How to cancel Raiz in malaysia and recover your remaining balance

What Raiz is and why cancellation matters now

Raiz operated in Malaysia as an investment subscription service, allowing users to invest spare change from daily purchases into managed portfolios. However, Raiz ceased operations in Malaysia during 2024, which means your account will be affected regardless of whether you choose to cancel manually or wait for automatic closure. This guide explains your rights under Malaysian consumer law and walks you through the cancellation process step by step.

Unlike fitness apps or media subscriptions that stop service immediately when you cancel, Raiz involved recurring charges tied to your portfolio access and account features. According to the subscription terms, cancelling stops future billing but does not remove your access to your portfolio until the current billing period expires. This distinction is critical: you must cancel to prevent the next charge, even if you have already stopped using the app.

The subscription plans Raiz offered in malaysia

Raiz marketed two main paid tiers to Malaysian users. The Lite plan cost RM12 per month and included access to three preset portfolios plus Raiz Rewards. The Regular plan cost RM26 per month and added eight preset portfolios, Raiz Rewards, Raiz Kids account features, and Raiz Jars (a savings tool). Both plans operated on auto-renewal: your card was charged automatically on your billing date each month until you cancelled.

Why Raiz closure affects your cancellation timeline

Because Raiz has stopped operating in Malaysia, the company may have already begun migrating or closing user accounts. Your cancellation is urgent for two reasons: first, to prevent any further charges to your card; second, to establish a clear record of your request if funds remain in your portfolio. Yafee recommends contacting Raiz customer support immediately to confirm your account status and any outstanding balance.

Your consumer rights under malaysian law

Your right to cancel a subscription is protected by the Consumer Protection Act 1999, which governs all businesses operating in Malaysia, including fintech and investment platforms. Under this Act, you have the right to receive accurate information about charges, to cancel a recurring subscription without penalty, and to recover money if the company has not delivered the service as promised.

Consumer protection act 1999 and auto-renewal contracts

The Consumer Protection Act 1999 Section 124 requires that any consumer contract must be fair and transparent. In the case of auto-renewal subscriptions, the law mandates that you must be told the subscription price, the renewal date, and how to cancel before you are charged. The Act also protects you against unfair contract terms: a term that binds you to a subscription indefinitely without a clear cancellation method is considered unfair.

In practice, this means Raiz cannot impose a cancellation fee, cannot require you to give more than 30 days' notice, and cannot charge your card after you have submitted a valid cancellation request. If Raiz has charged you after you cancelled, or if you discover phantom charges on your statement, you have the right to ask for a refund through the company or through the consumer authority.

Escalation: the malaysian communications and multimedia content board (MCMC) and ministry of domestic trade and consumer affairs

If Raiz refuses to cancel your account, ignores your cancellation request, or continues to charge you after cancellation, your next step is to lodge a complaint with the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP). This is the national consumer protection regulator in Malaysia and has the power to investigate the company and order a refund. You can file a complaint online at the KPDNHEP portal or visit your nearest Pengguna Malaysia office.

The KPDNHEP enforces the Consumer Protection Act 1999 and can force companies to comply with cancellation requests, reverse illegal charges, and pay compensation if they have caused you financial loss. Yafee advises saving all emails, screenshots, and transaction records before filing a complaint, as these form your evidence.

How to cancel Raiz: step-by-step procedure

Cancellation of your Raiz subscription follows a clear path whether you cancel through the app or via customer support. The key is to document every step and confirm cancellation in writing.

Prepare your account before you cancel

Spend five minutes gathering information about your current subscription and any funds held in your portfolio. This protects you if a dispute arises later.

1. Log into your Raiz account via the app or web portal.
2. Navigate to your Account or Settings page and take a screenshot of your current subscription plan (Lite or Regular), the monthly charge amount, and your next billing date.
   • Open your email and locate your most recent Raiz billing receipt or invoice.
   • Check your bank statement or credit card statement for the last charge from Raiz.
   • Record the date and amount of this charge.
3. Take a screenshot of your portfolio value or any balance shown in your account.
   • Make a note of any pending investments or transactions.
   • If you hold any portfolio positions, record their current value.
4. Export or copy any investment records or transaction history you need to keep for tax or personal records.

Cancel through the app or account settings

The primary cancellation route is through your Raiz account. This method creates a clear digital record of your request.

