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 0.26%¹ and no markup on the exchange rate itself.

• The Wise Business account is free to open, but it requires a one-time S$99² fee to unlock local account details in 24 currencies.

• For broader global coverage, 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.

Wise Personal Account vs Wise Business Account

The two accounts work differently in Singapore, and choosing the wrong one can mean hitting limits you didn't expect.

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 Singapore³:

• Transfer coverage: Send transfers to 82 currencies

• Receive payments: Get local account details to receive in 8 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 time — a requirement under MAS regulation⁴

• Annual send and spend limit: You cannot send or spend more than S$100,000 (or the equivalent) in a fixed 12-month window (1 April to 31 March) from money held in your Wise account⁵

The holding and spending limits apply only to personal accounts. Business accounts are not subject to the same caps.⁵

Wise Business Account

The Wise Business account is built for companies that regularly pay or get paid across borders. Any Singapore-incorporated business registered with ACRA can apply.⁶

To unlock local account details in multiple currencies, you pay a one-time setup fee of S$99.² After that, there are no monthly fees. You pay only for transactions you make.

Key features of the Wise Business account:

• Transfer coverage: Send money to 73 countries⁷

• Receive payments: Get local account details in 24 currencies²

• Transfer fees: From 0.26%²

• No annual send/spend cap — unlike the personal account⁵

• Debit cards: Available for team members at S$8.50 per card³

• Accounting integrations: Connects to platforms including Xero and QuickBooks⁷

Business accounts also allow you to earn returns on idle balances through Wise Interest (from 0.44% annual fee) or Wise Stocks (from 0.71% annual fee).

How does Wise money transfer work?

Instead of routing payments through the SWIFT banking network, Wise built its own global payment network. When you send money, Wise uses local payment rails in the destination country wherever possible. This cuts out intermediary bank fees and generally makes transfers faster and cheaper than a standard international bank wire.

Here’s how it works: You set up a transfer online or in the Wise app. Before you confirm, Wise shows you the exchange rate, the full fee, and an estimated arrival time — so you know exactly what you're paying upfront.

Exchange rates

Wise converts currencies at the mid-market exchange rate — the rate you'd find on Google or Reuters — with no markup added to the rate itself. The fee is charged separately and transparently, so you can see it clearly before you confirm.

Transfer fees

Fees start from 0.26%¹ and vary based on three things:

• The currencies involved

• How much you're sending

• How you choose to fund the transfer

Business customers who send over S$30,000 (or the equivalent) in a calendar month automatically receive a volume discount on subsequent transfers that month.¹

Wise does not publish a fixed fee table for every currency route on its static pricing pages. Use the Wise fee calculator on their website to see the exact cost for your specific transfer before committing.

How to fund a transfer in Singapore

When sending from SGD, you can pay for your Wise transfer using any of these methods⁸:

• Linked bank account

• PayNow

• Debit card

• Wise account balance

Note: credit cards issued in Singapore cannot be used to fund a Wise transfer. Credit cards issued outside Singapore are accepted.

Transfer speed

How long a transfer takes depends on the currencies and payment method involved. For SGD transfers, once Wise receives and converts your money, it typically arrives in your recipient's account within 0–1 working days. Conversion itself can take up to 2 working days.

If you fund your transfer by PayNow or bank transfer (FAST), the money usually reaches Wise within 15 minutes. Card payments reach Wise instantly.

Occasionally, Wise carries out additional compliance checks on transfers. These checks typically take 2–10 working days and can apply to any transfer regardless of amount.⁹ You'll be notified by email if your transfer is selected for a check.

Transfer limits

For SGD transfers, the following limits apply⁸:

• Maximum per transfer: S$2,000,000

• If paying by card: S$16,000 per transfer

• Personal account holders: subject to a S$100,000 annual send and spend cap on transfers funded from money held in your Wise account

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 most major currencies is free. These include AUD, CAD, EUR, GBP, HUF, NZD, SGD, TRY, and USD — as long as the payment does not come via SWIFT or wire.²

SWIFT payments

If your sender uses the SWIFT network to pay you, Wise charges a fixed fee per incoming payment. The fee depends on the currency you receive¹⁰:

The information in this table has been reviewed to be accurate as of 31 March 2026.

SWIFT fees apply to 22 currencies in total. If your sender can make a domestic transfer instead, that is usually the cheaper option — Wise notes there is always a free alternative to SWIFT receiving where available.²

Note that correspondent banks involved in routing a SWIFT payment may also deduct their own fees before the money reaches Wise. Wise cannot control or refund these charges. Your sender can ask their bank to select "OUR charges" when setting up the transfer, which means the sender covers all correspondent fees.¹⁰

Unlocking local account details

To receive payments using local account details in 24 currencies, you need to pay the one-time S$99 setup fee. Once paid, you can share your local account details with overseas clients and receive funds as if you were a local business in that market.

