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 account 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 the transaction is a top up from yourself or a transfer from another Wise account, the transaction will be cancelled and automatically refunded to you or to the sender.
If the transaction is coming from a third party depositing into your Local Account Details, the incoming transaction amount will be reserved, and you will have the following options:
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 external 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).
Refund the transaction to the sender.
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.
Select your preferred external MYR bank account, or add a new one.
Scroll down to Account settings and ensure the My Account toggle is turned on.
You’ll see the External account option under Account settings — 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.
What to do if I don’t have an external MYR account?
If you don't have an external MYR account under your name, you can still refund the transaction to the sender. If you didn't see the option to refund the transaction to the sender, contact us for help.
Our support team will assist you to send the transaction back to the sender. We might request for supporting documents containing details of the sender or the transaction.