Hi everyones, i’d like to showcase and so share some thoughts and review about one of the best prepaid debit card in malaysia. So I like to to inform you all that some, because some cards have their own advantages and also their drawbacks, so really depends on what service provider that you are using.
So each card have their own strength. So one of the examples that can be used Like any transactions that you buy for nasi, lemak, daily groceries and so on, and then for emittance like from sgd to myr and then also for crypto, even and also like for traveling. So important thing that I like to inform you is that it is based mostly on my personal experience, real life experience that i’ve used based on specific use cases.
Some of it are from blogs and also you know, other individual reviews that I Got from other sources and so on so one thing to keep in mind.
Prepaid Debit Card in Malaysia
There are certain differences between debit card and prepaid card. One thing is uh: it is a card that is being linked to your bank account any process. Uh payment process is being made, so it’s deducted to your bank account.
Second, it also has a insurance coverage by pidm or in singapore. They call it sdic, and one thing that we cannot rule out is Definitely there’s no balance limit. However, meanwhile, for the prepaid card you can top up with bank account or cash.
For example, if you use big pay, you can you can top up through 7 11 and then second there’s no insurance coverage. If you, you know certain things, go, go sideways and so on and fourth uh definitely have to be the bandit’s limit due to regulations set by your residence government and so on. For example, in singapore They call it monetary authority, singapore or mass.
So you only have it above 5000 sgd, which is equivalent to 15 000 ringgit. Meanwhile, in malaysia, bangladesh malaysia, they set it to only up to 20 000 ringgit malaysia. So so all these things happen due to you know they want to protect the local currency.
Wise Debit Card
Number one of best debit card in malaysia. So let’s talk about why so trans all transfer wise. which is the formal name of it, so the service Provider already launched in malaysia with the multi-currency account in december of 2021, or maybe earlier than that, because it was a private launch of private beta um in the Earlier video that I published it talks about how you enable epipe and so on, i’m not sure whether it’s still you know uh available for for malaysian residents to use it.
But otherwise, if you are singapore resident, Who has the bank account of singapore and so on? You can use for apple pay and google pay, whichever the you know, the phone that you are using, so one of the drawbacks is just apple pay and google pay, but otherwise all the key features that you use on wise are relatively the same as the other Countries that is provided or support.
One of the key features about trust wise, is definitely have to be descending Money abroad, as is obviously known for its remittance. Second, is about this spending abroad without having the hidden fees or lowest fees as possible.
Third is definitely have to be d receiving payments in local currency, which means that if you are in australia or singapore, and so on, you buy a pizza for for the crew and so on. You can Share your sgd bank account or aud bank account, so people can transfer to you through local transfer. So that’s one of the cool features about the multi-currency account that’s introduced by weiss here are some of the screenshots that i’ve keen to share about spending local for currency in in abroad.
There will be a coefficient fee, uh, that’s being cured, so it’s about five cents. So if you are, you know spending in myr And so on or sgd, for example, there’s no there’s no confusion fee. Otherwise it’s still the same actually so on.
How to do it or to sign up is just top up about 110 ringgit for the deposit and then also send your ic or passport and your selfie and that’s it that’s all. You need to do be good to go just like any other service provider that you may previously sign up, which is depending on the deposit requirement.
MAE by Maybank
Next the best debit card in malaysia I Think it will be the may app by maybang it’s one of the new features. I think they recently introduced in 2020 or early 2020, so coming to 2022.
It’s almost closed. We are reaching towards uh two years of this operation, so this card also be provided is mostly to attract non-main bank users to use the me bank services and second uh. It’s mostly suitable or Appropriate for daily transaction or local transfer and local transactions.
So one of the key features that you may use is for generally so tabong and also local transfer. So you can use the do it now feature um sending to you, know money to your friends and so on. So so it’s just like any other bank services that you may uh come across.
BigPay Debit Card
So we are on the third of best debit card in malaysia. It is big pay by asia, so it’s already been introduced in malaysia and singapore and one of the key features that I use for daily transactions, so any payment process. Definitely you can use it to redeem and you get them points, so you can redeem it for flights for delivery, food and and other services that asia are providing.
Second will be the remittance, for Example, to send money and so on to indonesia to thailand to singapore. So it can be done everything on the big bay, so I think big pay really covers mostly foreign remittance and southeast asia. I think can be done also to china, if i’m not mistaken and other features are also included.
