If you send money overseas from Malaysia — paying for a child's university fees, splitting rent with housemates in Singapore, or buying something from a US retailer — the two names that come up most often are BigPay and Wise. Both promise better rates than your bank. Both work from your phone. But they are built for different situations, and picking the wrong one can cost you more than you expect on a RM5,000 transfer.
This guide breaks down what each platform actually charges, where each one wins, and how to decide based on your specific transfer pattern.
Quick Comparison
| Feature | BigPay | Wise | |---------|--------|------| | Headquarters | Malaysia (AirAsia fintech arm) | UK (global) | | Regulator | Bank Negara Malaysia (BNM) — licensed e-money issuer | Licensed by regulators in multiple jurisdictions (FCA UK, MAS Singapore, FinCEN US, etc.) | | Exchange rate model | Markup applied on top of mid-market rate | Mid-market rate with no markup | | Fee structure | Flat fee or built-in FX markup (varies by corridor) | Percentage-based fee (typically 0.4%–1.5% depending on corridor) | | Supported currencies | 40+ currencies | 40+ currencies, multi-currency account | | Transfer speed | 1–2 business days (bank transfer) | 1–2 business days (bank transfer), some corridors within hours | | Card | Visa prepaid card | Wise debit card (Mastercard) | | Multi-currency account | No | Yes — hold and convert 40+ currencies | | App available in Malaysia | Yes | Yes |
How BigPay Works for International Transfers
BigPay started as AirAsia's e-wallet play — a Visa prepaid card with no annual fees and decent FX rates for overseas spending. International transfers were added later, and the product has matured into a legitimate remittance option for Malaysians.
Key facts:
- Licensed by Bank Negara Malaysia as an e-money issuer
- Transfers initiated through the BigPay app
- Funds are loaded via FPX (online banking) or card top-up
- Exchange rate includes a markup over the mid-market rate — this markup IS the fee on many corridors
- Some corridors also carry a flat transfer fee on top of the markup
- Supported corridors include major currencies (USD, GBP, SGD, AUD, EUR, THB, IDR, and others)
BigPay does not publish a single fee schedule that covers every corridor. The total cost — markup plus any flat fee — varies depending on where you are sending money. The app shows you the total amount the recipient will receive before you confirm, so you can always see the all-in cost before committing.
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How Wise Works for International Transfers
Wise (formerly TransferWise) was built specifically for international money transfers. The entire business model is designed around one promise: the mid-market exchange rate with a transparent, upfront fee.
Key facts:
- Uses the real mid-market exchange rate — the same rate you see on Google or Reuters
- Charges a percentage-based fee that is shown before you confirm the transfer
- Fees typically range from 0.4% to 1.5% depending on the currency corridor (MYR to SGD is cheaper than MYR to GBP, for example)
- Multi-currency account lets you hold balances in 40+ currencies
- Wise debit card allows you to spend from those balances abroad at the mid-market rate
- Available as a mobile app and web platform
The transparency is Wise's strongest differentiator. There is no hidden markup baked into the exchange rate. The fee you see is the fee you pay. For Malaysians used to bank transfers where the "no fee" claim hides a 2–4% exchange rate markup, this is a meaningful difference.
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Fee Comparison — Sending RM5,000
The only honest way to compare transfer services is to run the same amount through both and see what the recipient gets. Here is what a RM5,000 transfer looks like across three common corridors.
Note: Exchange rates and fees fluctuate. The figures below are illustrative based on typical fee structures. Always check both apps for live quotes before transferring. You can also use our exchange rate tool to check the current mid-market rate.
RM5,000 to USD
| | BigPay | Wise | |--|--------|------| | Exchange rate | Mid-market rate minus markup (~0.5–1.0%) | Mid-market rate (no markup) | | Transfer fee | Built into rate or small flat fee | ~0.6–0.8% of transfer amount (RM30–40) | | Approximate recipient amount | ~USD 1,050–1,060 | ~USD 1,055–1,065 |
RM5,000 to GBP
| | BigPay | Wise | |--|--------|------| | Exchange rate | Mid-market rate minus markup | Mid-market rate (no markup) | | Transfer fee | Built into rate or small flat fee | ~0.5–1.0% (RM25–50) | | Approximate recipient amount | ~GBP 830–840 | ~GBP 835–845 |
RM5,000 to SGD
| | BigPay | Wise | |--|--------|------| | Exchange rate | Mid-market rate minus markup | Mid-market rate (no markup) | | Transfer fee | Built into rate or small flat fee | ~0.4–0.6% (RM20–30) | | Approximate recipient amount | ~SGD 1,440–1,455 | ~SGD 1,450–1,465 |
The differences on RM5,000 are modest — typically RM10–30 depending on the corridor. Scale that to RM20,000 or RM50,000 (a semester's tuition, for example) and the gap widens meaningfully in Wise's favour.
