Mission update Q1 '22
We're building money without borders — making it move faster, more conveniently, and eventually for free. Here's how much closer we got in January to March 2022.
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Our fees.
A slight increase in our average fee.
This quarter, our average fee slightly increased to 0.61% (up from 0.60% in Q4 2021).
We did manage to lower fees when sending money to; UAE, South Africa, Kenya, and Ukraine.
Sadly, this didn't lower our average fee in Q1 as much as we'd have liked due to increased costs in other areas.
Our speed.
49% of transfers are instant — nearly half!
In Q1, we got very close to making 50% of all transfers instant. We fixed local integrations and improved how we work with partners to speed up transfers from Singaporean dollar and Malaysian ringgit. We also launched our instant route to Brazil — after a lot of hard work, we’re really excited to have this live for customers.
Some of our transfers were delayed this quarter (13%, up 2% from last quarter). This was largely due to partner payout delays in Asia, and running some additional compliance checks on customers.
Wise Account.
Wise account and card landed in Brazil
This quarter we launched Wise in Brazil. Personal users can now open a multi-currency account with Wise to hold bank details in 11 different currencies and balances in over 50 currencies. Throw in the Wise card, and customers in Brazil can now also spend in over 200 countries.
Over 130,000 cards have been already ordered by Brazilians and they have saved R$10m (£1.7m) compared to using their bank’s card abroad.
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Sending money.
Pay in with PayPal
PayPal sits firmly in the top five “most requested features” from customers globally. So we got to building it.
Customers can now add money to their Wise accounts or fund transfers directly from their PayPal wallet (or their bank account connected to PayPal).
It's only available for euros now, but keep your eyes peeled for updates.
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Wise Business.
Pay QuickBooks bills with Wise
We launched our new Bills feature. This means QuickBooks customers can now see their unpaid bills and pay them directly from their Wise account.
We’ll even go ahead and mark them as paid in QuickBooks for you as well.
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Wise Platform.
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1. Partnered with Max in Israel
Max customers can now send money from ILS to 32 currencies through the Max app — our first time enabling payments from Israel!
2. Business budgeting with Haslle
Haslle customers can fund transfers without leaving the Haslle app, sending money from EUR/GBP to over 15 currencies.
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3. Investments for Gotrade
Gotrade is one of the fastest growing platforms in Malaysia. Customers can now leverage Wise’s speedy low-cost transfers to maximise their investment in US stocks.
4. Wise SWIFT Connector
We built a no-code way for financial institutions using the SWIFT network to benefit from our speedy, low-fee transfers. Banks can get started by sending a message to the team.
We hate to keep you waiting.
- platform uptime
- 99.96%
- customer IDs verified < 1 hr
- 89%
- transfers arrive in time
- 80%
- queries answered on time
- 52.4%