Wise Singapore review 2026: Pros, cons and fees explained
Last updated: 11 Dec 2025
Wise is a popular choice among Singapore businesses that need to send, receive and manage money across borders. It offers clear exchange rates, fast transfers and an easy setup that cuts out the usual banking delays.
Still, many companies are beginning to reach its limits and ask if Wise can truly support larger or more complex international operations.
This Wise Singapore review examines how the platform performs for business users. It explains the real fees, key features and currency tools.
We also compare Wise with WorldFirst’s multi-currency business account, a platform created specifically for companies that trade globally.
Key takeaways:
- Wise keeps cross-border payments affordable and straightforward: Singapore businesses can send and hold over 40 currencies with real exchange rates and fees starting from 0.26%
- Best for smaller digital-first companies: Freelancers, start-ups and e-commerce sellers value Wise’s easy setup, PayNow funding and accounting integrations like Xero and QuickBooks
- Limited for larger or high-volume firms: Wise lacks advanced FX tools, credit options and dedicated account managers, which can slow complex transactions
- WorldFirst is more suitable for global trade and growth: With free setup, marketplace links, NetSuite integration and import support from China, WorldFirst gives businesses better control and scalability
Open a World Account for free to simplify and speed up global payments for your business.
What is Wise Business?
Wise Business is a global payments platform designed to help companies send, receive and manage money internationally. It offers transparent exchange rates and low fees.
Founded in 2011 and headquartered in London, Wise (formerly TransferWise) serves more than 16 million users worldwide, including hundreds of thousands of business customers. Its goal is to make cross-border payments as seamless as local ones by removing hidden costs and simplifying international finance.
Quick overview: Pros and cons of Wise Business
Wise Business lets Singapore businesses manage global payments with transparent fees and real exchange rates. It’s fast to set up and simple to use, though some users note limits in transfer options and support.
The table below summarises the main pros and cons to help you decide if Wise Business fits your business’s international payment needs:
| Category | Pros | Cons |
|---|---|---|
| Currency support | Hold and send over 40 currencies; receive in 25, including SGD, USD, EUR, GBP, AUD and JPY | Can’t hold or send all exotic currencies; not ideal for less common payment routes |
| International transfers | Real mid-market exchange rates with low, transparent fees and fast global transfers | Transfer times vary by destination; no same-day guarantee for all payment corridors |
| Local receiving accounts | Get local bank details in up to 10 major currencies (including USD, GBP and EUR) to receive payments like a local business | Some receiving currencies have country-specific limits; no dedicated SGD receiving account for all users |
| Account integration | Integrates with Xero and QuickBooks; supports batch payments and automated reconciliation | Lacks deep ERP integrations; some manual setup required for bulk operations |
| User experience | Clean interface with quick online onboarding and easy account management via web or app | Customer support primarily via chat and email; no local hotline in Singapore |
| Regulatory protection | Licensed and regulated by the Monetary Authority of Singapore (MAS); client funds held in segregated accounts with leading banks | Funds are safeguarded but not insured under the Singapore Deposit Insurance Scheme (SDIC) |
| Payment methods | Supports domestic and international transfers, debit cards and expense management tools | Does not support cash or cheque deposits; no credit or lending features |
| Scalability | Suitable for SMEs, startups and online sellers; batch payment tools support growing teams | No tiered business plans; limited enterprise-level features for large corporations |
| Reliability | Trusted global platform with over 16 million users and transparent fee structures | Occasional compliance holds or verification delays reported by users managing high transaction volumes |
Wise Business fees (Singapore): the breakdown
Here is a summary of the key fees for Singapore-registered businesses using the Wise Business account:
| Fee type | Typical cost / allowance |
|---|---|
| One-time setup fee | SG$99 |
| Monthly account fee | No ongoing subscription charges |
| Sending international transfers | From around 0.26% of amount (varies by currency and route) |
| Receiving overseas funds (non-SWIFT / non-wire) | Free for supported currencies (AUD, CAD, EUR, GBP, HUF, NZD, SGD, TRY, USD) |
| Debit-card first card (business account) | Free |
| Additional team cards | SG$4 one-time each |
| ATM withdrawals (Singapore) | 2 withdrawals per month up to SG$350 |
| ATM withdrawals beyond allowance | SG$1.50 + 1.75% of amount per withdrawal |
*Wise Business pricing checked in October 2025.
Wise Business features
Wise Business replaces the traditional mix of foreign bank accounts and costly transfers with one digital account that manages multiple currencies, transparent fees and faster settlement times.
1. Account setup and pricing model
Wise charges a one-time setup fee of SG$99 to unlock full business functionality. After registration, there are no monthly or annual subscription costs. Businesses pay only for what they use and Wise displays all charges upfront before confirming each transaction.
Sending money from Singapore typically starts from around 0.26% of the transfer amount, depending on the destination and currency route. For large transfers, Wise applies tiered discounts that lower the percentage fee.
