Mission Update Q3 2023

WE BELIEVE IN MONEY WITHOUT BORDERS

Mission Update Q3 2023

We're building the best way to move and manage the world's money. This is how we’ve moved our mission since June 2023.

Sending money from Chengdu to Chicago

If you're an expat living in China, we now support Chinese yuan (CNY) transfers from China. If you’re in non-mainland China and working, or have worked, in China, you can use this product to send money. This includes people from Hong Kong, Macao and Taiwan.

It’s fast, convenient, and as fair as ever. Unlike the main alternatives in China, you don’t need to be physically present to set up a transfer. And we’ll ask for fewer documents – that you only need to provide for your first send.

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Boosting balances in Europe

If you’re living in Austria, Denmark, Finland, France, Luxembourg, Netherlands, Spain, Germany, Norway, or Sweden, say hello to our Stocks feature. Stocks gives you the chance to hold your money in a fund that invests in some of the world’s biggest companies, like Apple, Tesla and Microsoft.

And if you’re in Estonia, you can now use our Interest feature to invest in a fund of government-backed assets and get a variable rate on EUR and GBP. Capital at risk. Growth not guaranteed.

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60% of transfers in under 20 secs

In August, we achieved a big milestone and 60% of transfers are arriving in less than 20 seconds and 81% within an hour.

This is because there’s more people using Wise, meaning more of you send money to other Wise accounts - which is instant. We also partnered with new local banks, and made some of our processes more efficient.

Last quarter it got faster to send money from Hong Kong dollars, and to Thai baht, US dollars, Euros, Indian rupee, and New Zealand dollars.

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Fees across the world

We charge as little as we can. When our costs go down so do your fees.

We lowered costs on some routes and passed these savings back to you. It’s now cheaper to send money to Malaysian ringgit, Turkish lira, and Chilean peso.

However, our costs for sending US dollars to USD bank accounts in other countries, and for sending Chinese yuan went up. Which means our average fee crept up to 0.67% from 0.66%.

In 2020, our average fee was 0.72% – that’s a 7% point decrease over a three year period. It might not sound like much, but reducing costs is hard and the investments we make today are intended to help us drop fees faster in the future.

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Fight 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.

Share your hidden fees story with us. How are hidden fees impacting you? Why is it important to you that you know exactly how much you're paying to send money?

Join the fight

Our lowest contact rate ever

Offering a truly convenient product means you can use Wise without hiccups. We measure convenience (or lack of it) by how many of you contact us for support.

In Q3 2023, we made Wise easier to use in a number of ways which meant our contact rate dropped by 6% compared to Q2 2023.

We sped up transfers on routes that were prone to delays, made it easier to submit verification documents, and got better at updating you on transaction progress. But, some of you told us you've been having more problems logging into your account - we'll be focusing on this next.

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Get more from your money

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Step onto the stock market in Europe

With Stocks, you can hold your money in a fund that invests in some of the world’s biggest companies. And you can get started with just 1 EUR. Available in Austria, Denmark, Finland, France, Luxembourg, Netherlands, France, Spain, Sweden, Germany, or Norway. Capital at risk.

Earn a return on EUR and GBP in Estonia

We launched our Interest feature in Estonia so now even more Wise customers can get a return in-line with central bank rates. Variable rates of 3.24% on EUR and 4.69% on GBP. Your money is invested in a fund backed by government assets. Capital at risk, growth not guaranteed. Variable rate is based on 7 day performance as of 16/10/23. For full 5 year performance, please visit our website.

Invest USD in Stocks in Singapore

In addition to our Interest feature, we’ve introduced Stocks in Singapore. Whether you're a personal customer or have a business account, you can open a USD balance, and then hold and grow your money in a fund that invests in some of the world’s biggest companies. All while keeping instant access to up to 97% of your money. Capital at risk.

Get more from your money

Max ease at full speed

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All your money, all in one place

There’s now one place to see: a breakdown of your Wise card spending, how your total balance is broken down into Cash/Wise Interest/Stocks, and your total returns on Interest and Stocks since you started investing.

