Exchange Rate Calculator: Convert Currencies Effortlessly
Online shopping has become a convenience I cherish, especially for products that are either unavailable or too costly here in Malaysia. However, one aspect I’ve always found frustrating is the exorbitant exchange rates banks offer. For example, a rate like USD100=RM475.90. Yet, it’s disheartening to see that the charges on my bank statement often exceed RM475.90, thanks to hidden bank fees and fluctuating exchange rates.
In my search for a more affordable and transparent solution, I stumbled upon Wise. What immediately caught my attention was their claim of sending money at the real exchange rate with no hidden fees. Naturally, I wondered how they sustain their business without charging excessive fees. While I’m not an employee of Wise, I firmly believe that no one works for free. Upon closer examination of their exchange rate currency converter on their website, I discovered a transparent transfer fee, which is how the company earns its keep. The great thing is, you can check the converted amount before making any decisions.
Another remarkable feature of Wise is the ability to hold various foreign currencies in a single Wise account. For instance, I purchased some Euros when the Euro was down, even though I didn’t have an immediate need for them. I believe their value will appreciate in the future. Now that the US dollar is gaining strength, purchasing foreign currency at the right time can be a smart financial move.
However, it’s crucial to note that Wise isn’t a traditional bank account, and it doesn’t accrue interest. It primarily functions as a remittance and currency conversion service. The funds you receive in Malaysia are securely held in a special segregated account with OCBC bank, complying with Bank Negara Malaysia’s e-money regulations. Safety in financial transactions is paramount.
One of Wise’s primary purposes is facilitating international money transfers. If you’re working abroad and need to send money back to your home country or family, Wise can save you considerable time and money. You can check exchange rates at any time and convert your money when the rate suits you, then effortlessly send it to any desired overseas bank account.
Wise also issues a VISA debit card, though I personally use Wise mainly for online shopping. Nevertheless, this physical card can be a valuable asset for overseas travel and ATM withdrawals. Be mindful of withdrawal fees, which do apply. The card is optional and comes with a cost of RM13.70, inclusive of shipping fees.
Based on my experience using Wise for the past six months, I can confidently say that I am overall satisfied with their services, including their customer support.
If you’re considering using Wise and found my experience helpful, please consider using my affiliate link: Wise Affiliate Link. By doing so, you won’t incur any extra costs, but I may earn a small commission, and I would greatly appreciate your support.
Thank you for considering Wise as a reliable solution for your financial needs!
