Wise money transfer review (2026): Fees, speed and how it works

Key Takeaways:

• Wise money transfer lets you send funds internationally at the mid-market exchange rate, with transparent fees from 0.19%¹.

• The Wise Business account is free to open, but it requires a one-time S$99 fee to unlock local account details in 22 currencies.¹

• Airwallex supports transfers to 200+ countries. It also gives you free transfers to 120+ countries via local rails (with no SWIFT fees).

Wise money transfer is one of the most widely used fintech services for moving funds internationally from Singapore.

Whether you're paying overseas suppliers, receiving payments from foreign clients, or simply managing money across currencies, Wise offers transfers at the mid-market exchange rate, without the hidden markups most banks add.

This guide covers how Wise money transfer works in Singapore, including fees, transfer speed, account types, limits, and what to watch out for. If Wise doesn't meet your needs, we also look at what else is available.

What is Wise?

Wise (formerly TransferWise) is a financial technology company founded in 2011. It is not a bank; it doesn't lend out customer funds. Instead, it operates its own global payment network to move money across borders faster and more cheaply than traditional banks.

In Singapore, Wise Asia-Pacific Pte. Ltd. is licensed as a Major Payment Institution by the Monetary Authority of Singapore (MAS) under the Payment Services Act. This means it is legally required to hold your funds safely and comply with local financial regulations.

Wise offers two account types for Singapore users: a personal account and a business account. They share similar features but differ significantly in fees, limits, and who they are designed for.

Information in this section is based on Wise’s official website as of 1 Sep 2026.

Wise Personal Account vs Wise Business Account

Wise offers separate personal and business accounts in Singapore, and they come with different features and transaction limits.

Wise Personal Account

The Wise personal account is designed for individuals who want to send money abroad, hold foreign currencies, or spend internationally with a debit card. In Singapore, you can open a personal account for free.

Key things to know about the personal account in Singapore²:

• Receive payments: Get local account details to receive in 22 currencies

• Debit card: Available for a one-time fee of S$8.50

• Holding limit: You cannot hold more than S$20,000 (or the equivalent) in your personal Wise account at any one time³

• Annual send and spend limit: You can send or spend up to S$100,000 (or the equivalent) from money held in your Wise account over a 12-month period⁴

Wise Business Account

The Wise Business Account is designed for companies that regularly receive and send money across borders. Singapore-incorporated businesses registered with ACRA can apply.

To unlock local account details in multiple currencies, there's a one-time S$99 setup fee.¹ There are no monthly account fees; you pay based on the transactions and services you use.

Key features of the Wise Business account¹:

• Transfer coverage: Send money to 160+ countries

• Receive payments: Get local account details in 22 currencies

• Transfer fees: From 0.19%

• Debit cards: First card on the account is free; subsequent cards are S$4 per card⁵

• Accounting integrations: Connects to platforms including Xero and QuickBooks

Business accounts also allow you to earn returns on idle balances through Wise Interest (annual fee chargeable).

How does Wise money transfer work?

Wise uses local payment networks where possible to move money between countries, rather than routing every transfer through SWIFT. This can make transfers faster and cheaper than traditional international bank wires.

However, Wise still uses SWIFT for certain currencies and destinations.

You set up a transfer online or in the Wise app. Before you confirm, Wise shows you the exchange rate, fees and estimated delivery time, so you can see the total cost upfront.

Exchange rates

Wise uses the mid-market exchange rate and doesn't add a markup to the rate itself. Instead, it charges a separate fee for the transfer or currency conversion, starting from 0.19%.¹

Transfer fees

Wise's fees vary depending on:

• The currencies you're sending and receiving

• How much you're sending

• How you fund the transfer

For Wise Business customers, transfers of S$30,000 or more in a calendar month qualify for an automatic volume discount on subsequent transfers that month.¹

Because Wise's fees vary by currency and payment method, the most accurate way to check the cost is to use its pricing calculator before making a transfer.

How to fund a transfer in Singapore

When sending from SGD, you can pay for a Wise transfer using:

• A linked bank account

• PayNow

• Debit card

• Wise account balance

You can't use a Singapore-issued credit card to fund a Wise transfer. Credit cards issued outside Singapore are accepted.⁶

Transfer speed

How long a transfer takes depends on the currencies, destination and payment method.

When funding a transfer from SGD, bank transfers, FAST payments, and card payments are the fastest. GIRO payments take 2–3 working days.

