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How does Wise compare to leading banks?

We believe in fairness and transparency. It’s at the heart of everything we do.

So, to make sure we’re building a product that is truly better for our customers, we work with an independent research company to run price-comparison research for us on a regular basis. They look at data across multiple countries, currencies and price points to make sure any price claims we make are fair and accurate.

About the independent research

The research compares us to:

CountryBanks
FranceBanque Postale, BNP Paribas, Crédit Mutuel, Société Générale
GermanyCommerzbank, Deutsche Bank, Postbank
SpainBankia, BBVA, CaixaBank, Santander
UKBarclays, HSBC Standard, Lloyds, RBS, Santander, TSB
IrelandAllied Irish Bank, Bank Of Ireland, Ulster Bank
SwitzerlandCredit Suisse, PostFinance, Raiffeisen, UBS AG

The research looks at the cost to send money between multiple currencies, including AUD, EUR, GBP, INR, CAD, TRY, PLN, MAD and USD, depending on the country. Because we offer over 1,600 different currency combinations, it’s not possible to compare our fees to the banks on every single route and price point.

The research findings

In France, the research found that Wise is on average 5x cheaper than leading French banks.

In Germany, the research found that Wise is on average 4x cheaper than leading German banks.

In Spain, the research found that Wise is on average 8x cheaper than leading Spanish banks.

In the UK, the research found that Wise is on average 6x cheaper than leading UK banks.

In Ireland, the research found that Wise is on average x4 cheaper than leading Irish banks. Allied Irish Bank, Bank Of Ireland, Ulster Bank

In Switzerland, the research found that Wise is on average 4x cheaper than leading Swiss banks.

Wise is an electronic money institution, not a bank. Read this article for more details on what that means.

Journalists can learn more about this research by contacting our press team.

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