How wise are you when it comes to shopping?
Wise came up with a survey called Don't Kena Con conducted in 2021 which encompasses of 672 respondents who indentify as Malaysians and non-Malaysians and the responses were collected online. Based on the data, majority of Malaysians polled have the money persona of Shopping Pro (49 per cent) and Financial Controller (38 per cent) which shows the keen ability to grab deals without going over budget.
Meanwhile Aunty Power (12 per cent) are a smaller group, followed by value driven buyer Kopitiam Uncles representing a mere of one percent respondents.
When asked about the catchy names of personas in the quiz, Malaysian Country Manager of Wise Lim Paik Wan said was a collaboration with creative agency which represents the Malaysians.
"The polls, names and personas were all developed in a collaboration with creative agencies. We tried to make it firm for our consumers and of course represents the Malaysians," she said.
The participants were also explained on when receiving money, the most important thing to expect from a provider is to know the receiving fees or exchange rate used.
Again, Malaysians have a lot to learn when it comes to understanding hidden fees and it's clear that customers are increasingly demanding for transparency in prices.
In fact, 37 per cent of Malaysian respondents who shop online and spend overseas note that they have no idea what the fees and exchange rates are until the transaction is complete.
However, Malaysians show off an impressive understanding of currency exchange, with 60 per cent reporting they know what the mid-market rate is.
"Although 38 per cent of Malaysian respondents preferred money changers, more than 52 per cent have the impression that fintech platforms give the best rates when it comes to foreign exchange.
"This may be to their detriment, 50 percent of Malaysians surveyed want to know if the remittance provider charges a receiving fee or the exchange rate used when receiving money from overseas," the survey stated.
According to a research by Wise, they found that Malaysians paid overall RM10.5 billion in total card fees when shopping overseas from 2015 to 2020 and RM1.5 billion was paid in transaction fees and hidden exchange rate markups yearly when shopping overseas.
When talking about shopping overseas and given how many Malaysians use their credit cards when shopping, it's encouraging to see that two-thirds (69 percent) are aware when it comes to shopping in a foreign currency with their credit card, they pay more than just currency conversion fees.
Based on Wise's research, to feel more secure when spending money overseas, it shows that 40 percent of Malaysian respondents wants to know that they are protected from fraud, 37 percent wants to know the total amount they have spent and 15 percent of them wants to know the exact fees they have to pay.
Paik Wan said as international e-commerce and shopping continues to grow in popularity across the country, Malaysians need solutions that will help them navigate hidden fees and provide an easier way to make international purchases.
"We know from our research that transparency and convenience are paramount to Malaysian consumers, which is why we’re proud to offer our multi-currency account and card to anyone who needs a better solution for their spending needs.
"Malaysian shoppers should be able to put their hard earned money toward their purchases, not hidden fees, and we hope they take their financial savvy even further by using Wise," she said.