1. Spend in MYR while shopping internationally.
One bit of advice lah: if they offer it, don't pay in pounds or dollars on a card over there. Pay in local currency with your card. Though it is a lot easier to make transactions in foreign currencies when travelling, or navigating through an international website, in most circumstances, it will cost you even more.
The reason is, Visa or Mastercard will set a terrible exchange rate, followed by additional charges by your bank to complete the transaction. On the contrary, the rate used by your card provider when paying in local currency will be lower than the rate used by the retailer or foreign bank when paying in foreign currencies.
So, before you check out and swipe that card, double-check the amount before you pay as some businesses may suka-suka assume you want to pay in the currency of that region.
Image source: Wise
2. Use a multi-currency card to get better exchange rates.
The best thing about owning a multi-currency card is that it allows you to spend in numerous currencies regardless of where you are, with superior conversion rates and little to no conversion fees. This way, barulah you can take control of your spending more efficiently.
You can switch between currencies anytime, make secure payments, receive fast transaction alerts, and have the power to freeze your card instantaneously. Plus, you can also ‘action’ shopping like locals by withdrawing cash from your multi-currency account at ATMs globally with your card.
Image source: zoho
3. Pay with MYR, but receive funds like a local!
As we have established, paying with MYR overseas can save a lot of money thanks to better exchange rates and lesser hidden costs. But, if you are the receiver, we advise you to receive funds from international senders in their local currencies.
Why? With the help of a multi-currency account, you can easily convert received payments to MYR with much lesser bank fees and fairer conversion rates!! If you opt to get paid in MYR, your total received funds will be much lesser thanks to their bank’s transaction fees and ridiculous exchange rates.
So next time you receive funds from international senders, make sure it’s in their local currency!
4. Manage overseas property in MYR, then convert to dollars.
Even if you can afford properties overseas, it doesn’t mean you can’t ‘berjimat’. Every property purchase comes with utility bills, taxes, and other mandatory fees. Although it is the default to pay in the currency of the region, do not stick to the status quo!
Paying in pounds or dollars or euros instead of MYR might look easier, but the massive additional charges from the bank and terrible exchange rates won’t justify the convenience. You’ll end up having to pay twice the amount you should have originally.
Image source: Wise
So, do we think shopping and paying with MYR is better?
Generally, yes! But we get it. Remembering all these tips can be confusing. However, things can be much easier when you have a multi-currency account, like Wise!
Wise allows you to store, receive, or convert any currencies at the best available rates, with no hidden cost. It is secured and mobile, allowing you to make foreign transactions anytime anywhere safely.
Therefore, if you’re looking to make any international transactions, we recommend you make yourself a multi-currency account as it is the best way to save up on hidden costs and get better exchange rates.
Oh and don’t forget to check out RHB personal loan. Who knows, it might come in handy.
Hey, don’t gatekeep this to yourself! Spread the words, and let’s be wiser spenders.
*The above article is intended for informational purposes only. Loanstreet accepts no responsibility for loss that may arise from reliance on information contained in the articles.
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