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MISSION UPDATE

Q2 2024

Our mission is to build the best way to move and manage the world’s money. And in Q2, we worked even harder, helping all our customers save £383,373,944*. On top of that, customers and businesses holding their money with us also earned $99.5m (£78.7m) thanks to governments and central banks paying high interest rates**. See what else we’ve been up to since March 2024.



Our mission
PROGRESS HIGHLIGHTS

Our biggest fee drop in 3 years

We’ve had our biggest fee drop in 3 years, so our average fee is now just 0.65%***. That’s down from 0.67% in Q1. While a 0.02% reduction may seem small, it represents some big changes, including better deals with our partners, more investment in our teams, and more accurate pricing for our customers.

We’ve reduced the fees for sending large amounts in major currencies like EUR and GBP, meaning it’s now 21% cheaper to send 5,000 GBP to Europe. It’s also cheaper to convert between your balances, and to use your Wise card. So if, for example, you’re on holiday in Turkey, you’ll save 59% when you use your card to pay in Turkish lira.

However, the fees for some routes and payment methods have increased, such as sending from AUD, CHF, EUR, GBP and JPY via bank transfer. And in the US and Canada, it’s now more expensive to add money to your account or fund a transfer using certain bank-issued cards or direct debit (ACH). To avoid these fees, you can receive payments directly into your account instead.
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We’re still going at full speed

This quarter, 59% of your transfers were completed in under 20 seconds — that’s slightly down from 62% in Q1. And 95% still arrived within 24 hours****.

Issues integrating with our partners in Thailand, Indonesia, and Pakistan slowed down our instant transfers, which affected our overall speed. It also took us longer to pay out Indonesian rupiah, although we now receive it much faster.

Finally, fewer United States dollar transfers were instant as we updated our security measures to better prevent fraud. While this means some transfers take longer, it does help to keep your money safe.

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Using Wise has never been more convenient

In April, we launched our 24/7 English-speaking Customer Support phone line. Because we understand that sometimes things go wrong and that it’s not always between the hours of 9am-5pm.

Despite our new phone line, less of you needed to contact us in Q2. We hit a record low for customer contacts — it’s now just 7.14%. That’s down nearly 3% from Q1.

We got there by improving our verification process, so that you can now see a clear reason for rejection and make changes without needing to call us — this cut verification related queries by 22%. We also enhanced our 2-step verification, and experienced fewer transfer delays.
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We’ve landed in the Philippines

The Wise account and card have arrived in the Philippines. So whether you’re a freelancer in Manila or a contractor in Caloocan City, you can now get paid in over 9 currencies, including USD, EUR and GBP. You can also send or receive up to 490,000 Philippine pesos per transfer.

Used to using another provider? You can easily move funds to local banks or e-wallets, like GCash and Maya. And if you’re heading off on your travels, you can use the Wise card to spend around the world with no hidden fees.
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What’s new on Wise

Moving more money from here to there

We believe sending money should be as fast and easy as an email. So here’s how we improved that feature in Q2.
Send money
Send the money from your online banking

Send 4x more per transfer to Indonesia

We’ve increased the 490 million Indonesian rupiah limit to 2 billion IDR per transfer.

Increased limit for instant Indian rupee transfers

We've increased the 200,000 Indian rupees limit for instant transfers, so you can now send up to 500,000 INR.

Increased limit for Pakistani rupee transfers

You can now send 35,000,000 Pakistani rupees per transfer instead of just 980,000 PKR. And you can send 3,000,000 PKR instantly.

No more limits for sending Israeli new shekels

You can now send over 50,000 Israeli new shekels per transfer from your Wise account. The first time you do this, you'll just need to complete some additional verification checks.

Send Singaporean dollar using PayNow

Sending Singaporean dollars? You can now look up your recipient if they use PayNow or Wise, instead of entering their bank details. You can also scan a PayNow QR code to pay on the spot.

Invoicing made easy

Freelancing for a big client? Or maybe you’re a small business owner? With our invoicing feature, you can create professional invoices in just a few clicks. No need for any spreadsheets.

Instantly up your spending limit

Increase your spending limit straight from the app. Tell us the new limit and why, and we'll approve it instantly — no more lengthy phone calls or weeks of waiting.

Add more members to Groups

Groups are now accessible to all roles, not just Admins and Employees. So you can now add any team member to Groups, keeping their individual permissions. Currently available in Australia, Canada, Japan, New Zealand, Singapore, EEA, and UK.

Send money to Pakistan

Whether you’re teaming up with an agency in Karachi or sending money for services to Lahore, you can now send up to 100,000 GBP , or the equivalent in your local currency, per transfer to Pakistan.

Wise Platform

We've achieved exciting milestones this quarter at Wise Platform. We partnered with Nubank, the world’s largest digital bank, to launch our multi-currency account and cards solution in Brazil, allowing Nubank’s Ultraviolet customers to manage finances internationally with ease. And in Europe, we teamed up with Swan to enable their clients to send and receive over 20 currencies at the mid-market rate.

In Thailand, we joined forces with T2P to offer fast, transparent and affordable transfers through their DeepPocket app. Meanwhile, our partnership with Qonto in Europe is simplifying international payments for over 500,000 SMEs and freelancers.

We also shared our insights on the future of cross-border payments at major events like the Innovate Finance Global Summit, Wise Connect London 2024, and Money 20/20.
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*Savings estimates are based on the average savings Wise offers compared to all the collected providers we have on the transactions transfer route from 01/03/24 to 30/06/24.

**Past performance is not an indicator of future performance. For full 5 year past performance of the funds, please visit our website.

***The price provided is a global average based on a fixed basket of representative currencies as of Q2 2024 and may not reflect specific prices for consumers in their regions. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing information.

****Transaction speed claimed depends on individual circumstances and may not be available for all transactions.