Q4 2023 Mission Update: Price
Our average price stayed at 0.67% in Q4 2023. Overall, this quarter we 😞Increased fees on sending USD to countries outside the USA when using the SWIFT...
Q4 2023 Mission Update: Convenience
We believe that the world’s a richer place when money moves fast and flows free. That’s why we work hard to ensure our product is as convenient as can be, allowing you to use Wise, hiccup-free.
And we measure convenience by how many of you, our customers, contact us for support.
In Q4 2023, more of you had to contact us ( ~ -6 % more) compared to Q3 2023, which puts us back at Q2 2023 levels. We were contacted the most in October and this is likely due to a few specific changes we had to make to the way we work.
So what happened?
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In October, we had to change the account details of a significant share of users so that they could keep receiving USD. Understandably, this led to these customers turning to our support to seek clarity and assistance. We’re working closely with these customers to help with any confusion.
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Keeping our customers’ money safe and secure is our top priority. And to do that, we need to make sure we have their latest information in our systems. This means that sometimes we need to ask for more details, and that we may need to pause certain product features until we have the answers. For the most part, this process is relatively straightforward, however some users may experience longer wait times and feel inconvenienced.
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The number of users contacting us with issues logging into their account has increased. This started in Q3 2023 and while we intended to fix the issue during Q4, we haven’t been able to yet. While we’re confident the increase of security challenges has made the safety of accounts stronger, it’s not a great experience for our customers. So we’re actively working to make this experience frictionless.
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It’s now even easier to use our Wise account, particularly when ordering or using a Wise card. By improving the experience of ordering a card, as well as tweaking and improving the limit setting experience, we’ve been able to move the contact rate to a historical low.
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We’ve been testing a new way for you to top up your balance when you use your account details. This helps us understand better which incoming payments are coming from you, meaning we can speed up the process. So far, it seems to have reduced the number of contacts regarding this problem by 60%.
*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.
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