How to Use Wise Referral Link in Malaysia (2026)
Takes ~10 minutes · BNM-licensed · Reward: first transfer free · Real exchange rate · Verified Apr 2026
Wise Referral — Quick Answer
No code needed — use the referral link
Reward: First international transfer free · Real mid-market rate · BNM-licensed · LSE-listed
Sign Up on Wise via Referral →Why Wise Beats Bank Transfers
Wise fee (RM10,000 to USD)
~RM30–50
Bank wire fee (same)
RM200–400+
Wise exchange rate
Real rate
Bank exchange rate
Rate + 2–4% markup
Step-by-Step: How to Use Wise Referral Link
- 1
Click the Wise referral link
Click the Wise referral link from ReferralCodeMY to sign up. Wise does not use a referral code field — the referral is tracked via the link. You can use Wise on its website (wise.com) or via the Wise app (App Store / Google Play).
Tip: Wise (formerly TransferWise) is one of the world's largest money transfer services, handling over £9 billion in transfers monthly. It is regulated by BNM in Malaysia as a licensed money services business.
- 2
Create your Wise account
Sign up with your email address and create a password. You can also use your Google account. Wise offers both personal and business accounts — select Personal for individual money transfers.
Tip: Wise is available to Malaysian residents for sending money internationally. It supports transfers from MYR to 50+ currencies including USD, GBP, EUR, AUD, SGD, JPY, and more.
- 3
Verify your identity
Wise requires identity verification for compliance purposes. Submit a photo of your MyKad or passport. For Malaysian users, MyKad is accepted. Verification typically takes a few minutes to a few hours.
Tip: Wise may also ask for proof of address (utility bill, bank statement) for certain transfer amounts. Have a recent document ready. Verification is a one-time step — once approved, all future transfers are instant.
- 4
Set up your first transfer
On the Wise dashboard, click 'Send Money'. Select Malaysia (MYR) as the source currency and your destination currency (e.g., USD, GBP, EUR, SGD). Enter the amount. Wise shows you the real mid-market exchange rate, the exact fee, and the guaranteed amount the recipient receives.
Tip: Wise uses the real exchange rate (the mid-market rate you see on Google) — not a bank's inflated rate. Banks typically add 2%–4% markup on exchange rates. On a RM10,000 transfer, that's RM200–RM400 in hidden fees that Wise doesn't charge.
- 5
First transfer is free via referral
When you complete your first Wise transfer via the referral link, the Wise transfer fee is waived — your first transfer is free. Fund your transfer via FPX online banking from your Malaysian bank account. Subsequent transfers use Wise's standard low-fee structure.
Tip: The 'free first transfer' applies to the Wise service fee — the currency conversion still uses the real mid-market rate. For large first transfers, the fee savings can be significant (Wise's fee on a RM10,000 transfer is typically RM20–RM50, which you save entirely).
Common Mistakes to Avoid
- ✗Don't sign up directly on wise.com — use the referral link to qualify for the free first transfer
- ✗Don't expect the free transfer to waive currency conversion — it waives the service fee only
- ✗Don't use Wise for cash withdrawals in Malaysia — it's for international transfers, not local ATMs
- ✗Don't skip identity verification — Wise cannot process any transfer without KYC approval
FAQ
Does Wise have a referral code?
Wise Malaysia does not use a referral code field during sign-up. The referral is tracked via a referral link — click the Wise referral link on ReferralCodeMY to automatically register under the referral programme and get your first transfer free.
What is Wise used for in Malaysia?
Wise is used for international money transfers from Malaysia — sending MYR overseas in foreign currency. Common uses: sending money to family abroad, paying overseas suppliers, university tuition abroad, overseas bill payments, and receiving salary from international clients. Wise also offers a multi-currency account for Malaysians who deal in foreign currencies.
Is Wise better than bank transfers for sending money?
For international transfers, Wise is typically 3–8x cheaper than Malaysian bank wire transfers. Banks add a 2%–4% exchange rate markup on top of a fixed remittance fee. Wise uses the real mid-market rate with a transparent low fee (typically 0.3%–1%). On RM10,000, you save RM150–RM350 compared to a typical bank transfer.
Is Wise legal and safe in Malaysia?
Yes. Wise Payments Malaysia Sdn. Bhd. is licensed by Bank Negara Malaysia (BNM) as a Money Services Business (MSB). Your transfer funds are held in segregated accounts — not pooled with Wise's operational funds. Wise is publicly listed on the London Stock Exchange (LSE: WISE).
How long does a Wise transfer take from Malaysia?
Transfer speed depends on the destination currency. Most transfers via Wise arrive within 1–2 business days. Some transfers (especially MYR to SGD or MYR to USD) are near-instant. Wise shows the estimated arrival time before you confirm the transfer.
How does Wise compare to Instarem for sending money?
Both Wise and Instarem offer international transfers at better rates than banks. Wise offers a free first transfer (via referral link) and is stronger for transfers to Western countries (UK, Europe, USA, Australia). Instarem (code wn2gtq) also offers a free first transfer and is particularly strong for Asia-Pacific transfers (India, Philippines, Indonesia). Many Malaysians use both depending on the destination.