BigPay vs Wise (formerly TransferWise) - Which Is Better In Malaysia?

If you’re looking for a convenient way to send and spend foreign currencies, you may have heard of both BigPay Malaysia and the Wise. Both offer some overlapping services, like cross currency payments and a linked international debit card. But which is the best bet if you’re a Malaysian citizen or resident? This guide has you covered with all you need to know about BigPay vs Wise.

What is BigPay?

BigPay¹ offers online accounts and linked payment cards to residents of Malaysia and Singapore. You may also be able to pay your bills from your BigPay account, send a BigPay international transfer, take a personal loan, or make mobile payments. All you need to get started with BigPay is a smartphone and a local phone number.

We’ll dive into the BigPay features available to Malaysian citizens and residents next. If you’re interested in learning more you can also check out our full BigPay review and BigPay card review here.

BigPay benefits and features in Malaysia

BigPay accounts can be helpful for travellers, foreigners in Malaysia, students, freelancers, online shoppers and anyone looking to manage their money in an app or online. Here are some of the key features offered by BigPay Malaysia:

• BigPay card - a Visa card which allows you to transact in multiple currencies online and in person
• BigPay budgeting - analytic tools to view, categorise and get instant notifications about your spending
• BigPay payments - pay bills, send money to other BigPay account holders, or make international transfers to select markets
• BigPay rewards - get referral bonus payments, and AirAsia points when you spend from your account
• BigPay loans - digital personal loans arranged via the BigPay app

What is Wise (formerly Wise)?

The Wise account is an easy way to hold and exchange 40+ currencies, including MYR, USD, GBP, and more. All you need to do is create a free account to get started.

With Wise, you can exchange currencies at the mid-market rate each time, with low, transparent conversion fees from 0.77% and absolutely no markups. Plus, you can order a linked Wise card for convenient spending without any foreign transaction fees, and up to 2 free ATM withdrawals to the value of 1,000 MYR when you're overseas. You'll even get 8+ local account details to get paid conveniently to your Wise account in MYR and a selection of other major global currencies.

Sending money or making payments abroad? Wise also offers fast, low cost transfers to 140+ countries - you can track your transfer in your account and your recipient will also be notified when a transfer reaches them.

Wise benefits and features in Malaysia

Wise accounts are available for individuals and business owners, freelancers and anyone looking to cut the costs of transacting internationally. Here are some of the key features you’ll want to know about:

• Wise Account - multi-currency account to hold and exchange 40+ currencies, managed online or via the Wise app
• Wise card - linked international debit card to spend in 150+ countries, with auto convert feature to ensure you get the lowest fee every time
• Wise local bank details - get paid into your Wise account fee free, in 8+ different foreign currencies
• Wise international payments - send payments to 140+ countries, with low transparent fees.
• Wise currency conversion - whenever you convert a currency in your account, spend with the card, or send a cross border transfer, Wise uses the mid-market exchange rate with low conversion fees

BigPay vs Wise: main comparison

Not sure which will work for you between BigPay vs Wise? Here’s an overview of some key features of both to help you decide.

*Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.

International transfers: Wise vs BigPay

Wise is a specialist in currency conversion and international payments. With Wise you’ll be able to send money to 70+ countries, with the mid-market exchange rate and low fees which you can see before you open a Wise account.

BigPay international transfers are offered to a slightly more limited range of countries, with 11 key payment markets, plus some options to transfer to the UK and EU. To see the limits and exchange rates which apply to your BigPay international payment you’ll first need to register and verify an account.

Let’s take a look at how Wise and bigPay match up when it comes to sending international payments:

See how much you actually pay when sending money with Wise:

Wise card vs BigPay card

Both BigPay and Wise offer a linked debit card you can use for local and international spending. Here’s a rundown of how the two card options measure up.

Learn more about the BigPay card in this full review and Wise card benefits in Malaysia.

*Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.

Summary: which is better in Malaysia - BigPay or Wise?

Whether BigPay or Wise wins for you may come down to how you want to use your account. BigPay has a range of services like personal loans, local bill payment and budgeting analytics, which can be handy. However, you’ll only be able to hold MYR in your BigPay account. So while you can conveniently spend with the BigPay card, and send payments to select international markets, the account isn’t really optimised for people who transact internationally regularly.

If you’re looking for a way to get paid fee-free from abroad, to hold and exchange dozens of currencies in the same account, and get the mid-market exchange rate whenever you need to spend or make a payment, the Wise Account and card may be the cheaper and more flexible option for you.

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