Users can also convert currencies without exchange rate markups since the currencies are converted
Wise has introduced a multi-currency card and account. The new product will allow customers to have up to 54 currencies for transferring and spending concurrently.
Between 2015 and 2020, Wise users in Malaysia spent card fees of over RM10.5 billion in overseas shopping. An average of RM1.5 billion is spent on exchange rate markups and hidden transaction fees every year. The service by Wise will enable users to save funds, given that it does not have any hidden and unnecessary costs.
The multi-currency account by Wise is the initial product to offer such services to over 200 territories and countries. The prepaid card also comes with an auto-conversion feature. This enables users to select the cheapest currency to convert, which is another plus for users.
Users can also receive funds from 10 currencies. This includes British Pound, US Dollar, New Zealand Dollar, Canadian Dollar, the Turkish Lira, the Malaysian Ringgit, Euro, Australian Dollar, Singapore Dollar and the Hungarian Forint. Once users verify their accounts and deposit RM101, they can get local details such as bank codes and account numbers in any of the listed currencies.
We’ve reported that Facebook makes two-factor authentication mandatory for high-risk accounts.