Q4 2023

MISSION UPDATE

Q4 2023

Our mission is to build the best way to move and manage the world’s money. And in Q4, we worked even harder, helping customers save £495,100,698*. On top of that, customers and businesses holding their money with us also earned $73.7m (£58m) thanks to governments and central banks paying high interest rates**. Read what else we’ve been up to since October 2023.

Boost your USD balance with Wise Interest in Europe

If you live in Europe, we’ve got big news for your dollars and dimes — in addition to EUR and GBP, you can now boost your USD balance with a variable rate.

To get started, open a USD balance and switch it to Interest to invest your money in a fund of low-risk government-backed assets.

Capital at risk. Growth not guaranteed.

Learn more

Earn interest on EUR and GBP in the US

Based in the US? Our interest feature is boosting more than just USD — you can now earn interest on your EUR and GBP balances too.

If you haven’t already, open a EUR or GBP balance. Then switch on our interest feature to get started, no effort needed.

Not currently available in Alaska or New York. See Program Agreement for details.

Learn more

61% of transfers are now instant

That’s up 1% from Q3 , which means even more of your transfers are now completed in under 20 seconds.

When you send money, we run screening checks to keep it safe, and in Q4, we worked hard to speed them up. We also improved our alerting so that we can see any delays faster, meaning we can fix issues sooner.

And we improved speeds in Sri Lanka, Australia, Indonesia and Thailand helping customers move their money exactly when they need to.

Learn more

Our average fee didn't budge

In Q4, it stayed at 0.67%.

We cut costs for our customers in India. And thanks to some smart changes to our verification process, it’s now cheaper for them to receive money from abroad.

We’ve also adjusted our fees for customers who want to send USD to another USD account abroad. We use the global Swift network for these transfers, and as the cost of this has increased for us, we’ve increased it for our customers too. It’s not the news we’d hoped to share, but we’re looking for ways to bring this cost back down in the future.

Learn more

We’re getting back to work

We want our product to be as convenient as possible. And we measure that convenience by how many of you contact us for support. However in Q4, this went in the wrong direction and more of you needed our help than in Q3.

This was caused by 3 main factors. Firstly, a significant number of you got in touch after we had to change the account details for many who receive USD, and we had to stop issuing Business cards in the US. Secondly, we had more requests for status updates on transfers. And finally, more of you reached out with problems logging in.

So we’re getting back to work to ensure your experience with Wise is hiccup-free.

Learn more

Total transparency from Stockholm to Sydney

In the UK and EU, there are laws that mean banks have to be upfront about their fees. Meanwhile, in Australia, big banks are able to hide fees for international transfers by tweaking their exchange rates. It’s a sneaky move that leaves people and businesses out of pocket.

So we’re always upfront about our fees, law or no law— whether you’re in Sydney, Sidmouth or Stockholm.

Learn more

Do even more in more places

1 2 3 4

Customers in Europe can now grow their USD

Holding USD? With Interest, you can now hold and grow your money in a fund that holds government-guaranteed assets. Available in France, Finland, Luxembourg, Netherlands, Austria, Spain, and Estonia. Capital at risk. The fund has returned an 1.53% annual average over the last 5 years, excluding Wise fees. The current rates do not guarantee future growth and your return may increase or decrease. For full 5 year past performance of funds, please visit our website.

Customers in the US can now boost their EUR and GBP

That’s right. US customers can now earn interest on their EUR and GBP balances, as well as on their USD. Not currently available in Alaska or New York. See Program Agreement for details.

Connect your Monzo account

Add money to your balance from your Monzo account without having to leave the Wise app — just like you can from 10 other banks. Authorise Monzo once and then you’ll be set for one-tap top-ups, whenever you need.

Apple Pay and Google Pay have landed in Canada and Brazil

You can now securely pay with your Wise card anywhere you see the Apple Pay, Google Pay or contactless symbol at checkout.

