Wise Money Transfer Review in Singapore - 2024

Claire Millard
Minami Ishii
Last updated
14 March 2024

 Wise (formerly TransferWise) was founded in 2011 in the UK, with a mission to make sending money internationally instant, convenient, transparent and eventually free. Today, Wise operates more or less globally, serving 16 million+ customers, with fast low cost overseas payments, as well as multi-currency accounts and cards.

This guide covers all you need to know about Wise Singapore money transfer, including the fees you pay, whether it’s safe to use, how fast it is, how to transfer money, and more.

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Table of contents

Key points: Wise money transfer

Let’s start with the headlines about Wise money transfer, including the costs and the Wise exchange rate that applies for currency conversion.

Key features:

  • Send money with the mid-market exchange rate

  • Transfer fees start from 0.43% and vary based on destination

  • 50% of payments are instant, 90% arrive in 24 hours

  • Send payments to banks in 160+ countries

  • Fast domestic transfers available in SGD

  • Personal and business services with high transfer limits

  • Licensed and regulated by MAS in Singapore and similar bodies internationally

Key stats:

  • Over 16 million people and businesses use Wise

  • Wise payments can be sent to 160+ countries

  • 50% of Wise transfers are instant

  • Wise processes over 10bn USD in cross-border transactions every month.

  • Receive payments into a Wise account in 9 currencies

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Pros & Cons of Wise international transfer


✅Send to 160+ countries in 40+ currencies with the mid market exchange rates 

✅Transparent fees from 0.43% 

✅50% of payments are instant, 90% arrive in 24 hours

✅Payments deposited directly to bank accounts for convenience

✅Personal and business accounts and services available

✅Safe, regulated service

Variable fees apply depending on destination, payment method and currency

Transfer times vary based on destination

❌No option for cash delivery

❌No branch network

Summary: Wise Singapore money transfers are fast - or even instant - and can be sent to 160+ countries globally. Whenever you send money with Wise your SGD will be converted to the currency needed using the mid-market exchange rate, with low fees from 0.43%. That makes Wise a cheap, convenient and speedy option for sending money overseas - for yourself or your business.

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How much can I save with Wise money transfer?

Before we start to explore the details of how to use Wise to transfer money, let’s look at how much you could save if you do. Here we’ve compared Wise against a couple of other specialist money transfer services, Remitly and OFX, to see the costs of sending money to Malaysia. We tested several different transfer values - let’s see how it worked out:

Sending amount in SGDWith Wise, your recipient getsWith Remitly, your recipient getsWith OFX, your recipient gets
500 SGD1,750.29


30.52 MYR less than with Wise


33.72 MYR less than with Wise

5000 SGD17,526.86


264.73 MYR less than with Wise


358.63 MYR less than with Wise

10,000 SGD35,053.54 MYR

34,528.59 MYR 

524.95 MYR less than with Wise


596.62 MYR less than with Wise

Fees correct at time of writing - 1st February 2024

As you can see, in our comparisons of payments from Singapore to Malaysia, Wise was cheapest across all 3 transfer values. We’ll walk through Wise transfer fees and the Wise exchange rate in detail through this guide so you can see whether or not Wise will suit you for your next international money transfer.

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What is Wise money transfer?

Screenshot 2024-03-14 at 16.52.01.png

Wise launched as TransferWise in the UK in 2011, with a mission to make international money transfers faster, cheaper and more transparent. Over time, other products and services were launched, including multi-currency account services for individuals and businesses, and international debit cards. To reflect that, TransferWise rebranded as Wise to reflect the broader range of options available.

Today, 16 million people and businesses use Wise, to send billions of dollars of secure cross-border transactions every month. To keep costs low, Wise built a network of accounts around the world, cutting out the SWIFT network and bringing down costs. This innovation allows Wise to pass savings on to customers, while still investing in new ways to add extra features and services to their products.

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Wondering who owns Wise money transfer now? The original co-founders of Wise,  Kristo Käärmann and Taavet Hinrikus, are still involved in Wise, which is now floated on the London Stock Exchange, under the ticker WISE.

