Wise, a global online money transfer service, has quadrupled the daily holding limit for personal customers in Singapore, allowing them to keep up to S$20,000 in their Wise Account— the previous limit was S$5,000.
Additionally, the annual spending and transfer limit has been increased to S$100,000, up from S$30,000.
These changes do not affect Wise Business customers, who continue to have unlimited holding and transaction capabilities.
The expanded limits are expected to provide more convenience and cost savings for Wise customers, particularly those involved in cross-border transactions for purposes such as overseas education, travel, and significant purchases like mortgages.
In addition to these updates, Wise is also enhancing its security measures.
New controls include additional authentication for high-risk activities, a 12-hour cooling-off period when logging into a new device, and a one-click log-out option that instantly secures the account across all devices.
Furthermore, the default daily limit for card spending and ATM withdrawals has been set at S$1,000, which customers can adjust as needed.
To protect against phishing, emails from Wise will now display the entire URL in plain text, allowing customers to verify the legitimacy of links.
These enhancements complement Wise’s existing security protocols, including two-factor authentication, real-time transaction notifications, and instant card freezing options.
Shrawan (SK) Saraogi, APAC Head of Expansion said,
“The previous limits have been a pain point for many customers who rely on Wise to send and receive living expenses from abroad as well as make large purchases.
When customers reach these limits, they are often forced to switch to other providers to complete the rest of their transactions, which can be more costly and less transparent. By expanding the limits, we’re able to empower consumers with more choices, fostering a more competitive and innovative payments landscape.”
In the financial year ending 31 March 2024, Wise experienced significant growth in Singapore, with its customer base expanding by 30% year-over-year.
This growth was driven by the increased adoption of various features offered by the Wise Account, including the Wise Card.
The total value held in personal and business accounts in Singapore reached approximately £340 million (S$590 million).
