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Wise Drops Prices by up to 36% On International Transfers From M’sia

Updated 27 Sep 2021 – By Team Loanstreet

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Wise, the global technology company building the best way to move money around the world, has dropped prices by up to 36% on transfers from Malaysia to 18 countries including United States, South Korea, China, Bangladesh and Canada.

This latest announcement comes as part of a global price drop where 52% of Wise customers around the world will enjoy lowered transfer fees. 

Wise users in Malaysia will see cheaper and faster transfers, brought about by an increase in volume flowing through Wise from customers switching from banks as well as improvements in Wise’s operational costs, such as better management of foreign exchange volatility and faster transfer speeds. 

Image source: Wise
With 50% of Malaysians citing high costs of money transfers as a challenge, there is a clear need for cheaper, more transparent options. Indeed, the conventional way of sending money abroad through traditional financial institutions typically involves high charges and hidden fees such as an often undisclosed markup on the exchange rate used. This is a problem that Wise is solving for — by using the fair, mid-market exchange rate and clearly displaying the total cost upfront, so customers know exactly how much sending money abroad really costs. 

Lim Paik Wan, Country Manager, Wise Malaysia said: “When it comes to international payments, consumers in Malaysia are prone to paying more than they need to, as traditional providers tend to add an undisclosed markup on the exchange rate used. As Wise continues growing in Malaysia and around the world, more volume flows through Wise, allowing us to improve efficiencies across various parts of the business. This allows us to reduce our operational costs and pass on these savings to our customers so they will be able to send money for even less.

For more information on the new pricing, CLICK HERE.

*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.

ALSO READ: 3 Tips to Transfer Money Across Borders Effectively & Efficiently
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