12 Nov - 2 min read
It seems that money transfer service Wise is set to roll out its Wise debit in Malaysia soon, as several Wise accountholders have received invitations to test the card out for free.
“You’re invited to test the Wise card before it’s released in Malaysia. You can hold, convert, and spend in over 50 currencies – the perfect card for paying in foreign currencies. And we want you to try it first. For free,” Wise stated in its invitation.
The Wise card is a debit card that is tied to the Wise multi-currency account (previously known as the Borderless Account), allowing you to spend money around the world with low upfront conversion rate (of up to 3.69%) and zero transaction fees. On top of that, it can also be used to make selected online payments and mobile wallet purchases, as well as to withdraw cash from approved automated teller machines (ATMs).
Available in both physical and digital format, the Wise card was first highlighted during a rebranding exercise in February 2021, although there had been no plans to bring it to Malaysia back then. At present, it is available to several countries, including the UK, the US, New Zealand, Japan, and Singapore.
This roll-out of the Wise card in Malaysia is also likely tied in with the reintroduction of the Wise multi-currency account in Malaysia. To clarify, Malaysians were previously allowed to tap into the perks of the Borderless Account service, before it was eventually terminated for us in mid-2020 due to licencing and regulatory changes. Fast forward to today, Wise appears to have quietly reintroduced the account in Malaysia a couple of weeks ago, this time as the Wise multi-currency account.
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