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⚡ Quick Answer
Wise is cheaper for most international transfers from Malaysia — it uses the mid-market exchange rate with a small transparent fee, while BigPay (via Mastercard) builds a markup into the rate itself. For sending money overseas regularly, Wise will save you more. BigPay is still excellent for daily e-wallet use and earning BIG Points — just not optimised for remittance.
Why International Transfers Cost More Than You Think
Most people focus on the transfer fee when comparing services. That’s the wrong thing to look at. The bigger cost is hiding in the exchange rate.
Your bank quotes you USD/MYR 4.30 when the actual mid-market rate is 4.45. That 15-sen gap is the bank’s silent profit margin — and on a RM5,000 transfer, that’s RM170 gone before any fee is even applied.
Apps like BigPay and Wise exist to solve this problem. But they solve it differently, and the cost difference between them is meaningful if you transfer regularly.
What Is BigPay?
BigPay is AirAsia’s e-wallet and prepaid Mastercard, regulated by Bank Negara Malaysia. Its primary purpose is everyday Malaysian spending — bill payments, AirAsia wallet top-ups, and BIG Points rewards. International remittance is a secondary feature, available to a limited list of countries.
BigPay supports remittance to Indonesia, Philippines, Bangladesh, Thailand, Nepal, Sri Lanka, India, and a handful of others. It does not support transfers to Western countries like the UK, US, or Australia.
For international card spending, the BigPay Mastercard charges zero foreign transaction fees and converts at the Mastercard network rate — better than most Malaysian bank cards, but not the mid-market rate.
What Is Wise?
Wise (formerly TransferWise) is a global money transfer platform licensed as a Money Services Business by Bank Negara Malaysia. It’s built from the ground up for international transfers and used by over 16 million people globally.
The key differentiator: Wise gives you the mid-market exchange rate — the same rate you see on Google — and charges a small, clearly displayed fee on top. No hidden markup buried in the exchange rate.
Wise also offers a multi-currency account (hold 40+ currencies simultaneously) and a debit card optimised for international spending. Transfers supported to 80+ countries.
Fees Compared: BigPay vs Wise
A RM5,000 transfer to the UK (MYR to GBP) as a benchmark:
| Factor | BigPay | Wise |
|---|---|---|
| Exchange rate | Mastercard rate (~1.5–2% markup over mid-market) | Mid-market rate (no markup) |
| Transfer fee | RM8–RM15 flat (varies by country) | ~0.5–0.8% of amount (~RM25–RM40 on RM5,000) |
| Total cost on RM5,000 | ~RM90–RM115 (fee + rate markup) | ~RM25–RM40 (fee only, no rate markup) |
| Countries supported | ~10 (SEA/South Asia only) | 80+ worldwide |
On a RM5,000 transfer, Wise saves roughly RM60–RM80 compared to BigPay’s model. Do this monthly and the annual saving is significant. Note that BigPay doesn’t support UK transfers at all — Wise is the only option of the two for that corridor.
Exchange Rate: The Hidden Cost Most People Miss
The mid-market rate is the “real” exchange rate — the midpoint between global buy and sell rates. Wise charges this rate and shows a separate transparent fee. BigPay (via Mastercard) adds a markup to the rate itself, so the cost is invisible rather than shown upfront.
Illustrative example — RM1,000 to USD:
- Mid-market reference: USD 224.70
- Wise: ~USD 222.50 (after ~1% fee)
- BigPay via Mastercard: ~USD 219–221 (1.5–2.5% effective cost in the rate)
That’s USD 2–4 per RM1,000 transferred. On a RM10,000 transfer, the difference is USD 20–40. Small on one transaction, it compounds if you transfer regularly.
Transfer Speed
| BigPay | Wise | |
|---|---|---|
| Typical delivery | 1–3 business days | Instant to 24 hours for major currencies |
| Speed transparency | Estimated at time of transfer | Exact delivery time shown before you confirm |
| Weekend transfers | May be delayed | Many major currencies processed 24/7 |
Wise is generally faster, especially for MYR to USD, GBP, EUR, and SGD corridors. The upfront delivery estimate is accurate and useful for planning.
Transfer Limits
| BigPay | Wise | |
|---|---|---|
| Per-transfer limit | RM5,000–RM10,000 (varies by tier) | Up to RM30,000 per transfer (fully verified) |
| Annual cap | RM200,000 (Bank Negara limit) | RM200,000 (Bank Negara limit) |
| KYC required | Yes — MyKad + selfie | Yes — IC + address proof for larger amounts |
Card Spending Abroad: BigPay vs Wise Debit Card
Both apps offer debit cards for international spending. Here’s how they compare:
| BigPay Card | Wise Card | |
|---|---|---|
| Foreign transaction fee | 0% | 0% (when local currency held) |
| Exchange rate | Mastercard rate (~1–2% markup) | Mid-market rate (small conversion fee if needed) |
| ATM withdrawals abroad | RM10 per withdrawal | Free up to RM880/month (2 withdrawals), then small fee |
| Rewards | BIG Points on spending | No rewards programme |
For pure cost efficiency, the Wise card is cheaper — especially on ATM withdrawals abroad. But BigPay’s BIG Points make it attractive for AirAsia loyalists who want daily spending to work toward free flights.
Our Recommendation
For international money transfers: Use Wise. The mid-market rate alone saves meaningfully over every transfer, and you get coverage to 80+ countries. New users get their first transfer fee-free via our link.
For daily Malaysian spending and AirAsia rewards: BigPay remains a solid choice. It beats most Malaysian bank debit cards on overseas spending and its 0% foreign transaction fee is a genuine advantage.
The practical move: use BigPay for local life and AirAsia bookings, and Wise whenever you’re sending money internationally or want the best exchange rate card abroad. The two complement each other well.
Frequently Asked Questions
Is Wise legal and safe in Malaysia?
Yes. Wise holds a Money Services Business licence from Bank Negara Malaysia and is regulated as a payment institution by the UK’s FCA. Your funds are safeguarded under regulatory requirements.
Can BigPay send money to the UK or Australia?
No. BigPay’s remittance covers only select Southeast Asian and South Asian countries. For the UK, US, Australia, and Europe, you need Wise or a similar dedicated transfer service.
Does Wise have hidden fees?
No — transparency is Wise’s core value proposition. The fee is displayed clearly before you confirm. The exchange rate is the mid-market rate with no markup at all.
Is BigPay or Wise better for sending money to Indonesia?
BigPay supports Indonesia and can be competitive for smaller amounts. Wise also covers Indonesia and typically offers a better rate. Check the live rate on both apps before sending — Wise usually wins even on SEA corridors.
Can I use Wise as my main e-wallet in Malaysia?
Wise isn’t designed as a local e-wallet. You can’t use it to pay JomPAY bills or top up TNG. For local payments, use MAE, TNG, or BigPay. Use Wise specifically for international transfers and overseas card spending.
How do I sign up for Wise in Malaysia?
Download the Wise app, register with your email, and verify your identity with your MyKad. The full verification process takes 1–3 business days. Once verified, you can send money internationally immediately. Sign up via our link for a fee-free first transfer.
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📖 Also read: BigPay Malaysia Review 2026: Is It Still the Best Multi-Currency Card for Malaysians?
Also see: Instarem Malaysia Review 2026: Is It Cheaper Than Wise for International Transfers?
