Summary of fee changes
This blog post is to update our customers about changes in price and is not a marketing communication. Our mission is to lower the cost of moving money across...
Q4 2024 Mission Update: Speed
At Wise, we’re committed to giving you the best experience when sending money across borders. That’s why we’re always working to make your transfers instant. Here’s a look at what’s happened over the last quarter.
Speed
In Q4, 65%* of transfers were instant – completed in under 20 seconds. That’s up from 63% in Q3. Meanwhile, 83% of transfers were completed in under an hour.
So what's changed?
The increase in instant transfers is thanks to improvements in the Philippines. Wise now connects directly to InstaPay, the Philippines’ real-time payment network, and works directly with the country’s central bank to process payments instantly. This means you can now send money from 28 currencies to the Philippines instantly for amounts under 50,000 Philippine pesos.
Learn more about this improvement here.
Swiss franc transfers are now faster too, thanks to our new connection with JPM, which helps process your money more quickly and smoothly when sending to Wise.
Accuracy
We’re always working to make transfers as fast as possible, but what also matters is delivering them when we say we will. That’s why we track how accurate our transfer arrival estimates are, marking them as ‘Early,’ ‘On time,’ or ‘Late.’ In Q4, we saw a small win—a 2% increase in payments arriving early.
However, we know there’s room to improve. Our ‘On time’ accuracy hasn’t changed much yet, so we’ve been digging into the reasons behind this. During Q4, we investigated how we calculate estimates and identified areas where we can do better. We're working on improving our estimates for EUR transfers and those paid with ACH. These updates will roll out in the new year, bringing you more accurate delivery times.
*Transaction speed claimed depends on individual circumstances and may not be available for all transactions.
*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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