1. Open the Raiz app or log into your account at raiz.com.my.
   • If you use the app, tap the profile or menu icon (usually three horizontal lines or your initials).
   • If you use the web, click on your account name or the Settings option in the top menu.
2. Navigate to Subscription or Billing settings.
   • Look for a section labelled "Subscription Plan", "Manage Plan", or "Billing".
   • Do not delete the app or log out; these actions do not cancel your subscription.
3. Select your current plan (Lite or Regular) and locate the "Cancel Plan" or "Cancel Subscription" button.
   • Read any on-screen warning or confirmation message.
   • Take a screenshot of this page before you proceed.
4. Click "Cancel Plan" and confirm the action.
   • A confirmation message should appear on screen.
   • Take a screenshot of this confirmation.
   • You may also receive a confirmation email within 24 hours; save this email.
5. You will retain access to your portfolio and any funds until your current billing period ends. After that date, your account access may be restricted.
   • Mark the final access date in your calendar.
   • Withdraw any remaining funds before this date if withdrawal is still available.

Cancel by contacting customer support in writing

If the app or account method does not work, or if you want a written record of your cancellation, contact Raiz customer support directly. Yafee recommends this approach if you have already tried the in-app cancellation and received no confirmation, or if you suspect your account has been compromised.

1. Send an email to [email protected] with the subject line "Cancel subscription for [your account email address]".
   • Include your full name, account email address, and the phone number linked to your account.
   • State clearly: "I request cancellation of my subscription effective immediately."
   • Include the date of your last charge and the plan you were on (Lite or Regular).
   • Ask for written confirmation of cancellation within 5 business days.
2. Alternatively, use the Live Chat feature on raiz.com.my if it is still available (weekdays 9:00 AM to 6:00 PM MYT).
   • A chat agent may cancel your subscription immediately.
   • Screenshot the entire chat conversation as proof.
   • Ask the agent to email you a confirmation within 24 hours.
3. If the above channels are unavailable, write to the registered address:
   • Raiz Malaysia Sdn Bhd
   • [Head Office Address - contact details available on raiz.com.my]
   • Mark the envelope "Attention: Customer Cancellation Request".
   • Send by registered mail and keep the receipt.
4. Wait for a response. Raiz must acknowledge your cancellation request within 5 business days.
   • If you do not hear back, follow up with a second email or phone call.
   • Note the date and time of your follow-up attempt.

What happens after you cancel

Cancellation does not mean instant account closure. You will retain access to your portfolio and any funds held until your current billing period expires, after which your account will be suspended or closed by Raiz.

Access and timeline after cancellation

Once you cancel, your subscription auto-renewal is disabled. You will not be charged on your next billing date. Your portfolio remains viewable and your funds remain in your account, but Raiz will not renew your paid plan features. If your account included tools like Raiz Jars or Raiz Kids, these may become read-only or restricted.

The date your account closes depends on when you cancelled and when your billing period ends. For example, if you cancel on 15 January and your billing period runs from the 10th to the 10th of each month, your account will remain active until 10 February. After that date, Raiz may close your account or migrate your funds.

Withdraw your funds before account closure

Because Raiz has ceased Malaysian operations, you must withdraw any remaining balance from your portfolio before your account is closed. Yafee strongly advises withdrawing your funds as soon as possible to avoid delays or complications.

1. Log into your account and navigate to Withdraw or Transfer Funds.
   • Check if a withdrawal option is still available in your account.
   • If the button is greyed out or missing, the withdrawal window may have closed.
2. Select your withdrawal method (usually bank transfer to your registered Malaysian bank account).
   • Confirm the bank account details are correct.
   • A small verification transfer may be sent first; confirm the amount in your bank statement.
3. Request withdrawal of your full balance and submit.
   • Processing can take 3 to 5 business days.
   • Screenshot the withdrawal request and the confirmation reference number.
4. Check your bank account 5 to 7 days later to verify the funds have arrived.
   • If funds do not appear, contact Raiz support immediately with your withdrawal reference number.
   • If Raiz is no longer responding, escalate to the KPDNHEP.

Refunds and recovery of overpayments

If Raiz charged you after you cancelled, or if the company continued to charge you after the service ceased operations, you have the right to ask for a refund. Under the Consumer Protection Act 1999, a company must not charge you for a service you did not receive or for a service that has been discontinued.

