Wise, formerly known as TransferWise, has dropped prices by up to 42% on transfers from Singapore to 19 countries across 5 continents.
This announcement is part of a global price drop where 52% of Wise customers around the world will receive lowered transfer fees by 21% on average.
Currencies include the United States Dollar (USD), Canadian dollar (CAD), Renminbi (CNY), South Korean won (KRW), Malaysian ringgit (MYR) and more.
Wise said that this latest price drop comes following a new independent survey that it had commissioned which revealed that 23% of Singaporeans are transferring money overseas at least once a month, highlighting the growing need for low-cost, convenient and transparent international money transactions.
Both Wise Account and Wise Business users in Singapore as well as customers of Wise Platform users like Aspire will see cheaper and faster transfers.
This includes better management of foreign exchange volatility and faster transfer speeds.
Abhishek Choudhari, Product Director at Wise said,
“When it comes to international payments, Singaporean consumers and businesses continue to pay more than they need to due to often undisclosed exchange rate markups charged by banks and other providers.
As Wise continues to find efficiencies across various parts of the business, such as the increased volumes flowing through Wise and improvements in our operational costs, it’s not only our own personal and business customers that benefit, it’s also the customers of our Wise Platform users reaping savings.”