Read everything about how Wise works here.

Is Wise money transfer safe?

Yes, Wise is a safe way to transfer money. Wise is licensed and regulated by MAS in Singapore, and by a broad selection of other similar bodies elsewhere in the world where it offers services.

How does Wise money transfer work?

Wise isn’t a bank, it’s a financial technology company. While banks use the SWIFT network to process international payments, Wise created its own network of bank accounts around the world. Through this network, Wise can cut out intermediary costs and process transfers faster.

This is how it works. When you pay for your Wise Singapore money transfer in SGD, you make a local payment to Wise’s Singapore account, using a local bank transfer, a card or another low cost or free option like PayNow. Wise then sends out the agreed amount from their account in the destination country. This way no money really has to cross any borders, making the process fast and frictionless.

Is Wise better than bank transfer?

Using your bank to send money overseas is familiar and easy, but it can also be pretty expensive. If you prefer a face to face service, the bank option might win out - but if you’re transacting online, Wise could be a stronger choice. Here’s a quick comparison on some key features, looking at Wise vs local giant DBS.

Wise international money transferDBS international bank transfer
Transfer fees: From 0.43%Transfer fees: 5 SGD to 35 SGD commission + 20 SGD cable fee + any applicable agent fee
Exchange rates: Mid-market exchange rateExchange rates: May include fees and a markup on the mid-market rate
Transfer speed: Often fast or instantTransfer speed: 2 - 4 days
Ease of use: Online and in app serviceEase of use: Online or mobile service available, or you can call or visit a branch
Safety: Fully licensed and regulatedSafety: Fully licensed and regulated

Wise transfer fees

Wise uses transparent transfer fees which are split out from the exchange rate used to convert your currency. Wise is working to bring down the costs of sending money overseas, until eventually international transfers could be completely free. For now, though, there are a couple of costs when you send money with Wise. These are easy to spot and compare - and often cheaper than alternative providers:

  • Fixed fee: this covers the fixed costs associated with the transaction and can be around 0.4 - 0.8 SGD for a transfer on popular payment routes from Singapore

  • Variable fee: this covers the cost of the currency exchange and can be from 0.43%, with fees of under 0.5% common on many popular routes

Here are some example costs for sending SGD to bank accounts overseas:

Sending 1000 SGD toFixed feeVariable feeTotal fees
Malaysia - MYR0.39 SGD5.77 SGD (0.58%)6.16 SGD
Indonesia - IDR0.80 SGD5.86 SGD (0.59%)6.66 SGD
The US - USD0.46 SGD4.68 SGD (0.47%)5.14 SGD
The UK - GBP0.38 SGD4.68 SGD (0.47%)5.06 SGD
Europe - EUR0.37 SGD4.58 SGD (0.46%)4.95 SGD

Fees correct at time of writing - 1st February 2024

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Wise fee-free transfer promo code

Try Wise for free. While Wise fees are already pretty low, with our Wise/Exiap promo you could get a completely fee-free transfer of up to 2000 GBP (around 3,400 SGD).

Wise promo code for fee-free transfers

Exiap has teamed up with Wise to offer readers the opportunity to make fee free transfers up to the value of 2,000 GBP (that’s around  3,400 SGD), to any of the 160+ supported countries. Terms and conditions do apply - but this can be a great way to try out the Wise money transfer service and see if it suits you.

Get the Wise promo code here.

Wise transfer payment methods

You have a few different options when it comes to paying for a Wise money transfer. Some payment types are free but may take a little longer to arrive - while others are quicker but may have a slightly higher fee. You’ll see the options available, including the fees and an estimated delivery fee, when you start to set up your payment in the Wise app.

In Singapore, the Wise payment methods on offer are:

  • Linked bank account

  • PayNow

  • Debit card

  • International credit card (not issued in Singapore)

  • Wise account balance


Wise exchange rates

Wise currency exchange uses the mid-market rate, without any hidden costs or exchange rate markups.

You can check the mid-market exchange rate for your currency on Google or with a currency conversion tool. It’s a good benchmark to use as it’s the rate banks and money transfer services get when they buy and sell currencies. However, the mid-market rate isn’t often passed on to retail customers.

