The Payment Service Regulations imposes limits on Singapore users of e-wallets (like Wise) on how much money they can send, spend or hold in their balance.
For personal users:
you can’t hold more than 5,000 SGD in your Wise balance by the end of the day Singapore time
you can’t transfer more than 30,000 SGD from your Wise balance in a 12 months window. This includes sending money outside Wise using balance and spending balance using Wise debit card.
Spending on your Wise card, overseas bank transfers, payments to business accounts, and transfers to other Wise accounts count towards the 30,000 SGD limit.
Sending money from your Wise account to your bank account, or to someone else’s private bank account in Singapore, doesn’t count towards the 30,000 SGD limit.
If you have exceeded the 30,000 SGD limit, you will not be able to send or spend until your total transactions fall below the limit within the past 365 days.
For business users:
There are no limits to how much you can send, spend or hold in your Wise account.
How do I know if I’m a Singapore user?
A Singapore user is someone who is a resident of Singapore, regardless of whether they hold SGD balance or not.
How does Wise calculate my total balance into SGD?
It’s possible that you’re holding other currencies other than SGD like USD, EUR, AUD, GBP, and more. We use the mid-market rate to convert all your non-SGD balances to SGD to determine your total balance in SGD.
For example, if you have 4,000 SGD and 1,000 USD. And the exchange rate is 1 USD = 1.35 SGD. This means your USD is 1,350 in SGD. So in total, you’re holding 4,000 + 1,350 = 5,350 SGD. As the limit set by the MAS is 5,000 SGD, you’d have to transfer 350 SGD to your bank account marked as “external account” in your recipient list.
What’s an external account?
Essentially, it’s another bank account you can transfer to when your Wise account exceeds 5,000 SGD (or equivalent). You’ll have to add this bank account as the recipient and mark it as your external account.
This account can be a SGD, USD, GBP, EUR, AUD or NZD account but cannot be your own Wise Account.
If you forget to transfer when your balance exceeds 5,000 SGD, we’ll automatically transfer to your bank account marked as “external account”. The fees to convert (if needed) and withdraw money will be the usual Wise fees.
How do I set up an external account?
Log in to the Wise website (this won’t work on the app)
Go to Recipients
Add or select the bank account you’d want to mark as your external account