Customers in Europe can now grow their USD

Customers in the US can now boost their EUR and GBP

Apple Pay and Google Pay have landed in Canada and Brazil

Do even more in more places

Max ease, full speed

1 2 3

Send and receive with Wisetag

With your unique Wisetag link or QR code, you can now quickly and easily receive and request money from other Wise users. And the best part? You can do it for free. To receive money, just share your Wisetag — you’ll find this in the app, just tap your profile picture and then ‘Get your Wisetag’. Other Wise users can then send you money, even if they don’t have your mobile number or account details.

It’s never been easier to move your money

You can now send, add and request money from the home screen of your Wise app. Now that’s what we call max ease.

Filter by card

Carrying more than one card? However you’re using them, whether it’s for groceries, subscriptions or online shopping, you can now view each card’s transactions separately. Making it even easier to track your spending.

It’s never been easier to move your money

Max ease, full speed

New on your homescreen

1 2 3 4

Go incognito with privacy view

Hide your total balance and any sensitive transactions using the privacy view, and keep what you’ve got to yourself. Especially handy if you’re showing off the Wise app.

Tap to learn more about pending transactions

With just a tap, you can now get more information about pending transactions, such as when, where and how the payment was made.

Put a face to your transfers

You asked, we delivered. Now you can see the profile pictures of friends and family who you send and receive money from.

Advance fee warnings

Whether you’re ordering a Wise card, adding to your balance or making a transfer, if you pay for it with your credit card, you’ll now see an advanced warning about any credit card charges you might face.

Tap to learn more about pending transactions

New on your homescreen

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 Q4.

Send money

Say Olá to Brazilian Businesses

Consumers and businesses around the world can now send money directly to Brazilian businesses in 70+ currencies.

Even easier to send USD abroad

Sending USD to another USD account abroad? We’ve now added additional recipient account information checks so your transfers are less likely to bounce back.

Five new banks added for Singapore transfers

We’re simplifying our services in Singapore. You can now add money from Maybank, HSBC, Standard Chartered, ICBC, and Bank of China, directly to your Wise account. Authorise your preferred bank once, then enjoy one-tap top-ups from within the Wise app.

Wise Business

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

Learn more

Max ease for managing your payments

We’ve introduced a new ‘Payments’ tab in our app, so you can now easily manage your incomings and outgoings, all in one place.

Change your business name without contacting us

No need to contact our support team to change your business name. Simply request a change via your details page and we’ll handle it in just a few days.

User approval rules and team spending

You can now set rules for individual team members, instead of everyone in the same role using the same rules. And you can easily check the activity list to see who’s behind each transaction.

Learn about setting up payment approval.

Make batch payments of Japanese yen and Chinese yuan

You can now send JPY and CNY using our batch payments feature.

Fee drop in India

If you’re a business or freelancer in India, it’s now 22% cheaper to get paid in USD, GBP and EUR. All because we dropped variable fees by 0.52% and fixed fees by 10%.

Get ready to receive card payments in the UK and EU

Most businesses in the UK and EU can now accept card payments, making transactions more convenient for everyone.

Selling on Amazon?

With your Wise account, it’s free to receive payments from Amazon. That’s right. No fees. No fuss.

Learn about the account built for your Amazon business.

Wise Platform

Wise Platform empowers banks and large enterprises to move the world's money.

In Q4, we started partnerships with 4 new companies. One of these is Allica Bank, helping UK businesses send money abroad with ease and convenience. We also teamed up with Webexpenses to make managing expenses in different currencies even easier for businesses.

Another exciting partnership is with Agoda, enhancing payment options for travellers globally. And finally, we partnered with Payhawk, integrating our international payment services into their platform.

And in November, we took our banking conference on the road, hosting another Wise Connect event in Singapore. Industry experts across APAC discussed the future of cross-border payments and the importance of speed and transparency.

In December, Steve Naudé, Managing Director of Wise Platform, spoke at FinTech Connect in London about our growth and how we're working towards making money transfers without borders a reality.

Learn more

*Savings estimates are based on the average savings Wise offers compared to all the collected providers we have on the transactions transfer route from 1/10/23 to 31/12/23.

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