Transfer Speed
Both platforms deliver funds within a similar timeframe for standard bank transfers:
- BigPay: 1–2 business days for most corridors
- Wise: 1–2 business days for bank transfers. Some corridors (GBP, EUR, SGD) can arrive within hours if initiated early in the business day
Neither platform offers genuine instant transfers to overseas bank accounts — that depends on the receiving bank's processing. But both are significantly faster than traditional bank telegraphic transfers (TT), which can take 3–5 business days and involve correspondent bank delays.
What Each Platform Does Better
BigPay Wins On
- Ecosystem integration. If you fly AirAsia regularly, BigPay points and promotions create real value beyond transfers. The Visa prepaid card is a solid daily spending tool in Malaysia.
- Simplicity for smaller amounts. For sending RM500 to a friend in Bangkok or RM1,000 to family in Indonesia, the all-in-one app experience is hard to beat.
- Local support. Malaysian company, BNM-regulated, customer support operates in local time and context.
- No account verification friction for existing users. If you already have a verified BigPay account, international transfers are an add-on feature — no separate sign-up process.
Wise Wins On
- Transparent pricing. The fee is the fee. No guessing whether the exchange rate includes a hidden margin.
- Multi-currency account. Hold USD, SGD, GBP, EUR, and 30+ other currencies in one account. Useful if you receive payments in foreign currencies or want to convert when rates are favourable.
- Larger transfers. Wise's percentage-based fee model becomes more cost-effective at higher amounts — the per-ringgit cost stays consistent, whereas flat-fee or markup-based models can become less competitive.
- Global debit card. The Wise card lets you spend directly from foreign currency balances at the mid-market rate, which is valuable for frequent travellers or online shoppers buying from overseas merchants.
- Wider corridor coverage. Wise supports more destination countries and payment methods than BigPay for international transfers.
Regulation and Safety
Both platforms are regulated, but differently:
BigPay holds an e-money licence from Bank Negara Malaysia. Your funds are stored value — not bank deposits. This means PIDM deposit insurance does not apply. However, BNM requires e-money issuers to safeguard customer funds in trust accounts at licensed banks.
Wise is licensed by financial regulators in each country it operates. In Malaysia, it is registered with BNM. Globally, it is authorised by the UK's Financial Conduct Authority (FCA) and holds licences or registrations in the US, Singapore, Australia, and other jurisdictions. Customer funds are held in segregated accounts at regulated banks.
Neither platform is a bank. Neither offers PIDM protection on your balance. For the purpose of transferring money — loading, converting, and sending — this is a manageable risk. You would not park your emergency fund in either platform. But for the minutes or hours your money sits in transit, the regulatory safeguards are adequate.
When to Use Your Bank Instead
Traditional bank telegraphic transfers (TT) are expensive — typically RM20–50 in fees plus a 1.5–3.5% exchange rate markup. For most personal remittances, BigPay or Wise will save you money.
But banks still make sense in specific situations:
- Very large transfers (RM100,000+) where you can negotiate a preferential rate with your relationship manager
- Transfers requiring a paper trail for legal or compliance purposes (property purchases, immigration-related fund proofs)
- Corridors not supported by BigPay or Wise
For everyday international transfers under RM50,000, you are almost certainly better off using BigPay or Wise than your bank's TT service.
Which Should You Choose?
Use BigPay if:
- You already use BigPay for daily spending
- You send smaller amounts (under RM5,000) occasionally
- You value a single Malaysian app for spending, budgeting, and transfers
- You want an AirAsia-integrated financial tool
Use Wise if:
- You send money overseas regularly or in larger amounts
- You need a multi-currency account to hold foreign currencies
- You want complete fee transparency with no exchange rate markup
- You travel frequently and want a card that spends at mid-market rates
- You receive payments in foreign currencies
Use both if: You send money to different countries at different frequencies. There is no cost to having both apps installed. Compare quotes side by side for each specific transfer — the cheapest option can vary by corridor and amount.
How to Get Started
BigPay: Download the BigPay app, complete eKYC verification with your MyKad, and top up your account via FPX. International transfers are available under the "Send Money" section.
Wise: Sign up at wise.com or through the Wise app. Verification requires your MyKad or passport. Fund your transfer via FPX or bank transfer. Wise shows you the exact fee and delivery estimate before you confirm.
Both platforms can be set up in under 10 minutes if you have your IC ready.
For a broader view of digital banking options in Malaysia, see our digital banks guide. If you are looking to reduce overall spending before worrying about transfer fees, start with our guide to saving money in Malaysia.