News Team update

Q4 2022 Mission Update: Price

Martina Presnajderova

17.01.23 (updated more than 1 year ago)

Read time 1 minute

Our average price changed from 0.64% to 0.66% in Q4.

Overall, this quarter we

🥳Decreased fees on sending money to Brazil and Mexico,
🥳Removed fees for when you are moving EUR, Hungarian forint, Singapore dollars or GBP in same currency to a bank account outside of Wise
🥳 /😞We changed fees for when you order Wise card - in 17 countries its now cheaper and in 15 countries we increased the fee
🥳 We started to trial balance cashback with a number of customers in the EEA - we now pay back to you into your balance or jar based on the EUR, GBP and USD you hold in Wise
🥳 We have introduced new price and enabled same currency transactions USD > USD for all our customers, irrespective if you hold Balance with us - you can now fund transaction via external bank account too

Q4 Mission Update: Price

In short, what is underlying this 0.02% increase are two things.

First, our price increased by 0.01% due to some of our price increases from Q3 playing out in Q4. This is because when we increase a price, we give you a notice period - this means for many of you the new price came into effect first in Q4.
Second, our price increased by an extra 0.01% because we updated how we calculate our average fees so it's up-to-date, and representative of customer's most popular currencies. Concretely, we refreshed a ‘basket’ of currency routes you use, and on which we calculate the average price, to ensure it’s representative of how much money you move on Wise and to where.

More on changes, why is this happening?

In Brazil we optimised our cost of trading money. The more customers send money with Wise, both from Brazil and to Brazil - the less we need to trade and the better we can match the supply and demand without additional cost. When we have this cost savings and because we kept all other costs of sending from Brazil in line, we could pass these savings back to you.

In Mexico, 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 now directly passed to our customers.

We now have free same currency bank transfers out of your Wise Balance on several currencies. You asked for this, and we listened. You told us that other providers didn’t charge fees like these, so we found a way to remove them for Balance customers.

And onto further good news, why is Wise trialling paying cashback? 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. 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.