Wise Card Review for Malaysia 2024

Quick summary: Wise card in Malaysia

There’s an in-depth Wise card review coming up - first let's look at the key features, pros and cons of the Wise debit card.

Wise card benefits

• Hold and exchange 40+ currencies in your Wise account

• Spend in 150+ countries, with no foreign transaction fees using your Wise travel card

• Some fee-free ATM withdrawals* every month, with low fees after that

• Convert currencies with the mid-market exchange rate and low conversion fees

• Wise virtual cards are available in Malaysia

• View and manage your account in the Wise app

• Freeze and unfreeze your physical card and virtual cards instantly from the Wise app

• Wise is regulated by Bank Negara Malaysia and overseen by authorities all over the world

Wise card review: Is the Wise card worth it?

Wise is intent on revolutionizing the way people transact internationally, to make it cheaper, faster and more convenient than ever.

The Wise card is a great addition to Wise’s suite of products, offering easy ways to spend in person, on the move, and online, and make ATM withdrawals, with the mid-market exchange rate and low, transparent fees.

Who is the Wise debit card for?

The Wise debit card is a great way for lots of people to manage their money conveniently - and cut transaction costs at the same time.

The Wise debit card is a perfect fit for:

• Travelers looking to make contactless or mobile payments

• Anyone on holiday who wants to withdraw cash cheaply from local ATMs

• People who love to shop online with international retailers

• Anyone who wants a low cost, secure account with both virtual and physical cards

How to use the Wise card

The Wise card can be used for online and in-store purchases in 150+ countries. You can get a Wise card in Malaysia, and spend money internationally. Wise card offers great benefits as an international travel card such as no foreign transaction fees, ATM withdrawals with no Wise fee to plan limits, and multi-currency function with 40+ currencies.

Here are some ways you can get the best out of your Wise card:

• Top up in the currency you prefer and check your account balances at a glance in the app

• Spend any currency you hold in the account for free, when you have enough balance

• Make withdrawals in 150+ countries

• Switch currencies with the mid-market exchange rate and low, transparent fees

• Auto convert feature makes sure you pay the lowest possible fee when spending currencies you don’t hold in your account

• Transaction notifications for security

• Create virtual cards, freeze/unfreeze easily for secure spending online

How does the Wise card work?

The Wise international debit card is linked to a Wise multi-currency account, which lets you hold, exchange, receive and send payments in 40+ currencies. Order a linked Wise travel card to make it easier to spend and make cash withdrawals from your Wise account balance, all over the world.

One major Wise card benefit is that it’s free to spend currencies you hold in your account, when you have enough balance for your purchase. And if you don’t have the currency you need in your account, the Wise debit card can automatically convert the amount for you from whichever available currency account has the cheapest conversion fee possible. That means that there’s no need to worry about converting money before traveling, because you’ll know you’re getting the best available deal.

What are the benefits of the Wise travel card?

With the Wise debit card, you can effortlessly hold and spend over 40 currencies in one account, enjoy some cash withdrawals with no Wise fee, and make purchases in over 150 countries with no foreign transaction fees. If you don't have the currency balance you need, the Wise card will automatically convert your money at the mid-market exchange rate with low conversion fees starting from 0.57%.

Can I use my Wise card abroad?

Yes. Your Wise card has been optimized for international use, including payments in person, mobile payments using a wallet like Apple Pay, cash withdrawals, and online shopping.

Wise card supported countries

You can use your Wise card in 150+ countries around the world, including Singapore 🇸🇬, Thailand 🇹🇭, Indonesia 🇮🇩, Australia 🇦🇺, Japan 🇯🇵, China 🇨🇳, South Korea 🇰🇷, United Kingdom 🇬🇧, United States 🇺🇸, Vietnam 🇻🇳, Taiwan 🇹🇼, Hong Kong 🇭🇰, New Zealand 🇳🇿, Philippines 🇵🇭, India 🇮🇳, France 🇫🇷, and Italy 🇮🇹.

Learn more here: How to use Wise card abroad

How to withdraw money from Wise card

The Wise debit card is linked to your Wise multi-currency account, meaning it's easy to spend when you’re traveling. Making it a convenient choice when you want to spend and withdraw money at home and internationally alike. However, for security reasons withdrawal and spending limits apply, with Malaysian card holders able to withdraw 23,000 MYR per month and spend 170,000 MYR per month.

It’s free to make 2 withdrawals up to 1,000 MYR/month, with fees of 5 MYR + 1.75% after that, and the card can automatically switch your balance to the currency you need with low conversion fees from 0.57 %.

Here’s how to withdraw money using your Wise card:

1. Check the ATM you’ve picked supports the network your Wise card has been issued on

2. Insert your Wise card into the ATM

3. Follow the prompts to confirm you want to withdraw cash

4. Enter the amount you want to withdraw

5. Enter your PIN - this can be found in the Wise app

6. Your cash will be dispensed

Checking on your ATM withdrawal limit is easy too - just go to your Wise app and under ‘Cards’ click on ‘Limits’.

Wise virtual card

The Wise virtual card - also known as the Wise digital card - allows you to make payments online and in stores with your phone. Simply add your Wise virtual card to a mobile wallet like Apple Pay or Google Pay, to make contactless payments in stores and buy things online.

