Mission Update Q2 2023

BIG WORLD. EVEN BIGGER MISSION

Mission Update Q2 2023

We believe in money without borders. We're building the best way to move and manage the world's money.

This is how we’ve moved our mission since April 2023.

Your returns are on the up

As central bank rates change, and banks make record profits by giving as little as possible back to you - we do it differently. It's your money, not ours. So we’re giving it back to you.

Switch to Interest to start earning a return while you continue to send and spend. To make those returns, your money is invested in an interest-earning fund backed by government assets.

5% variable rate on your everyday GBP when you switch to interest. You can also get returns on USD, EUR and SGD – rates and currencies vary by location. Variable rate based on 7 day performance as of 17/8/23. This fund has returned 0.91% annual average over the last 5 years, excluding Wise fees. Capital at risk. Current rates do not guarantee future growth.

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Re-open for business in 13 countries

In 2022, we sadly stopped offering business accounts in 13 countries in Europe. We had to make this difficult decision because we weren’t able to scale our customer support in line with the service level we want to offer you.

But, we're happy to say that businesses in Spain, Italy, Romania, Poland, Sweden, Portugal, Bulgaria, Latvia, Finland, Lithuania, Norway, Greece, and Croatia can now open an account once again.

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Fighting for fairer fees

Sending money back home supports one billion people globally. Today, providers can tell consumers their transfers are “free”, “0% commission” or cost "a low fixed fee" of $5. In reality, the biggest cost is hidden in inflated exchange rates. So when you send money to your loved ones, they end up with less than you intended.

We fight to make sure you always know what you pay. That's also why the UN wants to get the cost of remittances to less than 3% by 2030.

Join the fight

Easier than ever to use

We track how many customers have to contact us to help and we have hit our lowest level in 3 years.

That means less of you needed to get in touch with us for help – 8% compared to 10% last quarter – and shows that the experience is getting smoother and more straightforward.

Last quarter, we made it easier to reactivate your account, and to order a Wise card. We also improved the experience for funding transfers via a number of different payment methods, including Pix.

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Getting closer to full speed

We call a transfer “instant” when it arrives in less than 20 seconds. In Q2 ’23, 57% of transfers arrived instantly – up 2% from Q1 ’23 and 6% from this time last year.

Our fraud prevention and screening checks are now faster so there are less delays when you send money. More people using the Pix payment method sped up transfers to Brazil.

And working with new partners has meant we’re able to send your money to Thailand and Pakistan faster.

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On average, we got a little more expensive

Our average fee increased from 0.65% to 0.66%. Last quarter we let you know fees were increasing on some currencies because our costs went up; we invested more in our customer service, and the cost of some payment methods increased. This made it hard to make progress on reducing fees in the short-term. We never forget it's your money not ours, and continue to find ways to reduce costs and pass this back to you.

However, it's now cheaper for customers who want to send money from Japan, to India and Chile, and to and from Brazil – nice.

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Grow your money with Wise

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Make your money grow in more places

You can now make the most of your money with Interest in Germany, Sweden and Norway. Earn a return (in-line with central bank rates) on your Euro and GBP balances. Your money is invested in a fund backed by government assets.

Track your returns in the app

If you’re in one of the countries where we offer our Interest feature, you'll see the latest rate available in the balance screen. Once you’ve signed up, you’ll be able to track the returns you’ve generated from the same place.

Instant access in Singapore, with no limits

If you’re in Singapore and hold your money in Interest or Stocks, you can now hold and transfer money as much as you want without restrictions. Offered by Wise Assets, capital at risk.

Bag a better return on your cash in the US

If you’re in the US, you can now get an even better rate of 4.13% APY (previously 3.92% APY) on your USD cash balance.

Instant access in Singapore, with no limits

Bag a better return on your cash in the US

Grow your money with Wise

Max ease at full speed

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Schedule transfers in advance

Pre-arrange transfers for any date more than 3 days in the future, and repeat as often as you like. You can turn on notifications to receive updates about your transfer.

Find and copy your account details

View and access your account details directly from a currency’s balance screen. It’s also easier to copy the details - tap and hold to copy the details directly.

Bye bye AUD balance charges

If you held more than $23,000 AUD (or equivalent in a foreign currency), we charged an annual fee of 1.6% on the amount of money you hold above this amount. Last quarter, we got rid of this charge and now it’s fee-free.

ATM Guide

Find the best option when you want to withdraw cash using your Wise card. Our ATM Guide clearly shows you the fees charged by ATM providers so you always know how much you’re paying.

Max ease at full speed

Getting started with Wise got easier

Open a Wise account faster

You told us that opening a Wise account was confusing and difficult. We asked too many questions upfront. We’ve narrowed the options down to two; open a Wise account, or send money. Once you’ve opened an account, all our features will be ready for you to use.

Get a spot on the Wise card waitlist

If you’re eager to get your hands on a Wise card, you can now sign up to our waitlist and you’ll be the first to know once our cards are available in your country. Join the waitlist here.

Easier to verify your identity with a selfie

Every customer needs to be verified at some stage when using Wise. We’re now using more advanced selfie verification technology in the app meaning less of you are getting stuck at this stage, and we're stopping more fraudsters using Wise.

Moving money

What's new?

We believe sending money should be as fast and easy as sending an email. Maximum ease, at full speed.

In Q2 we introduced more ways for you to receive Canadian dollars, and sped up the verification process that was slowing down transfers in Brazil.

Send money

Receive Canadian dollars with Interac

No need for clunky bank details. Register your Wise email address with Interac, then share your email address with others to get paid Canadian dollars directly to your Wise account.

Smoother ID verification in Brazil

We updated our ID verification process in Brazil to make it easier to submit a document and get it approved the first time.

Wise Business

What's new?

The fast, easy international business account that saves you money wherever you want to use it

You can now open a business account again in 13 countries, made it easier to allocate roles and approval rules. Our fees got even more transparent with annual fee statements, and we now offer a tailored scam prevention tool.

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Re-open for business in 13 countries

Businesses in Spain, Italy, Romania, Poland, Sweden, Portugal, Bulgaria, Latvia, Finland, Lithuania, Norway, Greece, and Croatia can now open a Wise business account.

Approval rules for team members

We made approvals more flexible, you can now set different approval rules for each member of your team.

Invite team members to the “Employee” role

Business owners and admins can invite team members, and assign them the “Employee” role. Team members with this role can order and spend with the account’s Business card.

Download annual fee statements

You can now access a statement that sums up the fees that you've paid in your Wise account in a previous year. This feature is currently not available for US based customers.

Tailored scam-prevention advice

By answering a few simple yes or no questions, you will receive tailored advice and recommendations on how to avoid falling victim to scams when you send money.

Safer for Amazon sellers

We're helping Amazon create a safer experience for sellers by participating in Amazon's Payment Service Provider Program. You can now enjoy additional peace of mind when you use Wise to receive payments from Amazon Seller Central.

Easier account closure

Businesses can now close their account without contacting support if they no longer need to use Wise.

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 68 banks and global businesses around the world.

Last quarter, we welcomed new partnerships with global electronic broker Interactive Brokers (IBKR); Singaporean investment platform, moomoo SG, digital banking app for small businesses, Bluevine; and Parpera in Australia.

We added our first banking partnership in Japan with GMO Aozora Net Bank, Ltd- bringing Wise-powered transfer services to more than 80,000 corporate customers.

In another first, we also launched our first partnership in India with IndusInd Bank. Our partnership will give non-resident Indians (NRI) living abroad faster and cheaper international transfers to India, directly in the Indus Fast Remit platform.

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