Wise USD Account Review 2024
A USD account can make transacting internationally cheaper and more convenient if you’re travelling to the US or simply paying in US dollars for your online shopping. Use a Wise USD account to hold, send and spend US dollars and 40+ other currencies, plus get USD account details to get paid to your account in US dollars from others.
This guide covers all you need to know about the Wise USD account, including the exchange rate, the fees, the applicable limits, and what else you can do with a Wise multi-currency account.
Wise USD account key points
Open and manage your account online or in the Wise app
Add money in 15+ currencies, including Singapore dollars and US dollars
Exchange to USD instantly - or any of 40+ other supported currencies
Mid-market exchange rates with low, transparent conversion fees from 0.42%
Send money to 160+ countries, often in seconds
Spend and withdraw with a Wise international debit card in 150+ countries
Get local bank details for 10 currencies, including US and Singapore dollars
No foreign transaction fees when spending overseas
Pros and cons of Wise USD account
| Pros | ✅Free to open account, with no minimum balance or monthly charges ✅Hold and exchange 40+ currencies alongside US dollars and Singapore dollars ✅Mid market rate for currency exchange, with low fees ✅Wise card available for global spending and withdrawals ✅Get paid in US dollars and 9 other currencies with local bank details ✅Send money to 160+ countries, with low fees from 0.42% |
| Cons | ❌4.14 USD fee to receive a USD wire ❌ATM fees apply: 2 withdrawals to the value of 350 SGD/month free, then 1.75% + 1.5 SGD per withdrawal ❌Variable fees to convert currencies |
What is a Wise USD account?
The Wise Account is a digital multi-currency account which supports holding and exchange of US dollars as well as 40+ other currencies. You can also order a Wise card for international payments, send money to 160+ countries and get paid in 9 currencies, including USD and SGD with local bank details.
A Wise USD account is helpful for anyone who travels to the US a lot, sends money to the US, gets paid in USD, or who shops online with retailers based in the US. You can add money in SGD and convert to USD for spending, using the mid-market exchange rate and low fees - or use your local USD bank details to receive USD payments, and hold in US dollars or switch back to SGD when you want to.
Wise USD account details
Your Wise account comes with local USD bank account details so you can get paid by ACH or wire, and receive US dollars to your account. The details you get are:
Routing number
Account number
Just give these details to the person sending you money, and they’ll be able to arrange the payment easily - and often pretty cheaply as well. It’s free to receive USD by ACH, but there’s a 4.14 USD fee to receive a payment by wire.
Can I open a Wise USD account in Singapore?
Yes. You can register a Wise Account using your Singapore ID and proof of address - or Singpass - and then open a USD balance to receive, hold, spend and send US dollars conveniently.
How to open a USD account in Wise
To open a Wise USD account you’ll need to register an account and open a Wise USD currency balance. First, here’s how to register with Wise, without needing to leave home:
Download the Wise app, or open the Wise desktop site
Register with your email address, or an Apple, Google or FaceBook account
Follow the prompts to enter your personal details
Upload your ID documents for verification - or use Singpass to make it even easier
Once your account is verified you can open currency balances and order a card if you want one
How can I activate a USD account in Wise?
Once you have a Wise account, you can open a USD balance to start transacting in US dollars conveniently. Here's how to activate your Wise USD account:
Log into the Wise app, tap Open in the app homepage
Select Currency Balance and tap USD to open your USD account
Top up your balance, complete any required security step, and start transacting
When is a Wise USD account needed?
A Wise USD account can make it easy to receive, hold, send and spend US dollars, for yourself or your business.
Personal customers can use a Wise USD account for spending and withdrawals during travel to the US - but it can also be handy even at home, if you shop online and pay in US dollars. The Wise USD account can also be used to send payments in USD, and you can use your Wise bank details to get paid easily in USD right to your account. That means that if you’re paying an overseas bill, or waiting on someone to send you a payment in USD, the process is easy with Wise.
Business customers pay a one time fee to open a Wise USD account, but then can access the same great features personal customers can, as well as extras like batch payment solutions, Wise expense cards, multi-user access, cloud accounting integrations and a powerful API to cut admin time. Use your Wise business USD account to get paid by customers, as well as through PSPs and marketplace platforms - plus you can send USD payments easily to suppliers and staff.
How does a Wise USD account compare?
Let’s look at the Wise USD account in comparison to a couple of other local options
| Wise USD account | DBS My Account | OCBC USD Current Account | |
|---|---|---|---|
| Availability in Singapore | Available in Singapore and more or less globally | Available to Singapore residents | Available to Singapore residents |
| Conversion fees | From 0.42% | Exchange rates are likely to include a variable markup - a conversion fee Spending a currency you don’t hold with your card incurs a fee of up to 3.25% | Exchange rates are likely to include a variable markup - a conversion fee |
| Exchange rate | Mid-market exchange rate | DBS exchange rate | OCBC exchange rate |
| Other fees | 4.14 USD fee to receive a USD wire 8.5 SGD fee to get a Wise card Some free ATM withdrawals monthly, low fees after that | Up to 3.25% conversion fee when making an overseas ATM withdrawal in a currency you don’t hold Up to 7 SGD overseas ATM fee | 10 USD/month fall below fee if you don’t hold 1,000 USD in your account 1% fee if you deposit USD cash to your account |
| Linked Debit Card | Available | Available | Not available |
| Best Features | Supports 40+ currencies Local receiving account details for 9currencies | No minimum balance or monthly fee (unless you need paper statements) 13 supported currencies | Keep your USD transaction separate from SGD transactions USD cheque book available |
| USD account details | Available | Not available | Not available |
Which account is right for you will depend on the way you want to use your USD account in Singapore. The Wise account is super flexible, with the option to hold 40+ currencies, and receive payments like a local in 9. Plus you’ll get the mid-market exchange rate for currency exchange with low, transparent fees. The DBS My Account is a good option if you’re looking for a USD account from a Singapore bank - while the OCBC account might be a good pick if you need a cheque book for USD payments.
