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About Wise (Singapore)

Wise was launched in 2011 with the vision of making international money transfers cheap, fair, and simple. Today, their multi-currency account helps millions of people and businesses manage their money across the world.

In Singapore, Wise is the trading name of Wise Asia-Pacific Pte Ltd (UEN 201422384R), which is a company incorporated under the laws of Singapore.

Why should I use Wise?

Established market player

Join over 13 million people who choose Wise for fast and secure online money transfers.

Wise is an established player in the industry and has been around since 2011.

Good service reviews

• TrustPilot: Wise
  • verified company
  • rated 4.5 out of 5 from 158,349 reviews [Jun 2022]

No hidden fees

“We charge as little as possible, and we always show you upfront. No hidden fees. No bad exchange rates. No surprises.”

Wise has an attractive and easy to use GUI that allows users to compare rates with competitors.

They typically offer better rates against banks and PayPal.

Regulated by the Monetary Authority of Singapore (MAS)

Wise Asia-Pacific Pte Ltd is regulated as a Major Payment Institution by The Monetary Authority of Singapore (MAS) license: PS20200413

Social login

You can conveniently login with Apple, Facebook or Google accounts. Wise also has 2FA authorization implemented to improve security.

Service Portfolio

(Business) Wise Business Account

“Everything you need to grow your business and operate internationally — without the high fees, hefty admin, and headache of a local bank.”

With a Wise Business Account, businesses can:

• Pay invoices with the real exchange rate in 70+ countries from phone or app.
  • 50% of payments are instant or arrive in an hour.
• Pay employees on international payroll in one click.
• Enjoy multi-currency banking without the bank
  • get an IBAN, routing number and sort code for the account.
• Receive multiple currencies without high recipient or conversion fees.
  • convert or move money within Wise Business or withdraw to external accounts with ease.
• issue debit cards for business expenses
  • pay expenses online or in-store without foreign transaction fees.
  • issue cards for the team, and monitor spending right from phone or app.
• Move money between accounts in seconds.

(Personal) Borderless Account and Wise Debit Card

Wise has a borderless account feature that allows you to hold money in multiple currencies. You can then apply for a debit card to deduct from your account when you are overseas.

The Wise debit card proved useful when I made cryptocurrency purchases on Gemini Cryptocurrency Exchange. Not sure about now, but sometime back in 2020, Gemini only accepted debit cards and not credit cards and I was having issues verifying my Singapore bank issued debit cards. Thankfully, the debit card issued by Wise worked well.

My first Wise debit card was a MasterCard but when it expired, the new one issued to me in August 2022 was from Visa.

Remittance

Users can send money to 80 countries via Wise.

Remitting monies to China via AliPay

Send Chinese yuan the cheaper and faster way. Set up your transfer, send it to Alipay, and that’s it — your money should arrive instantly. Say bye bye to bank details and hello to Alipay ID.

Other than UnionPay, you can now send from 17 currencies to your recipient’s AliPay ID in China which goes directly into their linked bank account on their AliPay. AliPay has 800 million users in China so it is widely supported. Also, the monies will be reflected in the recipient’s linked bank account in seconds.

This should be a very convenient way to pay your goods suppliers in China.

Watch the video to learn more:

PSA: Beware of illegal activities