Wise, the global technology company building the best way to move and manage the world’s money, has expanded its holding and spending limits for the Wise Account in Singapore. This comes as Wise celebrates a 30% year-over-year growth in its local customer base, driven by increased demand for faster, low-cost, and more transparent international payments.
Personal customers can now hold up to S$20,000 in their Wise Account by the end of the day, quadrupling the previous limit of S$5,000. Customers can also send or spend up to S$100,000 annually from their Wise Account balances, up from S$30,000. There are no changes for Wise Business customers — they can continue to hold and transact without limits.
Strong growth and profitability in FY24
In FY24, Wise saw robust growth in Singapore with the local personal and business customer base increasing by 30% year-over-year, demonstrating consistent growth since launching in the country seven years ago. This growth was fueled by more customers than ever adopting a broader range of features in the Wise account to spend, receive, hold and manage money in multiple currencies:
- WiseCard adoption: Cards issued to Singapore personal and business customers grew 31%
- Wise Account: Over £340 million (S$590 million) are held in personal and business Wise accounts in Singapore
Increased limits offer more cost savings and convenience
Today, Wise serves a broad segment of customers, including those paying for overseas education, travel expenses, sending and receiving money from loved ones abroad, as well as big-ticket expenditures like mortgages.
The increased limits will enable Wise to better support customers’ needs, helping them save more without the frustrations of switching providers that could come with high fees and hidden exchange rate markups once they hit the previous limit.
Shrawan (SK) Saraogi, APAC Head of Expansion said: “With the higher limits, more people in Singapore can benefit from Wise’s low-cost, convenient and transparent experience, saving more on unnecessary transaction fees and inflated exchange rates. The previous limits have been a pain point for many customers who rely on Wise to send and receive living expenses from abroad as well as make large purchases.
“When customers reach these limits, they are often forced to switch to other providers to complete the rest of their transactions, which can be more costly and less transparent. By expanding the limits, we’re able to empower consumers with more choices, fiostering a more competitive and innovative payments landscape.”
Enhanced security measures
In line with Wise’s commitment to keeping customers and their money safe, Wise is rolling out new security controls including:
- Additional authentication when customers perform high risk activities
- A 12-hour cooling-off period when customers log into a new device, during which they won’t be able to complete any high risk activity such as increasing their transaction limit
- One-clicklog-out setting for customers to instantly sign out of their Wise account from all devices and block their account, cards and cancel any pending transactions
- Lowered default daily limit of SGD1,000 for card spending and ATM withdrawals respectively, and customers can adjust the limit according to their preference
- For phishing protection, emails from Wise will display the entire URL in plaintext, which cannot be This will allow customers to check that the URL leads to a legitimate Wise website before visiting.
These updates complement Wise’s existing robust security measures and warning mechanisms such as two-factor authentication, real-time card transaction notifications and instant card freezing and blocking.
