Wise AUD Account Review [2024]

Australian government statistics show that Malaysians are one of the top ten most frequent visitors to Australia by nationality. If you count yourself among the many Malaysians heading to Australia for a holiday or business trip, or even to live, work or study, you might be wondering whether an AUD account is a good idea. An Australian dollar account can be a good choice as it lets you hold and exchange an AUD balance, making it more convenient to transact, send payments and make purchases.

In this Wise AUD account review, we look at the features and fees of the Wise AUD account, how it works, whether it's safe, and what else you can do with your Wise multi-currency account.

Wise AUD account key points

• Wise accounts have multi-currency features so you can hold and exchange 40+ currencies including AUD

• Order a Wise card to spend and make withdrawals conveniently in Australia and beyond

• You get the the mid-market exchange rate when you convert a balance in your account, make a payment, or spend with your Wise card

• Malaysian residents can get MYR bank account details as well as AUD details, and local account information in 8 other currencies

• Send international transfers to 160+ countries and with low fees from 0.43%

• No monthly fee and no minimum balance

• Safe to use, fully regulated and licensed, and with built in security features as standard

Pros and cons of Wise AUD account

What is a Wise AUD account?

You can open a Wise multi-currency account and then activate an AUD balance to allow you to hold, exchange, send, spend and receive Australian dollars conveniently.

Because Wise accounts are built for international use you’ll also be able to pay and get paid in a selection of other currencies - you’ll have bank details for 10 currencies in total, including AUD and MYR, and you’ll be able to hold and exchange 40+ currencies in your account. Learn more: Wise account review

If you’re planning a trip to Australia you can use your Wise AUD account to help cut the costs of your spending. Add money in ringgit and switch to AUD in advance.

There’s no fee to spend a currency you hold with your Wise card when you have enough balance, and you’ll get some monthly free ATM withdrawals too. Or, if you’d prefer, just leave your balance in MYR and the card will convert to AUD when you make a payment or withdrawal. You’ll still get the mid-market exchange rate, and the card will convert your balance from the currency you hold that incurs the lowest possible fee so you don’t lose out.

Wise AUD account details

When you open a Wise account you can activate a balance in Australian dollars to get AUD bank account details including a bank account number and a BSB code.

Just give these details to anyone that needs to send you a payment in AUD and you’ll be able to receive your money to Wise with no Wise fee to pay.

The sender will be able to select a local payment method, too, which is usually far cheaper than sending an international transfer.

Can I open a Wise AUD account in Malaysia?

Malaysian citizens and residents can open an AUD account conveniently and without even leaving your home. We’ll cover how to do that, next.

How to open an AUD account in Wise

Wise is a digital only provider which means there’s no branch network. Instead, you’ll open your Wise account online or in the Wise app, and complete the onboarding and verification steps electronically.

Here’s how to open an AUD account with Wise:

1. Download the Wise app or open the Wise desktop site

2. Click Register an account and enter your email address, FaceBook, Google or Apple ID

3. Upload your documents for verification - your MyKad or passport and visa

4. Once your account is verified you can open a currency balance, order a Wise card, and start transacting.

How can I activate an AUD account in Wise?

As we’ve seen, Wise supports AUD as well as MYR and a whole lot of other currencies too. To start using your Wise account to hold, receive, send and exchange Australian dollars, you’ll need to first open an AUD currency balance.

Follow these steps to activate your AUD currency balance in the Wise app:

1. Log in to your account on the Wise app

2. Tap Open in the app homepage

3. Select Currency Balance and then AUD

4. Tap Add - look out for the + symbol

5. Enter the amount you want to top up, and the currency you’ll pay with

6. Top up your balance using your preferred payment method

When is a Wise AUD account needed?

Wise AUD accounts can be helpful for short term visitors to Australia, people who live, work and study there, anyone sending or receiving AUD payments, or online shoppers who pay merchants based in Australia.

A Wise account has broad functionality, and no ongoing charges. So once you’ve set up your Wise account and ordered your card, you can use it whenever you shop online with international retailers, when you travel and for those times you need to send and receive international payments. You’ll be able to access the mid-market exchange rate for currency conversion, and there’s no foreign transaction fee to pay either.

