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...
We're changing our ATM fee
From 1 January 2021, we’re changing the fee you pay for taking out cash from ATMs. Please note that this article is not applicable to US customers.
Based on how Wise customers took out cash over the last 12 months, this change should make withdrawals cheaper for 80% of our customers.
What’s changing
Before
- Free withdrawals up to £200 total (200 EUR, or equivalent) per month
- 2% if you took out more than £200 per month
From 1 January 2021
- 2 free withdrawals up to £200 total (200 EUR, or equivalent) per month
- 1.75% on each withdrawal if you take out more than £200 per month
- 50p (50c, or equivalent) on each withdrawal if you take out cash more than 2 times per month
Let’s look at some examples.
You make 2 withdrawals of £100 each: This is within the £200 / month limit, and you get 2 free withdrawals per month, so there won’t be any fees.
You make one withdrawal of £300: This is £100 above the £200 limit, so a 1.75% fee applies.You pay £1.75.
You make 3 withdrawals of £50 each: The first two withdrawals will be free, but for the third withdrawal, which is over the limit, you’ll be charged 50p.
You make 3 withdrawals of £100 each: The first two will be free, while the third one exceeds both limits. This means you pay £2.25 total on the third transaction (1.75 % of £100 and the 50p flat fee).
Why we’re doing this
The ATM companies charge a fee every time a customer takes out cash (shocking, right?). In the past, we’ve covered most of those costs, and to cover the rest, we asked customers who took out more than £200 per month to pay a 2% fee.
Over time, we’ve learned that a small minority of our customers make up most of those ATM costs. We’ll still cover most of them, but our new fees will ask the folks who use ATMs a lot to cover a bit more. As we said above, withdrawals should be cheaper for 80% of our customers.
Watch out for ATM tricks
Taking out cash when you’re abroad can get a little dicey. Many ATM companies use the exchange rate, and the potential need to convert your money, to try to confuse customers and get them to agree to extra charges.
It’s not ready just yet, but we’re working on a new feature in our app that will show you how much extra cash machines are charging you. We hope it will help you make even wiser decisions when you take out cash.
This article is not directed at US customers. For the most up to date Wise US ATM Fee Structure, please see the Long Form Disclosure provided at account opening.
*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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