News Team update

Q2 2023 Mission Update: Price

Douglas Strasser

20.07.23 (updated more than 1 year ago)

Read time 2 minutes

Our average price changed from 0.65% to 0.66% in Q2.

Overall, this quarter we

😞Increased fees on sending money from EUR, CHF, HUF, MYR, SEK, RON, BGN, HKD, DKK and sending money to GBP, EUR, HUF, VND, MAD, KES, BGN, GHS, GEL, CAD, SGD, COP and MYR.
😞Increased fees when paying for transfers with Fast, Easy, Fast & Easy and International payment methods.
🥳Decreased fees on sending money from BRL, JPY and to BRL, CLP, INR.
🥳Removed fee for holding money in Wise Account in Australia. We no longer charge any fees for holding money in your Wise Account if you live in Australia.
🥳Increased the rate we offer on interest for customers in US. Now, you can opt-in to earn more interest on your balances for holding USD.
🥳Increased the rates we pay balance cashback to customers in the EEA. Now, you get more cashback into your balance for holding EUR, GBP and USD.

Why did the average price increase in Q2?

As part of our mission, we charge as little as possible for sending money. Our average fee is 0.66% – a fraction of what the banks typically charge you.

At Wise, we constantly review our fees because we never forget it’s your money, not ours. The money you send, spend, hold with us - we want to offer you the best deal we can. So, when our costs go down, so do your fees.
In Q2, fees increased this time because the cost of running Wise grew.

These include:

The increased cost of processing card payments meant fees for funding transfers with debit and credit cards went up. And we’re investing more to make your card payments safe.
We invested more in our Customer Services team to provide you a better service when you contact us and address your questions faster when you reach out to us. Some routes require more investment than others which is why the fees to send money on some routes increased also.

We know this is disappointing news and we’re sorry about that. However, we’re already working on bringing the cost of running Wise down, so we can lower fees in the future.

But it wasn’t all bad news…

In Q2, we got better at managing our cross border transactions and optimised how we trade different currencies. This lowered our cost when trading BRL, JPY, CLP, and INR, and we passed these savings directly to customers.

We now offer free allowances for holding money if you live in Australia. Now, Australian customers can hold as much money as they need in all currencies offered!

In the US, Wise has launched interest for USD balances. Now, US customers can opt-in to earn 4.13% APY on USD deposits. Earn more with interest deposited monthly into your USD balance, with the added security of up to $250,000 in FDIC passthrough insurance on your USD balance. The same account, now better for our US customers.

We have increased the amount we pay cashback in the EEA! Wise keeps your money safe by storing it in some of the world’s biggest banks and investing it in government bonds. As interest rates have risen, Wise is now starting to generate income from your money. Balance Ccashback is our way of sharing the earnings with you. If interest rates rise, we pay more cashback. Your money, your cashback.

*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.