Q1 2024 Mission Update: Price
Our average price stayed at 0.67% in Q1 2024.
This quarter we enabled a new payment method Faster Payment System (FPS) for HKD.
Why did the average price remain unchanged in Q1?
As part of our mission, we charge as little as possible for sending money. Today our average fee is 0.67% – a fraction of what some 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.
Over the past few years, we've managed to reduce our average fee from 0.72% to 0.67%, a decrease of 0.05%. We’ve been able to do so by finding cheaper ways to trade currencies, working with more efficient partners, and making our product simpler to use. At the same time, we invested in scaling our operations and teams around the world to maintain a fast, reliable, and safe service. However, this meant our overall costs stayed the same this quarter.
Through investments like these, it’s now cheaper to
- Send money from CHF, DKK, NZD, SEK
- Send money to AUD, CAD, CHF, DKK, EUR, HKD, JPY, KRW, NOK, NZD, SEK, SGD, UAH, and USD
Give your money a boost
As central bank rates have increased we are working on ways for customers to earn a fair return on the money they hold with Wise.
In Europe:
If you live in Germany, Norway, Sweden or Hungary you can now boost your USD balance
with a variable rate* of 5.05%. And if you’re in Hungary you can also boost your EUR and GBP balance with variable** rates of 3.67% on EUR and 4.66% on GBP. To do so, turn on Interest to invest in a fund backed by government assets and earn a return that follows the central bank interest rate.
*Capital at risk. The fund has returned an 1.80% annual average over the last 5 years, excluding Wise fees. The current rates do not guarantee future growth and your return may increase or decrease. For full 5 year past performance of funds, please visit our website.
**Capital at risk. This fund has returned a 1.31% annual average on GBP and 0.14% on EUR annual average over the last 5 years, excluding Wise fees. The current rates do not guarantee future growth and your return may increase or decrease. For full 5 year past performance of funds, please visit our website.
Capital at risk. Growth not guaranteed. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you’re uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.
