BigPay support MYR only. Wise supports MYR and 40+ other currencies. You can use all 3 cards for international spending in many countries around the world.

Safety

All 3 providers are regulated in Malaysia by the Central Bank. BigPay is also MAS regulated in Singapore. As a global provider, Wise is regulated in many countries and regions globally - wherever it offers services.

Mae vs BigPay vs Wise customer service

For all 3 providers you can get customer service online and by opening an in app chat. Depending on the type of issue you may also be able to get phone support. Mae is issued through Maybank - which means you can also get help face to face if you need it by calling into your local branch.

Conclusion: Comparing Mae, BigPay and Wise

Mae has the backing of Maybank, and offers MYR accounts and cards which can be used globally. There are many local services available such as buying flights and paying in stores by QR, but you can’t access international services like overseas payments directly through Mae - you need to use the main Maybank online banking service instead.

BigPay has local Malaysian services as well as a card you can use internationally. You can also send payments with BigPay to a good selection of countries and regions, with a flat fee. International card spending attracts a 1% BigPay fee.

Wise is an international account and card which can be used globally, to hold and exchange 40+ currencies and to spend in 150+ countries. You get the mid-market exchange rate with low conversion costs from 0.35% when you use Wise, and can also send and receive foreign currency payments easily.

Mae may be your pick if you prefer to use a bank backed service where you can get face to face help in a branch. BigPay might suit if you like to use local providers but still want to be able to transact internationally. If you need a truly international account with flexible multi-currency options, Wise could be your perfect match. Use this guide to decide which might meet your specific needs.