Wise Review Singapore

Managing finances can be a challenge for expats in Singapore. From sending money home and paying local bills to dealing with unpredictable currency exchange rates, keeping track of your finances can quickly become overwhelming.

Finding an affordable, transparent, and convenient financial tool that works across borders is often easier said than done. This Wise review explores how Wise can simplify life for expats in Singapore, offering a reliable way to hold, send, and spend multiple currencies at low cost. It will cover its main features, services, and pricing, and why it has become a go-to solution for internationally mobile people.

Before diving into the details, here is an overview of what you will find in this guide:

Wise: Key points

• Founded in 2011: Wise has grown rapidly and now serves around 12 million active customers worldwide;
• Secure funds: Your money is protected with industry-leading security systems, giving you peace of mind when sending or holding money;
• Multi-currency management: You can hold and manage 40+ currencies in a single account, making it easy to live or work internationally;
• Global transfers: Send money to 140+ countries at the mid-market exchange rate, without hidden fees;
• No monthly fees for a personal account: Wise personal accounts come without maintenance fees, keeping costs low for everyday use.

What is Wise?

Wise is an international payment, account and card provider, which launched in 2011, that lets you hold multiple currencies in one place and convert them within seconds. With account details available in 20+ currencies, receiving money from abroad is seamless. You can also send money to 140+ countries using the mid-market exchange rate. Wise is widely recognised for its transparency, with no hidden fees and clear, upfront pricing, making it a convenient and cost-effective solution for expats and international travellers.

Wise products and services

Wise offers a range of options that can make travelling and living abroad easier and more affordable. Get to know the top 5 products and services the company offers, and visit Wise’s website to learn all the details:

• International money transfer: Send money abroad to 140+ countries at the mid-market exchange rate, with no exchange rate markups and low fees. 70%+ of transfers arrive within seconds.*
• Multi-currency account with account details: Manage 40+ currencies in a single account and access account details for 20+ currencies. This allows you to receive money like a local in different parts of the world.
• Wise debit card: Use the physical card to spend at home or abroad and withdraw cash from ATMs overseas. This multi-currency card is linked to your Wise account, allowing you to hold funds in various currencies. If needed, the card automatically converts to the required currency.
• Wise virtual card: Spend online, in-store, and abroad with an extra layer of security, as your virtual card details can be replaced or deleted instantly. You can have up to three digital cards at any given moment.
• Business account: For businesses, the Wise business account makes it easy to pay and get paid in different currencies. It helps you collaborate, sell, and buy internationally with greater efficiency, all while benefiting from Wise’s low fees and the mid-market exchange rate.

*The speed of transaction claims depends on individual circumstances and may not be available for all transactions

Is Wise safe?

Yes, Wise takes multiple measures to protect your money. The platform uses two-factor authentication and strong encryption to secure your account. You also receive instant transaction notifications in the Wise app, and cards can be frozen or cancelled at any time if needed. Manual and automatic anti-fraud systems operate 24/7 to detect and prevent unauthorised activity. Wise also provides dedicated customer support via in-app chat, email, or phone.

As with any financial account, active vigilance is essential. Do not share your login details, and regularly check your account to ensure no unusual activity has occurred.

Sara chose Wise to send money to buy a house abroad

Is Wise available in Singapore?

Yes, Wise is available in Singapore. Residents can easily open an account by visiting the website or downloading the app, clicking “Register”, and following the prompts. Once the account is set up and verified, it can be used immediately. You can also order a Wise debit card and a Wise virtual card if desired. This lets you make purchases, withdraw cash overseas, send funds within Singapore and abroad, and receive money in 20+ currencies.

Your Wise card will continue to work seamlessly when travelling outside Singapore, except in countries or regions restricted due to global sanctions or practical limitations, including: Afghanistan, Belarus, Burundi, Central African Republic, Chad, Congo, Democratic Republic of the Congo, Cuba, Eritrea, Iran, Iraq, North Korea, Libya, Myanmar, Somalia, Republic of South Sudan, Russia, Sudan, Syria, Yemen, Venezuela, and the Ukraine regions: Crimea, Donetsk, Luhansk, Kherson, Zaporizhzhia.

