UK Price Comparison Research

An independent research team compared Wise to six UK bank accounts, as well as Monzo, Starling, Revolut, PayPal, Xoom, Western Union and Post Office. They found that we’re on average 4x cheaper for spending abroad. Wise is also on average 5x cheaper to send £250 abroad and to withdraw £250 from an ATM abroad we’re on average 3x cheaper. This is based on the prices offered by Wise Payments Limited during the research period. 

Research methodology

The competitor research was collected in January 2023 during a 5 day period (23/01/2023 - 27/01/2023).

The team looked at data across multiple countries, currencies, and price points to make sure any price claims we make are fair and accurate. The data was collected by simulating a transfer using live accounts on the providers website, during standard trading hours and at the same time every day, whenever possible, to ensure consistency across the comparison.

The research scope looked at the following, across AUD, EUR, INR, USD, using £250 as the transaction value:

• The cost to send money abroad from an account

• The cost to spend money abroad using a debit card

• The cost to withdraw money abroad from an account via an ATM

The costs collected for sending money abroad are made up of both the foreign transaction fee and any exchange rate markup. The exchange rate markup is a percentage added to the mid-market exchange rate by a provider when they sell you a currency. The costs collected for spending money abroad and withdrawing money abroad from an account via ATM are only made up of foreign transaction fees. 

The research and results

1. Total cost to send 250£. Overall, Wise is 5x cheaper.

GBP > AUD: Wise is 7x cheaper

• Wise: £1.30

• Barclays: £6.86

• HSBC: £14.30

• Lloyds: £18.38

• Monzo: £1.30

• PayPal: £13.03

• Post Office: £1.89

• RBS: £6.18

• Revolut: £0.75

• Santander: £31.36

• Starling: £6.55

• TSB: £16.36

• Western Union: £2.88

• Xoom by PayPal: £4.17

GBP > EUR: Wise is 4x cheaper

• Wise: £1.22

• Barclays: £6.87

• HSBC: £9.26

• Lloyds: £8.92

• Monzo: £1.22

• PayPal: £10.39

• Post Office: £2.32

• RBS: £6.23

• Revolut: £0.00

• Santander: £7.01

• Starling: £1.35

• TSB: £6.34

• Western Union: £3.82

• Xoom by PayPal: £4.35

GBP > INR: Wise is 4x cheaper

• Wise: £1.78

• Barclays: £6.87

• HSBC: £6.42

• Lloyds: £18.38

• Monzo: £1.78

• PayPal: Not offered

• Post Office: £2.36

• RBS: £6.30

• Revolut: £0.88

• Santander: £32.72

• Starling: Not offered

• TSB: Not offered

• Western Union: £0.08

• Xoom by PayPal: £4.92

GBP > USD: Wise is 7x cheaper

• Wise: £1.35

• Barclays: £6.86

• HSBC: £14.31

• Lloyds: £18.38

• Monzo: £1.35

• PayPal: £13.74

• Post Office: £2.08

• RBS: £6.25

• Revolut: £0.75

• Santander: £32.29

• Starling: £1.34

• TSB: £16.37

• Western Union: £4.35

• Xoom by PayPal: £5.68

2. Fees to spend £250 using a debit card. Overall, Wise debit card is 4x cheaper.

GBP > AUD: Wise is 4x cheaper

• Wise: £1.03

• Barclays: £7.48

• HSBC: £6.88

• Lloyds: £7.98

• Monzo: £0.00

• PayPal: Not offered

• Post Office: Not offered

• RBS: £6.88

• Revolut: £0.00

• Santander: £7.38

• Starling: £0.00

• TSB: £8.48

• Western Union: Not offered

• Xoom by PayPal: Not offered

GBP > EUR: Wise is 4x cheaper

• Wise: £1.03

• Barclays: £7.48

• HSBC: £6.88

• Lloyds: £7.48

• Monzo: £0.00

• PayPal: Not offered

• Post Office: Not offered

• RBS: £6.88

• Revolut: £0.00

• Santander: £7.38

• Starling: £0.00

• TSB: £7.48

• Western Union: Not offered

• Xoom by PayPal: Not offered

GBP > INR: Wise is 3x cheaper

• Wise: £1.40

• Barclays: £7.48

• HSBC: £6.88

• Lloyds: £7.98

• Monzo: £0.00

• PayPal: Not offered

• Post Office: Not offered

• RBS: £6.88

• Revolut: £0.00

• Santander: £7.38

• Starling: £0.00

• TSB: £8.48

• Western Union: Not offered

• Xoom by PayPal: Not offered

GBP > USD: Wise is 4x cheaper

• Wise: £1.10

• Barclays: £7.48

• HSBC: £6.88

• Lloyds: £7.98

• Monzo: £0.00

• PayPal: Not offered

• Post Office: Not offered

• RBS: £6.88

• Revolut: £0.00

• Santander: £7.38

• Starling: £0.00

• TSB: £8.48

• Western Union: Not offered

• Xoom by PayPal: Not offered

3. Fees to withdraw £250 abroad via an ATM, using a debit card. Overall, Wise debit card is 3x cheaper.

GBP > AUD: Wise is 3x cheaper

• Wise: £1.9

• Barclays: £7.48

• HSBC: £11.88

• Lloyds: £8.98

• Monzo: £7.50

• PayPal: Not offered

• Post Office: Not offered

• RBS: £6.88

• Revolut: £1.00

• Santander: £7.38

• Starling: £0.00

• TSB: £7.49

• Western Union: Not offered

• Xoom by PayPal: Not offered

GBP > EUR: Wise is 2x cheaper

• Wise: £1.90

• Barclays: £7.48

• HSBC: £11.88

• Lloyds: £7.48

• Monzo: £0.00

• PayPal: Not offered

• Post Office: Not offered

• RBS: £6.88

• Revolut: £1.00

• Santander: £7.38

• Starling: £0.00

• TSB: £7.48

• Western Union: Not offered

• Xoom by PayPal: Not offered

GBP > INR: Wise is 2x cheaper

• Wise: £2.28

• Barclays: £7.48

• HSBC: £11.88

• Lloyds: £8.98

• Monzo: £7.50

• PayPal: Not offered

• Post Office: Not offered

• RBS: £6.88

• Revolut: £1.00

• Santander: £7.38

• Starling: £0.00

• TSB: £7.49

• Western Union: Not offered

• Xoom by PayPal: Not offered

GBP > USD: Wise is 3x cheaper

• Wise: £1.98

• Barclays: £7.48

• HSBC: £11.88

• Lloyds: £8.98

• Monzo: £7.50

• PayPal: Not offered

• Post Office: Not offered

• RBS: £6.88

• Revolut: £1.00

• Santander: £7.38

• Starling: £0.00

• TSB: £7.49

• Western Union: Not offered

• Xoom by PayPal: Not offered

Monthly account fees

None of the brands charge any monthly account fees.

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.