Find your contacts, fast

Contacts that you’ve recently sent money to, or received money from, can now be easily accessed from your home screen and at the top of your recipient list. We’ve also merged all your contacts into one list, whether they have a Wise account or not.

Request money from your Wise contacts

Personal customers can now request money from their contacts on Wise and get paid instantly and conveniently. Their payers would see the request in their Wise account and pay in just a few taps.

A more transparent verification process

If you try to submit an ID document for verification that we’ve been unable to accept in the past, we’ll now warn you instantly. This way you can use a different document and avoid delays.

Max ease at full speed

Spending, sending, and topping-up

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Apple Pay & Google Pay now available for Malaysian customers

Add your Wise card to your Apple or Google wallet to pay on-the-go without having to reach for your physical card. Wise is the first non-bank in Malaysia to provide this convenience to customers!

Pay QR bills in Switzerland

When you asked for a simpler way to pay QR bills, we took note. Head to the ‘card’ tab in the app, and swipe right to scan a QR bill and pay from your balance.

Top up and fund transfers by QR code

If you have a UK bank account and use Open Banking then you can now login to Wise on your desktop and scan a QR code to fund transfers or top-up your account. No need to remember your bank details or reach for your card reader.

Apple Pay & Google Pay now available for Malaysian customers

Spending, sending, and topping-up

Moving more money from here to there

We believe sending money should be as fast and easy as an email. Here's all the ways we made sending money with Wise better in Q3.

Send money

Expats, send money from China

We now support Chinese yuan (CNY) transfers from China. If you’re in non-mainland China and working, or have worked, in China then you can use this product to send money. This includes people from Hong Kong, Macao and Taiwan.

Receive Canadian dollars via SWIFT

Business and personal users can get SWIFT details to get paid in CAD.

Smoother transfers to Australia

We no longer ask for the recipient's address when sending money to AUD, making it easier to pay people in Australia.

Send money to businesses in Brazil

You can now send up to 10,000 USD, or equivalent, per transfer to businesses in Brazil.

Wise Business

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

It's never been easier to open a business account in Europe thanks to verification updates we've made. For existing customers, you can now complete more actions without getting in touch and download statements in the format you asked us for.

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Change your address without contacting us

You no longer need to contact us to change your address. Simply update your address, and we’ll review it whilst you carry on with business as usual.

Easily fix mistakes in batch files

Batch payments let you create and send multiple payments in one go. Previously, if there was an error in the batch file you uploaded, you’d have to delete it, edit it and re-upload. Now you can fix any mistakes directly.

Invest USD in Stocks in Singapore

In addition to our Interest feature, we’ve introduced Stocks in Singapore. Open a USD balance, then hold and grow your money in a fund that invests in some of the world’s biggest companies. Keep instant access to up to 97% of your money. Capital at risk.

Auto-verification for new accounts in Europe

It’s faster to get your account verified if you're a Limited Company. We’ve integrated with a new partner, and local business registries, to automatically verify some of the details we need to get your account set up. This means you no longer have to wait for us to manually verify the information you’ve given us. We're linked to local registries in France, the UK and Estonia.

Get a single view of your team’s cards

Account 'Admins' can now view, find, and manage all cards linked to the company in a single overview.

Download your statement in excel format

This was the most requested download format. You asked, and we delivered so you can now download your statement in .xlsx.

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 70+ banks and global businesses around the world.

Last quarter, we welcomed our first partner in Saudi Arabia. Saudi Awwal Bank (SAB), a subsidiary of HSBC, will provide Awwal customers with fast, secure and cost-effective solutions for sending and receiving money internationally.

We announced an innovative new collaboration with Swift to increase cross-border payment options for financial institutions and their customers. Our first collaboration is a brand new Correspondent Services product that will transform the way banks are able to leverage Wise’s global payments network.

Our Correspondent Services solution marks a huge milestone in Wise Platform’s mission to open up fast,

low-cost and transparent international payments to the world’s largest financial institutions and their customers.

Wise also now offers our market leading FX conversion proposition for Platform partners who want to receive SWIFT payments in 16 currencies, including EUR, GBP and USD.

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