How to open a Wise account in Singapore - 2024

Claire Millard
Minami Ishii
Last updated
14 March 2024

Wise is a specialist in digital account and card services for individuals and businesses looking for cheap, convenient and safe ways to manage money across currencies. You can hold 40+ currencies with Wise, send money to 160+ countries, receive payments with local bank details in 9 currencies, and spend in 150+ countries with a Wise card.

This comprehensive guide walks through how to open a Wise Singapore account. We’ll cover the account options, eligibility requirements, and how to open a balance to add money, as well as the process for making and receiving international payments with Wise.

Open a Wise account

Here’s what we’ll cover:

  • How to open a Wise account

  • How to open a Wise business account

  • How to send money abroad with Wise

  • What is Wise?

  • What are the advantages of a Wise account?

  • Conclusion

  • How to open a Wise account FAQ

How to open a Wise account (Singapore)

Wise is a safe way to hold, send, spend, receive and exchange dozens of currencies. It’s also easy to set up a Wise account, with just your phone or a laptop. Once you have a live and verified Wise account you can order a Wise card, send payments, and use your local bank details to get paid by others. One of the stand out features of Wise is that currency exchange uses the mid-market exchange rate with low, transparent fees. That makes it far easier to see what you’re paying to exchange currencies, and can keep the costs low, too.

We’ll look at how to make the most of your Wise account in more detail a little later. First, here’s how to open a Wise account (Singapore) step by step:

  1. Open the Wise desktop site or app and click on Create account

  2. Enter your email address, Google, Apple or FaceBook ID

  3. Tap the type of account you want to open - personal or business

  4. Follow the prompts to enter your contact information

  5. Verify your account with ID, or Singpass, following the onscreen instructions

Open a Wise account

One quick note on Wise accounts in Singapore - it’s helpful to be aware that there are limits to the amount you can hold or send from your Wise Singapore account, which apply to keep accounts safe and comply with MAS rules. You won’t be able to hold more than the equivalent of 5,000 SGD in a Wise personal account at the end of any business day - and you can’t send or spend more than 30,000 SGD or the equivalent in a 12 month period. These limits do not apply to Wise business accounts, or to balances help with Wise in Interest or Stocks.

Learn more about Wise account (Singapore) hold and spend limits here.

Can you open a Wise account without a Singapore address?

To open a Wise Singapore account, you’ll need to be a resident of Singapore, but you don’t need to be a Singapore citizen or hold a Singapore passport to apply. You’ll need to provide a proof of address when you get verified with Wise - this can be done with Singpass or by uploading your documents, depending on your personal circumstances and preference. We’ll look at that in more detail in a moment.

If you’re not a Singapore resident, you may still be able to open a Wise account wherever you call home. Wise operates in most countries globally - check out the local Wise website wherever in the world you are, to see what the process is to register an account in your home country.

Open a Wise account

Eligibility requirements

To open a personal Wise account in Singapore you must fulfil the following requirements:

  • You must be 18 years old or older

  • You must have an acceptable ID document or Singpass account

  • You must have a Singapore address, and proof of residency

The paperwork you’ll need to support your application will vary depending on your personal situation. In fact, if you’re a Singapore citizen or PR, you’ll usually be able to apply for Wise using Singpass in just a minute or two, with no need to upload any additional documents. When you apply for your Wise account, simply select the option to get verified securely with Singpass, to give permission to Wise to verify your ID and address instantly.

If you’re an employment pass holder, or hold another long term residence pass for Singapore you may be able to use Singpass to verify your ID. This is quick and easy to do. However, as your Singpass account won’t reflect your residential address, you’ll still need to upload a proof of address.

If you either don’t have Singpass, or prefer not to use it, you can still get verified by uploading a clear image of your documents showing your ID and address. Acceptable documents can vary, but include:

Proof of ID: Your passport or NRIC

Proof of address: Singapore driving licence, a bank statement or utility bill, or a letter from a government agency like IRAS

Open a Wise account

Verification process

If you’re using Singpass to verify your ID and address, you’ll be able to complete verification in just a minute or two. If you prefer to use your documents and upload an image manually, you’ll be able to follow the prompts on screen to complete the process. Using your smartphone is usually the easiest option as you can simply snap a clear image of your paperwork with your phone, to complete verification.

Learn more about getting verified with Wise Singapore here.

How to open a Wise business account

Wise offers smart business account services for Singapore registered business owners. You can access the same features as a Wise personal account holder would - plus some extras to save time, such as batch payments, an API to automate workflow, and cloud accounting integrations.

Use your Wise account to pay contractors in 160+ countries with the mid-market rate and low fees, to get paid by customers, PSPs and marketplaces, using local bank details in 9 currencies, or to run payroll with batch payments to automate up to 1,000 transfers in a couple of clicks.

Here’s how to open a Wise Singapore business account step by step:

  1. Open the Wise desktop site or app and click on Create account

  2. Enter your email address and confirm you’re opening a business account

  3. Add details about yourself and your business

  4. Upload any required verification documents

  5. Start a transfer and pay the one time fee for full Wise business account access

  6. Once your verification is complete, you’ll be notified and can use your account freely

Open a Wise business account

Requirements to open a business account

Once you have a Wise personal account you may also choose to open an account with Wise for your company finances.

To open a Wise Singapore business account your business will need to be ACRA registered in Singapore. Trusts and charities can not use Singapore Wise business accounts. Companies must also comply with the Wise acceptable use policy.

The exact paperwork needed to get verified for Wise business may depend a little on the business entity type you have. However, in general, when you register with Wise business in Singapore you’ll be asked to provide:

  • Your business name and address

  • Your business ACRA registration number of UEN

  • Information about the company directors or shareholders with a 25% or higher stake

  • Details about what your business does

If you don’t have everything you need to hand when you start registering your account you can save your progress and come back to it later. Plus if you’re ever stuck, just open an in-app chat to get advice from the Wise support team.

