Q4 2023 Mission Update: Price
Our average price stayed at 0.67% in Q4 2023. Overall, this quarter we 😞Increased fees on sending USD to countries outside the USA when using the SWIFT...
Q1 2023 Mission Update: Speed
Speed
We've seen an impressive 3% increase in instant transfers (arriving in under 20 seconds) in Q1, compared to the end of 2022
The main driver was the increased number of people sending transfers to or from Brazil, using PIX, which is an instant payment method.
The improvements also came from improving the performance on a few of our routes. These included:
- More payments to Indian rupee (INR) are now instant. Thanks to new integrations with our partner, we’re now able to maintain a consistent level of instant payments to INR.
- We started working with new partners to process transfers to Pakistani rupee (PKR), helping us to return to offering instant transfers on this route after previous disruptions.
- Pay ins from Hong Kong dollars (HKD) are now instant after we integrated with JP Morgan’s Global Payment API which now tells us instantly when people fund their transfers.
- Sending money to Polish zloty (PLN) got faster as we connected with a new bank which has access to Poland's instant payment rails. 80% of payments arrive on the same day, with 60% arriving in just a few minutes.
There were also a few setbacks along the way:
- Speed when paying to Thai Baht (THB) declined in February due to us not being able to get enough money into our our partner account in time, meaning payouts were delayed
- We made fewer instant transfers to Ghanaian cedi (GHS) and Kenyan shilling (KES) as we made our delivery estimates slower to better reflect the performance of our payout partner, which wasn't delivering payments instantly
Accuracy
The number of late transfers decreased by 1% in Q1, as we worked on improving our transfer estimates to reflect when you might experience a slower transfer due to our verification checks.
A lot of these are a bit pessimistic, meaning more transfers arrive earlier than estimated but we think it's better to under promise and over deliver!
*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.
Money without borders
Find out more
Q4 2023 Mission Update: Convenience
We believe that the world’s a richer place when money moves fast and flows free. That’s why we work hard to ensure our product is as convenient as can be,...
Q4 2023 Mission Update: Speed
Speed In Q4, 61% of our transfers were instant, meaning they were completed in under 20 seconds. That’s an increase of 1% from Q3. What's changed? We’ve been...
Q3 2023 Mission Update: Convenience
The key indicator that we’re offering a truly convenient product is your ability to use Wise without any hiccups. That’s why we’re measuring convenience (or...
Q3 2023 Mission Update: Speed
Maximum Speed: Moving at the Speed of Light At Wise, we are committed to providing our consumers with the best possible experience when it comes to...
Wise Platform Mission Update Q2 2023
It was another busy quarter for Wise Platform; from exciting partnership announcements, to podcast deep dives and a whole European tour of conferences,...
