Wise | Mission updates

April to June 2021 Mission Update.

Money without borders; enabling everyone to move their money across the world - instantly, transparently, conveniently and eventually for free.

What happened last quarter. Watch this update.

Writing to our 10 million customers,

So, how did we do in Q2?

Our average fee dropped to 0.67%: Fees are now lower when you send money from seven of our currencies, or when you send money to 15 of our currencies.
We stayed steady on speed: 38% of all transfers arrived instantly in Q2 (same as Q1).
We (finally!) launched in India: Indian residents to send money to 40+ countries at the real exchange rate, with lower and more transparent fees.
We’re making it more convenient to send money: Nearly 1 million customers opted in to receive money from other Wise customers with just their email address.

Wise | Fees

Eventually free? Here's how we got closer last quarter.

Our average fees dropped to 0.67% 🎉

We got cheaper for 830,000 of customers! In Q2, our average fees dropped by 0.02% to 0.67%. This was because we reduced the cost of our local integrations, built new partnerships and more.

Fees are now lower on 19 currencies. For example, sending 5,000 Euros to Japan used to cost €32.06 and we’ve brought it down to €26.43. Unfortunately, we also needed to increase our fees when sending to Mexico as the cost of using a local partner increased.

Read more on the blog

1. Reducing the cost of local integrations

This means that sending money from Sweden, Norway or sending to the US all now have a lower fee. This is great news for customers sending smaller transactions - on a £1000 transaction, fees across these currencies are now between 2% to 59% lower.

2. Building new partnerships

This investment allowed us to decrease our costs and therefore our fees significantly. On every transaction to Indian Rupees you’ll save INR 362 in fees. Meanwhile in Brazil, on a R$7000 transaction funded from Boleto to USD you’ll save R$34 in fees - an 18% drop.

3. Improving how we manage money internally

In the US and Canada, we got better at decreasing our fraud & chargeback losses, and in Japan we got smarter with reducing the cost of holding your money. This means the fees for a £1,000 transaction are now 9% to 32% lower depending on the currency.

Wise | Speed

Every transfer should be instant. See how we're doing.

38% of all transfers happened instantly (that's under 20secs) 💥

Our speed stats have stayed flat since Q1. We did make some improvements but also faced a few challenges. Specifically, we weren’t prepared enough for bank closures over the Ramadan period which led to some transfer delays. It's something we're working on to make sure we're better prepared for major holiday seasons in the future.

What did we improve? We switched on instant transfers for more banks like Bendigo Bank in Australia. We also improved our speed to several countries in South-East Asia, including Vietnam. Previously 50% of transfers took over 12 hours, now 80% pay-outs happen in less than 20 seconds.

Read more on the blog

1. Support gets faster, 69% answers on time

We responded to 10% more queries within target time frames compared to Q1. 69% of calls, emails, and chats were answered on time. For us, "on time" means calls answered in 15 secs, chats in 60 sec and emails in 15 hours.

2. 53% of businesses onboarded in less than 24hrs

We aim to get businesses verified and using Wise within 24 hours. For 6%, this happens instantly (under 20 secs). In Q1, we were a little faster, with 56% of customers completing verification on the same day.

3. Identity verification remains consistent at 87% under 1 hour

When you sign up for Wise you will need to verify your identity. We want to get this sorted in less than 1 hour. 44% of customers who join us get verified instantly.

Wise | Account

One account to fix international banking. It got better.

Send money with just an email address 📧💸

It's now quicker and easier to send money to other Wise customers. Over 1,000,000 customers have now opted in to receiving money by just sharing their email address.

All Wise users on all devices can opt in to do this by updating their settings. Once set up, all you need is an email address to find the contact on Wise you want to send money to, or just sync your phone contacts with the app.

Read more on the blog

1. Pay bills easier with Direct Debits in Canada

Customers with Canadian Dollars (CAD) local account details can now easily pay bills and recurring payments to any company they want with our Direct Debits feature.

2. Get low balance reminders

Ever been caught with no funds on your account when you’re trying to spend? From now on we’ll remind you to add money to your account when it's below 20 GBP (or equivalent).

3. Only good guys welcome

We're twice as fast at identifying fraudsters than we were in Q1 and our upgraded machine learning helped us to be 40% more accurate. This means it’s even harder for bad guys to use Wise.

