What is Wise?Why It's Essential for Sending School Fees When Moving to or Studying in Malaysia — And How to Use It
A complete beginner's guide to Wise, the international money transfer service that's essential for relocating to Malaysia or enrolling your child in an international school! Learn how it differs from bank transfers, why its fees are dramatically lower, and how to actually use it — explained in simple terms for first-timers. Not knowing about this could cost you tens of thousands of yen.
- What is Wise?
- Why Is It Necessary for People Living in Malaysia?
- Differences Between Bank Transfers and Wise
- 4 Things You Can Do with Wise
- Steps from Registration to Sending Money
- Situations Where You Can Use It
- What to Do While You Can't Open a Bank Account in Malaysia?
- Precautions and Disadvantages
- Summary
What is Wise?
Wise isan online international money transfer service founded in the UK. It was established in London in 2011 and is now a global financial technology company listed on the London Stock Exchange.
In Japan, it operates as "Wise Payments Japan K.K." and isregistered as a funds transfer service provider with the Kanto Finance Bureau, operating under proper regulatory oversight.
In a nutshell…
It's an app that lets you, with just your smartphone, send money internationally and exchange currenciesmuch more cheaply and quicklythan a bank. As long as you have bank accounts in both Japan and Malaysia, you can send money.
Why Is It Necessary for People Living in Malaysia?
When living in Malaysia, you will inevitably encounter situations like these.
💬 "I work as a freelancer and want to receive payment from Japan."
Because Wise does not support holding or topping up a Malaysian ringgit account, for now it can only be usedin one direction: Japanese yen to ringgit. Wise appears to be working on adding support, but no timeline has been announced. For now, just go ahead and register and wait for it to become available.
In situations like these,using a bank's international transfer service means fees plus an inflated exchange rate will eat up more money than you'd expect. With Wise, you can send money at the real mid-market exchange rate, minimizing your losses.
In fact, among people who have relocated to Malaysia, education-migration families, students studying in Malaysia, and corporate transferees, Wise has already become a standard "essential international money transfer tool."
The Difference Between Bank Transfers and Wise
Even though both are "international transfers," the experience is completely different between banks and Wise.
When sending 100,000 yen from Japan → Malaysia
- Transfer fee: 2,000–5,000 yen
- Exchange rate markup: 1–3%
- Time to receive: 2–5 business days
- Process: In-branch or online banking
- Fees are opaque and hard to calculate
- Transfer fee: From 0.43% for major currencies (clearly displayed)
- Exchange rate: Mid-market rate, as-is
- Time to receive: A few hours to 1 business day
- Process: Completed entirely via smartphone app
- You can confirm the exact amount the recipient will receive before sending
※ Fees vary depending on the amount, currency pair, and transfer method.
How Wise Works: A Simple Diagram
✓ No intermediary margin | ✓ Confirm fees before sending | ✓ Mid-market rate, as-is
4 Things You Can Do with Wise
International Transfer
Send money from Japan to Malaysia with low fees and the mid-market rate. (※ Transfers from Malaysia to Japan are currently not supported.)
Multi-Currency Account
Hold and manage over 40 currencies in a single account. For 9–10 currencies including MYR, you can also obtain your own dedicated account details (such as IBAN).
Debit Card
Can be used directly at shops and ATMs in Malaysia. Can also be registered for Grab payments. Issuance fee is RM13.70 (approx. 1,200 yen).
Receiving Payments
Can be used as an account to receive payments from overseas for freelance work or side jobs.
Steps from Registration to Sending Money
Download the app and complete the process in the following steps. Everything can be done online.
Create an Account
Register with your email address via the official website or app. Upload your ID document (passport or driver's license) to complete verification.
Enter the Transfer Amount and Currency
Enter "how much you want to send" or "how much you want the recipient to receive." The fee and the amount to be received are displayed in real time.
Select the transfer source
The most common method is to transfer from your Japanese bank account. You can also send from your Wise balance (balance limit: 1,000,000 yen).
Enter the recipient's details
Enter the recipient's name, bank name, and account number. Transfers to Malaysia require an account number of 7 to 20 digits.
Transfer complete!
Funds typically arrive within a few hours to one business day. You can track progress in real time via the app and email.
Situations where it comes in handy
Here are the situations where Japanese residents in Malaysia use it most often.
Sending or topping up living expenses
Move funds from your Japanese account to Malaysian ringgit at low cost. Great for regular monthly transfers.
Paying tuition fees to schools or international schools
Large payments to international schools are handled with peace of mind.
Receiving freelance income
Receive payments from Japanese clients into your Wise account and manage them directly.
Everyday payments locally
Pay at supermarkets, Grab, and cafes with your debit card — zero foreign transaction fees.
Currency exchange during home visits or travel
No need to look for a currency exchange. Withdraw cash directly from local ATMs.
Moving funds when returning home
When returning to Japan from Malaysia, seamlessly transfer your balance to a yen account.
What to do when you can't open a bank account in Malaysia yet?
When you first arrive in Malaysia, quite a few people find thatthey cannot open a bank account until their visa is approved.In recent years, visa processing in states such as Selangor has been taking longer, making it a real challenge to manage living expenses in the meantime.
In fact, this is exactly when Wise becomes your strongest ally. Even without a Malaysian bank account, you can secure your living expenses through the following steps.
Deposit yen into Wise from your Japanese account
Transfer from your Japanese bank account to your Wise account. No Malaysian bank account required.
Convert to ringgit within Wise
Convert yen to ringgit in the app at the mid-market rate. Fees are displayed clearly.
Pay with your debit card or withdraw cash from an ATM
Use your debit card for supermarkets, cafes, and Grab payments. When you need cash, withdraw from a Malaysian ATM.
Cautions and Disadvantages
Wise is convenient, but there are a few limitations you should be aware of. Check these before you start using it.
Summary
Wise has become an essential tool for Japanese people moving to Malaysia, relocating for education, or studying abroad. Compared to bank transfers, fees are dramatically lower, everything can be done from your smartphone, and you can make local payments with the debit card. No other service makes international money transfers from Japan to Malaysia this effortless.
In particular, if you have regular opportunities to move money between Japan and Malaysia,we recommend signing up at least as a first step. Once you start using it, you will likely wonder why you did not start sooner.
Wise in a nutshell
💡 Cheaper, faster, and more transparent than a bank.
The must-have international money transfer tool for Japanese residents in Malaysia.
Especially recommended for
- ✓ Those considering or currently pursuing a move to Malaysia or an education-focused relocation
- ✓ Those receiving financial support from parents or family in Japan
- ✓ Freelancers working with clients in Japan
- ✓ Those paying tuition at an international school
- ✓ Those planning to return to Japan in the future
Also worth checking out
- ✓ Guide to Opening a Bank Account in Malaysia — For setting up a local account to receive transfers
- ✓ MM2H Latest Requirements (2026 Edition) — Visa requirements that necessitate large-sum transfers of relocation funds