Many expats in Singapore choose Wise because it makes travelling, managing multiple currencies, and handling international transfers simple, fast, and cost-effective. At the same time, it remains practical for everyday life in Singapore, supporting local payments and purchases.

It’s helpful to know that your Singapore issued Wise card can’t be used in an ATM in Singapore as it’s designed for overseas use. If you need cash in Singapore you’ll need an alternative, but the Wise card is handy for ATM use whenever you’re abroad.

Wise pricing

Wise’s pricing is structured to be transparent and fair, with no hidden fees or exchange rate markups.

When converting money, the company uses the mid-market exchange rate – you can find it when you google currency pairs – and applies a small upfront fee that varies depending on the currency and payment method. When sending money, all fees are clearly displayed before you confirm a transfer, so you know exactly how much you are paying and how much your recipient will receive. Discounts automatically apply when sending larger amounts, starting from 30,000 SGD (or equivalent), helping you save more on high-value transfers.

The table below summarises the main Wise personal account fees for clients living in Singapore:

Features	Wise personal account fees
Opening a Wise account	Free
Maintenance/monthly fees	Free
Receiving money from abroad	Free for domestic payments (non-Swift/non-wire) in 8+ currencies;Wire and Swift payments have a fixed fee per payment
Sending money abroad	From 0.26%A discount applies when sending over 30,000 SGD (or equivalent)
Currency exchange	From 0.26%
Getting a Wise card	8.5 SGD
Getting a Wise virtual card	Free
Wise card ATM withdrawal	No fee for up to 2 withdrawals/month (up to 350 SGD/month)*After that,1.5 SGD/withdrawal1.75% on any amount over 350 SGD *Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks

Wise pros and cons

Wise pros	Wise cons
✅ Opening a personal account has no fees or maintenance costs; ✅ Multi-currency account with 40+ currencies and the possibility of an associated debit card and up to 3 virtual cards; ✅ Send money to 140+ countries at the mid-market exchange rate with no hidden fees; ✅ 70% of transfers are instant, and most arrive within an hour;* ✅ Secure and regulated provider.	❌ Does not allow sending or receiving transfers in cash; ❌ No ATM service available in Singapore; ❌Some holding limits apply for Singapore customers.

How to create an account with Wise

You can open a Wise account in just a few minutes, completely online. Follow these steps:

1. Visit https://wise.com/ or download the Wise mobile app;
2. Click “Sign up” or “Register”;
3. Enter your email address;
4. Choose whether you want a personal or business account;
5. Select the country where you live most of the year;
6. Enter your phone number and verify it with the code sent to your device;
7. Create a secure PIN for your account;
8. Start using your Wise account.

To unlock all features and activate your multi-currency account, you will need to complete a verification process using Singpass if you have a Myinfo account, or by submitting some identification documents if you’d prefer.

What documents you’ll need

Wise verification in Singapore can be done most easily using Singpass if you’re a Singapore resident with a Singpass/Myinfo account. In this case you can follow the prompts to use Myinfo to populate the application fields and verify the details with your phone.

If you’re an Employment Pass holder your Myinfo account will not upload address details, which means you’ll need to add a photo of an address document to complete verification. For Singapore citizens and PRs, there’s no need to add any other documents if you use Singpass.

If you’d prefer to use a manual verification process, the following documents are required to gain full access to your personal Wise account:

• A valid ID: photo page of your passport or your national ID card;
• Proof of address: utility bill, bank or credit card statement, vehicle registration or tax document, employment letter (from Singapore incorporated companies only), photo driving licence showing your address, or document issued by a government or financial institution.

