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Overseas ATM withdrawal fee
S$0
Overseas ATM withdrawal fee
Best Wise Digital Multi-Currency Accounts in Singapore 2024
Enjoy better conversion rates with a Wise multi-currency account card when you are travelling or remititing money overseas without extra bank charges.
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Wise Singapore Review 2024
With the growing popularity of digital multi-currency accounts and higher spending and holding limits to come in the near future, choosing the right one can get a little tricky at times.
If you’re looking to remit and hold multiple types of currencies as opposed to spending money through an e-wallet, Wise (formerly TransferWise) may be ideal for you. Otherwise, you can compare the best digital multi-currency accounts and wallets in Singapore with MoneySmart’s comparison tool first before making a decision.
What Is Wise All About?
What is Wise?
Wise is a currency exchange service provider which offers you the option of owning a multi-currency account that allows you to hold, convert, and transfer money across multiple currencies. This type of account is designed to make it easy to manage your finances be it for travel, personal activities or for business.
Who is Wise best for?
If you’re a traveler, expatriate, freelancer, or business owner who engages in frequent international transactions, Wise may be ideal for you. Its multi-currency account is beneficial for managing and holding multiple currencies, offering real exchange rates and low fees, making it a popular choice for you when dealing with cross-border payments and financial management.
Key features
Wise offers highly competitive exchange rates* close to the mid-market rate and transparent, low fees, making international transfers and currency conversions more affordable. Moreover, its user-friendly interface, both on its website and mobile app, makes it easy to execute and track transactions whether you’re seeking to hold, manage, and/or convert over 50 currencies in a single account for travel, work, or business. *Terms and Conditions apply. For detailed terms and conditions and full disclaimer, please refer to Wise’s website.
Why Consider Wise?
Free overseas ATM withdrawals
Wise allows up to two free ATM withdrawals per month for amounts less than $350, which is particularly beneficial for travelers or those living abroad.
No joining fee
The absence of a joining fee makes it accessible and cost-effective to start using Wise's services.
Extensive currency support
With the ability to hold and transact in over 40 different currencies across more than 175 countries, Wise is ideal for those dealing with international currencies, whether for personal or business purposes.
Transparent currency conversion fees
Wise is known for its transparency, particularly with currency conversion fees. These fees are not only reasonable but can also be easily checked online, ensuring that users are fully aware of the costs involved in their transactions.
Compatibility with Apple Pay and Google Pay
The support for Apple Pay and Google Pay enhances the convenience of using Wise, allowing for easy and secure transactions directly from smartphones.
Compare Wise vs. Revolut vs. Instarem Amaze Multi-Currency Accounts
| Wise | Revolut | Instarem Amaze |
|---|---|---|
| No. of currencies supported: 50+ | No. of currencies supported: 40+ | No. of currencies supported: 30+ |
| Currency exchange rates: Mid-market rate | Currency exchange rates: Real-time exchange rates | Currency exchange rates: Mid-market rates\ |
| Overseas withdrawal fee: Free up to 2 withdrawals under S$350, S$1.50 per withdrawal afterwards | Overseas withdrawal fee: Free up to S$350, 2% afterwards | Overseas withdrawal fee: 2% fee, limit of S$1,000 per day |
Platform or transfer fees:
| Platform or transfer fees:
| Platform or transfer fees:
|
| Minimum top-up amount: None | Minimum top-up amount: S$20 | Minimum top-up amount: S$20 |
| Payment modes: Visa or Mastercard, Apple Pay, Google Pay | Payment modes: Visa or Mastercard, Apple Pay, Google Pay | Payment modes: Mastercard, Google Pay |
| *All data above were last updated on January 2024. For the most recent updated information, please refer to Wise’s website. |
Types of Wise Accounts
There are two types of accounts on Wise Singapore — personal account and business account.
Personal account
The Wise Personal Account, available in Singapore, is tailored for individuals requiring international money transfers and currency management. It allows users to hold and manage over 50 currencies, offering real-time, low-cost conversions at mid-market rates. Users can send money globally with transparent, minimal fees, and receive payments like a local with bank details in multiple countries.
The account comes with a Wise debit card, enabling spending in various currencies abroad or online, and ATM withdrawals with favourable terms. Renowned for its user-friendly interface, the account is ideal for travellers, expats, or anyone dealing with frequent cross-border transactions.
Business account
The Wise Business Account in Singapore is designed for businesses engaging in international transactions. It extends the benefits of the personal account, which includes the similar feature of holding and converting over 50 currencies at mid-market rates, but with added features tailored for business needs.
These include the ability to create invoices, manage international payments efficiently, and integrate with accounting software. Businesses can also provide team members with controlled access to the account for streamlined financial management. Thus, making it particularly advantageous for freelancers, small businesses, and corporations looking for cost-effective, transparent solutions for global money transfers and currency management, offering significant savings on fees compared to traditional banks.
How To Open A Wise Account In Singapore
Step 1
Apply via MoneySmart
To apply via MoneySmart, all you have to do is scroll up on our Multi-currency accounts listing page and click on Wise before you’ll get directed to the online application page.
Step 2
Account registration
After that, you’ll be able to access the Wise platform via their website or advised to install the mobile app available on both/either the App Store and/or Google Play. Select the “Sign Up” option and you’ll be asked to enter your email address, create a secure password, and specify your home country, such as Singapore.
Step 3
Identity verification
For regulatory compliance, Wise mandates identity verification. You should upload an accepted form of ID, like a passport, national ID, or driver's licence.
Step 4
Enter required supplementary details
Complete your profile by providing additional necessary details, including your physical address and contact number. This stage may also involve queries about how you plan to use the account, whether for personal or business purposes.
Step 5
Personalise your account settings
After verification, you can customise your account, choosing the currencies you wish to manage. Additionally, you have the option to request a Wise debit card if it suits your needs.
Step 6
Start transferring your funds
Once everything is done, you’ll be able to start transferring money, holding multiple currencies, and using other features that Wise offers. Do note that the verification process might take a few days, depending on the documentation and information provided.
Frequently Asked Questions
What are the fees that Wise charges?
Wise do not charge for overseas withdrawals of funds for up to 2 withdrawals under S$350, however, there is a S$1.50 fee per withdrawal afterwards.
As for other fees:
- Free to send the same currency from one Wise Account to another, but a conversion fee that starts from 0.43% will be charged only for sending for a different currency
- Account funding transactions fee of 2%
- Receiving USD wire payments will incur a fee of USD 4.14, but it is free to receive AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD (non-wire payments)
- Receiving CAD SWIFT payments will incur a fee of CAD 10
How many currencies can I exchange or hold or transfer on Wise?
- Wise allows users to hold and manage over 50 currencies, offering real-time, low-cost conversions at mid-market rates.
Is it safe to hold or convert currencies via Wise’s platform?
- Yes, it is relatively safe as Wise Singapore is licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution under the Payment Services Act.