According to Wise, Malaysians spent over USD 2.5 billion in card fees when shopping overseas between 2015 and 2020, and each year, an average of USD 35 million of those fees were made up of hidden transaction fees and exchange rate markups. Wise says that with its service, users will be able to save money as it doesn’t charge these unnecessary fees.
Wise claims that its multi-currency account is the first to offer conversions at the real exchange rate with no foreign transfer fees to more than 200 countries and territories. The accompanying prepaid card that comes with the account also has an auto-conversion feature that chooses the cheapest possible currency to convert money from when using the card.
Moreover, customers will also be able to receive money from 10 currencies like a local would. They can do so for the Malaysian Ringgit, British pound, Euro, US Dollar, Australian Dollar, New Zealand Dollar, Singapore Dollar, Canadian Dollar, Hungarian Forint, and the Turkish Lira. Once they verify their ID and make a deposit of USD 23, they can get local account details for any of these currencies, such as account numbers and bank codes.
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