Request a refund for charges after cancellation

1. Review your bank or card statement for charges dated after your cancellation date.
   • Identify the date you cancelled (from your email confirmation or screenshot).
   • Check for any Raiz charges after that date.
   • Note the charge amount and the date it appeared on your statement.
2. Send a formal refund request to [email protected].
   • Include your account email, the charge dates, and the amounts.
   • State: "I cancelled my subscription on [date]. You charged my account on [date] for RM[amount] without my consent. I request an immediate refund."
   • Attach screenshots of your cancellation confirmation and your bank statement showing the erroneous charges.
   • Ask for a refund within 14 days.
3. If Raiz does not refund you within 14 days, file a complaint with the KPDNHEP.
   • Include your cancellation proof and refund request email.
   • The KPDNHEP can order Raiz to refund you plus compensation for inconvenience.

Common mistakes that delay cancellation

Cancellation is straightforward if you follow the steps above, but a few common errors can cause confusion or accidental continued billing. The good news is that every mistake is reversible if you act quickly.

Deleting the app without cancelling the subscription

Many users assume that deleting the Raiz app stops their subscription. It does not. Removing the app from your phone simply hides it; the subscription remains active and your card will be charged on the next billing date. You must cancel through the account settings or customer support to stop the subscription itself.

Cancelling without confirming the next billing date

If you do not check your next billing date before cancelling, you may miss a final charge. Always note the date of your next renewal, then check your bank statement around that date to confirm no charge appears. If a charge does appear after you cancelled, it is an error and must be refunded.

Losing your cancellation confirmation email

If Raiz sends you a cancellation confirmation email, save it to a folder or archive so you can retrieve it later if needed. This email is your proof that you cancelled on a specific date. Without it, you may struggle to dispute a charge or claim a refund. Yafee advises saving confirmation emails from any subscription service you cancel.

Not withdrawing funds before account closure

Because Raiz has ceased operations in Malaysia, you must withdraw any portfolio balance before your account is closed. If you wait until the account is suspended, you may find the withdrawal option is no longer available and recovering your funds will require escalation to the KPDNHEP or legal action.

Cancellation checklist

Use this checklist to ensure you have completed all necessary steps and have the documentation you need.

Why users switch away from Raiz

Many Malaysian investors moved away from Raiz following the operational closure and the limitations of its subscription model. The most common reasons for cancellation were recurring monthly fees without performance benefits, limited portfolio customisation, and the lack of transparency around fund performance and charges. Yafee has seen users move to alternative platforms that offer lower fees or fee-free investing, such as StashAway, MyTheo, and Wahed Invest, which operate under Malaysia's financial regulatory framework.

The subscription model itself became a pain point: users who paused their investing during market downturns still faced monthly charges. This contrasts with many modern investment apps that charge only when you trade or based on assets under management (AUM), not a flat monthly fee.

Your legal position and final steps

Under the Consumer Protection Act 1999, you have a clear legal right to cancel your Raiz subscription at any time without penalty and without giving notice of more than 30 days. If Raiz refuses to cancel, continues to charge you after cancellation, or fails to return your funds after account closure, you can escalate to the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) and pursue a complaint or claim for damages.

Your steps are: (1) cancel your subscription through the account settings or email customer support; (2) obtain and save a written confirmation of cancellation; (3) monitor your bank statement for the next 60 days to ensure no further charges appear; (4) withdraw any remaining portfolio funds within 7 days of cancellation; (5) if you are charged after cancellation or if funds are not returned, request a refund in writing within 30 days; (6) if Raiz does not refund you within 14 days, file a complaint with the KPDNHEP.

Yafee has helped thousands of consumers cancel investment and subscription services in Malaysia and recover unauthorised charges through the KPDNHEP process. By following the procedure above and keeping clear documentation, you are building a strong case if escalation becomes necessary. Contact Yafee directly if you need guidance on filing a complaint or if you encounter resistance from Raiz during cancellation.

How to contact Raiz or escalate your case

If you need to escalate your cancellation or file a complaint, use these contact channels in order:

1. Customer support email: [email protected] (response expected within 5 business days).
2. Live Chat: raiz.com.my (weekdays 9:00 AM to 6:00 PM Malaysia Time), if still available.
3. Registered mail to Raiz Malaysia Sdn Bhd head office (address available on the Raiz website).
4. Escalation: Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) complaint portal at www.kpdnhep.gov.my or visit a Pengguna Malaysia office.

Yafee recommends keeping all correspondence, screenshots, and evidence of your cancellation request and any charges that appear after your cancellation date. This evidence is invaluable if you need to file a formal complaint or seek compensation through the KPDNHEP or a small claims court.