![What Is Wise? Complete Guide to Overseas Transfers for Malaysia Relocation and Studies [2026 Latest]](/_next/image?url=https%3A%2F%2Fassets.kuraberu.my%2Farticles%2Fcovers%2F2026%2F05%2F857e1f69-ccac-44b7-b115-e1eefd9d6e4f.webp&w=3840&q=75)
What Is Wise?
Why Is It Necessary?
Complete Beginner's Guide
If you're relocating to Malaysia, doing educational migration, or studying there and need to send money from Japan, you'll miss out if you don't know this. We explain Wise, an overseas transfer service, in an easy-to-understand way for beginners.
What Is Wise?
Wise is a UK-based online international transfer service. Founded in London in 2011, it is now a global fintech company listed on the London Stock Exchange.
In Japan, it operates as "Wise Payments Japan K.K." and is registered with the Kanto Financial Bureau as a funds transfer service provider, operating under proper regulation.
In a nutshell…
An app that lets you send money overseas and exchange currencies on your smartphone much more cheaply and quickly than a bank. You can transfer money if you have bank accounts in both Japan and Malaysia.
Why Is It Necessary for Malaysia Residents?
If you live in Malaysia, you'll inevitably face situations like these.
💬 "I want to receive my freelance income from Japan"
Since Wise doesn't support holding or charging MYR accounts, currently it can only be used in one direction: Japanese yen to ringgit. Wise is working on adding support, but the timeline is uncertain. For now, just register and wait for the update.
If you use a bank's overseas transfer service in such situations, the combination of fees and markup on the exchange rate means more money disappears than you'd expect. With Wise, you can transfer at the market's actual rate (mid-market rate), keeping losses to a minimum.
In fact, among Malaysia relocators, educational migration families, Malaysia students, and expatriates, Wise has already become a standard "essential overseas transfer tool."
Differences Between Bank Transfers and Wise
Even though both are "overseas transfers," the experience with a bank and Wise is completely different.
Sending 100,000 yen from Japan to Malaysia
- Transfer fee: 2,000–5,000 yen
- Exchange rate markup: 1–3%
- Time to arrival: 2–5 business days
- Process: Counter or online banking
- Fees are unclear and hard to calculate
- Transfer fee: 0.43%+ for major currencies (clearly displayed)
- Exchange rate: Market rate as-is
- Time to arrival: Hours to 1 business day
- Process: Complete on smartphone app
- You can confirm the exact amount you'll receive before sending
※Fees vary by amount, currency pair, and transfer method
Simple Diagram of How Wise Works
✓ No intermediary margin | ✓ Fee confirmed before sending | ✓ Market rate as-is
4 Things You Can Do with Wise
International Transfers
Send money from Japan to Malaysia with low fees and real market rates. (※Transfers from Malaysia to Japan are not currently supported)
Multi-Currency Account
Hold and manage 40+ currencies in one account. For 9–10 currencies including MYR, you can also get your own account details (IBAN, etc.).
Debit Card
Use it directly at shops and ATMs in Malaysia. Can also be registered for Grab payments. Card issuance fee is RM13.70 (about 1,200 yen).
Receiving Payments
Use the account to receive freelance and side-gig income from abroad.
How to Register and Send Money
Download the app and follow these steps. Everything can be done online.
Create Account
Register from the official site or app using your email. Upload your ID (passport or driver's license) for verification and complete the review.
Enter Transfer Amount and Currency
Input how much you want to send or how much you want the recipient to receive. Fees and received amount are displayed in real-time.
Choose Funding Source
The typical way is to transfer from your Japanese bank account. You can also transfer from your Wise balance (with a balance limit of 1 million yen).
Enter Recipient Information
Input the recipient's name, bank name, and account number. Transfers to Malaysia require a 7–20 digit account number.
Transfer Complete!
Money usually arrives within hours to 1 business day. Track progress in real-time via the app and email.
Situations Where You Can Use It
Here are the situations where Japanese residents in Malaysia most often use Wise.
Living Expenses Transfers and Replenishment
Low-cost transfer from Japan account to ringgit. Convenient for monthly regular transfers.
School and International School Tuition Payments
Safe for large payments to international schools.
Receiving Freelance Income
Receive income from Japanese clients in a Wise account and manage it there.
Daily Payments Locally
Pay at supermarkets, Grab, and cafes with the debit card—zero overseas fees.
Currency Exchange During Trips Home and Travel
No need to find an exchange shop. Withdraw directly from local ATMs.
Fund Transfer When Returning to Japan
When returning home from Malaysia, seamlessly move your balance to your yen account.
What If You Can't Open a Bank Account in Malaysia Yet?
When you first arrive in Malaysia, especially if you can't open a bank account until your visa is approved, this is a common challenge. Recently, it's taking longer to obtain visas in Selangor and elsewhere, making it a pressing issue how to cover living expenses during that time.
In fact, Wise becomes a powerful ally during this period. Even without a Malaysian bank account, you can secure living expenses this way:
Deposit Yen from Your Japan Account to Wise
Transfer from your Japan bank account to your Wise account. No Malaysian account needed.
Exchange Yen to Ringgit on Wise
Use the app to exchange yen to ringgit at market rate. Fees are clearly displayed.
Pay with Debit Card or Withdraw Cash at ATM
Use the debit card for supermarkets, cafes, and Grab. Withdraw cash from Malaysian ATMs when needed.
Cautions and Disadvantages
Wise is convenient, but there are some important limitations to know. Check these before using.
Summary
Wise has become a tool that is "taken for granted" for Japanese people relocating to Malaysia, doing educational migration, or studying there. Compared to bank transfers, it has much lower fees, works entirely on your smartphone, and offers a debit card for local payments. No other service makes overseas transfers from Japan to Malaysia this easy.
Especially if you'll be moving money between Japan and Malaysia, it's recommended to register at least before you start using it. Once you start using it, you'll wonder "why didn't I use this sooner?"
Wise in One Sentence
💡 Cheaper, faster, and more transparent than a bank.
An essential overseas transfer tool for Japanese residents in Malaysia.
Especially Recommended For
- ✓ Those considering or already relocating to Malaysia or doing educational migration
- ✓ Those receiving remittances from family in Japan
- ✓ Freelancers working with Japanese clients
- ✓ Those paying international school tuition
- ✓ Those planning to return to Japan in the future