{"id":51032,"date":"2021-12-08T11:16:19","date_gmt":"2021-12-08T03:16:19","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=51032"},"modified":"2021-12-16T09:45:32","modified_gmt":"2021-12-16T01:45:32","slug":"wise-multi-currency-payments-transfers","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/wise-multi-currency-payments-transfers","title":{"rendered":"How To Be Wise At Making Payments And Sending Money"},"content":{"rendered":"
In partnership with<\/strong> Overseas travel is all fun and exciting until you run out of cash and have to pay for purchases using your credit or debit card with ludicrous fees and rates. Cash is king, but it\u2019s also subject to rollercoaster exchange rates and markups and those long queues.\u00a0<\/span><\/p>\n Wouldn’t it be great if there is another option that allows you to shop abroad on holiday or just make cross-border payments and money transfers from Malaysia to another country without going through the hoops and loops of money orders, bank-to-bank transfers, or even cashier\u2019s cheques, without losing money in hidden transaction fees and marked up exchange rates?<\/span><\/p>\n Today, with the rapid emergence of fintech and non-bank institutions, taking your funds with you overseas and making international transfers have become easier, faster, and more secure. However, you need to know the best way to do this to prevent paying high fees and transaction costs.<\/span><\/p>\n Here are the key features you should look for when you need to make payments in a foreign currency or send money to another country.<\/span><\/p>\n This aspect is self-explanatory, however, note that it isn\u2019t uncommon for money transfer service providers to disguise their fees through their exchange rates. While they may offer low transfer fees or even free transfers, examine the exchange rates carefully and you may see that you\u2019re paying with the difference in their exchange rates versus the market\u2019s actual rate.\u00a0<\/span><\/p>\n If you\u2019re sending a large amount of money overseas, a difference of a few ringgit can amount to hundreds or even thousands of ringgit. Keep an eye out for those exchange rates because the real fees may not be shown upfront.<\/span><\/p>\n Instant money transfers aren\u2019t necessarily good unless the recipient gets a hold of the money right away. Just because a service says \u201cinstant transfer\u201d doesn\u2019t necessarily mean the recipient gets the money right away.\u00a0<\/span><\/p>\n Here are the common cross-border payment providers transfer times:<\/span><\/p>\n How many \u2018gatekeepers\u2019 the money has to pass through will also affect the transfer speed. When multiple parties are involved, it slows down the speed of the transfer. Wise<\/strong>, formerly known as TransferWise, is an online money transfer service provider launched in 2011 to make international money transfers transparent, affordable, and convenient.<\/p>\n Here\u2019s how Wise<\/strong> ticks all the boxes of features mentioned earlier. Apart from its low upfront fees and guaranteed rates, <\/span>Wise<\/b> provides users with an easy and seamless online transaction journey \u2014 40% of all international transfers done with Wise are instant.\u00a0<\/span><\/p>\n Wise<\/b> customers can now enjoy even more cross-border payments perks with the new multi-currency account and prepaid card.<\/span><\/p>\n<\/a><\/p>\n
<\/span>What features should you look out for?<\/b><\/span><\/h2>\n
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Where to check for hidden fees<\/h4>\n<\/li>\n<\/ul>\n
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How fast your transfer should be <\/b><\/h4>\n<\/li>\n<\/ul>\n
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\nWhether it\u2019s for cross-border payments or overseas transactions, you should look for an international provider that you can access anywhere in the world. Finding the right provider can mean a world of difference in your time and your money.<\/p>\n<\/span>So, be Wise<\/em> about your money decisions<\/span><\/h2>\n
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\nSource: Wise price calculator<\/a><\/em><\/p>\n