Every time someone transfers money with Wise, they pay a fee that covers the cost of that transfer. For example, the operational effort to move the money, and exchange it.
When you cancel a transfer, some of those costs still happen. But you don’t pay the transfer fee anymore.
This means that if too many people cancel, Wise may have to increase our fees to cover the gap.
On the other hand, if people cancel less often, we’ll be able to pass those savings on by reducing fees in the future, as we’ve done in the past. Our price is always fair and always based on our cost.
What else happens if I cancel too often?
If you cancel too often, you’ll also lose access to your guaranteed rate. This means that you’ll get the live rate when we receive your money.
How can I avoid cancelling transfers?
One way to avoid cancelling transfers is to open a currency account and add the money you want to transfer there. You can then convert it at any time, instantly — and depending on the currencies you’re sending between, it usually costs less than making a transfer. Check out how much you could save.
Another option is Auto Conversions. Set your desired exchange rate, and we’ll convert the money automatically when it hits that point. You’ll need to have money in your Wise account to do this.
Something went wrong with my transfer — is it OK to cancel?
We understand that sometimes, things can go wrong. And that’s what the cancellation option is for. So, it’s totally OK to cancel if you have to — just be careful not to cancel too often.