So there are fees being involved in each Service provider that you may use so, for example, for the local atm withdrawal. You know there is about six ringgit per transactions for obvious is about tearing it or two percent of the withdrawal amount. Whichever is higher so really depend on what card you use, but the remittance fees, for example like indonesia.
Well, singapore is about 25 fringe um, thailand, australia, china, spot 23 Wingate. So it really depends on what country they use. So the fourth one on the list would be cmb lazar, the prepaid mastercard.
So you can, I personally use it for daily transaction in local in malaysia and then also to use it for lazada shopping and so on, so that I can receive the one percent cash rebate. I think shopping have it, but they use it called bit with uh bay bank As for credit card. Only so the downside is the annual fee, so you are being charged about 9 ringgit, 50 cents.
So now you get 0. 43 to be exact. Let’s talk about merchant trade last but not least on the list, so they are one of the renowned for the ramitans and also the currency exchange.
So I think they Have retail at the cal central and also other stores in kuala lumpur, and so i’m sure there is also in other malayan states and also borneo. So one thing they are renowned for is the multi-currency app so which means that you can also receive uh various currencies such as like saudi riyal, japanese, yen, filipino peso, and then also hong kong dollars, so um. But, however, the the default Currency definitely have to be.
The malaysian ringgit, so you can receive all these kind of currencies or hong kong dollars, taiwan, new dollars and so on, um in the multi-currency account of the reservative of your own. So for the merchant trade there’s also, if we involve like a new fee and then also the local atm withdrawal, The one good thing is about is the ringgit 40 cents. This is cheaper than big bay, otherwise you can see all other information which I can share.
The link in the video description here is my summary of all these prepaid card providers, so it’s suitable for various use. Cases like daily transactions, traveling remittance, it’s one of the best travel friendly card and one cool Features is that you can receive a usd ud and you can receive like you know. The usd bank account details like as if it’s a local transfer and the second release would be the bay app.
One of the main thing is definitely have to be the local transactions mostly suitable for local scenes, so you can do do it now, jumping and so on. That would be the suitable for remittance and daily transactions. So it’s quite fast or even In the instance transfer. You could say for sgd to mrr. Surprisingly, it took longer time to do. A local transfer between MR to MR.
CIMB Lazada Card
For the lease would be the cimb lazada card, which is highly focused on the laser shopping and also local transactions.
CIMB Lazada is number four on debit card in malaysia list.So you could get the one one percent cash rebate, and one good thing is that you can use for crypto and also one thing to keep in mind. If You use wise uh, it is strongly prohibited to use uh to buy crypto and so on with wise. It’s considered banned or you you may potentially be removed from using wise, so last thing, but not least, is definitely for machine trade.
Money suitable for remittance and also support multi-currency account Uh. As shown earlier in the video you can receive hong kong dollars, new taiwan dollars. Even something real or the the relevant uh currency, so this is my cup, my summary of all these service card providers.
A bonus post about debit card in malaysia is that if you have the youtube world in malaysia or something like that, you can imagine Uh. If you could introduce something like sintel dash uh, it’s one of the sabes provider in singapore and also revolut both both both two of these service points are available in singapore. However, it’s not yet available in asia so to keep in mind, is that singtel dash is, is everything that you can have like remittance.
so you can get rewarded for The limitations being made unlike bigbay, but you could get rewarded also with daily transactions and so on, And one also a good thing is focus for local transaction, which means that you can receive the equivalent of the system, call do it now, in singapore, it’s called pay now and and second on, the list would be the revolut.
So revolut is similar like the counterpart of , Of transferwise or wise itself, but, however, it is crypto friendly, so which means that you can purchase and you give to assets and so on with revolut card. Unlike wise, you, it could get you banned or, or you know, removed from using the the white services. So this is one of the the key or the the feedback that I like to suggest uh.
So one thing that I see they come Close to. It is definitely tango, but obviously there’s certain certain drawbacks and so on, and one thing that is not yet have is definitely the in the prepaid card itself. I’m not sure whether they’re going to reduce mastercard or visa card it, but still not yet available.
According to the news, it’s going to be published or launched in 2022, so we’ll see about it, we’ll see how How it goes for this year.
Originally posted 2022-01-22 02:43:08.