Wise raises money transfer limits, lowers global average fee

Transfer limits to WeChat recipients is now at RMB50,000.

Payment technology provider Wise has introduced broader coverage of money sending services for its global customers, raising transfer limits whilst lowering the global average fee to 0.62%.

Certain transactions to UnionPay recipients will now be credited to their UnionPay cards in real-time, Wise said in a press release.

Beginning 23 January, Wise users can now send money to both mainland Chinese and non-mainland Chinese UnionPay users.

Transfer limits were raised to RMB33,000 (over $4,500) for UnionPay recipients, up from RM18,000 previously; and RMB50,000 (over  $6,800) to WeChat recipients, from RMB30,000 previously.

Business customers sending to UnionPay recipients are expected to benefit from the same higher transaction limit.

Wise said that it has also dropped its global average fee to 0.62%.

(US$1 = RMB7.26; as of 24 January 2025)