Wise in Singapore 2026: Complete Guide (Transfers, Card & Fees)
📋 Table of Contents
- What Is Wise and How Does It Work?
- How to Open a Wise Account in Singapore
- Wise Transfer Fees and Exchange Rate
- The Wise Card Singapore: Cost and Features
- Wise Card ATM Withdrawals and Limits
- Wise vs YouTrip vs Revolut: Head-to-Head
- Is Wise Safe in Singapore?
- Wise Pros and Cons
- Frequently Asked Questions
Wise in Singapore is a MAS-licensed money transfer and multi-currency account run by Wise Asia-Pacific Pte Ltd (Major Payment Institution, licence PS20200413). It lets Singapore residents send money to 103 countries at the real mid-market exchange rate with transfer fees starting from 0.23%. The Wise debit card costs a one-time S$8.50 and lets you spend in 40+ currencies abroad with zero FX markup.
Not financial advice. All figures are for educational reference only. Data verified as at 12 September 2026 unless noted.
- Wise charges transfer fees from 0.23% and uses the real mid-market rate with no hidden markup
- The Wise debit card costs S$8.50 once; first S$100/month of overseas ATM withdrawals are free, then 1.75%
- Wise is regulated by MAS as a Major Payment Institution, licence PS20200413
What Is Wise and How Does It Work?
Wise (formerly TransferWise) is a London-headquartered fintech that operates in Singapore through Wise Asia-Pacific Pte Ltd (UEN 201422384R). The company holds 18.9 million customers and moves more than $62 billion equivalent per quarter globally.
The key to Wise’s low fees is a smart matching system. When you send SGD to someone in the UK, Wise doesn’t move money across borders at all. You pay Wise’s Singapore account in SGD. Wise pays your recipient from its UK account in GBP. No SWIFT wire. No correspondent bank fees. Two local payments that net out globally.
Transfer fees start from 0.23% — a fraction of the 2.5%–3.5% that Singapore banks typically charge for telegraphic transfers.
What Can You Do With Wise in Singapore?
- Send money internationally — to 103 countries from SGD via PayNow or bank transfer
- Hold multiple currencies — SGD plus 40+ others in one account
- Receive money — local bank details in 22 currencies (useful for freelancers paid in USD, GBP or EUR)
- Spend with the Wise card — a physical and virtual Mastercard debit card
- Earn returns — on SGD, GBP, EUR and USD balances held in your Wise account
How to Open a Wise Account in Singapore
Opening a Wise account is free and fully online. No branch visit, no paperwork.
- Download the Wise app (iOS or Android) or go to wise.com/sg
- Sign up with your email and create a password
- Verify your identity — upload NRIC or passport photo plus a selfie. Most accounts approved in minutes
- Top up via PayNow — fastest way to fund your Wise account in SGD
- Order your card if you want the physical Mastercard (S$8.50 one-time fee)
Account limits for personal accounts: You can hold up to S$20,000 (or equivalent) in your Wise account at any time. Annual send and spend is capped at S$100,000 in a rolling 12-month window. These limits are set by MAS under the Payment Services Act for stored-value accounts.
Wise Transfer Fees and Exchange Rate
Wise uses the real mid-market exchange rate — the midpoint between buy and sell prices that banks use to trade with each other — and charges a separate, transparent fee on top. No rate markup. No hidden margin buried in the exchange rate.
The exact fee depends on currency pair and payment method. Sending SGD to USD typically costs around 0.44%–0.68%. These figures change — always check the live calculator at wise.com/sg before you send.
| Currency Pair | Typical Wise Fee | Typical Bank TT Fee | Est. Saving on S$5,000 |
|---|---|---|---|
| SGD → USD | ~0.44%–0.68% | 2.5%–3.5% | ~S$100–S$150 |
| SGD → GBP | ~0.5%–0.7% | 2.5%–3.5% | ~S$90–S$140 |
| SGD → EUR | ~0.45%–0.65% | 2.5%–3.5% | ~S$95–S$145 |
| SGD → MYR | ~0.6%–0.9% | 2.5%–3.5% | ~S$80–S$125 |
Source: Wise.com/sg pricing calculator, September 2026. Bank fees are estimates based on published DBS/OCBC telegraphic transfer rates. Exact fees vary.
The Wise Card Singapore: Cost and Features
The Wise debit card is a Mastercard linked directly to your Wise multi-currency account. One upfront cost — S$8.50 card delivery — and no annual fee ever. A virtual card is available instantly in the app, for free.
