Currency Converter app by Wise

About

Currency Converter is a free app that allows you to track exchange rates and compare providers. From Wise.

Since 2011, we've championed the human side of global finance. With our accessible take on exchange rates and providers, we bring much-needed transparency to the industry, for people like you. Our comparison tool, exchange rates and currency news are up to date, and easy to digest. No fluff. Just the stuff you need to know.

Currency Converter is an exchange rate information and news app only and not a currency trading platform. The information shown there does not constitute financial advice.

Wise helps their customers move more than £4.5 billion in cross-border transactions every month. The Currency Converter App helps those people track the exchange rates that matter to them.

Comparison

We base our price comparisons on data we’ve taken from other providers’ websites, on specific dates.

Some providers don’t make their fees and exchange rates publicly available. In those cases, we use their service for bank-to-bank transfers - just as if we were customers - right until the point of paying. We do this multiple times, and we enter different amounts of money.

The comparison table shows how much it costs a customer to send money internationally, between the currencies specified, using each of the providers we’ve listed. It also shows the amount the recipient gets.

In case you want to know more, we’ve explained what all the different bits of our comparison table mean - and how we work them out.

1. The transfer fee

The ‘transfer fee’ is simply how much the provider says it costs to use their service online. We only compare costs for online transfers from bank to bank. Telephone banking, paying from a branch or paying for a transfer via credit card are usually more expensive.

2. The exchange rate

The ‘exchange rate’ represents the estimated exchange rate for each provider. It isn’t the exact exchange rate we saw on the day we used that provider’s service. It wouldn’t be fair to providers to show these collected rates - simply because we don’t collect all of our data at exactly the same time. Instead, we estimate what each provider’s exchange rate would be right now. Here’s how we work out that estimate.

First, we work out the markup on each provider’s exchange rate.

To do this, we record the exchange rate each provider is offering on their website. At the same time, we check the mid-market rate from independent providers. Then, we calculate the difference between those two figures. For instance, if a provider’s rate was 1.4, and the mid-market rate was 1.6, we’d record a difference of 0.2 (12.5%). We call this difference the ‘markup’.

Then, we subtract each provider’s markup from the mid-market rate.

When you see the comparison table - which might be on the same day for most providers, but could be later for others - we check the mid-market rate again. Then, we estimate each provider’s exchange rate by subtracting their markup we previously recorded, from the latest mid-market rate. Using our last example, if the mid-market rate has moved to 2.0 when you see the table, we’d show that particular provider’s exchange rate as 1.75. That’s because we recorded their markup as 12.5%.

3. How we work out a comparison for exact amounts that we haven’t collected

When we collect data from providers, we do it using different “amounts”. So, pretending we’re a customer again, we might go through the transfer process with £100, £500 and £2000. What that means, is that for some providers, the amount(s) we entered when we used their service might not be the same as the one you’ve just seen in the comparison table.

This is important, because providers tend to offer better exchange rates and smaller transfer fees when a customer is moving larger sums of money. So where we haven’t collected data on the exact amount shown in the comparison table - we make sure we’re fair to other providers, by looking at the nearest amounts that we’ve got data for (e.g. just greater or smaller than the amount in the table). And when you see the table, we’re showing the cheapest transfer fee and best exchange rate we’ve found from these nearest amounts.

What all this means for you

This means that the ‘transfer fee’ and ‘rate’ you see in the comparison table might be slightly different to the ones each provider currently has on their website. In fact, the comparison table might show a better transfer fee and a better exchange rate for all the providers.

Exchange rate tracker

The rate tracker feature always shows the latest real, mid-market exchange rate. Exchange rates move frequently and the current rate might not be available for long. Getting this rate when making a transfer with Wise isn't guaranteed.

The Currency Converter application (“the app”) allows users to monitor exchange rate movements and subscribe to notifications.

The app is offered by Wise Ltd. (“Wise”).

