Q1 2022 Mission Update: Price
In Q1 we rolled out several changes on fees:
-
We decreased fees when you send money to United Arab Emirates, South Africa, Kenya and Ukraine.
-
Additionally, processing cost changed for us on some convenient pay-in methods - therefore we needed to change fees on several currencies when you fund your payment via Credit / Debit card - we increased fees on for example USD or EUR. On good note - on some other currencies we were able to take fees down (such as sending from Australian dollar).
-
Lastly, unfortunately due to volatility in markets in Turkey led us to increase fees when you send to Turkish Lira.
In Q1, 189k customers got cheaper fees, while 634k experienced a fee increase. Overall this led to our average fee to increase from 0.60% to 0.61%.
Here are some of our changes in numbers, the changes in fees on equivalent of sending £1.000:
| Differnce in fees, ££ | Difference in fees % | For example if you send... | |
|---|---|---|---|
| Sending GBP Low cost to KES | - £0.9 | -9.4% | .. sending £1k GBP Low cost to KES, you save £0.9, 9.4% decrease. |
| Sending Sending GBP Low cost to AED | -£5.8 | -47.4% | .. sending £1k GBP Low cost to AED, you save £5.8, 47.4% decrease. |
| Sending GBP Low cost to ZAR | -£1.3 | -11.5% | .. sending £1k GBP Low cost to ZAR, you save £1.3, 11.5% decrease. |
| Sending GBP Low cost to UAH | -£10.8 | -66.5% | .. sending £1k GBP Low cost to UAH you save $10.8 , 66.5% decrease. |
| Sending AUD Debit Card to GBP | -£1.4 | -14/9% | .. sending 1.75k AUD via Debit Card to GBP, you save £1.4, 14.9% decrease. |
| Sending NOK Consumer Fast & Easy to GBP | -£0.5 | -7.0% | .. sending 11.34k NOK via Consumer Fast and Easy to GBP, you save £0.5, 7% decrease. |
| Sending DKK Consumer Fast & Easy to GBP | +£0.5 | +5.8% | .. sending 8.93k DKK via Consumer Fast and Easy to GBP, fee increases £0.5, 5.8% increase. |
| Sending USD Consumer Debit to GBP | +£0.8 | +4.7% | .. sending 1.32k USD via Consumer Debit to GBP, fee increases £0.8, 4.9% increase. |
| Sending GBP Low cost to TRY | +£4.4 | +66.1% | ... sending £1k Low Cost to TRY, fee increases £4.4, 66.1% increase. |
Low cost = sending money from your bank account
**Fast & Easy **= send money from your debit or credit card
Wise is the smart, new way to send money abroad.
Find out more
Q1 2022 Mission Update: Speed
Speed In Q1, 49% of our transfers were instant. What's changed this quarter? We've sped up some routes this quarter, making transfers from Singaporean...
Wise for Ukrainian refugees
This post provides a guide on how Wise can help displaced Ukrainians. Read about opening an account in another country and ordering a card.
Q4 2021 Mission Update: Speed
It was a bumper quarter for speed! We hit record highs for the number of transfers that were instant, and also the number of transfers that were accurate....
Wise and the Women in Finance Charter
September 2021 update In September 2020 we signed up to HM Treasury’s Women in Finance Charter, and pledged to improve the gender balance of the Wise senior...
Join the 3,000 people who now work at Wise
As of today, 3,000 people from all over the world work at Wise. Since 2011, we’ve grown from a small start-up, to a global company with 17 offices in...
Q3 2021 Mission Update: Speed
Speed For the first time we've hit 40% instant transfers this quarter! A few things have driven these improvements. 8% more transfers to Asia are instant,...