When you spend overseas, the Wise card converts at the mid-market rate — zero FX markup. This is very different from most Singapore bank cards which add 2.5%–3.5% on every overseas transaction.
| Card Feature | Details |
|---|---|
| Card type | Mastercard debit (physical + virtual) |
| One-time fee | S$8.50 (physical card delivery) |
| Annual fee | None |
| FX fee on spending | 0% (mid-market rate) |
| Card replacement | S$4 |
| E-wallet top-up fee | 2% (certain e-wallet transactions) |
| Google/Apple Pay | Supported via virtual card immediately |
Source: Wise.com/sg/pricing/card-fees, verified September 2026.
Wise Card ATM Withdrawals and Limits
The Wise card gives you a free ATM withdrawal allowance of S$100 per month. After that, a fee of 1.75% applies to amounts over S$100. These limits reset on the first of each month.
Important: Wise cards cannot be used at local Singapore ATMs. The card is for overseas use only.
Wise vs YouTrip vs Revolut: Head-to-Head
Choose Wise if: You send money internationally regularly, receive payments in foreign currencies, or want to hold and convert 40+ currencies. The transfer feature is Wise’s unique advantage.
Choose YouTrip if: You mainly travel and spend overseas, and want a larger free ATM allowance (S$400/month vs Wise’s S$100). Read our YouTrip Singapore guide for full details.
Choose Revolut if: You want premium features like higher ATM limits and currency exchange at the interbank rate with a paid plan. See our Revolut card Singapore review.
Many Singapore travellers hold all three — Wise for transfers, YouTrip for daily spending abroad, and Revolut for specific scenarios. All are free to open.
| Feature | Wise | YouTrip | Revolut (Free) |
|---|---|---|---|
| Card fee | S$8.50 | Free | Free |
| FX fee (spending) | 0% | 0% | 0% weekday / ~1% weekend |
| Free ATM/month | S$100 | S$400 | ~S$350 |
| ATM fee over limit | 1.75% | 2% | 2% |
| International transfers | ✅ 103 countries | ❌ No | ✅ Limited |
| Receive foreign payments | ✅ 22 currencies | ❌ No | ✅ Limited |
| MAS regulated | ✅ MPI | ✅ MPI | ✅ MPI |
Source: Wise.com/sg, YouTrip.com, Revolut.com — verified September 2026.
Is Wise Safe to Use in Singapore?
Yes. Wise Asia-Pacific Pte Ltd is licensed by MAS as a Major Payment Institution under the Payment Services Act (licence PS20200413). You can verify this on the MAS Financial Institutions Directory.
Under MAS rules, Major Payment Institutions must hold customer money in trust accounts at MAS-approved financial institutions — separate from Wise’s own operating funds. If Wise ever ran into difficulty, your money would be protected.
Wise is listed on the London Stock Exchange (LON: WISE) with over 18.9 million customers globally, adding another layer of accountability through public reporting.
Security features include real-time transaction notifications, instant card freeze in the app, virtual card generation for online purchases, and 2-factor authentication.
Wise Pros and Cons
| ✅ Pros | ❌ Cons |
|---|---|
| Real mid-market exchange rate — no hidden markup | Card costs S$8.50 upfront (YouTrip is free) |
| Transparent transfer fees from 0.23% | Free ATM limit only S$100/month (YouTrip gives S$400) |
| Send to 103 countries — huge advantage over travel-only cards | Cannot use at local Singapore ATMs |
| Receive foreign payments in 22 currencies | Personal account balance capped at S$20,000 |
| MAS-regulated Major Payment Institution | Annual send/spend limit of S$100,000 |
| Free to open; instant virtual card | No cashback rewards |
| Earn returns on SGD, GBP, EUR, USD balances | E-wallet top-up attracts 2% fee |
Disclaimer: The information above is for educational reference only and does not constitute financial advice. Always check the latest fees and limits directly at wise.com/sg before making any decision.
Frequently Asked Questions About Wise in Singapore
Is Wise available in Singapore?
What is the Wise card fee in Singapore?
How long does a Wise transfer take from Singapore?
Can I use the Wise card at Singapore ATMs?
What is the Wise ATM withdrawal fee in Singapore?
How does Wise compare to YouTrip for spending overseas?
Is Wise good for sending money to Malaysia?
What currencies can I hold in a Wise Singapore account?
This article was researched with the help of AI. While we strive to keep all information accurate and up to date, there may be errors. If you notice any discrepancies, please contact us.
