Heads-Up: TransferWise from Singapore

[Mike Teavee]

Quick heads-up for anybody who's registered address with TransferWise is in Singapore... 

 

From 28th Jan, there’ll be a new limit on how much you can hold, send and spend with your balance in TransferWise account.
 

What’s happening?

TransferWise is regulated by the Monetary Authority of Singapore (MAS). And the MAS has introduced a new regulation which imposes limits on how much you can hold, send, or spend with your balance. It’s called the Payment Services Act.

 

It applies to all personal mobile wallets in Singapore like TransferWise, GrabPay, and others. 

 

How will this affect me?

You’ll be able to:

• hold up to S$5,000 (or equivalent in other currencies) at the end of the day Singapore time
• send (with your balance) or spend (on TransferWise card) up to S$30,000  (or equivalent in other currencies) every 365 days

 

This is a MAS specific regulation (though I wouldn't be surprised if HKMA followed suit as the 2 seem to be closely tied) & would mean than you would be unable to use TransferWise to do your full year's Retirement Income (s$30,000 is approx 670,000 THB = approx 56,000 THB per month, well below the 65,000 THB limit).