Global online money transfer service Wise has quadrupled the daily holding limit for its retail customers in Singapore, allowing them to hold up to S$20,000 in their Wise accounts, up from the previous limit of S$5,000.
Additionally, the annual expenditure and remittance limits have been increased from S$30,000 to S$100,000.
These changes do not affect Wise Business customers, who will continue to have unlimited holding and trading capabilities.
The increased limit is expected to bring greater convenience and cost savings to Wise customers, especially those making cross-border transactions for purposes such as studying abroad, travelling and big-ticket purchases such as mortgages.
In addition to these updates: wise Security measures have also been strengthened.
New controls include additional authentication for high-risk activity, a 12-hour cooling-off period when logging in to a new device, and a one-click logout option to instantly protect your account across all devices.
Additionally, the default daily limits for card usage and ATM withdrawals are set at S$1,000, which customers can adjust as needed.
To protect against phishing, emails from Wise now display the entire URL in plain text, allowing customers to verify the legitimacy of the link.
These enhancements complement Wise’s existing security protocols, which include two-factor authentication, real-time transaction notifications and instant card freezing options.
Shurawan (SK) Saraogi, Head of Expansion APAC said:
“The previous restrictions have been a headache for many customers who rely on Wise to send and receive living expenses from overseas, as well as for large purchases.
When customers reach these limits, they are often forced to switch to other providers to complete remaining transactions, which can add costs and reduce transparency. By expanding the limits, we can provide more choice for consumers and foster a more competitive and innovative payments environment.”
For the financial year ending 31 March 2024, Wise has experienced strong growth in Singapore, expanding its customer base by 30% year-on-year.
This growth was driven by increased adoption of the various features offered by Wise accounts, including the Wise card.
The total assets held in Singapore personal and corporate accounts reached about £340 million (S$590 million).