How does Wise AUD account compare?

Wise is not a bank - it’s a specialist non-bank alternative that’s regulated by Bank Negara Malaysia. If you’d prefer to look for an AUD account from a bank, that’s also possible. However, it’s worth remembering that some foreign currency accounts offered by banks in Malaysia are aimed more at people who want to save in foreign currencies, rather than those who need an account for everyday use. That can mean the minimum balance requirements are pretty restrictive, and you may not get a debit card either.

To give you a couple of options to compare, we’ve lined up the Wise AUD account next to the AUD account options from RHB and Maybank.

Information correct at time of writing, 20th November 2023

Picking the right AUD account for your needs may take a bit of research. The features available vary pretty broadly, so it’s important to read through the account documents carefully before you sign up. Some foreign currency accounts from banks focus on people who need to save in AUD - so you may be able to earn interest or lock your money into a time deposit for example. Others are more flexible, but may still have fairly high operating costs - while digital providers like Wise tend to work to keep the costs of transacting as low as possible while offering a good array of features for travellers and expats.

Wise AUD Account fees

Wise accounts are free to open for personal customers, but there are a few costs you’ll want to check out before you sign up. Here’s a rundown:

Information correct at time of writing, 20th November 2023

Wise AUD exchange rate

Wise uses the mid-market exchange rate for currency conversion. But what does that really mean?

The mid-market rate is the one that’s shown on Google or in a currency conversion tool, and the one banks and exchange services get when they buy and sell foreign currencies on wholesale markets. Banks and currency exchange services can pick their own customer exchange rates - and will often add a markup to the mid-market rate when they’re working out their rates. That means you’re paying a fee every time you convert currencies - but to spot it you’d need to do a bit of maths yourself.

Wise prefers to be transparent and so uses the mid-market rate and splits out all the costs involved with currency conversion so you can see exactly what you’re paying when you exchange a balance in your account or spend a currency you don’t hold in your account.

How does Wise AUD account work?

The Wise Australian dollar account is optimised to make it easy to open and use:

• Account Creation: Download the Wise app or open the Wise desktop site to register your account and get verified

• Fund Transfers: Top up your Wise account in MYR and you can then convert to AUD yourself in the Wise app, or just let the card do the conversion when you pay for something

• Sending and Receiving Payments: Transfers can be made to 160+ countries including Australia, and you get the mid-market exchange rate with fees from 0.43%. Over 50% of Wise transfers arrive instantly, and over 90% are deposited in 24 hours

How to receive AUD in your Wise account

You can add money to Wise yourself, but you can also have someone else send you a payment if you need to. If you’re expecting to receive a transfer in AUD just give the sender the Wise AUD account details that come with your account. These details can be used to send money to Wise using a local transfer method, which is usually cheap or free for the sender - and there’s no fee from Wise to receive an AUD payment, either.

The Wise AUD bank details you’ll get include your bank account number and BSB code - which is all you need to start getting paid seamlessly in Australian dollars.

How to use the AUD account abroad

Use your Wise AUD account to transact in Australian dollars at home, and when you travel. You’ll have 24/7 access to your Wise account through the Wise app, so you can easily check your balance, exchange currencies or make payments. Plus,  if you’re planning a trip you can order yourself a Wise debit card so you can easily pay and make withdrawals from your Wise account when you’re away.

What is the eligibility for a Wise AUD account?

There are no restrictive eligibility requirements to open a Wise account in Malaysia. Generally, the following is all you’ll need:

• You’ll need to be 18 or over

• You’ll have to use a smartphone or laptop

• You need a valid ID like your passport or MyKad

• You’ll be asked to provide proof of address

If you’re not a Malaysian resident you can also choose to open a Wise account using your home country proof of address and your valid ID. Bear in mind that the features and fees you get with a Wise account do depend on your residence details, so double check all the account terms and conditions before you apply in case they’re different to those detailed in this guide.

Who is it good for?