Instead, providers add a percentage fee into the exchange rate offered - a markup. This is common, but it’s a tricky fee tricky to spot, and it can mean you’re paying unexpected fees when sending a payment.

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How to transfer money with Wise

Once you have a Wise account you can send money with your phone or laptop, with no need to go out to a bank.

Here’s how to send an international money transfer with Wise:

  1. Log into your Wise account online or in the Wise app

  2. Select Send Money

  3. Enter the amount you want to send, or the amount and currency you want your recipient to get

  4. Pick the payment method that suits your needs

  5. Check everything over, add recipient details, and confirm your payment

  6. Once you’ve paid for your Wise transfer you can track it online or in the Wise app

Send money abroad

What details do I need for a Wise money transfer?

Exactly what information you need may depend a little on where you’re sending money to - but usually the process is simple, and you’re guided through every step by onscreen prompts.

Here are the details you’ll usually need to send a Wise money transfer:

  • Recipient’s full name

  • Recipient’s bank name (BIC/SWIFT may also be needed)

  • Recipient’s bank account number

  • Additional bank information based on the destination (like a sort code for the UK)

How to transfer money from Wise to bank account

Wise international transfers are deposited directly into your recipient’s bank account. Your recipient doesn’t need to have a Wise account to receive a payment through Wise. Just ask them for their bank information for the currency you’re sending, and follow the normal Wise international transfer process.

Here’s how to transfer money from Wise to a bank account:

  1. Log into your Wise account online or in the Wise app

  2. Select Send Money

  3. Enter the amount you want to send, or the amount and currency you want your recipient to get

  4. Pick the payment method that suits your needs

  5. Follow the prompts to add the recipient’s bank details

  6. Confirm and fund your payment

Wise to Wise transfer

If you’d rather, you can send money from your Wise account to your recipient’s Wise account instead. Wise to Wise payments are instant and there’s no fee if currency conversion is not required. Plus, all you’ll usually need is the recipient’s phone number or email address.

Here’s how to send Wise to Wise transfers:

  1. Log into your Wise account online or in the Wise app

  2. Select Send Money

  3. Enter the amount you want to send, or the amount and currency you want your recipient to get

  4. Pick Wise Balance as the payment method

  5. Check everything over, enter the recipient’s information, and confirm your payment

If you have your recipient’s contacts in your phone, you may be able to use their email or phone number to process the payment - otherwise you can find your friends and family on the Wise app if they have active Wise accounts, or click the plus sign and follow the steps and enter their account details.

For repeat payments you’ll be able to simply pick out the recipient from your recipient list without entering all their information again.

Send money transfer using email address

In many cases all you’ll need to send a Wise payment is the recipient’s email address or phone number. If they’ve already got a Wise account, Wise will directly deposit the money you send into their Wise account.

If they don’t have an active Wise account, Wise will send them a secure message, asking for their bank details, so the payment can be deposited into their bank account instead.

How long does a Wise money transfer take?

More than 50% of Wise transfers are instant and 90% of transfers are delivered within 24 hours.

Ultimately how long it takes for your money to be received can change based on the country you are sending to, the currency and the transfer amount. You’ll always see an estimated delivery time, and you’ll be able to track the payment in the Wise app or by logging into your account online.

Here’s a run down of how long payments take to a few popular destinations:

Sending money from Singapore toEstimated delivery time
Malaysia (MYR)9 hours
The US (USD)Seconds
The UK (GBP)Seconds
The Eurozone (EUR)3 hours
Send fast international payments

Is Wise money transfer fast? 

Yes. Based on our delivery time comparisons, Wise is pretty fast compared to other options available in Singapore.

