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Q2 2022 Mission Update.

Read how much closer we got to our mission in March to June 2022.

Our fees.

Our average fee stayed the same.

In Q2, our average fee remained flat at 0.61%.

We lowered fees when you send money to Mexico, Singapore, UAE, and Kenya, or send money from Switzerland, New Zealand, and India.

When you send money to China, we’ve made it more transparent to compare and choose the best option by showing the different fees between recipients on UnionPay, Alipay and Weixin - making most transfers cheaper.

Sadly, all this didn't reduce our average fee because of the higher cost of verifications. This, combined with the higher cost of trading since the war in Ukraine, resulted in increased prices on a number of routes such as sending from GBP and EUR or sending to Poland, Romania or the Czech Republic. This meant that we weren't able to make savings to pass back to customers

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Our speed.

Over 50% of all transfers are now instant.

We hit a big milestone for our speed goal. 51.7% of all transfers arrived in less than 20 seconds in Q2 (compared to 36% this time last year), and 90% arrived in less than 24 hours.

One reason for the boost in Q2 was that we launched some big instant routes in the middle of Q1 from Singapore, and to Brazil and Malaysia. We can now see the impact of these on our overall speed.

In order to speed up the other 50%, we are working to increase the share of transfers that can be delivered instantly in places like India and we will be taking advantage of new local instant networks in Poland and Israel.

We’re also looking for ways to suspend fewer transfers and speed up manual checks that are causing transfer delays.

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Moving money.

What's new?

In Q2, we made sending and receiving money more convenient. In the US and Singapore, you can now pay for your transfer with a click by connecting Wise to your bank account, and we’ve made it much faster to send large amounts (six hours faster in fact).

Not everything was rosy 一 about 400,000 people experienced delays with their transfers, due to the new verification and sanctions checks. We’ve made some progress here already; by the end of Q2, half of the sanctions cases were resolved automatically and 20% of the remaining cases were resolved in 24 hours.

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Wise Account.

What's new?

Last quarter we focused our efforts on making the Wise multi-currency account more convenient to use.

New features from Q2 include: the ability to connect your USD Wise account to third party services like Venmo, automated spending and saving tips to make your arrival in a normal country smoother, a neater transaction screen, and more.

If you’ve got your own ideas for new features, we want to hear them. Submit them to our Mission Roadmap and also feedback on our existing plans.

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Wise Business.

What's new?

We launched digital cards to more of you in the US, and introduced some new features that have been designed to better support your internal business processes such as: spending controls, payment approval options, and making batch payments.

Meanwhile the increased verification checks in Europe resulted in an unusually high number of accounts being suspended. This, combined with the new sanctions, put pressure on our customer support team and resulted in service levels below what you expect from Wise.

Because of this, we made the tough decision to stop onboarding new businesses in some European countries. We are working to reopen these markets for new businesses as quickly as possible.

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Wise Platform.

In Q2, the Wise Platform launched two new features, and partnered up with some exciting names.

Our new SWIFT Receive feature allows financial institutions not connected to the SWIFT network to now receive payments from all over the world via SWIFT using their existing customer account details. The feature also enables financial institutions with an existing SWIFT set up to process these incoming SWIFT transfers more quickly, cheaply and conveniently.

We also now give partners real-time access to payment return reasons. It means our partners can give an even better experience to their customers, when payments bounce back to them.

Additionally, we went live with some exciting new partners, including Monzo Business, Firstbase and our first Turkish partner, Fibabanka.

You can read more about what the Wise Platform team have been up to on our blog.

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Supporting our customers.

What's new?

Our waiting times have been significantly impacted since March due to the growth we're experiencing and the new checks that we’ve added.

During Q2 2022 we've increased the number of agents supporting you by 13% to over 1.000 people - our fastest-growing quarter for the team ever. Not only did we grow the existing teams but we've also opened sites in Tartu, Sofia, Austin and Sao Paulo.

By fixing bugs and giving you the resources you need to self-serve solutions when you experience an issue - we’ve managed to decrease the number of you who need to get in touch with us by 20%.

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platform uptime
99.556%
customers verified < 1 hr
82%
transfers arrived on time
76%
queries answered on time
25%

Join Nothing To Hide and help change the law.

Last year, people and businesses around the world lost £187 billion due to hidden fees in inflated exchange rates. In Q2, we launched a global campaign called Nothing To Hide asking business, government and civil society to pledge to end the lack of transparency that keeps remittance prices artificially high, and makes it impossible for consumers and businesses to accurately compare prices.

Join Nothing To Hide