For Wise business accounts, verification usually requires:

• Business name;
• Official registration number – ACRA (or UEN) registration number;
• Official website (when applicable);
• Personal details and photo ID of the account owner;
• Full name, date of birth, country of residence, and photo ID of anyone owning 25%+ of the company;
• Full name, date of birth, and country of residence of all business directors (when applicable);
• Letter from an authorised representative of the business confirming your authority (in some cases);
• The reason for using a Wise business account.

The more information you share about your business, the faster the verification process usually is.

How long does Wise verification take

Wise typically verifies personal accounts within 1 working day. To help speed up the process, ensure that:

• Your documents are valid and not expired;
• The names on your documents match the name registered on your account;
• Photos are clear and not blurred.

Following these tips can help your verification go smoothly and quickly.

Wise limits

Wise applies limits to transfers, withdrawals, and account activities, which can depend on factors such as your country of residence, the currencies involved, and the payment method.

For most personal accounts opened in Singapore, the limits are fairly high:

• Holding money: personal customers can hold up to 20,000 SGD in your Wise currencies or Jars as cash – no limit on the amount you can hold as Interest or Stocks, or money that you move from your cash balance into Interest or Stocks;
• Receiving money: no limit for most currencies – subject to holding limits once received;
• Card transaction (payments and withdrawals) and transfer: Singapore accounts and cards can be used to send or spend 100,000 SGD per year
• Withdrawals: Limit information available by logging into your Wise account:
• No fee for up to 2 withdrawals/month, totalling up to 350 SGD*;
• 1.5 SGD/withdrawal after the 2nd withdrawal;
• 1.75% on any amount withdrawn over 350 SGD in a month.

*Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks

Wise Business customers in Singapore are not subject to account holding limits.

When logged into your account, you can set lower limits for each of your cards (Wise withdrawal limit and total limit), and a lower overall holding limit to help manage spending or enhance security. The platform also shows how much has been spent in the current month and how much remains before reaching the limit. You can also define daily spending limits, which match the monthly limits by default but can be adjusted at any time.

When sending SGD, Wise transfer limits vary depending on the destination currency and payment type.

When you’re sending from SGD the amount you can send depends on the way you want to pay. You can send up to 2 million SGD per transfer, depending on how you pay. If you pay by card, the limit is 16,000 SGD.

There may also be limits on the currency you’re sending to:

Currency you are sending money to	Wise minimum and maximum transfer limits (when paying with your Wise account)
AED	1 – 10 000,000 AED
BRL	50 – 250,000 BRL
CAD	0.02 – 1 000,000,000 CAD
CHF	0.51 – 250,000,000 CHF
EUR	0.01 – 1,200,000 EUR
GBP	0.02 – 1,000,000 GBP
INR	1.02 – 100,000,000 INR
JPY	2 – 150,000,000 JPY
SEK	0.11 – 1,000,000,000 SEK
USD	0.01 – 1,600 000 USD

Wise accessibility

Wise is available both on desktop and through a mobile app (for iOS and Android), making it easy to manage your money anytime and anywhere. The platform supports multiple languages, including English, ensuring a smooth and localised experience. Its clean and intuitive interface is designed for accessibility, allowing users to navigate, send, and convert money with just a few taps. Wise also offers phone, email, and in-app support, as well as clear help articles online, so users can easily find assistance whenever needed.

Wise has implemented several features to make the platform accessible to as many people as possible, including those with disabilities:

• Zoom: You can zoom in up to 200% on both the website and the app;
• Customisable display: Change colours, contrast levels, and fonts using your browser or device settings;
• Keyboard navigation: Navigate the website using only a keyboard;
• Screen readers and speech recognition: Most of the website is compatible with modern screen readers and speech recognition software.

Wise for business

Wise offers two types of accounts: personal and business. The Wise business account is suitable for a wide range of businesses, from freelancers and startups to small and larger companies. It is particularly convenient for businesses that need to send and receive payments in multiple currencies.

