BIG WORLD. EVEN BIGGER MISSION
Mission Update Q1 2023
Read how much closer we got to our mission from January to the end of March 2023.
TOP STORIES
Banks make their money with your money, Wise is different
Top story
Wise isn’t a bank. Banks use the money that you deposit in your low-interest current or savings accounts to provide credit to people - but they aren’t transparent about how this works.
Wise is different. We don’t lend it out. We aren’t trying to make a profit on it. We keep all cash safe and invested in easy-access assets and accounts. We aren’t trying to make a maximum profit on your money by lending to others or investing it, and then give you nothing in return.
Wise is different. We don’t lend it out. We aren’t trying to make a profit on it. We keep all cash safe and invested in easy-access assets and accounts. We aren’t trying to make a maximum profit on your money by lending to others or investing it, and then give you nothing in return.
Grow your money with Wise
New releases
As interest rates rise, so has the cost of borrowing money for people around the world. However, the amount you can earn on your money has barely changed, and for most current accounts it remains close to 0%.
At Wise we want to let you get a return and access your money just like a current account. In the UK and EU you can now get up to 3.61% variable with Wise Interest, through a low-risk fund. Wise also offers a new Interest feature for US residents on their USD balance.
At Wise we want to let you get a return and access your money just like a current account. In the UK and EU you can now get up to 3.61% variable with Wise Interest, through a low-risk fund. Wise also offers a new Interest feature for US residents on their USD balance.
55% of transfers are now instant
Speed
Instant means that they arrive in less than 20 seconds. We got faster in Q1 2023 with 55% of transfers arriving instantly, compared to 52% at the end of 2022.
More people using Pix sped up transfers to Brazil. We improved the reliability of instant transfers to India thanks to a new integration, and started working with new partners to speed up transfers to Pakistan. Thanks to a new API, we also started speeding up transfers from Hong Kong.
More people using Pix sped up transfers to Brazil. We improved the reliability of instant transfers to India thanks to a new integration, and started working with new partners to speed up transfers to Pakistan. Thanks to a new API, we also started speeding up transfers from Hong Kong.
Some of our fees increased
Fees
While our average fee dropped to 0.65% (from 0.66%) over the first 3 months of the year, you may have seen recently that fees went up on a number of routes including Euro and GBP.
This is because our costs increased as we invested more in our customer service team to provide you with faster answers to your questions. Meanwhile the cost of some payment methods also increased.
Part of our mission is to charge as little as we can. Our average fee is a fraction of what banks charge, and we do that by constantly reviewing them. We're currently looking for ways to reduce these costs, and return the savings to you in lower fees.
This is because our costs increased as we invested more in our customer service team to provide you with faster answers to your questions. Meanwhile the cost of some payment methods also increased.
Part of our mission is to charge as little as we can. Our average fee is a fraction of what banks charge, and we do that by constantly reviewing them. We're currently looking for ways to reduce these costs, and return the savings to you in lower fees.
More of you needed to get in touch
Convenience
Unfortunately the number of customers who had to contact us for support increased to nearly 10%, compared to 8.9% in Q4 2022.
This shows that Wise isn’t as smooth and straightforward yet as it could be.
More of you were reaching out in response to some of the new safety measures we put in place to protect your money.
In addition, a number of you contacted us for help getting your Wise card and opening a balance in the new regions we’ve expanded to, like Brazil. We're already looking at fixes for these areas.
This shows that Wise isn’t as smooth and straightforward yet as it could be.
More of you were reaching out in response to some of the new safety measures we put in place to protect your money.
In addition, a number of you contacted us for help getting your Wise card and opening a balance in the new regions we’ve expanded to, like Brazil. We're already looking at fixes for these areas.
£187 billion lost because banks were hiding fees
Transparency
In April 2020, a new European law - the Cross-Border Payments Regulation - forced banks to be more transparent when their customers send money within the EU.
Unfortunately, most banks try to keep the status quo and hide fees in inflated exchange rates. We’ve checked some of the EU’s biggest banks, and today only two banks are telling customers the truth - ING, and Starling.
So we need to be even louder to ban hidden fees for all payments. That’s where you come in. Find out how transparent your bank is here and what you can do to help.
Unfortunately, most banks try to keep the status quo and hide fees in inflated exchange rates. We’ve checked some of the EU’s biggest banks, and today only two banks are telling customers the truth - ING, and Starling.
