People who study , live or work in Australia and want to transfer part of their hard-earned money back to Malaysia, how should they choose? How can I get the most favorable transaction fee if I want to deposit funds for our investment trading platform? I already have a BigPay card in my hand, why do I need another card? Let me clarify it for you today.
Hello everyone, this moment has finally come. Actually, I have wanted to write articles about this aspect a long time ago, but due to security and other related reasons, especially when it comes to financial tools, I am generally very cautious. If you haven’t figured it out enough, you really don’t have enough confidence to give a positive evaluation, especially today’s protagonist is Wise (formerly known as Transferwise), a tool that involves money, and you need to check it very carefully, otherwise you’d rather delay Hair will not risk promotion. So after 2 years of using it, I'm giving Wise a go today.
a brief introdction
Wise , formerly known as TransferWise , is a UK-based fintech company that initially focused on online money transfer services but has since branched out into consumer and business account services. The company was founded in 2010 by London-based Estonians Taavet Hinkirus and Kristo Kaarmann , who decided to create the company after experiencing expensive transfers between UK and European bank accounts, and their mission is very Clearly, it is to provide transfer services with transparent fees and low prices through the innovative P2P model. And on July 7, 2021, Wise was officially listed on the London Stock Exchange with the stock code LSE:WISE.
BigPay VS Wise
I believe that if you talk about BigPay , everyone should be familiar with it, especially for Malaysians. If you still want to know more about BigPay , you can click What is BigPay ?
First of all, the most obvious point is that BigPay is a loyalty card. Although it also provides services such as currency exchange and foreign exchange trading platform deposits, it is still slightly inferior to Wise in terms of convenience and comprehensiveness. BigPay’s biggest The feature is still AirAsia Big Points , while Wise is more like an online banking center, providing far wider and more comprehensive services than BigPay .
- If necessary, you can also register for BigPay here
Why choose Wise?
If you are an online creator, start a side business such as e-commerce, and also have the need to invest in foreign stocks, you will definitely face the problem of complicated remittance and high handling fees, and Wise solves this problem Pain points, so no matter what your needs are: online earning collection, entrepreneurial payment, remittance for working in Australia, part-time job, withdrawal/deposit of foreign exchange platform, investment in online money-making projects, stock investment, financial management, etc. Wise will come in handy just in time. In Australia, I compared many foreign exchange service providers, and finally chose Wise. Having said that, I have to say four reasons why I decided to use Wise for a long time.Top 4 Reasons to Use Wise Long-Term
(1) Convenient and fast international remittance
When I first started exchanging currency, I was still skeptical, but after verification and long-term use experience, I found that my doubts were unnecessary . It is 900507, which is a legal electronic currency institution. In addition, Wise has also obtained regulatory licenses from many countries, such as the United States, Australia, Hong Kong, Singapore, and Japan. In Malaysia, Wise Payments Malaysia Sdn. Bhd. Bhd is a Money-changing & remittance business registered under the Money Services Business Act 2011 ].
Wise's exchange rate is amazingly fast, usually completed in as little as 1 hour, and in many cases, up to 50% of remittances are completed within 30 seconds, and there are no hidden extras in terms of exchange rates and handling fees The charges are the most friendly and reasonable among many exchange service providers.
exchange rate
(2) Exclusive Wise Debit Card supports overseas ATM withdrawals and card consumption
Wise has issued an exclusive Debit Card (also known as Prepaid Card), which allows users to freely withdraw money at domestic/foreign ATMs and swipe the card for consumption. It is especially suitable for people who often travel abroad or study abroad. But there are some fees that must be kept in mind.
Charges for using the card
But don't worry, the good news is that you can directly import Wise Debit Card into your Apple Pay / Google Pay and use it directly. You only need to recharge the currency you need to use, and you can save the above fees in various places and continue to swipe the card for consumption , safe and easy.
It currently supports users from several countries including Malaysia, Singapore, Japan, the United Kingdom, the United States, Europe, and Australia. ( Click here to see which countries can apply for Debit Card )
(3) Fully support overseas collection
If you have overseas business and are also a freelancer, then you will like the function of Wise very much. Wise supports overseas collection. For example, one day you return to China after studying in Australia, and the business you have in Australia can still be normal. Even if you don't have a US bank account, you can still receive local currency (US dollars) like a local.
This service currently supports receiving local bank accounts in 12 countries and remitting money in local currencies, such as the United Kingdom (GBP), the United States (USD), Canada (CAD), Australia (AUD), Singapore (SGD), and Malaysia (MYR). Taiwan and Hong Kong are temporarily unavailable. ( Click here to see which countries are not available)
Automatic configuration of local receiving bank account number
(4) Flexible storage of more than 50 currencies
In addition to international remittance services, Wise also provides Wise Multi-Currency Account service, a foreign currency account for fund custody, allowing users to deposit foreign currencies (such as US dollars, British pounds, Euros, Australian dollars, New Zealand dollars, etc.) into the account, and when necessary Specific foreign currencies can be directly debited.For example, if I subscribe to a service denominated in U.S. dollars such as Bloomberg, then I can directly use the U.S. dollars in the Multi-Currency Account to pay, and the system will intelligently deduct the U.S. dollars in the corresponding account.
This kind of normal payment without having a local bank card/credit card is the biggest reason why I like Wise the most. Imagine how many unreasonable exchange rates and handling fees I will be charged by the bank if I pay according to the formal procedures. ? But now I just need to spend as usual. I usually deposit US dollars in the Multi-Currency Account in advance when the US dollar exchange rate is good. This function of pre-depositing US dollars is applicable to any foreign currency, especially under the current situation of continuous depreciation of the Malaysian ringgit, there is no reason for you to use more Malaysian ringgits to buy services of the same value in US dollars, right? If you use it well, it will definitely save you a lot of costs!
Who is suitable for Wise service?
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US stock investors - If you are a user of Futu Securities (Singapore) Moomoo , Futu Securities (Australia) Moomoo , TD Ameritrade, Interactive Brokers, Tiger Securities and other US stock trading platforms, and you have a Singapore bank account, Wise can help you save A lot of deposit costs on exchange rates and handling fees.
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People who work abroad - No matter you are working in Singapore, Australia or any other country, Wise can provide you with a favorable exchange rate
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Internet celebrities, content creators - If you have overseas business or need to receive foreign currency frequently, then this tool is definitely a good helper for you
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People who often need to travel or study abroad
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people who often travel abroad
Summarize
In the past, to exchange currency, we needed to go out and compare with each currency exchange provider. It was basically a very difficult thing to find a currency exchange service provider that suits us, and even if we found one, we would never get one that was relatively satisfactory exchange rate, because money changers also need to make money; but with the rapid development of technology today, the popularity of Wise has even affected the business of traditional money changers, so how can we not improve it? After all, our time is precious, and we should focus on things that can bring us productivity instead of wasting time. So it is very necessary to choose a good assistant.
If you also want to save a lot of cost, you can click to open an account immediately . Of course, if you feel good after using it, you can also recommend it to your friends. Wise will give you 145 Australian dollars as a reward for you😊
- By clicking the account opening link 🔗 , you will be exempted from remittance fees for the first AUD 1,000
Wise will give different rewards in different countries
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