Open a Wise business account

How to send money abroad with Wise

Wise account holders can send money to bank accounts in 160+ countries, with mid-market rate currency conversion and low transfer fees. Using a specialist service like Wise can often be cheaper and faster than relying on a bank - we’ll look at a quick comparison of Wise international money transfers versus a local bank in a moment.

First, here’s how to send money overseas with Wise Singapore, step by step:

  1. Log into Wise online or in the Wise app and click Send money

  2. Confirm the currency you’ll pay with, and the currency you want your recipient to receive

  3. Enter the amount you want to send, or how much you want your receipt to get

  4. Choose how you’d like to pay, to view the fee options and rate

  5. Once you’ve checked everything, confirm and follow the prompts to get you money moving

Wondering how Wise shapes up compared to a local bank like UOB? We ran a couple of comparisons over different transfer values - in this case, we’re sending money from Singapore to Europe, to be received in a bank in EUR:

Payment valueWith Wise your recipient getsWith UOB your recipient getsWhich is cheaper?
1,000 SGD868.90 EUR654.48 EURWise
  • your recipient gets 32.42 EUR more in the end
5,000 SGD3,436.08 EUR3,381.23 EURWise
  • your recipient gets 54.85 EUR more in the end
10,000 SGD6,872.60 EUR6,789.72 EURWise
  • your recipient gets 82.88 EUR more in the end

Fees and rates correct at time of writing - 1st February 2024

As you can see, in this case, your recipient gets more with Wise across all the payments we modelled. This is because of the exchange rate used by UOB, which contains a markup. Wise uses the mid-market exchange rate with no markup instead, which is more transparent, easier to compare - and can be cheaper too.

Send money abroad with Wise

What is Wise?

Wise is a fintech company, rather than a bank. However, it’s regulated by MAS in the same way that local banks are, which makes it safe for the services on offer.

Wise was founded back in 2011 in London, with a mission to make it easier for individuals and businesses to hold, send, spend and receive foreign currencies. Today, more than 16 million people and businesses trust Wise, for easy and low cost ways to hold 40+ currencies,  send money to 160+ countries and spend in 150+ countries.

Whenever you need to convert currencies - in your account, to send a payment or to spend with your card, you get the mid-market exchange rate, and fees which start from 0.43%. This keeps costs down and means you avoid the foreign transaction fees applied by many banks. Plus, accounts have no minimum balances or maintenance costs to worry about - just use Wise as and when you need to, with low fees for the services you need.

Wise conta em euro

What are the advantages of a Wise account?

If you’re new to Wise you might still be wondering whether or not it’s worth opening a Wise account. Let’s walk through a few advantages you’ll get with Wise, to help you decide.

Hold and exchange 40+ currencies with aWise Singapore account 

Wise accounts can hold and exchange 40+ currencies, so you can manage your money across currencies right from your phone.

Open a Wise account

Mid-market exchange rates and low fees from 0.43%

When you convert currencies with Wise - in your account, when sending money to someone, or when you use your Wise card - your funds are exchanged using the mid-market exchange rate and a low fee from 0.43%. That avoids bank foreign transaction fees, and keeps costs low overall.

Spend and withdraw cash with a Wise card, in 150+ countries

Order a Wise debit card for a low one time fee to make overseas ATM withdrawals and to spend in 150+ countries. You can also get instant access to a digital Wise card which you can use when shopping online with overseas retailers.

Send payments to 160+ countries

Wise offers international transfers in 40+ currencies, to 160+ countries. Just arrange your payment online or using the Wise app - and your money will get moving right away. Transfers are usually fast - in fact, 50% of payments arrive instantly.

Receive payments conveniently in 9 currencies

Wise accounts come with local bank details for up to 9 major global currencies, including AUD, NZD, USD, GBP and EUR. Just give these details to anyone who needs to send you money from abroad, so they can transfer funds to you with a local payment.

Open a Wise Singapore Business accounts

Open a Wise account for your Singapore registered business to get all the benefits you’d get as a personal customer, plus extras like bulk payment options, debit and expense cards, multi-user access, and cloud accounting solutions.


Open a Wise Singapore account online or in-app, and you can conveniently hold and exchange 40+ currencies and spend in 150+ countries with your linked Wise international debit card. You can also send money to 160+ countries, and receive payments conveniently with local bank details for 9 currencies.

Because Wise uses the mid-market exchange rate and transparent fees from 0.43% for currency conversion, costs are often lower than those from banks, so you get a better deal overall. That makes Wise handy for anyone who travels, sends and receives international payments, spends online with foreign ecommerce stores, or runs a business with a global footprint.

Open a Wise account

How to open a Wise account FAQ

Wise account in Singapore if I’m not resident?

You’ll need to have a Singaporean address to open a Wise Singapore account. However, Wise is also available in almost all other countries around the world, so if you’re not a Singapore resident you’ll likely still be able to register a Wise account in your home country.

Does Wise work in Singapore?

Yes. Wise works in Singapore, and in most countries around the world. Open a Wise Singapore account online or in the Wise app in just a few steps.

Does Wise offer international transfers?

Yes. Wise offers international transfers to 160+ countries which use the mid-market exchange rate and low fees from 0.43%.

How can I open a Wise account online?

Head to the Wise desktop site and click Create an account to register your Wise account. You’ll just need to add a few personal and contact details, and to complete a verification step using your documents or Singpass - which can all be done right from your phone or laptop.

How much does it cost to open a Wise account?

It’s free to open a personal Wise account, with a low one time fee to open a Wise business account. There’s no maintenance charge to worry about, so you’ll only pay Wise transaction fees for the services you actually need.