You can now send money from SGD without leaving the Wise app! That’s cool, but how? Simply link your Singapore bank account to Wise and we’ll do the magic.
It is the easiest and fastest way to transfer money from SGD. You can simply stay within the Wise app while making a transfer. Linked Bank Account enables you to complete your transfer easily and instantly.
What is it and how does it work?
Linked Bank Account is a new payment method in Wise powered by eGIRO scheme. Similar to traditional GIRO setup, Linked Bank Account enables you to authorise a company (in this case, Wise) to debit money from your bank account.
Link your bank account to Wise. You only need to do this once. Wise will use this authorisation to debit your bank account every time you make a transfer with the “Linked Bank Account” method.
How to link your bank account:
1. Set up your transfer on Wise. Set up your transfer — choose how much you’re sending, and enter your recipient’s bank details.
2. Choose “Linked Bank Account” at the payment step. When you get to the payment step, choose “Linked Bank Account”
3. Select a bank that you want to link. Select a bank that you want to link. You should have a savings or current account in this bank.
4. Login to your bank account. We will direct you to the bank’s website/app where you need to login using username and password.
5. Select your preferred account. Make sure you have enough balance in this account to pay for your transfer.
6. Set payment limit and expiry date. Set a limit higher than your transfer amount. This limit applies per transaction, for your current and future transfers. For example, if you set SGD 5,000 as a limit that’s the maximum amount that we can debit from your account for every transfer.
You can also set an optional expiry date for this authorisation.
7. Review details and authorise. Your bank will ask you to authorise this account linking using 2-step authentication. You might be asked to approve this request on your phone or enter OTP/token number.
That’s it! Your money is on its way!
We will notify you when your account is linked successfully. Once done, we will debit your money from your bank account and send it to your recipient.
What happens after I link my bank account?
After successful linking, Wise will debit your bank account to pay for your transfers. You only need to link your bank account once, and future transfers will be done instantly. Don’t worry, we will not debit your account without your instructions.
What bank can I link with Wise?
You can link your Wise account to DBS/POSB, OCBC, and UOB. We are working on supporting more banks in the future.
How much is the Linked Bank Account fee?
We charge 0.29 SGD fixed fee and a variable fee based on your transfer amount. You will see this fee transparently on your transfer page.
How long does it take to link my bank account with Wise?
It will only take minutes!
How much can I send with Linked Bank Account?
You can send up to SGD 5,000 per transfer and SGD 10,000 per day using Linked Bank Account. If you need to send a bigger amount, please use other payment methods, eg. Bank Transfer, PayNow, or cards.
How to unlink my bank account?
To unlink your bank account, you need to login to your internet banking website.
Follow your bank’s instructions to unlink your bank account:
For DBS/POSB, follow the steps here.
If you have a bank account with OCBC, learn more here about the unlinking.
For UOB, steps for unlinking can be found here.
What else should I need to know?
Changing payment limit setup
You cannot change the payment limit at the moment. Please set up a new linking instruction with your desired payment limit.
Steps: Set up a transfer on Wise > select “Linked Bank Account” on payment page > Link new bank account > select a bank > follow “How to link bank account” steps above.
How to change expiry date?
You cannot change the expiry date of a linking/eGIRO instruction. Please set up a new linking instruction with a new expiry date.
Who can use Linked Bank Account?
Only personal account customers can use Linked Bank Account at the moment.
Can I link more than one bank account?
Yes, you can link more than one bank account to Wise. Please make sure you have sufficient balance in your bank account before making a transfer.
Is Linked Bank Account secure?
Yes. There are stringent security measures to safeguard your personal data that passes through eGIRO scheme. Your data is encrypted. Only the bank and billing organisation (Wise) are able to decrypt the data to execute the transactions that you requested. The authentication and authorisation process are underpinned by banks’ 2-factor-authentication and Transaction Signing.
What should I do if there’s an unauthorised transaction?
If you see unauthorized transactions on your bank account by Wise, please unlink your bank account immediately and contact us or your bank.
Please make sure your notification setting is enabled to receive notifications related to your transactions via email and push notifications.