Wise Expands Transfer Limits and Lowers Global Fees for Its Users

Payment technology provider Wise has announced significant updates to its money transfer services, introducing higher transaction limits and reducing its global average fee to 0.62%. These changes are set to provide a more seamless and cost-effective experience for users transferring money across borders, catering to both individual and business needs.

As of January 23, 2025, Wise users can now send money to UnionPay recipients in both mainland China and outside mainland China. The company has also improved the speed of certain transactions, allowing transfers to UnionPay cards to be credited in real-time, enhancing the efficiency of cross-border payments.

The updates include a notable increase in transfer limits. For individual transactions to UnionPay recipients, the limit has been raised to RMB33,000 (over $4,500), up from the previous cap of RMB18,000. For WeChat recipients, the maximum transfer amount has been expanded to RMB50,000 (over $6,800), a significant increase from the previous limit of RMB30,000. These adjustments aim to accommodate users who need to transfer larger sums, especially in regions where UnionPay and WeChat are widely used payment platforms.

Businesses using Wise’s services will also benefit from these higher transaction limits. The company confirmed that corporate clients sending money to UnionPay recipients are eligible for the updated RMB33,000 limit, allowing for greater flexibility in handling international payments.

In addition to these enhancements, Wise has reduced its global average fee for money transfers to 0.62%. This fee reduction underscores the company’s commitment to making international transactions more affordable and accessible for its global customer base.

The changes reflect Wise’s efforts to refine its services for an increasingly interconnected world, where efficient and affordable cross-border payment options are crucial. As of January 24, 2025, the exchange rate stands at USD1 = RMB7.26, highlighting the competitive value Wise offers to its users.