Wise Card Review for Malaysia 2024

Wise launched in 2011 with a mission to challenge the banks and make transacting internationally cheaper, faster, and easier - with no hidden charges or sneaky exchange rate hikes.

Wise offers a range of products including multi-currency accounts, international transfers and Wise international debit cards in Malaysia.

This Wise debit card review covers all you need to know about the Wise card features, fees, international travel and more.

Table of contents:

• Wise card features and benefits

• Is the Wise card worth it?

• What is the Wise card? and How to use it

• How does the Wise card work?

• Wise card limits and Wise debit card fees

Quick summary: Wise card in Malaysia

There’s an in-depth Wise debit 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

• 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

  

Pros and cons of the Wise debit card

Is Wise card safe to use in Malaysia?

Yes. The Wise card is safe to use.

As a company, Wise is regulated by Bank Negara Malaysia, as well as being covered by regulatory bodies all over the world. That means that no matter what currencies you hold on your Wise debit card, you know your money is kept safely and in accordance with global laws and best practices.

Wise accounts have a range of security features including thorough verification processes, 2 factor authentication and a 24/7 fraud prevention protocol. Additionally, Wise debit cards can be frozen instantly in the Wise app if you’re concerned about security, with real time transaction notifications and the option to check your balance and account history in a glance in the app.

What is the Wise card?

The Wise card is a debit card - not a credit card - that’s linked to a Wise multi-currency account. It’s great for spending and making cash withdrawals, online, at home and abroad - and best of all, you’ll get currency conversion using the mid-market exchange rate whenever you choose to spend in a foreign currency.

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 compared to banks.

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, fee-free ATM withdrawals, 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 debit card to make it easier to spend and make cash withdrawals from your Wise account balance, all over the world.

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 free cash withdrawals 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 0.43%.

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 withdraw 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 0.43%.

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 instantly

   After 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 these currencies: 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 bank details for eligible currencies.

Log into your Wise account to see the local bank 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 card fees you can expect to meet when ordering and using your Wise multi-currency debit card:

*All information correct at the time of writing - 14th March 2024

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 is different to banks and most other international card providers. 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 tricky fee, 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.

Here’s a rundown of the standard Wise personal debit card limits by transaction type:

*All information correct at the time of writing - 14th March 2024

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, just like any other bank account, 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. 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 regular bank’s debit card.

Your regular 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 average out at about 0.6% for most transactions. That means that you can 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.

How to get your Wise debit card in Malaysia

Here’s how to get a Wise card in Malaysia in just a few simple steps:

• Open a Wise account online in just a few minutes

• Top up your Wise account in the currency of your choice

• Order your Wise card for a one time 13.7 MYR fee

• Start spending with your digital card right away

• Your physical card will arrive in the post within 2 weeks

If you don’t already have a Wise multi-currency account it’s good to know you can register in just a few minutes using your email address, Facebook, Apple or Google ID.

You’ll also need to complete a verification step for security - all you’ll need for this is your passport or Mykad. Your account can be up and running as soon as it’s been verified - which is often instant, or at least within 24 hours of registering.

Wise card delivery time in Malaysia

The physical Wise card should arrive in the post to your registered Wise address in about 2 weeks. Don’t forget, you can use your Wise virtual card instantly once your physical card is ordered.

How to activate your Wise card in Malaysia

Once your physical card arrives in the post, you’ll need to activate it to be able to make contactless payments. This is done simply by making a purchase using your PIN number - or if you’d prefer you can make a cash withdrawal or check your balance in an ATM. You’ll be able to find your PIN, as well as your card number and CVV code, in the Wise app at any time.

Wise card countries: Where is the Wise card available?

If you have a Wise account and are a resident of any of the following countries and regions, you can apply for a Wise debit card: EU and EEA, United Kingdom, United States, Canada, Singapore, Switzerland, Malaysia, Japan, Australia, New Zealand and Brazil.

Wise card vs credit card

If you’ve already got a credit card you use regularly from a Malaysian bank you may be wondering what the difference is between Wise vs credit cards.

Overall, using your Wise card when you’re spending internationally may work out cheaper than spending and making withdrawals with your credit card. That’s because Wise has no foreign transaction fee and no cash advance fee, plus currency exchange can cost as little as 0.43%. However, with the Wise card you won’t earn cashback or rewards points as you might with your normal credit card - and there’s no option to spread the cost of your spending out over several months as there is with a credit card, either.

Here’s a summary of Wise vs credit cards to consider:

Whether Wise vs credit cards are better for you will depend on the way you use your account, and your own personal preferences. Use this guide to learn more about the Wise debit card, and compare with your current credit card to help you decide.

How to use Wise card for shopping online

Use your Wise debit card to shop online locally and at international e-commerce stores in exactly the same way you would your standard debit or credit card. Plus, it’s safe too, allowing you to freeze and unfreeze your card for extra security via the app.

You can also choose to either use your physical card details when making purchases over the web or create a virtual card for fast and secure shopping. To use the Wise virtual card for online shopping, just follow these simple steps:

1. Set up your free Wise account, order your physical card and top up your account once verified

2. In the Wise app or website, go to the ‘Digital Card’ section and choose ‘Get a digital card’

3. Once your digital card is set up, you can link it to your digital wallet and start spending online

4. Once you’re ready to pay, choose the ‘Check Out’ option and follow the prompts, using your virtual card number, just as you would your actual physical debit card.

Conclusion: Is the Wise card worth it?

The Wise debit card can make life easier - and help you save money - if you travel often, or love to shop with international e-commerce stores.

Wise currency exchange uses the mid-market exchange rate with no markup and no hidden fees - and with the Wise debit card’s smart auto convert feature you don’t even need to switch currencies before you travel. These are only a couple of Wise cards benefits as an international debit card.

Leave the Wise card to switch to the currencies you need, when you need them, with the lowest possible fee.