We always use the real exchange rate and charge a transparent fee, no matter how much money you send with us. And the more you send with us, the more you save on fees.
How do our fees work?
When you send over 100,000 GBP (or equivalent in your currency) over a calendar month, you’ll get a lower fee on the amount you send over the limit.
The lower fee applies on one-time transfers or multiple completed transfers in the same month. This discount will only apply when a conversion happens (i.e. GBP to EUR). And it doesn’t matter how many currencies you send to and from — you can still get the lower fee.
It would not apply if you are sending transfers to same currencies (i.e. USD to USD externally or USD to your Wise USD currency account).
How much is the fee?
The more you send, the lower your fee is. This table shows the estimated percentage discount depending on your monthly volume.
This works a bit like tax brackets. So, just like you pay no tax on the first part of your income, then a progressively higher percentage on the next part of your income — you only get the lower fee on the amount that falls in each bracket.
The thresholds are calculated in GBP. So, if you normally send USD or any other currency, we’ll work out whether you’re in the bracket to get a lower fee using the live exchange rate.
You don’t need to work the fee out yourself. We’ll always automatically apply it to your transfer.
An example of how the fee works
Note: all the numbers used in this section are examples only. The actual numbers can vary.
Let’s say that in January, you send 2 transfers of 100,000 GBP to EUR, and 1 transfer of 500 GBP to EUR.
On the first transfer, we’ll charge our normal fee for sending GBP to EUR by bank transfer, which is 0.41%. There’s no discount on it, because it’s the limit for the first bracket of 100,000 GBP.
On the second and third transfers, we’ll charge 0.31%, because you’re in the second bracket and now qualify for the lower fee. So even when you’re sending smaller amounts in January, you’ll get the lower fee as long as the initial limits for each bracket have been met.
Over the course of the month, that’s an average fee of 0.36% for this example.
If you send that 200,500 GBP in one go instead of in 3 transfers, you’ll get the same average fee of 0.36%.
It will be calculated as follows:
1. 100,000 GBP * 0.41% = 410 GBP
2. 100,500 GBP * 0.31% = 311.55 GBP
Total = 721.80 GBP for the fees.
Remember: a transfer needs to be completed — that is, sent out to the recipient — before it'll count towards your threshold. If we look at our example again, that means if you only set up that first transfer of 100,000 GBP for January, you wouldn't get the lower fee for the next 100,000 GBP in February.
You can calculate your average fee here.