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)...
In the 2nd quarter of 2022 we unfortunately had to increase our fees on some of our routes. Although our average price stayed at 0.61% as we decreased fees on others.
In fees we reflect our cost, when cost goes down we pass it on to you as lower fee, and the same holds inversely too, which is why our average fee did increase this quarter. The cost increase on some of our currency routes was driven by 2 main factors: the cost of our servicing teams to implement additional verification steps , and the impact of macroeconomic events, such as the conflict in Ukraine.
On a good note - we did decrease fees on some of our currencies thanks to our renegotiating with, or integrating with, new partners decreasing costs there.
Overall in Q2 2022, we:
- 😞 Had to increase fees on sending from GBP, EUR and sending to Czech Republic, Romania, and Poland (CZK, RON, PLN).
- 😞 Had to increase fees on holding Euros in your Wise account - from 0.4% to 0.9% (applicable from 3k threshold for consumer, 30k threshold for business).
- 🥳 Decreased fees on sending from Switzerland, New Zealand, Indonesia (CHF, NZD, IDR) and sending to Singapore, Mexico, United Arab Emirates, and Kenya (SGD, MXN, AED, KES).
- 🥳 Decreased fees when you accept 3rd party deposits on your USD Wise account.
- 🇨🇳 Split out the prices for CNY payments delivered via UnionPay, Alipay and Weixin so that customers can compare and choose which is best for them. Most transfers are now cheaper than before.
For our customers this means:
- Fees increased for 1.7m of you
- Fees decreased for 116k of you
Changes in our fees are reflecting changes in cost in three main categories:
- Partner fees
- Macroeconomic events
- Cost of our servicing teams
One of our new integrations with a partner in Mexico led to decrease in costs we need to pay -which allowed us to pass these savings to you. Similarly we have new partners for KES and AED which allowed us to decrease fees.
Macroeconomic events like inflation in the Turkish Lira, or War in Ukraine led to more uncertainty in global markets. This means higher costs for trading some currencies - as this change has been significant we unfortunately had to reflect this in our fees - such as on sending to Turkish Lira or TRY or Czech Koruna..
Additionally, our holdings charge on Euros increased due to the negative interest rates in the Eurozone. Meaning it costs us more money to hold larger amounts of EUR for our customers. This is unfortunate, and our Treasury Team is actively working on portfolio optimisations to eliminate our need to pass this charge onto you.
Recently we’ve implemented additional verification checks to keep your money protected. This means our Servicing Team cost increased and was reflected in our fees.
You can compare fees before and after in our pricing calculator, or see below couple examples:
- Sending 1,000 CHF to CNY
- Sending 1,000 NZD to KES
- Sending 1,000 GBP to EUR
- Sending 1,000 EUR to GBP
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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