A new study by Edgar Dunn & Company (EDC), a global strategy consulting firm, found that Malaysians had unknowingly lost a staggering RM2.99 billion to
A new study by Edgar Dunn & Company , a global strategy consulting firm, found that Malaysians had unknowingly lost a staggering RM2.99 billion to hidden foreign exchange fees in 2023 alone.
In a press release, Wise revealed that the 2023 hidden fee data from EDC were calculated based on the exchange rate margin offered by the largest banks in Malaysia when their customers move money from the country. The survey was conducted from 6 to 10 February 2025 on a nationally representative sample of 1,000 Malaysians aged 18 and above. The data was weighted by age, gender, race and region to reflect the latest Malaysian population estimates.
Wise provided an example of an international transfer of USD 1,000 advertised as “fee-free” could actually cost RM 159 in hidden FX markups if a 3.6% margin is applied.“While upfront fees are usually stated by providers, many providers tend to add an undisclosed markup on the exchange rate, rather than using the fair, mid-market rate . This results in consumers paying more than expected.”
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