The Wise card

Both personal and business Wise account holders can order a physical debit card for a one-time fee of S$8.50.³ There are no ongoing card fees.

Once you have a card, you can spend in 40+ currencies across 160 countries and territories. When you spend in a currency you already hold in your Wise account, there is no conversion fee. If you don't hold that currency, Wise converts at the mid-market rate and charges its standard conversion fee from 0.26%.

ATM withdrawals

Wise gives you a free ATM withdrawal allowance each month. For business accounts, you can make up to 2 withdrawals totalling up to S$350 per month at no charge. After that, each withdrawal costs S$1.50 plus 1.75% of the amount withdrawn.

Note that independent ATM networks may apply their own charges on top of Wise's fee, which Wise cannot control.

Security features

The Wise card comes with:

• Instant transaction notifications

• The ability to freeze and unfreeze your card at any time in the app

• Separate digital card numbers for extra security when shopping online

Earning interest on your Wise balance

Wise offers an optional feature called Wise Interest that lets you earn returns on money sitting in your account. It's available to both personal and business customers in Singapore for SGD, GBP, EUR, and USD balances.

By default, money in your Wise account is held as cash. You can switch to Interest mode at any time in the app and switch back just as easily. There is no lock-in period and no minimum balance required.

Wise charges an annual fee for this feature starting from 0.44%. Returns are variable and not guaranteed — they depend on the performance of the underlying money market funds. Capital is at risk.

Wise pros and cons

Here is a quick summary of what works well with Wise and where it falls short for Singapore businesses.

The information in this table has been reviewed to be accurate as of 31 March 2026.

Why Singapore businesses choose Airwallex over Wise

Wise handles international transfers well. But as your business grows, its transfer coverage and feature set can start to feel limiting.

Airwallex is built as a complete financial platform — not just a transfer tool. It covers payouts to 200+ countries, with transfers to 120+ countries processed through local payment rails so you avoid SWIFT fees entirely. There is no account opening fee, no monthly fee, and no minimum balance.

Here is how the two platforms compare:

The information in this table has been reviewed to be accurate as of 31 March 2026.

Wise is a solid starting point for straightforward international transfers. But every time you hit a SWIFT receiving fee, find a supplier in a country outside Wise's limited network, or need to issue a team card or pay a bill, you're either paying extra or reaching for another tool.

Airwallex removes those friction points with broader payout coverage, no SWIFT receiving fees on most currencies, and expense management built in. With Airwallex, you get everything in one platform, and you don’t need to patch together separate providers as you grow.

Frequently asked questions (FAQs)

How long does a Wise money transfer take?

It depends on the currencies and payment method involved. For SGD transfers, once Wise receives and converts your money, it typically arrives within 0–1 working days.⁸ If your transfer is selected for an additional compliance check, it can take 2–10 working days longer.⁹

What are the fees for a Wise money transfer?

Wise charges a variable fee starting from 0.26%¹ on transfers, with no markup on the mid-market exchange rate. The exact fee depends on the currencies involved and how you fund the transfer. If your recipient receives funds via SWIFT, an additional fixed receiving fee applies — for example, US$6.11 per incoming USD SWIFT payment.¹⁰

What is the Wise money transfer limit in Singapore?

For personal account holders in Singapore, you cannot send or spend more than S$100,000 (or the equivalent) in a fixed 12-month window from money held in your Wise account.⁵ Per-transfer limits vary by payment method — if you pay by card, the cap is S$16,000 per transfer.⁸ Business accounts are not subject to annual send and spend limits.⁵

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

The personal account is free to open and suited to individuals managing money across currencies. The business account is also free to open, but requires a one-time S$99² setup fee to unlock local account details. Business accounts have no annual send and spend cap, can hold balances in 40+ currencies, and connect to accounting software like Xero and QuickBooks.

Can I use Wise to receive payments in multiple currencies?

Yes. Once you pay the one-time S$99 setup fee,² you can receive payments using local account details in 24 currencies. Receiving domestic (non-SWIFT) payments in most of these currencies is free.² Airwallex offers a similar feature with Global Accounts in 20+ currencies and no account opening fee.

Sources:

1. wise.com/sg/pricing/business

2. wise.com/sg/pricing/business/receive

3. wise.com/sg/pricing/business/send-money

4. wise.com/sg/card/

5. wise.com/help/articles/2978053/how-do-i-receive-money-with-my-sgd-account-details

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

7. wise.com/help/articles/2666678/what-do-you-need-to-verify-my-singapore-business

8. wise.com/sg/business/receive-money

9. wise.com/help/articles/2932159/guide-to-sgd-transfers

10. wise.com/help/articles/2977963/how-long-will-additional-checks-on-my-transfer-take

11. wise.com/help/articles/3EsxRDF4uNpQncdgH480os/fees-for-receiving-money-by-swift

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.