Mission Update Q3

We're building money without borders — making it move faster, more conveniently, and eventually for free. Here's how much closer we got in July to September 2021.

To our 11 million customers,

Here are the money borders we lowered in Q3.

Fees are now lower for 1.7 million of you: Our average fee dropped from 0.67% to 0.62%. That means better deals on 100s of currency routes.
40% of all transfers arrived instantly: Our fastest yet — and up from 38%.
UK customers can grow their money: Those in the UK can now put their money to work, while still being able to spend and send as normal.
Employees expenses made easier: Your team can now spend directly from the business account and view their own transactions. Within the limits you set, of course.

Becoming cheaper, faster and more convenient.

customers got cheaper fees: 1.7m
transfers arrived <20 secs: 40%
moved in last quarter: £18bn
received into Wise accounts p/m: £2.4bn

Our lowest fees in three years.

Lower fees for 1.7 million of you.

It's now cheaper when you send money from 12 currencies — especially when sending from US dollar or Japanese yen. And, we dropped fees when sending money to 25 currencies — including US dollar, Malaysian ringgit, and Korean won.

We also removed the fee for GBP to GBP transfers for UK customers. That’s 50 fee-free GBP transfers from your GBP balance per month.

We had to slightly increase fees (+0.12%) for sending money to Indonesia. But are working to get it back down.

How did we do it?

1. Managing fluctuations

Exchange rates are ever-fluctuating. So if the exchange rate changes before customers have paid in, we pay the difference. But in Q3, the market was a bit more stable. We got better at managing our risk too, so were able to drop fees.

2. Lowering partner costs

Sending money costs money. So we’re building new partnerships and finding ways to work better with existing partners to drive this cost down. We’re then able to lower our fees for customers.

3. More customers, lower fees

The more people that use Wise, the more it drives down our day-to-day costs — economies of scale and that. We like to pass that goodness back to you by lowering fees.

Sending money should be as fast as an email.

40% of all transfers were instant — faster than ever.

Up from 38% instant (under 20 seconds) last quarter. Here’s how we sped things up:

We got faster at the fraud checks which can cause delays when you send money.
Working with new partners meant 8% more transfers to Asia are instant, and transfers to Brazil can now be instant.
We also sped up direct debit payments from North America, meaning 4% more of these transfers are also instant.

One account to fix international banking.

UK customers can grow their money and keep instant access.

Meet Assets — the potential to grow your money with Wise, while still being able to spend and send as normal.

The first new asset you can choose is stocks. It’s not a stock trading platform, but a place to hold your money in the global stock market. For now, it's only available to UK customers but watch this space!

As with all investment products, be aware your capital is at risk.

Learn more

More improvements we made.

The real exchange rate — now and forever.

Integrations in India means instant transfers.

Sending money to India just got a whole lot faster and more convenient. With the rollout of payouts via UPI, we are enabling Wise customers to send money to India instantly, and without needing to know their recipient’s bank details.

You can now use the UPI (Unified Payment Interface) ID of your recipient in India to transfer money in less than 20 seconds

Learn more

1. Get a preview of your transfer

Get the information you need as quickly as possible. You can now check exchange rates, and compare providers within the Wise app — without signing up or logging in.

2. Transfer larger amounts of USD

You can now send more than 200,000 USD again. We shut this service earlier in the year while we worked on how to increase the speed of these transfers. More currencies coming soon!

3. Online chat for large transfers

Get the support you need with our reopened chat. If you’ve got questions about sending more than 80,000 GBP (or equivalent), reach out to our specialist Customer Service team.

4. Large transfers arrive within 24 hours

There's more good news for large transfers - they got faster. The security checks we do on larger transfers meant they could take up to 5 days to complete, we've streamlined the process and now 90% of transfers are released within 24 hours.

5. Avoid additional fees when sending USD outside of US

Intermediary banks can charge fees when you send US Dollars to accounts denominated in USD outside the US. You can now pay a fixed fee before sending money to avoid this.

Businesses are booming.

Let others make payments for you, while keeping control.

Business account owners can now delegate tasks to their accountants and other team members.

Use the app to assign someone the new 'preparer role' and they can make payments on your behalf. You'll still keep control of the account, and set up any approvals.

What's new for Wise Business.

More Wise power to the people.

1. Monzo powered by Wise x2

You can now save recipient details, so no need to re-enter their info on Monzo every time. You can also set a transfer amount, so the recipient will get an exact amount.

2. Wise for Banks expands in the US

Wise is powering international payments for US neobank Sable — directly from the Sable app.

3. More routes for OnJuno customers

OnJuno customers can now send money directly to India, China, Europe, UK, and the Philippines directly from their account.

4. Testing in Sandbox

New simulation APIs make testing Wise multi-currency account features much easier. So partners can launch their integrations faster.

5. Admins can now link apps

Admin roles (like accountants or finance managers) can link apps to Wise and get their local entity up and running faster.

We hate to keep you waiting.

platform uptime: 99.85%
customers verified < one hour: 84%
queries answered on time: 63%
business accounts set up < 24 hrs: 49%

Check out how we compare to last quarter

Read Q2 Mission Update