• You can have up to 3 virtual cards at any one time which can make it easier to manage your budget by assigning different spending types to different cards.

• Virtual cards are free to create

• Wise virtual cards have different card details to your physical card, and can be frozen instantly whenever you’re not using them - offering a handy added layer of security.

• You’ll be able to start using your Wise digital card as soon as you order your physical card, with no need to wait for the physical card to be delivered.

How to pay with Wise digital card

The Wise virtual card is available in Malaysia, and can be accessed as soon as you’ve ordered your Wise physical card.

Here’s how to set up and start spending with the Wise virtual card:

1. Open the Wise app and tap ‘Cards’

2. Click ‘Get a digital card’

3. Your Wise virtual card will be created instantlyAfter that, you can add your virtual card to a wallet like Apple Pay or Google Pay, or use the virtual card details for online shopping.

Using Wise card with Apple Pay in Malaysia

You can use Apple Pay in Malaysia with your Wise card. That means you can make contactless payments with just your phone or other iOS device.

Here’s how to set up and start spending using Apple Pay and Wise:

1. Open the Wallet app on your Apple device

2. Add your Wise card by scanning it with your phone’s camera, or by entering the details manually.

3. Set up a screen lock on your device if you don’t already have one

4. You’re ready to go - just tap and pay next time you want to make a mobile payment with your phone!

Learn more here on How to use Wise digital card.

How to top up your Wise card in Malaysia

Your Wise debit card is linked to your Wise multi-currency account. To add money to your Wise account, you’ll need to take the following steps:

1. Log into your Wise account online or in the Wise app

2. Select the currency balance you want to top up

3. Tap ‘Add’

4. Confirm the currency you want to pay with

5. Enter the amount you want to top up and select a payment method

6. Check everything over, confirm and follow the prompts to complete the payment

In Malaysia, you can top up your account in currencies including: Malaysian ringgit (MYR) 🇲🇾, British pounds (GBP) 🇬🇧, Euros (EUR) 🇪🇺, US dollars (USD) 🇺🇸, Australian dollars (AUD) 🇦🇺, New Zealand dollars (NZD) 🇳🇿, Singapore dollars (SGD) 🇸🇬, Canadian dollars (CAD) 🇨🇦, Turkish lira (TRY) 🇹🇷 and more.

You can add money to your account in Malaysian ringgit, and then convert to other currencies whenever you need it.

You can also add money to your Wise account directly from your online banking service using your local account details for eligible currencies.

Log into your Wise account to see the local account details for your preferred currency and use these to transfer money directly from your bank account in that currency.

Wise card fees

The Wise card doesn’t have monthly or annual fees. There is only a one time order fee of 13.7 MYR.

Here’s a rundown of all the Wise card fees you can expect to meet when ordering and using your Wise multi-currency debit card:

Wise exchange rate

When you switch currencies with Wise you’ll get the mid-market rate with no hidden markup - when you spend with your Wise debit card, convert currencies within your Wise account, or send an international payment.

Wise was created with a mission to make currency conversion cheaper and more transparent. This may not be the same way your bank works. Typically, the exchange rates you get from other providers will include a markup which is added onto the exchange rate used. That’s an extra fee, but it’s hard to spot and pushes up the prices you pay without you necessarily knowing it. To avoid this, Wise uses the mid-market exchange rate and splits out the full costs of currency conversion for transparency.

You’ll be able to see the full fees you pay when you switch currencies within your account - and if you use the card’s auto convert feature, you can be sure the transaction will be processed with the lowest fee possible.

Wise card limits

Your Wise card comes with default set limits which you can change if you would like to. Daily and monthly limits apply - daily limits refresh each day at midnight, while monthly limits restart on the first day of each calendar month. If you’re not happy with the default limits it’s easy to change them to suit you - just log into your account on the Wise app or desktop site.

Initially, your monthly limit and daily limit will be set to the same amount. You can then adjust your daily limit down for additional security if you would like to. In Malaysia the limits are as follows:

• Monthly ATM limit - 23,000 MYR

• Monthly spending limit - 170,000 MYR

Is the Wise card a credit card?

The Wise card is an international debit card, linked to a low cost multi-currency Wise account. So while you’ll have to top up your balance in advance, you won’t have to apply for a credit check that could affect your credit history, run the risk of interest charges creeping in or getting into debt.

More information: Is Wise card debit or credit?

Is the Wise card on Mastercard or Visa?

The Wise card is issued on a globally accepted network and can be either Visa or Mastercard. You’ll be able to check the network your card is issued on by looking for the logo on the physical card.

How do Wise card fees compare for spending abroad?

Spending in foreign currencies with a Wise card could be significantly cheaper compared to using your bank’s debit card.

Your bank is likely to add a foreign transaction fee to every purchase or withdrawal you make in a different currency - this is often in the region of 3% of the cost of the transaction.

Wise on the other hand uses the mid market exchange rate with low fees which start from 0.57%. That means that you could cut your costs whenever you use a Wise debit card to shop when you travel, spend with international ecommerce stores, or make a cash withdrawal overseas.