Once Wise receives your money, currency conversion can take up to two working days. The final delivery time to your recipient varies by destination and currency.

Some transfers may also require additional verification or information before Wise can process them.

Transfer limits

For SGD transfers, you can send up to S$2 million per transfer, depending on how you pay. If you pay by card, the limit is S$16,000 per transfer.⁶

How much does it cost to receive money with Wise?

Receiving money into your Wise account is generally free, but there are exceptions depending on how the payment is sent.

Domestic (non-SWIFT) payments

Receiving domestic payments in AUD, CAD, EUR, GBP, HUF, NZD, PHP, SGD and USD is free, as long as the payment doesn't come via SWIFT or wire.

SWIFT payments

If your sender uses SWIFT, Wise charges a fixed fee for receiving the payment. The fee varies by currency; for example, it's US$6.11 for USD, and S$5.34 for SGD.

Correspondent banks involved in a SWIFT payment may also deduct their own fees before the money reaches Wise. Wise can't control these charges. Where available, Wise recommends using a local payment method instead, which is free.²

Unlocking local account details

For Wise Business customers in Singapore, there's a one-time S$99 fee to unlock local account details in 22 currencies. Once unlocked, you can share those details with overseas customers and receive payments as a local transfer in the supported currency.

If you’re on the Personal plan, you do not need to pay for local account details.²

Why Singapore businesses choose Airwallex over Wise

If you're comparing Wise with Airwallex, these are the key differences to consider:

• Broader transfer coverage: Airwallex supports transfers to 200+ countries, compared with Wise's 160+ countries.

• Free transfers via local rails: Airwallex offers free transfers to 120+ countries through local payment rails. 94% of our transfers are routed through these local rails with no SWIFT fees. Wise doesn't publish information about local-rail coverage or free transfers. Its transfer fees start from 0.19%² and vary by currency and transaction.

• Free local account details: Airwallex Global Accounts provide local account details in 21 countries at no additional cost. Wise provides local account details in 22 currencies, but charges a one-time S$99 fee to unlock them in Singapore.²

Frequently asked questions (FAQs)

How long does a Wise money transfer take?

A Wise money transfer can arrive within minutes or take several working days, depending on the currencies, destination, payment method and any verification checks. Wise shows an estimated delivery time before you confirm the transfer. For SGD transfers, Wise says bank transfers, FAST payments and card payments are among the fastest funding methods, while GIRO can take 2–3 working days.

What are the fees for a Wise money transfer?

Wise transfer fees start from 0.19%¹, but the exact fee varies depending on the currencies involved, the amount you send and how you fund the transfer. Wise uses the mid-market exchange rate and shows the full fee upfront before you confirm the transfer.

What is the Wise money transfer limit in Singapore?

The limit depends on how you fund the transfer and whether you use a personal or business account. For SGD transfers, Wise allows up to S$2 million per transfer when paying by bank transfer, while card-funded transfers are capped at S$16,000 per transfer. For personal accounts, there's also a S$100,000 annual send-and-spend limit on money held in your Wise account.⁴

What is the difference between the Wise personal and business account?

Both Wise Personal and Wise Business let you send, receive, hold and convert money internationally. The main difference is that Wise Business adds tools designed for running a company, including batch payments, team access and permissions, accounting integrations, and business expense cards. Wise Business also charges a one-time S$99 setup fee in Singapore to unlock local account details, while the personal account doesn’t come with that fee.

Can I use Wise to receive payments in multiple currencies?

Yes. Once you pay the one-time S$99 setup fee, Wise lets you receive payments using local account details in 22 currencies. Domestic, non-SWIFT payments in supported currencies are generally free. Airwallex offers a similar feature through Global Accounts, with local account details in 21 countries at no additional cost.

Sources:

1. wise.com/sg/pricing/business

2. https://wise.com/sg/pricing/

3. https://wise.com/help/articles/2978043/holding-limits-if-you-live-in-singapore

4. https://wise.com/help/articles/7An4EGbMZwNgDIFa35QFM9/sending-and-spending-limits-if-you-live-in-singapore

5. https://wise.com/sg/pricing/business/card-fees?sourceAmount=1000&sourceCurrency=SGD&targetCurrency=USD&track=false

6. https://wise.com/help/articles/2932159/guide-to-sgd-transfers/src.tar.gz