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MISSION UPDATE

Q1 2024

Our mission is to build the best way to move and manage the world’s money. And in Q1, we worked even harder, helping customers save £434.96m.* On top of that, customers and businesses holding their money with us also earned $87.7m (£71.2m) thanks to governments and central banks paying high interest rates.** Read what else we’ve been up to since January 2024.
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PROGRESS HIGHLIGHTS

Your money kept moving at full speed

In Q1 2024, 62% of all your transfers were instant, meaning they were completed in under 20 seconds — that’s up from 55% in Q1 2023.***

We improved the speed of international payments through Swift by sending payments to be processed more frequently so that almost 80% of these are now paid out within 30 minutes. A huge increase compared to the under 10% we were at in November.

International payments to Australian dollars are now instant at Westpac, ANZ and more. And in Türkiye, all transfers below 40,000 Turkish lira are now processed instantly 24/7 via the FAST system.
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Our average fees stayed the same at 0.67%

​​We’re committed to fair pricing. And we only want to charge you for the things you use based on what it costs us. So we spent Q1 reviewing our prices to make sure they were as accurate as possible. This means we’ve been able to drop the prices on many of our routes. So it’s now cheaper to send money from popular currencies like Swiss francs and New Zealand dollars as well as to currencies like Australian dollars, euros and US dollars.

However, we also continued investing in scaling our operations and teams around the world to maintain a fast, reliable and safe service. This means our overall costs remained the same globally, and our average global fee remained steady at 0.67%.****
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You can now receive Swift payments in 13 more currencies

Whether you have a personal Wise account or a business one, with your global account details, you can now receive payments in AUD, NZD, SGD, SEK, NOK, DKK, PLN, HKD, CHF, CZK, JPY, HUF and BGN from bank accounts across the world.*****

This is called a Swift payment — it’s when someone in another country sends you a payment in a currency that’s not the same as their local one.

Say, for example, you’re based in Australia. With your global account details, you can now receive Swift payments of Australian dollars from friends, family and businesses abroad. No need for them to have an Australian bank account, they can send you AUD from wherever they are.

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A big win for the US

After years of advocating against hidden exchange fees in the US, our efforts have paid off — the Consumer Financial Protection Bureau (CFPB) has officially labelled extra charges in money transfers as ‘junk fees’ and have ruled out calling them 'free' when hidden charges apply, especially for currency exchange. This is a big step towards making prices transparent and fair.

But we didn't get here alone; we joined forces with consumer and immigration groups, worked closely with political allies, and made our case to regulators and the media.

In the UK, the battle against hidden fees continues. Despite HSBC's introduction of Zing, which aims for transparency, other banks are still disguising fees.
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What’s new on Wise

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 Q1.
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Send the money from your online banking

Send more money to Indonesia

We’ve increased the 490 million Indonesian rupiah limit to 2 billion IDR, meaning you can now send 4x more to Indonesia.

Compare fees for large transfers with ease

When you’re sending large amounts of money, you’ll want to know what it’s going to cost you before you hit send. That’s why we’ve added more data to our comparison table, so you can easily compare prices for transfers of up to 1,000,000 GBP, up to 250,000 USD, and up to 1,000,000 EUR before you hit send. The availability of this data is dependent on the online limits set by providers.

A simple and secure way to pay for your HKD transfers

Sending Hong Kong dollars? There’s an easier way to pay for your transfer from your banking app. You can now add Wise as a recipient using our email: hkd@wise.com. We’ll also provide you with a unique payment reference number (PRF) for your transfer — your bank will use this to confirm it’s Wise you’re sending money to for extra peace of mind.

Smoother manual transfers from Chinese banks

It’s now even smoother to manually transfer money from your Chinese bank when paying for a transfer. When you go to pay, we’ll show you the exact details you need to make the transfer from your bank to us, so there’s no need to search for them.

Send CNY to personal accounts using Alipay

There’s a new way for your business to send CNY to personal accounts: Alipay. Whether you’re making regular salary payments to your employees or one-off service payments to contractors, you can use Alipay to send up to 50,000 CNY per transfer.

An easier way to manage your team members’ permissions

Adding a new team member to your account? You can now set up their payment approvals at the same time. We’ve also redesigned the ‘Team member’ page so that when you select a team member, you can easily see and manage what permissions, access, payment approvals, cards and spending limits they have. This update is currently only available on our website, but we’re working on bringing it to your app soon.

Use Groups to better manage your business expenses

With Groups, admins and employees can separate your business’s finances by specific needs, such as team expenses or vendor payments. Simply create a Group, add money to it, and then choose which team members have access. They can then send or spend that money — all while keeping these transactions separate from your main account. Available in the UK, EEA, Australia, New Zealand, Singapore, Japan, and Canada.

Wise Platform

We’ve partnered with Mox Bank, Standard Chartered’s digital bank, to enable their customers to make quick, low-cost international money transfers directly from the Mox app. This service is now available for transfers to 10 different currencies, making it much easier for people to send money abroad without the usual hassle or high fees.

Our collaboration with Tiger Brokers has taken a new leap. We’ve introduced a debit card that not only offers competitive exchange rates but also rewards users with fractional shares for their spending.

We also announced a partnership with South Korea's cross-border payment company, MOIN. This collaboration aims to provide their customers, both individuals and businesses, with a cheaper, faster and easier international money transfer service through their website or app.

We've also been sharing our insights and exploring the future of international payments at major forums like the EY Payments Forum in London and the Fintech Meetup in Las Vegas.
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*Savings estimates are based on the average savings Wise offers compared to all the collected providers we have on the transactions transfer route from 01/01/24 to 30/03/24.

**Past performance is not an indicator of future performance. For full 5 year past performance of the funds, please visit our website.

***Transaction speed claimed depends on individual circumstances and may not be available for all transactions.

****The price provided is a global average based on a fixed basket of representative currencies as of Q1 2024 and may not reflect specific prices for consumers in their regions. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information accurate pricing information in your region.

*****Product currently not available for US residents.