BankBanking & Money
WiseSingapore
Transparent and cheap for sending money to South Africa
I use Wise every month to send money from Singapore to South Africa. The exchange rate is the mid-market rate with a clear fee, so I know exactly what my family will receive. Most transfers arrive the same day. Compared with my bank's international transfer, I save about 2 to 3 percent each time. The multi-currency card is also useful when I travel around Asia, as I can hold baht, yen and ringgit. Verification when I first signed up took two days. It is not a replacement for a local bank account for salary and bills, but for international money it is my first choice.
Pros
- Mid-market exchange rate
- Clear fees
- Fast transfers
- Multi-currency card
Cons
- Not a full replacement for a local bank
- Initial verification took two days
