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Q4 2022 Mission Update

Our mission is to build money without borders — making it move faster, more conveniently, transparently, and eventually for free. Read how much closer we got to our mission from September to December 2022.

Mission Round-up.

In Q4, 5.8 million of you moved £26.4 billion on Wise.

This Mission Update highlights improvements to Wise in Q4 2022. While our average fee for sending money didn’t get closer to zero, we improved the speed of transfers, and introduced new features for the Wise Account and Wise Business.

You can boost your GBP, Euro, or US dollar balances by holding your money in an interest-earning asset, order biodegradable Wise eco cards, and easily view your total balance to spend across all currencies. We also got even better at spotting and preventing fraud.

Wise Business account holders can now earn 1% cashback in the UK, sync bills with Xero, put their logo on Wise Business cards, and more.

Our fees.

Our average fee increased.

Fees moved in the wrong direction. In Q4, the average fee increased to 0.66% from 0.64% the previous quarter.

This is mainly because the fee increases we had to make in Q3 continue to have an impact.

However, we made some progress towards our goal of being eventually free. It’s now cheaper to send money to Brazil and Mexico. We removed same currency payout fees for Euros, Hungarian forint, Singapore dollars or British pounds on the Wise Account.

Read more about fees
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Our speed.

Over 52% of transfers arrived in less than 20 seconds.

The improvement from 50% instant in Q3 is largely down to two factors. Firstly, we made transfers from Brazil instant when using Pix - which means they’re arriving in less than 20 seconds. Secondly, we got faster at running our security checks and therefore pausing fewer transfers.

In addition, we fixed some issues with our partner in Malaysia to make payments instant again. We sped up transfers to Israel from an average of 48 hours to 6 hours, and to the US from an average of 25 hours to 6 hours. Last but not least, now over 90% of transfers to Mexico arrive in under an hour, and transfers to Poland now take less than 3 minutes, where 65% of these were taking over an hour before.

Read more about speed
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Convenience.

More of you needed to get in touch with us.

When you need to get in touch with our support team, it shows that Wise isn’t as smooth and straightforward yet as it could be.

Unfortunately the number of customers who had to contact us for support increased to 8.9% compared to 8.8% Q3 2022.

This was caused by issues with our documents verification, delays with payout partners and even a database upgrade. Find out below which contact points we're prioritising to fix next.

Read more about convenience
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Moving money.

What's new?

Send money from Singapore with a QR code, reach more wallets in Indonesia and the Philippines. Transfers to China now open to many more Wise customers.

We’re now compatible with more banks in Canada to connect your bank account to Wise, and we simplified the steps to do this.

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Wise account.

What's new?

You can now earn a return on balances if you're based in the UK, easily see how much you have available on the card across multiple currencies, order our brand new white eco cards, and more.

Explore the Wise account
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Wise Business.

What's new?

Wise Business customers can now pay multiple bills through Xero, assign custom roles to your team, and add logos to your cards. We were also able to offer Wise Business again to customers in the Netherlands.

Explore the international business account
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Wise Platform.

We started powering international payments for more banks and global businesses in Q4.

Our partnership with AvidXchange lets their customers pay suppliers globally and reconcile seamlessly - all without leaving the platform.

Wise Platform came to new countries, powering international transfers for ZA Bank in Hong Kong and Wio in UAE.

And we expanded our relationship with Deel - helping their 15,000 customers send money in more currencies when paying employees across the world.

Read more about Wise Platform
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Transparency.

How does your bank hide their fees?

In April 2020, a new European law - the Cross-Border Payments Regulation - forced banks to be more transparent when their customers send money within the EU.

Unfortunately, most banks try to keep the status quo and hide fees in inflated exchange rates. We’ve checked some of the EU’s biggest banks and today, only one big bank is telling customers the truth - ING.

So we need to be even louder to ban hidden fees for all payments. That’s where you come in. Find out how transparent your bank is here and what you can do to help.

Join the fight
:copyright:European Union, 2022

platform uptime
99.94%
customers verified < 1 hr
85%
transfers arrived early or on time
85%
queries answered on time
55%

Join the revolution

We have 278 open roles right now. We’re looking for Product Managers, SEO Specialists, Compliance Leads, and many roles in engineering and support. Come join us.

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