KUALA LUMPUR: Malaysians could lose up to RM3.3 billion annually by 2029 if foreign exchange (forex) hidden fees are left unchecked, according to new research commissioned by Wise.
The company said Malaysians lost around RM2.99 billion (US$655 million) to hidden forex fees in 2023, with 76 per cent of those who transferred money internationally believing they "somewhat” or "fully” understood the true costs of these payments. It noted that only 18 per cent of these Malaysians recognised the hidden forex margins impacting their transfers.
