Wise Review for Singaporeans

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Rates and fees

Whether you're paying university fees in Australia, transferring money to loved ones in the UK, or funding an overseas account, international money transfers are a regular part of life for many Singaporeans. And while traditional bank remittances get the job done, services like Wise (formerly TransferWise) are shaking things up with better rates, lower fees, and a refreshingly honest approach to currency exchange.

Wise has grown in popularity across Singapore for its no-nonsense pricing model and user-friendly app. Competing with names like YouTrip, Revolut, and Instarem, Wise sets itself apart with its commitment to the mid-market exchange rate — the real one you see on Google — and minimal, clearly stated fees. With its MAS-licensed status and multi-currency capabilities, it’s no wonder Wise is gaining traction among savvy consumers.

Let’s take a closer look at what Wise has to offer, how it works, and whether it’s the right platform for your next overseas transfer.

*This review of Wise services is written for a Singaporean audience, taking into account the policies, governance and practices of the local context. Hence, all conversions or suggestions are from Singapore and use the exchange rates, terms and calculations applicable to the country.

Wise is best for individuals and small businesses in Singapore who want a fast, low-cost, and transparent way to send money overseas — without the hidden fees and poor rates typical of traditional banks.

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When sending money through Wise, you have a few ways to fund your transfer:

• Bank transfer (FAST or PayNow) – Usually the cheapest and fastest method

• Debit card – Quick and easy, though may cost slightly more than PayNow

• Credit card – Available but not recommended due to higher fees and cash advance charges

• Apple Pay or Google Pay – Convenient for mobile users

• Direct debit – Available in some countries, but not a standard option for Singapore senders

And when it comes to receiving money, Wise sends funds directly to the recipient’s local bank account in their currency. If you’re using a Wise Multi-Currency Account, you can also hold and convert funds later when the rate is better, or spend using a Wise debit card.

» Frequently overseas, or running a small business? Check out the best multi-currency cards

Wise prides itself on offering the mid-market rate, the rate you’ll find if you search “SGD to USD” on Google. This is the fairest rate you can get, without any bank markups.

Traditional banks often add a hidden spread to their rates. For instance:

• Google rate: 1 SGD = 0.74 USD

• Bank rate: 1 SGD = 0.72 USD

• Wise rate: 1 SGD = 0.74 USD + $10 fee (for example)

On a $10,000 transfer to USD:

• A bank could cost you $200 or more in hidden markup

• Wise charges a small transparent fee, and you still get the better rate

For large transfers like overseas property payments or tuition fees, that exchange rate difference could mean saving hundreds.

1. Know how exchange rates work

Exchange rates change all the time — sometimes even by the hour. If your transfer isn’t urgent, it might be worth watching the rates for a day or two.

Wise lets you set up rate alerts, so you’ll get a notification when your preferred rate is reached.

2. Compare total transfer costs across multiple providers

Don’t just compare fees — compare the total cost, including the exchange rate offered. A service with a higher upfront fee might still be cheaper if their rate is better.

For example:

• Provider A: $10 fee + poor exchange rate = higher total cost

• Provider B: $15 fee + great exchange rate = lower total cost

Check providers like Wise, Instarem, Revolut, and your bank’s TT rates before making your decision.

3. Avoid paying with a credit card

Using a credit card to fund your transfer usually comes with a cash advance fee, higher interest rates, and no rewards points. On top of Wise’s credit card fee, your Singapore bank may also charge an overseas transaction fee — up to 3.5%.

Stick to PayNow or FAST bank transfer for the best value and fewest fees.

Wise is best suited for people who value transparency, fair exchange rates, and digital convenience, and when the recipient doesn’t need to collect physical cash.

It’s a strong option for:

• Parents sending money for children’s overseas education

• Singaporeans relocating abroad

• Investors funding foreign accounts

• Small businesses paying overseas freelancers or suppliers

While it’s not ideal if you need to send cash or if the recipient can’t receive funds into a bank account, for everything else — especially bank-to-bank transfers — Wise is one of the best in the business.