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 Wise card fees compare to fees for using high street bank cards abroad
In the UK, our research found that it’s up to 87% cheaper to spend with a Wise card abroad, compared to high street banks, if you’re spending £1000.
High street bank fees vs. Wise
Pay in Euros with a debit card from a GBP account
| HSBC | Barclays | Lloyds | NatWest | Wise | |
|---|---|---|---|---|---|
| Transaction fee (including exchange rate markup) | 2.75% | 2.99% | 2.99% | 2.75% | 0.43% |
Withdraw cash
Withdraw up to £200 worth of Euro from an ATM, two or less times per month
| HSBC | Barclays | Lloyds | NatWest | Wise | |
|---|---|---|---|---|---|
| Transaction fee Cash withdrawal fee | 2.75% + 2% (minimum £1.75, max £5) | 2.99% | £1.50 | 2.75% | Free |
Withdraw up to £200 worth of Euro from an ATM, three or more times per month
| HSBC | Barclays | Lloyds | NatWest | Wise | |
|---|---|---|---|---|---|
| Transaction fee Cash withdrawal fee | 2.75% + 2% (minimum £1.75, max £5) | 2.99% | £1.50 | 2.75% | £0.50 1.75% of amount over £200 |
How we calculated the savings:
The transaction fee for spending with Barclays and Lloyds debit cards abroad is 2.99%, and 2.75% for HSBC and NatWest.
The Wise card fee depends on the currency you spend in, and varies between 0.43% for EUR, 0.44% for USD, 0.41% for AUD, CHF; 0.8% for HUF; 0.49% for RON, 0.59% for PLN; and 1.03% for BRL. All of these rates are much lower than the 2.75% or 2.99% we found at some major UK banks, and we're always working to lower our fees and return more money to our customers.
Check Wise card pricing for any currency.
Let's say you want to spend £1000 GBP with your debit card while you’re travelling in Europe. With HSBC, you’d pay £27.50 in transaction fees. With Wise, you’d pay £4. That’s 85% cheaper than what you would've spent on fees with an HSBC debit card.
With a Lloyds debit card, you’d pay £29.90 in transaction fees, and spending with Wise would be 87% cheaper.
This means that when you spend with a Wise card in EUR, you could save up to 87% on fees compared to the above-mentioned banks.
This data was last updated on 26.04.2023. All fees are provided for standard accounts and debit cards.
Sources
*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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