Wise Limits 2024 in Singapore: Full Guide

Wise is a global specialist in international payments, currency conversion and multi-currency account and card services. Singapore based customers can open a Wise account online or in the Wise app, either as an individual, a freelancer or a business owner.

With Wise it’s simple to send money to 160+ countries with the mid-market rate and low fees, to receive payments in 9 currencies with local bank details, and to hold and exchange 40+ currencies in a Wise account. You can also get a Wise debit card for simple spending and withdrawals.

To comply with MAS rules there are some Wise Singapore limits  you’ll need to be aware of. This guide covers all you need to know. Let’s dive right in.

Quick summary

• MAS limits mean that 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 unless you hold your balance in Interest or Stocks

• MAS limits mean that you can’t send or spend more than 30,000 SGD or the equivalent in a 12 month period from a personal account unless you hold your balance in Interest or Stocks

• Wise has high transfer limits which vary by currency and which are clearly shown in the Wise app when you start to arrange a payment

• You can spend and make withdrawals with a Wise card, to monthly limits which you can alter in the Wise app

• Wise is safe for business and personal customers, even when holding or sending high value payments

Does Wise have limits?

Wise customers can open flexible multi-currency accounts which allow them to hold 40+ currencies, send payments to 160+ countries, and spend with a Wise card in 150+ countries.

Wise has a few limits on how much customers can send and spend from their account. These limits apply for security reasons, and to help keep customers’ accounts and funds safe.

In Singapore there are some specific limits which apply to customers with a personal account. These limits are set by MAS and mean that 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 held with Wise in Interest or Stocks.

Wise transfer limits

Wise money transfer limits can vary a little depending on the currencies involved. However, Wise is safe even for high value transfers, and limits are set to allow individuals and businesses to transact freely. In some cases the limits can change based on how you want to pay for your transfer - but whenever you run into a Wise limit you’ll be notified, and you’ll be able to get information and advice about your options easily online or by opening an in-app chat with customer services.

Here’s a look at the per transaction limits Wise uses for international payments, split out by currency. We’ve covered some popular currencies here - you can learn more online in the comprehensive range of transfer guides provided by currency. Bear in mind that Singapore Wise customers with a personal account will have a lower annual send and spend limit of 30,000 SGD from their Wise Balances - but this limit doesn’t apply if you’re a business customer or if you hold your balance in Interest or Stocks.

Wise account limits

With a Wise account you can hold and exchange 40+ currencies, and get local account details in 9 currencies to get paid conveniently by others. It’s free to hold money with a Wise Singapore account, but bear in mind that there’s a limit to the balance you can keep in Wise as a personal customer, unless you transfer your money to Wise Interest or Stocks. Limits may also apply when receiving a payment to some Wise currency balances - more on that next.

Wise account receiving limits

With a Wise account you can get local account details in 9 currencies, to receive money to your account by local transfer. It’s often free to get paid into your Wise account by others, although a couple of key fees do apply which it’s worth knowing about:

• There’s a 4.14 USD fee per transaction for receiving USD wire transfers

• There’s a 10 CAD fee per transaction for receiving CAD SWIFT payments

In both cases, there are other ways to receive payments to your account with no fee - such as by asking the sender to use an ACH to transfer your USD payment, for example.

As we’ve already seen, in Singapore, Wise personal account customers are subject to limits on the amount of money they can hold, send and receive in Wise balances. This means you can’t hold more than 5,000 SGD at the end of a day, and you can’t send or spend more than 30,000 SGD annually. However, these limits don’t apply if you hold your funds in Wise Interest or Stocks in SGD or USD instead. The limits don’t apply to Wise Business customers, either.

One other useful note if you’re a Wise customer receiving payments in USD. If you use your local USD bank account details to receive money to Wise, and your routing number starts with 026, limits on how much you can receive apply as follows:

• Per transaction and per day - personal customers can receive 20 million USD, business customers can receive 50 million USD

• Per year - personal customers can receive 35 million USD, business customers can receive 150 million USD

USD accounts which have different routing numbers can receive unlimited amounts - and as you can see, even if your account is subject to a limit, the level is set very high for both personal and business customers.

Wise card limits

You can order a Wise card which is linked to your Wise account. There’s a one time fee to get your card, and then no ongoing costs. You’ll just need to top up your money in SGD and you can spend in 150+ countries globally. Either switch to the currency you need in your account in advance - or let the card automatically convert for you when you buy something if you prefer.

Wise cards have limits which are set for security purposes. Your card comes with default set limits which you can change if you would like to. Daily and monthly limits apply - daily limits refresh each day at midnight, while monthly limits restart on the first day of each calendar month. Your default card limit is set so that the monthly limit is also your daily limit:

We’ll look at how to change your limits, next. Again, bear in mind that money you hold as a Wise Balance as a personal customer is subject to additional limitations, which mean you can’t spend more than 30,000 SGD over the course of a year. This limit is not applied to funds held in Interest or Stocks.

How to change spending limits on Wise card

If you’re not happy with the default limits it’s easy to change them to suit you - just log into your account on the Wise app or desktop site.

In the Wise app:

1. Open the app and go to the Card tab - tap Limits

2. Choose the limit you’d like to change -  spending or ATM withdrawals - and tap on Change your spending limits

3. Enter your chosen limits and tap Save

On the Wise website:

1. Log in and go to the Cards tab on the left hand side of the screen

2. Choose the limit you’d like to change -  spending or ATM withdrawals - and tap on Change your spending limits

3. Enter your chosen limits and tap Save

How to check Wise card limits

You can view your Wise card limits, and see how much you have left on any particular limit, by logging into your Wise account online or in the app, and tapping the Cards tab.

Wise Business limits for account & card

You can open a Wise Business account for your company, and order a linked debit card for yourself, and expense cards for your team members. That can make international business spending easier, cheaper and simpler to manage.

There are limits to how much you can spend or withdraw with a Wise Business account. The limit is set according to the country your business is registered in. If you have a Singapore registered business, the MAS hold, send and spend limits which apply to Wise personal customers are not applied to your account.

Wise Business cards spending limits

Wise Business debit and expense cards come with some spending and withdrawal limits, which are set for security. The limit applies for all card holders linked to one business account. That means that if one team member makes a high value purchase and exhausts the monthly spending limit, the limit is exhausted for all card holders until it resets. Here are the limits based on the location your business is registered in:

Wise Business expense card limits

You can issue Wise Business expense cards to team members who need to spend on behalf of the business. To make sure you’re still in control of the account, you can set spending limits for each member, which the individual can then view in the Wise app. You can also choose to limit the amount any team member can take out of ATMs, or block a card or cards temporarily to allow you to control your business cash flow more easily.

How to check Wise Business limits

You can view your Wise Business card limits, and see how much you have left on any particular limit, by logging into your Wise account online or in the app, and tapping the Cards tab. If you have issued Wise expense cards to team members they’ll be able to see their own limits within the app but can not access any sensitive details unless you've given permission within the multi-user access function.

Conclusion: Does Wise have limits?

Wise accounts let individual and business customers hold, send, spend and exchange currencies conveniently and with low fees. There are a few Wise limits which apply to some services and transactions, set for security, and to make sure customer accounts are kept safe.

You won’t be able to hold more than the equivalent of 5,000 SGD in a Singapore registered 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 held with Wise in Interest or Stocks. That means you can continue to use your Wise account to hold, send, or spend higher amounts, by switching your balance over to Wise Interest or Stocks in SGD or USD.

It’s also useful to know that Wise is safe, licensed and regulated around the world. That means it’s a secure way to hold even high balance amounts, and to send high value payments, with low charges and the mid-market exchange rate.