SINGAPORE: Global technology company Wise has increased the holding and spending limits for Wise Accounts in Singapore. This move follows a 30% rise in Wise’s local customer base over the past year, driven by the growing demand for efficient, low-cost international payments.
Personal account holders in Singapore can now hold up to S$20,000 in their Wise Accounts, four times the previous S$5,000 limit. Customers can now also send or spend up to S$100,000 annually, up from S$30,000.
Business accounts, on the other hand, will continue to operate without transaction limits. This adjustment is part of Wise’s broader strategy to accommodate its expanding customer base and support increasing transaction needs.
The company has reported strong growth in Singapore for fiscal year 2024 (FY2024), with both personal and business customer numbers up by 30% year-on-year (YoY).
In FY24, Wise saw a 31% increase in the number of Wise Cards issued to customers in Singapore. Moreover, personal and business Wise accounts in Singapore now hold over £340 million (S$590 million).
The expanded limits are expected to provide greater convenience and cost savings for Wise users. With higher account limits, customers can avoid the hassle and expense of switching providers when reaching their previous limits.
This is particularly valuable for those handling large international transactions or managing significant sums, such as overseas education, travel, or major purchases.
Hendrick Tay, a Wise customer and frequent traveller, shared his satisfaction with the new limits. “Wise has been my go-to for holding, converting and spending money internationally due to its transparent rates and low conversion fees.
With multiple overseas trips throughout the year, I often use Wise’s rate tracker to secure favourable rates and hold the various currencies in my account,” Tay said.
“The previous limits meant I had to constantly monitor my account balance, make frequent top ups and sometimes resort to other alternatives that came with higher fees.
With the increased limits, I can easily hold all the currencies I need, at the most favourable rates for me, without worrying about having enough money in my account for a transaction,” he added.
Shrawan (SK) Saraogi, APAC Head of Expansion at Wise, discussed the impact of the updated limits.
“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, fostering a more competitive and innovative payments landscape.”
Wise is also rolling out new security measures to enhance customer safety alongside the expanded limits.
These include additional authentication for high-risk activities, a 12-hour cooling-off period when logging in from a new device, and a one-click log-out option to secure accounts across all devices.
Customers will also have a lowered default daily limit of S$1,000 for card spending and ATM withdrawals, which can be customised according to their needs.
To protect against phishing, Wise will display email URLs in plain text to help customers verify the legitimacy of links before clicking. /TISG