Holding limits mean the amount of money you can legally hold in your Wise account if you live in a particular region.
Due to local regulations in Malaysia, if your registered account 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 currencies. This applies to all personal customers with an address in Malaysia.
What are the holding limits in Malaysia?
For personal accounts, any money you keep in your Wise currencies or Jars, in any currency, counts toward the 20,000 MYR limit.
This doesn't apply to business accounts.
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, and
3,500 USD incoming transfer to your USD
With an exchange rate of 1 USD = 4.40 MYR, the USD transfer equals 15,400 MYR.
Adding this to your MYR 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 an incoming transaction causes your account to exceed 20,000 MYR or equivalent at any point of the day, the transaction won't be credited into your Wise account.
If you have an external MYR-denominated account set up:
The entire incoming transaction bringing you over the holding limit will be automatically swept to this MYR account. All future incoming transactions causing you to go above the holding limit will also automatically be swept to this account.
If the incoming transaction isn't in MYR, we'll convert the amount to MYR applying our standard fees.
If you don't have an external MYR account set up:
You'll be notified via e-mail, and you will see an action required from you in the Tasks section of your Launchpad/Home in the app or on the website. You can either:
Set up an external MYR-denominated account (read below to find out how); or
Refund the transaction to the sender (if we have the required information); or
Refund the transaction in one of these currencies: MYR, SGD, EUR, GBP, AUD, NZD, USD.
How do I set up an external MYR account?
Your external bank account must be in your name, and it can’t be your own Wise account. It has to be an account that's denominated in MYR.
You can only set up your external account from web:
Select your external MYR 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
This MYR external account will be saved, and future incoming transactions causing you to go above the holding limit will automatically be swept to this account.