Some of the key features of the Wise business account are:

• No holding limits: Hold in your Wise business account balance with no holding limit
• Global transfers: Send money to 140+ countries;
• Multi-currency account: Manage 40+ currencies in a single account;
• Local account details: Receive money like a local without fees in 8+ currencies, including SGD, AUD, EUR, USD, and GBP;
• Real-time operations: Manage all transactions online, and have full control over your company’s finances;
• Wise business debit or expense cards: Tailor each team member’s debit card according to their responsibilities.

Opening a Wise business account has a one-time registration fee of 99 SGD with no ongoing maintenance fees. For a full list of Wise business account fees, you can visit Wise’s pricing page.

Conclusion: Is Wise worth it?

Yes, Wise is worth it, especially for international money transfers and travel, thanks to its low fees and mid-market exchange rates. Its multi-currency account is a flexible and cost-effective way to spend money abroad. The fact that Wise is transparent about the fees of each transaction gives users the confidence of knowing exactly what they are paying for. It is a very convenient option for people who travel frequently, send and receive money across countries, or are looking for an affordable and secure account provider in Singapore.

Wise review FAQs

Is it safe to transfer money with Wise?

Yes, transferring money with Wise is safe. The platform is trusted by 12 million users and has industry-leading security systems in place, including manual and automatic anti-fraud measures, two-step authentication, and encryption. You also receive real-time notifications on your app, so you can track exactly when and how much money is spent.

How does Wise apply exchange rates?

Wise uses the mid-market exchange rate in its transactions. This is also known as the interbank rate, middle rate, or wholesale exchange rate. It is the rate you find when you google currency pairs. Wise does not add exchange rate markups, charging only a clear and upfront fee. By contrast, banks or other providers may purposely give you a lower rate, meaning you could receive less or pay more than necessary, even if their advertised fees seem low or free. With Wise, what you see is what you get.

Does Wise have a mobile app?

Yes, Wise has a mobile app that can be downloaded for free from the App Store or Google Play.

Is Wise safe to use for large amounts of money for expats in Singapore?

Yes, Wise is safe for transferring and holding large sums of money. In Singapore, Wise is licensed by the Monetary Authority of Singapore (MAS). Wise follows strict rules to protect customers’ funds. Your money is kept in leading commercial banks and in low-risk liquid assets, ensuring it is secure and readily available for any transaction you need. Many expats in Singapore use Wise to manage international transfers, pay local bills, and hold balances in multiple currencies safely and conveniently.

Useful resources

• Wise (https://wise.com/sg) – Landing page for Wise Singapore (last checked 19th November 2025)
• Wise account (https://wise.com/sg/account/) – Wise personal account (last checked 19th November 2025)
• Wise personal pricing (https://wise.com/sg/pricing/) – Wise pricing for personal accounts (last checked 19th November 2025)
• Wise international money transfers (https://wise.com/sg/send-money/) – Wise international money transfers (last checked 19th November 2025)
• Wise business (https://wise.com/sg/business/) – Wise business account (last checked 19th November 2025)
• Wise business pricing (https://wise.com/sg/pricing/business) – Wise pricing for business accounts (last checked 19th November 2025)
• Wise registration page (https://wise.com/register#/email) – Create your Wise account (last checked 19th November 2025)
• Wise card use and ATM withdrawals (https://wise.com/help/articles/2935771/where-will-my-wise-card-work) – Explainer on where Wise cards issued in Singapore can be used for payments and withdrawals (last checked 19th November 2025)
• Wise card holding limits in Singapore (https://wise.com/help/articles/2978043/holding-limits-if-you-live-in-singapore) – details of MAS imposed holding limits for Singapore customers (last checked 19th November 2025)
• Wise card sending and spending limits in Singapore (https://wise.com/help/articles/7An4EGbMZwNgDIFa35QFM9/sending-and-spending-limits-if-you-live-in-singapore) – important limits for Singapore customers (last checked 19th November 2025)