SINGAPORE: Global technology company Wise has increased the holding and spending limits for Wise Accounts in Singapore. This move follows a 30% rise in Wise’s local customer base over the past year, driven by the growing demand for efficient, low-cost international payments.

Personal account holders in Singapore can now hold up to S$20,000 in their Wise Accounts, four times the previous S$5,000 limit. Customers can now also send or spend up to S$100,000 annually, up from S$30,000.

Business accounts, on the other hand, will continue to operate without transaction limits. This adjustment is part of Wise’s broader strategy to accommodate its expanding customer base and support increasing transaction needs.

The company has reported strong growth in Singapore for fiscal year 2024 (FY2024), with both personal and business customer numbers up by 30% year-on-year (YoY). 

In FY24, Wise saw a 31% increase in the number of Wise Cards issued to customers in Singapore. Moreover, personal and business Wise accounts in Singapore now hold over £340 million (S$590 million).

The expanded limits are expected to provide greater convenience and cost savings for Wise users. With higher account limits, customers can avoid the hassle and expense of switching providers when reaching their previous limits.

This is particularly valuable for those handling large international transactions or managing significant sums, such as overseas education, travel, or major purchases.

Hendrick Tay, a Wise customer and frequent traveller, shared his satisfaction with the new limits. “Wise has been my go-to for holding, converting and spending money internationally due to its transparent rates and low conversion fees.

With multiple overseas trips throughout the year, I often use Wise’s rate tracker to secure favourable rates and hold the various currencies in my account,” Tay said.

“The previous limits meant I had to constantly monitor my account balance, make frequent top ups and sometimes resort to other alternatives that came with higher fees.

With the increased limits, I can easily hold all the currencies I need, at the most favourable rates for me, without worrying about having enough money in my account for a transaction,” he added.

Shrawan (SK) Saraogi, APAC...