Exactly how long your Wise money transfer will take depends on the details of the transfer - but you’ll be able to see an estimated delivery time before you confirm your payment. Here’s a comparison of Wise transfer times compared to some other major money transfer services in Singapore:

International money transfer servicesTransfer speed
Wise50% of payments arrive in seconds, 90% arrive in 24 hours
Western UnionVaried based on destination - 0 - 2 banking days is common on major routes
PayPalFunds deposited to the recipient’s PayPal account instantly, but it may take several days for the recipient to withdraw to a bank account, depending on the country they’re in
RemitlyExpress payments can take minutes, Economy payments may take a few days

International money transfer services can often move your money overseas faster than a bank - but the delivery times do vary between providers, and depending on the specific transfer details. Compare a few options before you confirm your payment to get the best service for your needs.

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Is Wise money transfer instant?

Wise aspires to offer instant money transfers no matter where you’re sending to. At present, about 50% of Wise transfers are delivered instantly. Look out for the message ‘should arrive in seconds’ before you confirm your transfer - this means your money should arrive in 20 seconds or less, considered to be an instant transfer.

Instant payments aren’t available on all currency routes - but you’ll see a delivery estimate in the app before you pay.

Wise money transfer app

The Wise money transfer app is available for free on the Apple App Store and in the Google Play Store.

Here’s what you can do with the Wise money transfer app:

  • Send payments to 160+ countries

  • Track your transfers and view your Wise account balance

  • Get instant transaction notifications

  • Check exchange rates and set up rate alerts

  • Add your Wise card to Apple Pay or Google Pay

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How to transfer money using the Wise app

Send payments on the move, in the Wise app. It’s easy, secure and cheap.

Here’s how to transfer money using the Wise app:

  1. Log into the Wise app and select Payments, then Send Money

  2. Enter the amount you want to send, or the amount and currency you want your recipient to get

  3. Pick the payment method that suits your needs

  4. Check everything over, and confirm your payment

Wise transfer limits

Wise has high transfer limits, which are set to allow individuals and businesses to transact freely and safely.

Here are the standard limits for Wise money transfers on some popular routes - and keep reading for an important note on Singapore Wise account sending rules:

CurrencyWise sending limit (per transfer)
MYR975,000 MYR

1 million USD by local transfer

1.6 million USD by SWIFT transfer

GBP1 million GBP
EUR6 million EUR

Important note on Singapore sending limits: You may find that there are limits to the amount you can send from your Wise Singapore account, which apply to comply with MAS rules. You won’t be able to send more than 30,000 SGD or the equivalent in a 12 month period to international bank accounts held by other people, unless you hold your Wise balance in Interest or Stocks. Business accounts do not have the same limits.

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

Wise large transfers

Wise is a safe option to send high value payments, and offers progressively lower fees based on the value of transfers you make, which are applied automatically when you send a payment.

Here’s how the discount works - the discount brackets are set up in GBP, but if you’re sending a different currency, the amounts can be converted from GBP to the currency you need using the mid-market rate.

Volume of payments in a calendar month (GBP)Discount (%)

As we mentioned earlier, it’s important to remember that you can't send or spend more than 30,000 SGD or foreign currency equivalent from your Balances in a fixed 12 month window. However, you will be able to send higher amounts with a Wise Business account, or if you hold your Wise funds in Interest or Stocks.

How does Wise compare to other money transfer services?

Shopping around is the best way to check you’re getting the very best available deal on your international payment. Here are a few other money transfer services you should compare to see what’s best for you unique needs:

  • PayPal vs Wise: PayPal transfers are fast, but can come with higher fees compared to Wise

  • Western Union vs Wise: Western Union offers transfers to bank accounts and for cash collection globally, however, exchange rates include a markup, which can mean higher overall costs compared to Wise

  • OFX vs Wise: OFX lets you talk through your payment with a broker on their 24/7 phone service. Exchange rates include a markup, which can mean higher overall costs

  • Remitly vs Wise: Remitly offers different fees and delivery times, and also has promotional offers which can make it a good option to compare with Wise

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What countries can I send money to with Wise?

Wise offers international transfers to 160+ countries, with more countries being made available from time to time as Wise extends its services.

How to track your Wise transfer

As so many Wise payments are instant, you may find there’s no need to track your transfer. However, you can do so easily if you want to, online or in the Wise app.

