Malaysians are unknowingly losing between RM200 and RM350 per overseas trip due to hidden exchange rate markups, according to new research by international money app Wise. Despite spending up to two days searching for the best travel deals, many travellers overlook exchange rates, leading to unexpected costs. For instance, a RM2,500 weekend in Singapore could cost RM180 to RM250 more, whilst a RM5,000 trip to Bangkok might be RM350 to RM450 pricier.
The research highlights that 31% of Malaysian travellers claim to save over RM500 by chasing promotional deals, yet only 41% prioritise checking exchange rates. Many providers mark up exchange rates by 3–6% above the real midmarket rate, pocketing the difference without clear disclosure.
To address this issue, Wise has teamed up with content creator Adam Izzy for a campaign to educate travellers on avoiding hidden fees. Yen Ting Chiam, Country Manager of Wise Malaysia, added, “Our message is simple: look at the rate, not just the price, so every Ringgit goes further abroad.”
Wise offers a solution by using the midmarket exchange rate with no hidden markups, allowing Malaysians to hold, convert, and spend over 40 currencies transparently. The Wise account and card also offer features like autoconversion and free ATM withdrawals worldwide, helping travellers avoid overpriced airport money changers.