2. Multi-currency holdings and international payments
A single Wise Business account can hold and send funds in 40+ currencies, and receive funds in 25 currencies (although some come with restrictions). This flexibility reduces the need for multiple bank accounts in different countries for Singapore companies working with clients or suppliers overseas.
The account provides local bank details in key currencies such as SGD, USD, EUR, GBP and AUD. That allows Singapore businesses to receive payments like a local entity without relying on intermediaries or correspondent banks. Wise processes transfers through its network, which covers more than 70 countries.
Wise also includes batch payment functionality, enabling companies to upload a spreadsheet and pay up to 1,000 recipients at once. This is especially useful for payroll, supplier payments or contractor disbursements where efficiency and accuracy matter.
3. Wise Business debit card
The Wise Business debit card provides Singapore-registered companies with a practical tool to manage spending globally. It uses the Mastercard network and links directly to the business’s multi-currency Wise account.
Key card features and fees:
- Card issuance: For Singapore business accounts, the first three Wise Business debit cards are free; each additional card costs SG$4 (one-time fee). You can create virtual cards at no extra charge and manage them directly from the Wise Business dashboard
- Card spending: There are no foreign transaction fees. When you pay in a currency your account already holds, the transaction is free. If not, Wise automatically converts funds using the real mid-market rate with a small, transparent FX fee starting from 0.26%
- ATM withdrawals: Businesses get two free withdrawals per month, up to a combined total of SG$350. Beyond that, Wise charges SG$1.50 + 1.75% per withdrawal
- Usage limit: Default daily limits vary by business account verification level, but Wise allows companies to increase these limits directly in the app
- Additional cards: Businesses can issue multiple cards for employees, assign spending limits and monitor transactions in real time. You can freeze or replace cards instantly from the Wise Business dashboard
4. Integrations, automation and workflow tools
Wise Business integrates seamlessly with major accounting software, including Xero, QuickBooks, FreeAgent and FreshBooks, automatically syncing transactions for easy reconciliation. Companies can also issue invoices directly from their Wise dashboard, simplifying billing for international clients.
For teams that handle large transaction volumes, Wise provides an API that allows businesses to automate recurring payments, currency conversions and expense reconciliation.
5. Security, regulation and fund protection
Wise operates in Singapore under the supervision of the Monetary Authority of Singapore (MAS) and holds a Major Payment Institution licence. Client funds are stored in segregated accounts with established financial institutions, keeping them separate from Wise’s operational funds.
However, Wise doesn’t operate as a bank, so the Singapore Deposit Insurance Scheme (SDIC) doesn’t insure account balances. While the safeguarding model protects your funds, it won’t provide the same insurance coverage offered by traditional banks.
Wise uses two-factor authentication, device authorisation and real-time monitoring to secure accounts and prevent unauthorised access.
- Open 20+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
Singapore-specific features and limits
Wise Business integrates seamlessly with Singapore’s local payment systems, including PayNow. Businesses can use PayNow to fund their Wise Business account in SGD, transferring up to SG$200,000 per payment with no daily limit on the number of transfers. This setup makes funding cross-border payments fast and cost-efficient for local businesses.
Unlike personal accounts, Wise Business users aren’t subject to MAS holding or transfer caps. Companies can maintain and send unlimited balances in their Wise account, which is particularly useful for SMEs managing supplier payments, payroll or marketplace revenue.
Transaction limits depend on the currency corridor and destination country, but they’re generally high enough to handle most corporate payments. For massive transfers, Wise offers a dedicated large-amount service designed for businesses moving significant sums internationally.
How to open a Wise Business account in Singapore
Here are the steps to open a Wise Business account for your Singapore-registered company:
- Sign up online: Go to the Wise Business website and create an account using your work email. Pay the one-time setup fee of SG$99 to unlock full business features
- Add business details: Enter your company name, UEN registration number and office address. Wise supports most registered Singapore entities, including private limited companies and sole proprietors
- Verify identity and business: Upload a valid ID (NRIC or passport) and any required business documents, such as proof of ownership or address. Verification typically takes one to three working days
- Fund your account: Once approved, add funds via PayNow or a local bank transfer to your Wise Business account
- Activate multi-currency balances: Enable and hold over 40 currencies for sending and converting payments globally
- Order business debit cards: Get up to three free Wise Business cards for your team (SG$4 per additional card) and manage them directly in the dashboard
Customer feedback and the reputation of Wise Business
Most Wise Business feedback highlights reliability and simplicity, though some users note limitations in support and advanced financial tools.
