RHB Multi Currency Account vs Wise: Which is Best for Malaysians in 2026?

Whether it's for travel, online shopping, or sending money overseas, if your ringgit regularly crosses borders, you've probably come across two popular options: RHB's Multi Currency Account and Wise.

At first glance, both let you hold and spend foreign currencies. But look a little closer, and you'll spot some important differences in fees, exchange rates, accessibility, and overall value.

In this guide, we'll break down the RHB Multi Currency Account vs Wise in a clear, transparent way, so you can decide which gives you the best value, lowest fees, and easiest access for international spending and transfers in 2026. We'll also introduce the Wise account, a handy companion to make your money go further with low, transparent fees.

Which is the best multi currency account in Malaysia? Read on to find out.

RHB vs Wise: Key feature breakdown

Here's a side-by-side comparison of the key features that matter most to Malaysians:

Do note that the RHB Multi Currency Account must be paired with a Ringgit Account for the RHB account opening. The Ringgit Account refers to the RHB Savings Account or the RHB Current Account.

For more complementary options, read our article on the best RHB travel credit cards in Malaysia.

How Wise and RHB differ

The biggest difference between Wise and the RHB Multi Currency Account comes down to how they handle exchange rates and fees.

Wise uses the mid-market exchange rate – the same rate you see on Google – and charges a clearly stated low fee upfront. This keeps costs transparent: you know exactly what you're paying before you hit confirm.

Want to explore the live mid-market rate? Check below:

RHB Bank, like most traditional banks, typically builds its margin into the exchange rate markup rather than charging a separate conversion fee. So you won't see a separate service charge or currency conversion fee. But that can make the total cost less obvious at first glance.

There's also a difference in accessibility. Wise is fully digital, allowing you to sign up and manage everything online. RHB, on the other hand, usually requires a linked Ringgit account and may require you to submit documents. The good thing is you can visit a bank branch for over-the-counter transactions.

RHB vs Wise: Fees and exchange rates

When comparing the RHB Multi Currency Account versus Wise, the biggest cost differences come from exchange rates and hidden fees.

As mentioned earlier, traditional banks may state there are "no conversion fees," and instead build this into the bank's own determined exchange rate that typically includes a markup. This is what's often described as a hidden fee – the margin is how banks earn. And you end up receiving slightly less foreign currency for every ringgit you convert.

Wise, on the other hand, uses the mid-market rate – the rate you see when you search on Google. Of course, Wise needs to earn a profit too, but it shows you exactly how much it will charge upfront. In other words, you see the full cost before a single ringgit is converted.

In addition, Wise offers 1,000 MYR free ATM withdrawals up to 1,000 MYR per month, while RHB charges up to MYR 12 for overseas Visa network withdrawals. Although after this initial MYR 1,000, Wise will charge a fee of 1.75% + MYR 5 after that. In comparison, the RHB Multi Currency Account does waive fees if an RHB ATM is used for the 33 currencies it supports.

Real-world comparison: Spending in South Korea

Let's say you're at Seoul Station and need to buy a 3-day KORAIL Pass on the spot for 186,000 KRW. You currently don't have any Korean Won, and you need to make the transaction in ringgit directly.

Details correct at time of research - 26 April 2026

Just like that, you could’ve saved MYR 66.49 on just this one transaction – enough for a few Grab rides back home already. Multiply that across your entire vacation, and the savings can really add up.

Want to save even more? Consider exchanging ringgit into Korean won (KRW) beforehand, when the rate is favourable. You can hold this KRW in your Wise Account or RHB Multi Currency Account and spend it without conversion when needed. Another alternative is to withdraw the amount from an ATM, which is possible to do without a fee.

Wise vs RHB: Managing your money

Both Wise and the RHB Multi Currency Account allow you to hold multiple currencies, but they're designed for different types of users.

Wise is built for digital-first convenience. With the app, you can convert and hold 40+ currencies, track exchange rates in real time, and receive payments from overseas. And if you have the Wise card, you can freeze it, set a daily spending limit, or manage it instantly – all from the app.

Do note that Malaysian users have a MYR 20,000 wallet limit across all their currencies in their Wise account, due to local regulatory requirements.

For a more traditional banking setup, the RHB Multi Currency Account allows users to hold larger balances. Deposits of up to MYR 250,000 are also protected under Malaysia's banking system (PIDM). This may appeal to users who prioritise stability and higher limits.

Wise vs RHB: Sending and receiving money

If you frequently transfer money internationally, here are the key differences worth knowing.

With RHB, as a traditional bank, international transfers are supported through SWIFT, which could take longer and may include intermediary bank fees, as it is via a global network. The good news is that beyond the 33 currencies, it also supports foreign telegraphic transfers to almost any country where international banking is available.

To open an RHB Multi Currency Account, you'll also need an existing Ringgit bank account with RHB, and there are eligibility criteria to meet. You may also need to submit supporting documents or personally visit a bank branch.

With Wise, you can send payments to 140+ countries and get fast transfers through its own payment network that favours local rails versus international SWIFT transfers. Users can also receive money using local bank details in up to 8+ currencies (e.g. USD, GBP, EUR) – just like a local. This is something that RHB has yet to offer.

Signing up for Wise is 100% online, and you can get started even without an existing Malaysian bank account. This makes it especially useful for freelancers, remote workers, foreign students, or anyone receiving overseas payments.

The verdict: Is Wise or RHB better for Malaysians?

So, which is better for Malaysians? Wise or the RHB Multi Currency Account?

For many of us who are focused on cost savings, transparency, and ease of use, Wise offers a strong advantage. Here's a summary of the pros and cons we've discussed in this article.

Choose Wise if:

• You want the mid-market exchange rate with no hidden mark-ups
• You prefer transparent, upfront fees
• You travel or shop internationally often
• You need to send or receive money globally
• You're comfortable with a digital-only experience

Choose RHB if:

• You prefer a traditional bank setup
• You need to hold larger balances
• You have an existing Ringgit account with RHB
• You want branch access and in-person support

Although RHB offers familiarity and a higher balance capacity within a traditional banking framework, those who prioritise saving on fees, accessing mid-market exchange rates, and managing money globally with ease would find Wise to be the more cost-effective solution.

Consider a hybrid approach for the best of both worlds – use RHB for local banking and investment, and Wise for everyday international transactions, travel, and overseas shopping needs.

The Easier Way to Send Money Internationally with Wise

Wise international money transfers can be set up online or within the Wise app with low fees from 0.77% and the mid-market rate, to over 140+ countries. There’s no markup added to the exchange rate that’s used to convert your currency, which makes it easier to see exactly what you're paying for a transfer, and what the recipient will get in the end. Just transfer the amount indicated in MYR and let Wise do the rest.

Track your transfers easily when you create a free Wise account, and manage, hold, and convert your money in MYR and 40+ other currencies. You'll get the same great rates, and be able to track your transfers all from one place. As a bonus, you can also get 8+ local account details to be able to receive money in MYR, USD, GBP, and more.

✍️ Sign up for a free account now]