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Wise Business has no monthly fee and one set-up charge: S$99, one time, for account details that let you receive money in 22 currencies. Currency conversion starts at 0.19%. Wise says the account is available to non-residents, though eligibility varies by location.
This is an independent guide and not Wise. We do not open accounts for anyone. If you send the quote form, we pass your request to providers that fit, and some of them pay us a fee if you hire them.
What does Wise Business cost, by activity?
Costs are easier to judge when grouped by what you do. These come from Wise's Singapore business pricing page, read on .
| What you do | Wise publishes |
|---|---|
| Register | Free |
| Hold money | Free, with no monthly subscription |
| Get account details to receive in 22 currencies | One-time S$99 |
| Convert or send money | From 0.19%, by currency |
| Large conversion volumes | A volume discount above S$30,000 equivalent |
| Receive domestic payments in listed currencies | Free |
| Card payments | Free |
| ATM withdrawals | First S$100 a month free, then 1.75% |
| Top up an e-wallet | 2% |
International wire receipts carry their own charges that vary by currency. Wise lists them on the page by currency, so read the line for yours.
What is the ATM catch?
Wise notes that its cards cannot be used for local ATM withdrawals in Singapore. The free S$100 allowance is therefore a benefit for travel, not for a company that needs cash in Singapore. If your business handles cash, plan another account for it.
Which documents does Wise list?
For a Singapore company, Wise's requirements page lists:
- Government-issued ID, a passport or NRIC.
- Proof of residential address for the person opening the account.
- A selfie for identity verification.
- The company registry document from ACRA. See the ACRA business profile page.
- The ID of the highest-ranking director.
- An authorisation letter if you are not a director.
- A beneficial owner declaration if a shareholder is another business.
It also asks for business details: the UEN, directors' names, registered and trading addresses, and the purpose of the account.
Can a non-resident or foreign owner apply?
Two Wise pages say different things, so here are both. The business page says the account is available to non-residents, with exact eligibility varying by location. The Singapore requirements page does not state any residency rule, and it requires a personal Wise profile for the account representative.
That leaves a practical answer: possible, but start the sign-up and see what it asks. If you are forming the company from abroad, read our guide on registering a company as a foreigner first, because Wise needs the UEN and the ACRA record.
How does the sign-up work?
- Create a personal Wise profile if you do not have one. Existing users add a business account from settings.
- Enter the business name, legal type, category and UEN.
- Add directors and addresses.
- Upload the documents above.
- Pay the S$99 when you want account details for receiving in other currencies.
Wise calls the process quick and online. It does not state a time for approval on the page read.
What does Wise not publish?
- A fixed approval time.
- A minimum balance or deposit, on the pages read.
- A residency rule for non-resident owners on its requirements page.
- Anything about acceptance odds. Do not accept a promise of one from anyone.
When does it make sense?
The fee structure is pay as you go, which suits a company that sends or receives foreign currency and wants low fixed costs. It is a poor fit for a company that wants cash services, cheques or a local lender. Compare Airwallex, Aspire and Statrys, and read the main business account page for what a local bank asks.
Want help assembling the company papers and choosing providers? The quote form on this page is the place to start.
How do you decide if S$99 is worth paying?
The one-time fee only matters if you need account details to receive in other currencies. Count how many of the 22 currencies you will really use. If clients pay you in one or two, compare what you would pay a bank to receive them. If you only send money, the account details may not be needed at first.
Write down your expected monthly conversions too. Wise's volume discount starts above S$30,000 equivalent, so a small company will pay the standard rate. Run one real quote in the app before you commit large payments.
Sources
- Wise: Business pricing, Singapore: fees, S$99 fee, ATM terms.
- Wise: business account requirements in Singapore: documents and required information.
- Wise: business account: non-resident availability, currencies, no monthly fee.