What users like:
- Wise holds an average rating of 4.3 out of 5 on Trustpilot, reflecting positive feedback from global and Singapore users
- Businesses praise transparent pricing, real exchange rates and low international transfer fees compared to banks
- Many Singapore SMEs appreciate how PayNow funding makes adding SGD to Wise fast and simple
- Users frequently describe the platform’s dashboard and mobile app as easy to use, offering clear visibility over balances, transfers and team spending
- Users say cross-border transfers are fast and reliable, often arriving sooner than traditional bank wires
Where users report issues:
- The most frequent criticism relates to customer support, particularly slow response times or limited assistance with complex compliance reviews
- Some users have experienced temporary account holds during verification, which can delay urgent business payments
- Several users note that Wise lacks advanced features such as FX hedging, forward contracts or trade-finance tools that larger corporations may need
- Businesses handling high transaction volumes sometimes find Wise’s automated systems less flexible than those of full-service banks
When Wise fits and when you might need an alternative
Best suited for:
- Small to medium-sized companies in Singapore that regularly make or receive payments across borders and want transparent, low-cost FX
- Freelancers and consultants billing international clients and seeking an account that supports multiple currencies and easy transfers
- E-commerce sellers, digital agencies or remote teams that pay suppliers, contractors or staff in foreign currencies and need a multi-currency account with local-receiving details
- Start-ups operating globally but with modest transaction volumes, who value an online-first onboarding process and tools like batch payments and accounting integrations
Less suitable for:
- Businesses processing large-value or high-volume transactions across many currency corridors, where advanced treasury tools or hedging contracts become essential
- Companies that require complete banking services – loans, overdrafts, cash deposits or credit lines – beyond straightforward multi-currency payment flows
- Businesses that need a dedicated account manager, bespoke compliance handling or deeply tailored services for regulated trade operations
In short:
If your business focuses on moving money across borders and values transparency over traditional banking complexity, Wise Business is a smart and efficient fit. But if your company needs credit facilities, trade finance tools or more control over currency risk, you’ll likely get more value from a provider built for advanced global operations.
Why Singapore businesses choose WorldFirst over Wise Business
For Singapore-based companies that operate globally, particularly those in e-commerce, marketplaces or supplier networks, WorldFirst’s World Account often outpaces Wise Business in several key areas.
Built for business, not personal use
WorldFirst focuses exclusively on business customers. It provides local account details in over 20 major currencies, including SGD, USD, GBP, EUR and AUD, allowing Singapore companies to hold currencies, pay suppliers and receive funds directly without conversion losses. Businesses can send payments in over 100 currencies across 200 countries, including RMB, making it ideal for firms that import goods from China or manage suppliers across multiple regions.
Free to open and full card benefits
Opening a WorldFirst World Account is completely free, with no setup or monthly fees. Businesses can issue up to 25 World Cards for their teams at no cost. These cards allow direct spending in supported currencies with zero FX fees and offer up to 1.2% cashback on eligible purchases.
Marketplace and trade integration
WorldFirst connects directly with more than 130 global marketplaces and payment gateways. Singapore-based e-commerce sellers can collect funds in local currencies from platforms like Amazon, eBay and Shopee, improving cash flow and reducing settlement delays.
It also supports ERP integrations like NetSuite, allowing finance teams to reconcile multi-currency transactions automatically. This combination makes it especially strong for importers, exporters and sellers handling large trade volumes.
Support for high-volume and currency management
WorldFirst offers forward contracts, rate alerts and personalised FX advice through dedicated account managers. This helps companies manage exposure when paying suppliers in currencies such as CNY or USD and strategically plan conversions.
Dedicated business support
WorldFirst provides local account managers with multilingual phone or chat support and fast response times. Many Singapore SMEs value this direct access when managing large supplier payments to China or navigating compliance for multi-country transactions.
If you’re still unsure about Wise or WorldFirst, check out our comparison of fees:
| Fee type | Wise Business | WorldFirst World Account |
|---|---|---|
| Monthly account fee | Free (no subscription) | Free (no setup or ongoing account charges) |
| Opening a full multi-currency business account | One-time setup fee SG$99 | Free |
| Receiving funds (non-wire / supported currencies) | Free for key currencies (e.g., AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY, USD) in non-wire methods | Free in supported currencies; inward transfers via local collection accounts are fee-free |
| Holding funds in multiple currencies | Free to hold 40+ currencies in your account. | Free to hold 20+ currencies; no ongoing maintenance fees |
| Sending payments to other accounts within same network | Free and instant between Wise Business accounts | Free and instant between WorldFirst accounts |
| Currency conversion or sending to other bank accounts | From 0.26% on major routes in Singapore | Up to 0.6% for major currencies; fee depends on volume and pair |
Notes:
- Actual fee charged may vary by currency pair, destination country or payment method.
- Fees checked in October 2025.
Take your Singapore business global.
Open a World Account today for free and enjoy local currency accounts with competitive FX.
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- Almost 1,000,000 businesses have sent USD$300B around the world with WorldFirst and its partner brands since 2004
- Your money is safeguarded with leading financial institutions
