Due to local regulations, if your registered address is in Singapore, you’ll have limits on the amounts you can send, spend, and hold in your personal Wise account.
Here, we cover what the limits are for holding money in your Wise account.
Read about sending and spending limits if you live in Singapore
What are the Singapore holding limits?
For personal accounts in Singapore, your holding limit is 20,000 SGD. Any money you keep in your Wise balances or Jars as cash, in any currency, counts toward this limit. You can't exceed this limit for more than 2 days, but we'll notify you about it at the end of the same day.
Money held as Interest or Stocks, or money that you move from your cash balance into Interest or Stocks, doesn’t count towards your holding limit.
There are no limits for Wise Business accounts.
How do you calculate my SGD balance if I’m holding a different currency?
If you hold money in other currencies, we’ll calculate the value in SGD using the mid-market rate.
For example, let’s say you have:
19,000 SGD in your SGD balance, and
1,000 USD in your USD balance
With an exchange rate of 1 USD = 1.35 SGD, your USD equals 1,350 SGD.
Adding this to your SGD balance gives a total of 20,350 SGD, which exceeds the 20,000 SGD holding limit
What happens if I exceed the holding limit?
If your account balance exceeds 20,000 SGD or equivalent, you’ll need to set up an external bank account so that we can automatically transfer any excess funds at the end of each day Singapore time if your balance goes over the limit. . We'll leave behind 19,950 SGD or equivalent in your account, to avoid making multiple transfers due to rate fluctuations.
If your balance remains over 20,000 SGD for more than two days, and you don’t have an external account set up, we’ll need to restrict your account to stay compliant.
While restricted, you won’t be able to receive or add money to your account.
How do I set up an external account?
Your external bank account must be in your name, must be denominated in SGD, EUR, USD, GBP, NZD, or AUD, and it can’t be your own Wise account.
You can only set up your external account from web:
Go to Recipients
Select your external bank account, or add a new one
Toggle on My Account toggle
An External account option will appear — select Set Up and follow the steps.
If we need to convert your funds to transfer the excess, standard fees will apply.
How do I remove the restriction from my account?
If you exceed the holding limit, you can:
consider switching your SGD and USD balances and Jars to Interest or Stocks. Money held as Interest or Stocks doesn’t count towards your hold limit. Keep in mind that with Interest or Stocks, your capital may be at risk
set up an external account — your money will be automatically sent out as soon as you do so
send money from your balance by yourself
Once you transfer your excess out, or convert the excess money to Interest or Stocks, we’ll remove the restrictions from your account.
Make sure to manually reactivate your account details for each currency so you can receive money to those balances.
Someone sent me money while my account was restricted
If you received any money while your account was restricted, you'll receive your money after your account restriction has been lifted.
Can I decrease or increase my holding limits?
If you'd like to decrease your send and spend limit from 20,000 SGD to 5,000 SGD, please reach out to our Customer Support.
To qualify for the lower limit, make sure you're not holding more than 5,000 SGD or equivalent as cash in your Wise account. This includes money across all your balances and Jars of any currency that aren't held as Interest or Stocks.
If you decreased your limits, but want to increase it back again, you can reach out to our Customer Support — we may ask you additional questions or supporting documents for verification.