A Wise AUD account can suit a lot of different customer needs. It’s handy for people who live and work abroad, or who travel a lot - particularly if you also order a Wise card for spending and withdrawals when overseas. Because the Wise account can be used to hold 40+ currencies, you can easily use your account and card the next time you travel, too.

A Wise account is also a popular choice for people who shop online with international retailers, as you’ll avoid foreign transaction fees and can transact securely with an account that’s not linked to your primary MYR bank account.

Related: Wise debit card review

Is a Wise AUD account safe to use?

As we’ve mentioned, Wise is not a bank. But as a financial service provider, Wise is still licensed and regulated by Bank Negara Malaysia - and as a global business, Wise is also overseen by regulators abroad, which means you can trust a Wise AUD account is safe to use.

The easiest way to manage your Wise account is in the Wise app - and it’s good to know there are helpful security features there, too. You can set up 2 factor authentication so nobody aside from you can access your Wise account, and you’ll be able to review your transactions, get instant account notifications, chat to Wise customer support, and freeze or cancel your card if there’s ever a problem.

Availability

Wise is available for Malaysian citizens and residents - plus you can also open a Wise account from a broad selection of other countries too.

Once you have your Wise account you can also get a Wise card to spend and make cash withdrawals in 150+ countries. Bear in mind that there’s a small list of countries where Wise cards can not be used - usually because of international sanctions or practical constraints. At the time of writing, Malaysian Wise cards can not be used in the following countries: Afghanistan, Belarus, Burundi, Central African Republic, Chad, Congo and The Democratic Republic of the Congo, Cuba, Eritrea, Iran, Iraq, Israel, Libya, Myanmar, North Korea, Russia, Somalia, Sudan and South Sudan, Syria, Venezuela, and Yemen.

Other available currencies

Hold and exchange 40+ currencies in your Wise account.

As well as local bank details for Australia and Malaysia, you can get local bank details for 8 other major countries and regions, to get paid in British pounds, euros, US, New Zealand, Singapore, and Canadian dollars, Hungarian forint and Turkish lira.

You can learn more about them here:

• Wise Euro account

• Wise Singapore Dollar account

• Wise USD account

Wise AUD account limits

You can’t hold more than the equivalent of 20,000 MYR in a Malaysian Wise account at any one time. That’s because of Bank Negara Malaysia regulations, and to keep accounts and customers safe.

Wise AUD account alternatives

As we’ve seen, AUD accounts from banks don’t always work in quite the same way as a Wise AUD account. But a bank foreign currency account may suit you if you prefer to transact in person or if you want to use your account to earn interest on your AUD balance. Here are a few options that may appeal so you can compare them:

• Maybank Master Foreign Currency Account - earn interest on eligible balances, no debit card issued

• RHB Multi-currency Account - AUD is one of 32 supported currencies, and you can get a multi-currency debit card too

• PBE Multi Foreign Currency Current Account - 12 currencies supported for holding and exchange, no debit card issued, but you can send and receive payments easily

• PBE Foreign Currency Current Account - hold and receive a single currency and earn interest as long as you hit a required minimum balance

Conclusion

A Wise AUD account is a flexible account which also lets you hold and exchange 40+ other currencies in the same place, and get paid with local bank details for up to 10 currencies. You can make payments to 160+ countries, which often arrive quickly or instantly - and you’ll be able to order a Wise international debit card to give you access to your money when you’re at home or abroad easily. Just use your Wise card to pay for things, with no fee to spend a currency you hold in your account, and mid-market currency exchange every time.

FAQs - Wise AUD account

How do I open an AUD account with Wise?

You can register a Wise account online or in the Wise app, and open an AUD currency balance to add money or receive payments with your own local AUD bank account number and BSB.

What is the account limit for Wise in AUD?

You can hold up to the equivalent of 20,000 MYR in a Malaysian Wise account. This includes the total of all currency balances you have open.

How do I add AUD to Wise?

Add AUD to Wise conveniently in the Wise app. Just log in, tap your AUD currency balance which is prominently displayed in the home page, then the plus symbol. You’ll be able to enter the amount you want to top up, the currency you want to pay with and the payment method to see the options available.