UK Price Comparison Research 2024
An independent research team compared Wise to six UK bank accounts, as well as Monzo, Starling, Revolut, PayPal, Xoom, Western Union and Post Office. They...
How does Wise compare to leading banks?
We believe in fairness and transparency. It’s at the heart of everything we do.
So, to make sure we’re building a product that is truly better for our customers, we work with an independent research company to run price-comparison research for us on a regular basis. They look at data across multiple countries, currencies and price points to make sure any price claims we make are fair and accurate.
About the independent research
The research compares us to:
| Country | Banks |
|---|---|
| France | BNP Paribas, Banque Postale, Société Générale |
| Germany | Deutsche Bank, Commerzbank, Postbank, Sparkasse |
| Spain | Bankia, Santander, BBVA, Caixa |
| United Kingdom | Barclays, HSBC, Lloyds, NatWest, Santander |
| Ireland | Allied Irish, Bank of Ireland, Ulster Bank |
The research looks at the cost to send and spend €250/£250 and €1000/£1000 between multiple currencies including AUD, EUR, GBP, and USD.
The research looked into the cost, ease, and speed when it comes to bank accounts and exchange rates. This included:
- The cost to open and keep an account
- How easy and fast it is to open an account
- The cost to send money abroad from an account
- The cost to convert currencies in an account
- The cost spend money abroad with a debit card
The research findings
In France, the research found that Wise is on average:
6x cheaper than leading French banks to send €250,
5x cheaper to spend €250 with a debit card abroad, and
6x cheaper to withdraw €250 from an overseas ATM,
8x cheaper than Paypal to send €250 and
2x cheaper than Western Union to send €250.
In Germany, the research found that Wise is on average:
8x cheaper than leading German banks to send €250,
3x cheaper to spend €250 with a debit card abroad,
4x cheaper to withdraw €250 from an overseas ATM,
8x cheaper than Paypal to send €250 and
3x cheaper than Western Union to send €250.
In Spain, the research found that Wise is on average:
15x cheaper than leading Spanish banks to send €250,
6x cheaper to spend €250 with a debit card abroad,
7x cheaper to withdraw €250 from an overseas ATM,
8x cheaper than Paypal to send €250 and
3x cheaper than Western Union to send €250.
In Ireland, the research found that Wise is on average:
6x cheaper than leading Irish banks to send €250,
4x cheaper to spend €250 with a debit card abroad,
5x cheaper to withdraw €250 from an overseas ATM and
8x cheaper than Paypal to send €250.
In the UK, the research found that Wise is on average:
9x cheaper than leading UK banks to send £250,
7x cheaper to spend £250 with a debit card abroad,
4x cheaper to withdraw £250 from an overseas ATM,
10x cheaper than Paypal to send £250 and
1.8x cheaper than Western Union to send £250.
The average of these savings makes Wise 6x cheaper in the UK.
Wise is an electronic money institution, not a bank. Read this FAQ for more details on what that means.
Journalists can learn more about this research by contacting our press team.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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