Wise USD Account fees
Here’s a look at the costs involved in opening and using a Wise USD account.
| Wise USD account | |
|---|---|
| Create account | No fee for personal customers |
| Account monthly fee | No fee |
| Fee to receive payments in USD | No fee to receive ACH transfers 4.14 USD fee to receive a USD wire |
| Fee to spend a currency you hold | No fee |
| Exchange rate | Mid market rate, low conversion fees from 0.42% |
| Send payments | Transparent fees from 0.42% |
| Fee to receive card | 8.5 SGD |
| ATM fees | 2 withdrawals to the value of 350 SGD/month free, then 1.75% + 1.5 SGD per withdrawal |
| Virtual cards | No fee |
Information correct at time of writing, 22nd February 2024
Wise USD exchange rate
Wise uses the mid-market exchange rate whenever you need to convert funds in your account, to spend with your card or to send a payment, with any applicable fees split out. This is transparent and means you can easily check and compare the cost of using your Wise USD account.
The mid-market rate is the one you find on Google or with a currency conversion calculator, with no extra charges rolled up in it.
How does a Wise USD account work?
Opening and using the Wise USD account is pretty straightforward and requires nothing more than your phone. Here’s how it works.
Account Creation: Create your Wise account online or in the Wise app, upload images of your ID and proof of address documents, or use Singpass to make it even easier
Fund Transfers: Top up your Wise account in 15+ currencies, from your bank account or card, or with a mobile wallet like Apple Pay
Sending and Receiving Payments: Send transfers to 160+ countries, in 40+ currencies including Singapore dollars and US dollars. You can also receive payments to your Wise account in 9 currencies. It’s free to receive a USD payment by ACH, but there’s a 4.14 USD fee to receive a USD wire.
How to receive USD in your Wise account
You can receive USD to your Wise account with your Wise USD local bank details, including a routing number and account number. Get your Wise USD account details by logging into the Wise app and tapping the USD currency balance you have in your account. Under the balance you’ll see the account details option - tap this to see your full USD bank details, which you can copy and share right from the app.
Give the person sending you money your USD account details and sit back to wait for your money.
How to use the USD account abroad
Manage your money on the move in the Wise app, to view and check your balance across all currencies, and get instant transaction notifications. You can also send and receive payments from the app at home or abroad.
Get a linked Wise debit card with your Wise USD account, to easily spend and withdraw funds from your account wherever you may be.
What is the eligibility for a Wise USD account?
You can open a Wise USD account from Singapore if you’re aged over 18, with a valid proof of ID and address, or an active Singpass account if you're a Singapore citizen or PR. Wise accounts are also available in a broad selection of other countries, although the features and fees may vary slightly based on your location.
Who is it good for?
Wise USD accounts are good for lots of different people, including:
Travellers looking to spend and make cash withdrawals overseas
People who shop online with international retailers
Contractors, freelancers, and anyone getting paid in foreign currencies
People who need to send payments internationally
Business owners who want to issue international expense cards to team members
Is a Wise USD account safe to use?
Yes. Wise is licensed and regulated in Singapore by MAS, and by similar bodies globally wherever it trades.
Plus, the Wise app has 2 factor authentication and secure log in processes, and lets you manage your money, check your balance, receive transaction notifications, and freeze or cancel your card if you have to. You’ll also get a Wise virtual card you can use for safer online shopping.
Availability
Wise USD accounts are available to customers in Singapore and most other countries globally, for customers with a valid proof of address and ID. The Wise international debit card is issued on either the Visa or Mastercard network, and can be used in 150+ countries, wherever you see your card’s network logo.
Other available currencies
Wise accounts let you hold, send, spend and exchange US dollars alongside 40+ other currencies. There’s a broad selection of global currencies on offer, including Singapore dollars, Canadian dollars, British pounds, euros, Australian and New Zealand dollars.
Wise USD account limits
If you open your Wise USD account in Singapore, there are some limits which may apply to how much you hold and spend. These limits apply to keep accounts safe and comply with MAS rules.
If you have a Wise personal account 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.
It’s useful to know that this limit does not apply to balances held with Wise in Interest or Stocks.
There are also some Wise security limits on card spending, which can be viewed and adjusted in the Wise app.
Wise USD account alternatives
In Singapore you can choose from a few different USD account alternatives, either from major banks or from alternative providers:
Revolut: Revolut is a non-bank provider with digital accounts and cards which support USD and a selection of other currencies. You can get an account with no monthly fee or choose to pay maintenance charges to access more features
DBS/POSB: The DBS My Account is also available from POSB, with options to hold USD and 12 other currencies, and no ongoing charges or minimum balances
OCBC: If you want a cheque book to use for writing cheques in USD, the OCBC current account might suit your needs - you can deposit foreign currency cash, but there’s no debit card with this account
Conclusion
The Wise USD Account offers a range of features and benefits for users looking to manage their money efficiently.
You can open your account and get verified with just your phone, and Wise uses the mid-market exchange rate with low fees from 0.42% whenever you need to convert funds. This can keep costs down - and accounts can also support 40+ other currencies, so you can use them whenever you need to spend, spend, hold or exchange foreign currencies.
FAQs - Wise USD account
Wise USD accounts can be opened entirely online using a laptop or smart device. Just register your account with your proof of address and ID, or with Singpass, and open a USD balance within the Wise app.
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.
Open a Wise USD account, and simply log in and tap Add to top up in US dollars or another supported currency. You can also get local USD account details, and give them to anyone who needs to send you money in dollars.