What is a fee-free transfer?
If you’ve been invited by someone who uses Wise, you’ll receive a discount on your first transfer. This will either remove or reduce the fee on your first transfer, regardless of the currency your payment is in.
Fee-free transfers are single use, and are always automatically used on the next payment you make with us. We’ll show you how much the discount is when you set up your transfer.
How do they work?
Fee-free transfers are only applied to transfers where you’re sending money; they aren’t applied to conversions between currency accounts.
Fee-free transfers come in different amounts, but let’s say your fee-free transfer is for the first 500 GBP (or whatever currency is equivalent) you send. Here are some examples of how it would be used:
You’re sending 483 GBP to USD. Since the amount you’re transferring is less than 500 GBP, you won’t be charged any fees.
You’re sending 1592 GBP to JPY. Since the amount you’re transferring is more than the 500 GBP, we’ll apply normal fees on what’s over that — 1092 GBP.
Additional payment fees, such as credit card fees or any additional banking fees, will be applied if the total amount (including the payment fee) is greater than the discount we give you.