PETALING JAYA: There are four money personas found across Malaysia, according to new research from tech firm Wise, which revealed that almost half of Malaysians polled are avid shoppers – “Shopping Pros” – who make up 49% of survey respondents, while budgeting geniuses – “Financial Controllers” – account for 38%.
Hidden-fee finders, or “Aunty Powers”, are a smaller group at just 12% of Malaysians surveyed, followed up by value-driven buyer “Kopitiam Uncles”, who represent a mere 1% of respondents.
While Shopping Pros and Financial Controllers clearly dominate, Wise’s Don’t Kena Con campaign, which looked to uncover how “wise” Malaysians are with their spending, has determined the majority of Malaysians still have much to learn from Aunty Powers and Kopitiam Uncles on understanding hidden fees and markups while undertaking shopping adventures.
In fact, over one-third (37%) of Malaysian respondents who shop online and spend overseas note they have no idea what the fees and exchange rates are until the transaction is completed. That said, Malaysians show an impressive understanding of currency exchange, with 60% reporting they know what the mid-market rate is.
Aunty Powers and Kopitiam Uncles who seek truth and cost transparency may make up only a small part of the population now, but they’re wielding some influence over Malaysians looking to better understand currency conversions.
More than half (52%) of all Malaysian respondents have the impression that fintech platforms give the best rates when it comes to foreign exchange, although 38% chose money changers. This may be to their detriment, as half (50%) of Malaysians surveyed want to know if the remittance provider charges a receiving fee or the exchange rate used when receiving money from overseas.
Plus, close to a quarter of respondents (24%) said having the lowest service fee is the second most important thing they expect from a remittance provider.
When it comes to shopping overseas, the Shopping Pros display their strategic buying capabilities with strong preferences for digital payment methods. Malaysians surveyed choose to use their credit cards (39%), followed by debit cards (22%), multicurrency cards (20%) and cash (20%).
Given how many Malaysians use their credit cards when shopping, it’s encouraging to see that two-thirds (69%) are aware when it comes to shopping in a foreign currency with their credit card, they pay more than just currency conversion fees.
Still, the Financial Controllers are looking to keep budgets intact and spending on track, as 28% of shoppers noted that whether they are paying the lowest fees is the most important factor of consideration when spending on an international site, and 55% want to know the total cost of the purchase in ringgit. Importantly, to feel more secure when spending money overseas, Malaysian respondents say they want to know they are protected from fraud (40%), the total amount they have spent (37%), and the exact fees they have to pay (15%).
Wise Malaysia country manager Lim Paik Wan (pix) 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.
The Don’t Kena Con research was conducted from Dec 15, 2021 to March 18, 2022. It encompassed a sample size of 672 respondents who identified as Malaysian and non-Malaysian. Responses were collected online from the How Wise Are You About Money? Quiz.