Wise is authorised by the UK Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011, Firm Reference 900507, for the issuing of electronic money.

By using the app, you agree to these terms, which become part of the Wise Terms and Conditions, Privacy Policy and Cookie Policy. In the event of a conflict between such documents, these terms shall prevail.

Accuracy Wise tries to ensure that the information provided by the app is as accurate as possible.

Wise makes no representation or warranty, express or implied, with respect to the completeness, consistency, accuracy, timeliness, or utility of the provided resources, or any information contained herein. Any use or reliance on the information provided is entirely at your own risk, and Wise shall not be liable for any damage or loss incurred by any person howsoever arising out. In particular, the information in the app should not be considered as a financial indication or advice of any sort.

No automated use You agree not to use any robot, spider, scraper, or other automated means to access the Service. You agree that you will not take any action that may impose, in our sole discretion, an unreasonable load on our infrastructure, attempt to interfere with the proper working of the app, or bypass any measures we may use to prevent or restrict access to the app.

Privacy Policy

1. Who we are

Wise Inc. (“Wise”, “us”, “we”, “our'') is responsible for the collection, use and disclosure of your personal information.

This Privacy Policy explains how we collect, use, disclose, and safeguard your information when you visit our mobile application, Currency Converter App (the “Application”). Please read this Privacy Policy carefully. By providing Personal Information to us or using the Application, you agree to the terms and conditions of this Privacy Policy.

2. Information we may collect about you

2.1 Personal Information you give us

“Personal Information” is information that identifies you as an individual or relates to an identifiable person.

We don’t generally collect any Personal Information when you use the Application.

2.2 Other Information we collect.

“Other Information” is information that does not reveal your specific identity or does not directly relate to an individual. We may automatically collect the following information when you use the Services:

Technical information, including the Internet protocol (IP) address, time zone setting, and versions, and operating system and platform. Information about your use of the Application, including response times, errors, interaction information (such as scrolling or tapping), and your use of different features in the Application. We may aggregate Personal Information. Such aggregated information does not personally identify you or any other user of the Services.

2.3 The Application may include buttons, tools or content that redirects to other services owned and offered by Wise, such as the Wise mobile app. For example, we may present buttons that, when tapped, direct you to download the Wise mobile app. We will collect information about your use of these features. Please note that the Wise App and website have their own privacy policy. Please check these policies before you submit any personal data to our other services.

2.4 Cookies and similar technologies We don’t use cookies for the Currency Converter app, but we do use similar technologies to distinguish you from other users, see how you use the Application while providing you with the best experience.

When you use the Application, we may receive and process the following information about you. “Technical Information”: this refers to technical information related to your mobile device, such as: device type and model, system language, memory, OS version, Wi-Fi status, time stamp and zone, device motion parameters and carrier. “Technical Identifiers”: this refers to various unique identifiers that generally only identify a device, or Application. For example, IDFA (identifier for advertisers), Android ID (in Android devices); Google Advertiser ID, Customer issued user ID and other similar unique identifiers. “Engagement Information”: this refers to your actions, such as: installations of Applications, and other interactions, events and actions within the Application.

3. Uses made of the information We will use the information to: Provide you with the Application Allow us to send you rate alert notifications Track if a user of the Application becomes a Wise customer.

4. Disclosure of the information We may share your information with selected third parties including: Affiliates, business partners, suppliers and subcontractors that help us provide you with the Application Our group entities or subsidiaries - which can be found by clicking here

Third Party Links

Our Application may, from time to time, contain links to third party websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies. Please check these policies before you submit any personal data to these websites.

Changes to our privacy policy If we make changes to this Privacy Policy, we will post the revised Privacy Policy on the website and update the “Last Updated” date. To stay up to date on any changes, please check back periodically. Your use of our Application following these changes means that you accept the revised Privacy Policy.

Contact Questions, comments and requests regarding this Privacy Policy are welcomed and should be addressed to our global privacy team at the following email address – privacy@wise.com