Holding limits mean the amount of money you can legally hold in your Wise balance if you live in a particular region.
Due to local regulations in Malaysia, if your registered address is in Malaysia, you won’t be able to hold more than 20,000 MYR equivalent in your personal Wise account across all of your balances.
What are the holding limits in Malaysia?
For personal accounts, any money you keep in your Wise balances or Jars, in any currency, counts toward the 20,000 MYR limit.
For businesses, new business accounts in Malaysia can’t have balances. But if you already have balances, there are no holding limits.
How do you calculate my MYR balance if I’m holding a different currency?
If you hold money in other currencies, we’ll calculate the value in MYR using the mid-market rate.
For example, let’s say you have:
10,000 MYR in your MYR balance, and
3,500 USD in your USD balance
With an exchange rate of 1 USD = 4.40 MYR, your USD equals 15,400 MYR.
Adding this to your MYR balance gives you a total of 25,400 MYR, which exceeds the 20,000 MYR holding limit.
What happens if I exceed the holding limit?
If your account balance exceeds 20,000 MYR or equivalent at any point of the day, you’ll need to set up an external bank account so that we can automatically transfer any excess funds if your balance goes over the limit. See below how to set that up.
If your balance remains over 20,000 MYR and you don’t have an external account set up, we’ll need to restrict your account to stay compliant.
While restricted, you won’t be able to receive or add money to your account.
How do I set up an external account?
Your external bank account must be in your name, and it can’t be your own Wise account. You can use currencies besides MYR if you prefer.
You can only set up your external account from web:
Go to Recipients
Select your external bank account, or add a new one
Toggle on My Account toggle
An External account option will appear — select Set Up and follow the steps.
If we need to convert your funds to transfer the excess, standard fees will apply.
How do I remove the restriction from my account?
If you exceed the holding limit, set up an external account so we can transfer your excess funds out. Or you can send money from your balance by yourself.
Once you transfer your excess funds out, or convert them to Interest or Stocks, we’ll remove the restrictions from your account.
Someone sent me money while my account was restricted
If you received any money while your account was restricted, you'll receive your money after your account restriction has been lifted.