So we need to be even louder to ban hidden fees for all payments. That’s where you come in. Find out how transparent your bank is here and what you can do to help.
Make international life easier with the Wise card
Auto-fill card delivery details
If you have a validated address for your Wise account, we’ll now auto-fill your card delivery address to get you started with a Wise card faster.
Activate your card in Japan without a PIN
To authenticate your Wise card, we usually ask you to enter your PIN the first time you use it. Since lots of card machines in Japan don’t ask you to enter a PIN code, we now give you a 6-digit code instead.
Easier card cancellation
If you order one of our bright green Wise cards but change your mind, you can now cancel the card order on web - without having to get in touch with us.
Moving money
What's new?
We believe sending money should be as fast and easy as sending an email.
In Q1 we lifted limits on GBP, Euro and Philippine peso, we boosted convenience when you send money to the US and Vietnam, and enabled a new way to receive money in Singapore.
In Q1 we lifted limits on GBP, Euro and Philippine peso, we boosted convenience when you send money to the US and Vietnam, and enabled a new way to receive money in Singapore.
Send EUR & GBP globally, without limits
You asked, and we ditched the annual limit for sending global same-currency transfers for Euro and GBP.
Faster payments when you connect
Authorise your bank with Wise once and then each time you need to add money it's just one-tap in your Wise app; without having to go back to your bank app each time.
Send more money to Philippine peso
We increased the transfer limit from 500,000 PHP to 9 million PHP.
Max ease when you send US green
Before you hit send, we’ll tell you whether the routing number you’re sending to accepts ACH payments or wire transfers. You'll know whether your USD payment will be accepted - if not, we'll direct you on how to fix it.
We said bye to Boleto and hello to easier tax reporting
We stopped offering Boleto payments because they’re slower and more expensive than other methods. Use Pix instead - it’s instant, and cheaper to top-up or send money. We also made it easier for you to file your yearly tax declaration with our downloadable tax report ('Informe de Rendimentos').
It’s simpler to receive SGD
Share your unique PayNow QR code to receive Singaporean dollars. Scan the code using an app compatible with PayNow and then enter the amount - all the rest of the fiddly details will be auto-filled.
Send Vietnamese dong to businesses
As well as sending money to friends and family in Vietnam, you can now send VND to businesses at a great rate.
Wise Business
What's new?
We updated our business web pages so it's easier to learn more about all the features that can save you money & time.
In Q1 we added a few new features including; EU Interest, approvals for batch payments, new accountancy integrations, and more.
In Q1 we added a few new features including; EU Interest, approvals for batch payments, new accountancy integrations, and more.
Earn a return on your business balance
Get a return with your Wise Business account on euros and dollars. When you switch to Interest, your money’s in a fund that holds assets backed by the UK government. Returns are not guaranteed.
Stamp and sign on tap
You no longer need to contact us when you need a document stamped and signed. Download a proof of account ownership or balance statement stamped and signed by Wise on web.
Connect to more accounting software
Connect to more of some of the most popular accounting softwares globally. US and Canadian businesses can now connect to Sage and Wave. EU and Canadian businesses can also connect to FreshBooks.
Send money to consumers in Brazil
If you’re working with freelancers or contractors in Brazil, you can now pay them through Wise
Faster business transfers from CAD
We’re able to verify transfers faster by asking for both your trading name and a registered business name.
Add approvals to batch payments
Send multiple payments at once, and have batch payments be subject to approval rules set by you.
Wise Platform
Wise Platform allows financial institutions and major enterprises to leverage our technology so their customers can access cheap, fast and transparent international payments directly within their existing apps.
We're now powering international payments for over 60 banks and global businesses around the world.
Last quarter, we welcomed to our first partner in Indonesia, Bank Mandiri; Canadian digital banking app for the gig workforce, Payfare; and Advancial Federal Credit Union in the US.
We also added Singapore-based investment broker, uSmart, to our growing list of partners - enabling their users to fund transfers with Wise.
We're now powering international payments for over 60 banks and global businesses around the world.
Last quarter, we welcomed to our first partner in Indonesia, Bank Mandiri; Canadian digital banking app for the gig workforce, Payfare; and Advancial Federal Credit Union in the US.
We also added Singapore-based investment broker, uSmart, to our growing list of partners - enabling their users to fund transfers with Wise.
We further expanded our US footprint by launching with leading employment platform, Globalization Partners(G-P). Their customers can now access our payment system, ensuring pay transparency, directly from the G-P platform.