Here’s how to track your Wise transfer:

  1. Log in to your Wise account online or in the app

  2. Go to Home to see your activity list

  3. Select the transfer you want to track

Can you send domestic transfers with Wise?

Yes. You can send a domestic payment in SGD with Wise. Just select same currency when you set up your payment, to view your options.

How do I receive money from Wise in Singapore?

If you’re expecting a payment from someone with Wise, and it’s being sent to your bank account, you don’t need to do anything to receive the money. Just give the sender your bank details and wait for the payment to be deposited.

Alternatively, with a Wise Singapore account you can get local account details in 9 currencies, to receive money to your Wise 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

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Here’s how to receive money in SGD to your Wise account:

  1. Log into your Wise account online or in the Wise app

  2. Tap Open, and select SGD to open a SGD currency balance

  3. Choose between inside US for domestic, and outside US for international transfers

  4. You’ll see your SGD account details, and can use the ‘copy account details’ function to give to the sender

Do I need a Wise account to receive money through Wise?

You do not need a Wise account to receive money through Wise. Simply ask the sender to have your payment deposited to your bank account, give them your normal Singapore bank details, and wait for the money to arrive.

Fees to receive Wise payments

The sender pays the transfer fees when sending a Wise transfer. That means there’s usually no fee to receive a Wise transfer, as long as it’s sent in the same currency of your bank account.

If the sender transfers money to you in a currency that’s different to the currency of your bank account, your own bank might charge a currency conversion fee before the funds are deposited. This may mean that the total amount is less than the delivery amount calculated by Wise before sending out the transfer.

How to withdraw money from Wise

If you’ve been sent a payment with Wise to your bank account you can spend it or make withdrawals as normal. If you’ve received money to your wise account you can choose to withdraw to your bank if you’d like to - or spend the money with your Wise card.

Here’s how to withdraw money from Wise to your bank account:

  1. Log into your Wise account online or in the Wise app

  2. Select the balance you want to withdraw from and tap Send

  3. Choose the bank account you want to send your money to

  4. Enter the amount you’d like to withdraw

  5. Review your transfer and confirm to send

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Wise Business money transfers

If you have a Singapore registered business you can open a Wise Business account to manage your money across currencies easily and cheaply. Wise Business customers get the same great features that personal customers do - and a few extras too.

Here are a few of the things you can do with a Wise Business account:

  • Hold and exchange 40+ currencies with the mid-market exchange rate

  • Send payments to employees, contractors and suppliers in 160+ countries

  • Make batch payments to up to 1,000 accounts at a time

  • Integrate with cloud based accounting platforms like Xero

  • Add and manage user permissions so team members can access account details when needed

Open a Wise Business Account

How to make business payments with Wise

Send a Wise business payment in moments from your phone, smart device or laptop:

  1. Log into your Wise Business account and select Send Money

  2. Enter the amount you want to send, or the amount and currency you want your recipient to get

  3. Pick the payment method that suits your needs

  4. Check everything over, and confirm your payment

Batch payments for business

Batch payments can be made to up to 1,000 accounts with a few clicks, making it easy to run payroll for your team, and pay contractors or suppliers in multiple currencies. Upload a single spreadsheet with all the details of the transfers you need to make, and all the payments can be processed automatically.

Wise API

Wise Business customers can also use the Wise API to automate invoice payments, recurring transfers, standing orders, or payroll, simplify expense reporting, and track exchange rates. Cut down on admin time, and focus on what you do best - growing your business.

Can you cancel a Wise money transfer?

Whether or not you can cancel a Wise transfer will depend on which stage of processing the transfer has reached.

  • If you’ve set up a transfer but not paid yet, you can cancel the payment yourself

  • If you’ve set up a transfer and the money is still on the way to Wise, you can cancel the payment yourself

  • If you’ve set up a transfer and the money is being processed by Wise, you can ask Wise directly to cancel the transfer for you

  • If you’ve set up a transfer and the money has already been sent by Wise to the recipient the payment can not be canceled

Here are the steps you need to take to cancel a Wise transfer, if the money has not yet been sent out by Wise:

  1. Log into Wise and go to Home to see your activity list

  2. Find the pending transfer you want to cancel

  3. Click Cancel transfer

  4. If you haven’t paid yet, click I didn’t pay, and then Cancel transfer

  5. If you’ve already paid, click I paid, and enter your bank account details if needed

How do I contact Wise in Singapore?