4. Easier to get started

New customer in the last quarter? You should have found it easier to access your account details and pay into your account. Since these changes, 10% more customers are using their new accounts within 7 days from signing up.

5. Keep track of your spending

Revamped on Android and launched on iOS, customers can use 'Insights' to see where they’re spending money. Open the Wise app and tap the bar chart on the homepage to see spending by category, currency, and time period.

Wise | Transfer

More convenient to send money at the real exchange rate. Here's how.

You can now send Indian Rupees to more places, for less! 🇮🇳❤️

Now, with Wise, Indian residents can send money from India to 40+ countries at the real exchange rate, and even lower and transparent fees. Sending money from India is up to 3.9x cheaper with Wise, compared to leading banks.

From 1 June 2021 until 31 July 2021, we will donate the equivalent of all proceeds of transfer fees from INR towards COVID-19 relief efforts for India.

Read more on the blog

1. We upped the transfer limit to China

You can now send up to 50,000 Chinese Yuan (previously 31,000 CNY) via Alipay to Chinese recipients.

2. Use Wise to send money to Fiji

Sending money to Fiji? Good news, you can now use Wise to transfer Fijian Dollar at the real exchange rate to mPesa wallets.

3. Easier to send money to Hong Kong

A more convenient way to send HKD! Make a transfer by sending to an email or mobile number, or with a unique FPS (Faster Payment System) ID instead of using complicated bank details.

Wise | Business

Are you a business? Here's how we got better in Q2.

You can set up multiple businesses with just one login 🧑‍💻

If you run more than one business, you now can have a Wise account for each business.

Previously this meant that you needed to sign up with a different email address for each business. Now, you can create an additional business account with your existing login.

Over 800 businesses were contacting us every month for this and, so far, over 1,000 multi business profiles have been created.

1. Quicker and easier to make large transfers

We streamlined our due diligence checks on larger transfers and saved around 1,000 customers from having your funds suspended, which saved you more than 120,000 hours of waiting

2. Find accounting partners quicker

The brand new App Marketplace has made it easier for business customers to find accounting partners. 35% of businesses who visited the App Marketplace have already connected to new partners.

3. Keep things tidy by syncing your 'Jars'

Business customers can now connect/sync Jars transactions to their accountancy software to reconcile those transactions in the same way as their balances.

4. Get account details faster

58% of Wise Business customers now get their new account numbers within 24hrs because we allow you to proactively send documents to be verified ahead of your first transfer.

Wise | Platform

We bring Wise to more people in partner apps.

Wise for Banks is live in Korea 🇰🇷

In Q2, Shinhan Bank (one of the largest banks in Korea), integrated with the Wise Platform.

Thanks to this new integration Shinhan Bank's 11 million customers can now send from USD to 10 different currencies using Wise's fast, convenient and more transparent money transfers.

Read more on the blog

99.9% uptime through Q2

Our average uptime through Q2 was 99.9% - holding steady over the last few quarters. That means there was only an hour or so in the entire quarter where customers couldn't make a transfer.

1. Transfers in Google Pay US

Everyone in the US can now use Wise — right inside the Google Pay app — to send money to friends and family in India and Singapore.

2. Inside EU banking apps

YAPEAL integrated with Wise to enable 10,000 customers to send from Switzerland to 80+ countries. We also worked with Neon to add 20 new currencies for their customers.

3. In North American banking apps

Fortu, a new digital bank focused on internationals in the US sending money home, integrated with Wise. EQ Bank also expanded their integration with Wise to offer transparent international transfers to Canadian customers.

4. Banks & fintechs 'switch on' Wise with Temenos

Over 3,000 banking and financial institutions can now switch on Wise within the Temenos platform to offer international money transfers to retail and business customers.

5. Powering small businesses with Deskera

500,000+ small businesses using Deskera’s cloud based accounting software can now automate the process of making payments abroad.

6. Wise for banks & fintechs with Thought Machine

Thought Machine’s core banking engine, ‘Vault,’ is now using the Wise API to offer banks & fintechs to enable our fast and low-cost international transfers service more efficiently.

Over 10 million trust us to move over £5bn every month.

People use Wise: 10m
Moved every month: £5bn
Saved every year: £1bn
In Wise accounts: £3.7bn