Wise Silly Money Methodology

The data presented on this page is based on publicly available information and our own research.

All research and methodology is accurate as of 24.09.2025, unless specified otherwise.

The information on this page is intended to illustrate the general state of international money transfers across the traditional banking industry, not to criticise or discredit any individual financial institution.

The banks referenced below are respected, well-established financial institutions that offer comprehensive banking services. The transfer times shown reflect industry-standard practices that have developed over time due to traditional banking infrastructure and regulatory requirements, rather than any deficiency on the part of these institutions.

Sources used for international transaction and transfer data from the UK’s four biggest banks:

• HSBC - Using your card outside the UK
• Lloyds - Costs for using your cards outside the UK
• Barclays - Using your debit card abroad
• NatWest - Spending abroad
• HSBC - Personal Banking terms
• Lloyds - International money transfers
• Barclays - International payments
• NatWest - Sending money abroad

Comparison made on average fees from a group of major UK high street banks this month. Sources last checked on date: 22nd September 2025

Sources used for speed of international transfers from the UK’s four biggest banks:

• HSBC - International payments
• Lloyds - Send money outside the UK or in a foreign currency
• Barclays - I've made an International Payment, when will it be received?
• NatWest - How long will it take for an international payment to arrive?

Comparison made on average fees from a group of major UK high street banks this month. Sources last checked on date: 22nd September 2025

Additional research was conducted by Censuswide, among a sample of 1004 people in the UK who have sent and spent money internationally (e.g. cross currency) in the last 12 months. The data was collected between 29.09.2025 – 06.10.2025. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council.

Findings include:

• A quarter (25%) of Brits surveyed think their bank is slow at processing international payments
• Nearly half (45%)¹ Of Brits surveyed think that banks print their fees and terms very small
• Just under a quarter (24%)¹ said If they are able to find the small print about fees and terms from their bank, they find them very difficult to understand
• Over a third (34%)¹ say they have been surprised about unexpected costs in the past when making an international payment
• Over half (52%)² of Brits surveyed think that the fees their financial provider charges for sending money abroad were hidden and unclear
• Over a third (37%)³ of Brits surveyed are losing up to £50 a year on hidden fees
• Nearly a quarter (23%)¹ of Brits surveyed find their banks app difficult to use for holiday spending
• Over a quarter (27%)¹ feel that their financial provider is still using old-fashioned systems to process payments, with over a third (37%)¹ of 16-24 year olds feeling this the most.
• Nearly a third (30%)¹ feel ​​the international payments service offered by their bank feels behind compared to modern financial apps they use in other areas
• A third (34%)¹ feel that the process of sending money abroad is more complicated than it needs to be
• A quarter (25%)¹ feel that the design and usability of their financial provider’s digital tools feel outdated
• The majority (67%)⁴ of Brits surveyed would switch to a new provider if they could guarantee faster, clearer, and cheaper international payments

1. Combines ‘Strongly agree’ and ‘Somewhat agree’ options

2. Combines ‘Yes – frequently’ and ‘Yes – occasionally’ options

3. Combines ‘Less than £10, please specify in £’ and ‘£10-£50’ options

4. Combines ‘Very likely’ and ‘Somewhat likely’ options

Wise Claims

• In Q2 2025, 70% of our transfers were instant (20 seconds). Transaction speeds depend on individual circumstances.
• Savings claim based on our rates vs. selected British banks and other similar providers in July 2025, learn more here

Other sources used:

• Wise
• Bank of England

For ‘Smallest Small Print’

Hidden fee calculations for the grains of rice are based on the mid-market exchange rate for sending GBP to USD vs the exchange rate offered by various UK financial institutions. Sources last checked on date: 08.10.25.

• See here for comparison table
• More information can be found here on hidden fees charged by UK financial institutions. Sources last checked: July 2025.

Sources for terms used on rice grains include:

• Lloyds
• NatWest
• Nationwide
• Barclays
• American Express

Wise G20 Report

Wise has recently published its second annual G20 Report, assessing progress by the world’s largest economies on two critical building blocks of the G20 roadmap for enhancing cross-border payments: price transparency and direct access for non-bank payment service providers.

This year’s G20 Report finds that progress on price transparency (when foreign exchange fees and markups are clearly labelled) remains uneven. The U.K. now ranks highest among all G20 members on transparency, following new guidance from the Financial Conduct Authority (FCA) requiring FX markups to be clearly disclosed by the industry.

Some banks continue to obscure the true cost of their services by lowering or eliminating upfront fees, only to compensate by increasing foreign exchange (FX) markups.

Many banks continue to hide these fees deep within the Terms & Conditions of consumer contracts, making it difficult for customers to understand the true cost of their transactions. Some providers such as Barclays and Lloyds have begun to move towards greater transparency by calculating and displaying their FX margins as a fee or percentage clearly to the customer. While this information is currently only accessible through tooltips, further enhancing its visibility will help them to achieve a full transparency rating.

You can find the full report here