If you ever have a problem or a question you can get in touch with Wise money transfer customer service easily online or in the Wise app. Here’s how to contact Wise customer support in Singapore.

Wise customer support information

🗓️ 365 days a year

📞 Phone: log into Wise to get the best phone number for your query

🖥️ Live chat support available

📩 Website: https://wise.com/help/

Wise money transfer reviews

Trustpilot aggregates live customer reviews, for dynamic data about how companies perform. On Trustpilot, Wise scores 4.2 out of 5 stars, from 206,000+ reviews - a Great score on the Trustpilot scale.

Here are a couple of the comments left by customers offering a 5 star review:

“I was travelling in Norway and England so I had both Norwegian Kroner and GBP as well as USD on my card. I purchased an expensive item in Norway without realizing that I didn't have enough kroner. The Wise card paid what I had in kroner and automatically exchanged GBP to cover the remainder of the cost. No embarrassment at the cash register thanks to Wise.”

“I’ve used Wise for years - including when it was called Transferwise! - and have always found it to be extremely effective, easy to use, and reliable. As an expat who travels a lot, it has made my life so much easier. Recommend!”

As you may expect, it’s not all positive. While 83% of respondents leave a 5 star review, 7% gave Wise only 1 star. Here’s what one had to say:

“I initiated a payment on 21 January, which was placed on hold for a period of one week, before I was contacted to ‘clarify my company documents’. Information was requested from me, all of which is publicly available through Companies House. 24 hours after sending out my response, I’m told the funds have been sent to my recipient, but may take up to 18 hours to reach them.

So for nine days, and for no good reason, Wise have held the funds. I will never use them again, which is a shame because they have always been efficient and honest in the past.”

Where customers were frustrated with Wise, it is common to see that payments have been delayed, or accounts limited, due to verification checks. This is sometimes necessary to comply with global financial legislation, but can be concerning and inconvenient. At the time of writing, Wise has responded to all active negative reviews offering follow up, suggesting that they’re working to resolve issues as they arise.


Conclusion: Is Wise good for money transfer?

Wise was created with a mission to make international money transfers instant, convenient, transparent and eventually free. While Wise isn’t free to use just yet, the fees you pay are transparent and often beat the market. Importantly, Wise uses the mid-market exchange rate, making it easy to spot and compare what you’re paying. This also keeps costs low - in our comparisons we found that the overall costs of using Wise were lower than alternative providers.

Use this guide to see if Wise is right for you - and to get started sending Wise international money transfers around the world.

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Wise online money transfer FAQs

Is Wise safe to transfer money?

Yes. Wise is licensed and regulated by MAS in Singapore, and by other similar bodies internationally, so it’s a safe service to use when sending money.

Is Wise better than bank transfer?

Neither is better - it depends on what’s important to you. In our comparisons, Wise often comes out with lower overall costs for international transfers compared to banks and other providers. However, if you prefer to transact in person, a bank may be your better choice, as Wise has digital services only.

Does Wise work in Singapore?

Yes. Wise offers international transfers to 160+ countries from Singapore, as well as multi-currency account services, and debit cards for spending in 150+ countries for personal and business customers.

What is the Wise USD transfer limit?

Wise international payment limits are usually high. In many cases, you can send 1 million USD by local transfer or 1.6 million USD by SWIFT transfer. However, bear in mind that lower limits apply to Singapore personal accounts where funds are not held in Interest or Stocks.

Does a Wise transfer go directly to a bank account?

Wise transfers can be deposited to bank accounts directly, or you could have the money added to your recipient’s own Wise account if they’d prefer.

Will my Wise transfer be instant?

50% of Wise transfers are instant or arrive in seconds. Whether or not your Wise transfer will be instant depends on where you’re sending money to and how you want to pay. You’ll see a delivery estimate before you confirm your transfer.