We aim to make sure that using Wise is as convenient as possible – so you can manage your money hiccup-free. And we measure that convenience (or lack of it)...
Our average price changed from 0.66% to 0.65% in Q1.
Overall, this quarter we
🥳Decreased fees on sending money to ILS.
🥳Launched interest for customers in US. Now, you can opt-in to earn interest on your balances for holding USD.
🥳We started to trial cashback for business card transactions in UK. Wise businesses registered in the UK are now rewarded with 0.5% cashback on eligible business transactions.
🥳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.
In short, the 0.01% drop in average price this quarter is driven by the decrease in fees on sending money to BRL and to MXN that went live in Q4 2022.
In Israel, we worked together with one of our local payout partners for increasing the volumes we can process together, and therefore, reducing the overall cost of transactions. These savings are passed directly to customers.
In the US, Wise has launched interest for USD balances**. **Now, US customers can opt-in to earn 3.92% 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.
In the UK, Wise is trialling cashback for business card transactions. We’re now offering 0.5% cashback on eligible business card transactions to all businesses with Wise Business accounts registered in the UK. This feature is in a trial period at the moment, but we’re working to bring it to all of our business customers soon.
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 cashback is our way of sharing the earnings with you. If interest rates rise, we pay more cashback. Your money, your cashback.
As part of our mission, we charge as little as possible for sending money. Our average fee is 0.65% – a fraction of what the banks typically charge you.
At Wise, we constantly review our fees. So, when our costs go down, so do your fees.
In Q2, fees are increasing this time because the cost of running Wise has grown. These include:
Fees for funding transfers with debit and credit cards because the cost of processing card payments has gone up. And we’re investing more to make your card payments safe.
Fees to send money on some routes are increasing as the cost of running Wise has grown. We want to provide you a better service when you contact us - so we are investing more in our servicing team to address your questions faster when you reach out to us. Some routes require more investment than others.
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.
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