TransferWise Borderless Account
Receive and convert over 40 currencies from around the world.
This borderless account may be a good fit for businesses, traders and those living abroad. It works like a multicurrency account, seamlessly exchanging your money when you need to. TransferWise is upfront about its fees and doesn’t charge commission, but withdrawals at ATMs are limited and it doesn’t support all currencies yet.
This review will cover the pricing and features of Transferwise’s Borderless Account so you can see if it’s the right fit for you.
between 0.35% and 2%
Currency conversion fee
What's in this review?
- How does the TransferWise Borderless Account works?
- Who is the TransferWise Singapore Borderless Account suited to?
- What features are available with the TransferWise Borderless Account?
- TransferWise ATM network and fees
- What are the benefits of a borderless account with Transferwise?
- What should I watch out for?
- How do you sign up for a TransferWise Singapore Borderless Account?
- How secure is TransferWise?
- How do I deposit or withdraw my money?
- Compare a range of digital banks in Singapore
- What other checking options does TransferWise offer?
- Frequently asked questions
How does the TransferWise Borderless Account works?
To start, simply load your desired amount of money to TransferWise through your bank account. TransferWise will then exchanges this amount to the currency you’ve chosen, subsequently sending the amount to your chosen recipient.
Who is the TransferWise Singapore Borderless Account suited to?
- People with global investment portfolios
- Businesses paying invoices to overseas suppliers
- International students based in Singapore
What features are available with the TransferWise Borderless Account?
TransferWise accounts are free to open and come with an assortment of useful features.
Here’s a list of features offered by the TransferWise Singapore Account:
- Hold multiple currencies. Hold, manage and spend money on your debit card in the Singapore dollar and over 50 different currencies.
- Reduce exchange rate risk. By settling your money in an SGD-denominated account, you reduce your exposure to currency fluctuation
- Get local bank details. You can pay as a local with your very own bank account details.
- Debit card. Use the TransferWise Singapore dollar debit card (MasterCard) globally. It allows for free payments in your currency, free ATM withdrawals up to $350 per 30 days and converts your money at the real exchange rate.
TransferWise ATM network and fees
TransferWise has a transparent fee structure for its services — without any markups or no hidden fees.
Here’s what you can expect to pay when using the TransferWise Borderless Account:
|Opening a TransferWise Borderless Account||Free|
|TransferWise Platinum debit Mastercard®||Free|
|Currency conversion||Range from 0.35% and 1%. Varies according to the currency you’re converting to|
|Spend in currencies in your account||Free|
|Send money from your account||Fixed fee + currency conversion fee|
|Spending with TransferWise debit card||Currency conversion fee|
|Receive money in EUR, USD, GBP, AUD & NZD||Free|
|Overseas ATM withdrawals — up to S$350 per month||Free|
|Overseas ATM withdrawals — over S$350 per month||2% per transaction|
Fees are accurate as of 14 September 2020.
What are the benefits of a borderless account with Transferwise?
TransferWise offers a convenient way to send and receive cash in different currencies. Additionally, it’s free to receive money in EUR, USD, GBP, AUD and NZD.
Here’s what sets it apart from international banks or multicurrency accounts.
- No extraneous fees. You won’t pay monthly maintenance fees, fees for set up or to transfer money from one account to another.
- You can hold up to 50+ currencies. From the Malaysian ringgit to the Canadian dollar, TransferWise supports all major currencies and many smaller ones.
- Get the real exchange rate with no commissions charged. TransferWise offers the mid-market exchange rates with no additional commission. It only charges a flat fee for each currency exchange.
- Worldwide acceptance. Use your card anywhere that accepts Mastercard or Apple Pay, Google pay or Samsung Pay.
- Transparency. TransferWise breaks down your exchange rate and fees clearly during payments.
What should I watch out for?
TransferWise may be cheaper for international spending than local banks, but it isn’t perfect. Drawbacks include:
- One-time debit card fee. It’ll cost $10 to order a TransferWise debit card.
- Overseas ATM withdrawal limits.You can withdraw $350 every 30 days with no fees. If you withdraw more than $350, you’ll pay a 2% on top of every transaction. Daily, you can’t withdraw more than $1,500. Monthly, the limit caps out at $4,000.
- Unable to withdraw from local ATMs. The TransferWise debit card does not support withdrawals from ATMs in Singapore at the moment.
- Conversion fee on debit card. When you use its debit card to spend in other currencies, you’ll be charged between 0.35% and 1%, depending on which currency you’re converting to.
- Can’t pay bills directly from your account. To settle an external bill, you’ll need to transfer a balance out of your borderless account and into a bank account first.
- Monetary Authority of Singapore’s Payment Service Act restrictions: The act imposes limits on Singapore wallet e-users. This means that individuals cannot transfer more than $30,000 each year.
If you prefer a traditional banking experience — with interest rates and branch locations — you’ll want to keep looking. As always, consider your options when looking for an account.
How do you sign up for a TransferWise Singapore Borderless Account?
It only takes a few minutes to open an account with TransferWise online, but verifying your identity takes about two days to process.
- Go to the TransferWise website and click Register in the upper right-hand corner.
- Enter your email address and password and click Sign up.
- Once you create your account, fill out your personal profile by entering details like your contact info and country of residency. Then, verify your identity and select your default currency.
Like any other financial institution, TransferWise will ask to verify your identity by sending a picture of yourself holding your ID. Some examples government-issued ID includes:
- Passport photo page
- Driving license
All Singapore residents 18 years or older are eligible for a TransferWise Borderless Account.
How secure is TransferWise?
TransferWise was founded in 2010 and serves millions of customers a year. TransferWise is fully registered and accredited by many global agencies, using the following global standards to protect your money:
- Follows strict rules set by regulatory agencies. In every country where TransferWise operates, it is registered with the appropriate regulatory agencies when necessary.
- Bank-level data security. Encryption and data storage at TransferWise are handled in the same way as your bank.
- Two-factor authentication. Protect your account with 2FA, with optional biometric locks on the TransferWise mobile app.
- In-house 24/7 digital security team. A security team works around the clock to monitor transactions for suspicious activity and accounts for fraudulent logins.
How do I deposit or withdraw my money?
TransferWise isn’t technically a bank, so accessing your money is a bit different. Options for managing your money include:
- Add money through TransferWise. Go to the Balances page and click Add currency. Indicate how much you’d like to add, select a payment method and input money accordingly.
- Electronic bank transfer. Send an online bank transfer from a personal bank account and drop funds directly into your TransferWise balance.
- International wire. TransferWise accepts international wires/SWIFTS from the following countries:
- ATMs worldwide. Though you can withdraw up to $350 for free, you’ll still be responsible for paying any ATM fees.
- Balance transfer. Send money directly to your personal bank account.
Compare a range of digital banks in Singapore
What other checking options does TransferWise offer?
The borderless account is TransferWise’s main personal spending option. However, it does offer TransferWise for Business, which allows you to send and receive invoices and manage payments across multiple currencies.
TransferWise offers unique platforms for:
- Enterprise (for-profit business)