US price comparison research

Wise
02.07.21
4 minute read

An independent researcher compared Wise to 3 other US bank accounts, PayPal, Western Union and Moneygram. They found that we are on average 6x cheaper for spending abroad. And our fees to withdraw $500 from an ATM are on average 3x cheaper. Wise is also on average 3x cheaper to send $500 and $1,000 abroad.

Research methodology

The competitor research was collected in March 2021. They look at data across multiple countries, currencies and price points to make sure any price claims we make are fair and accurate.

The research looks at the cost to send and spend $500 and $1000 between multiple currencies including CAD, EUR, GBP, INR, and USD.

The research looked into the cost, ease, and speed when it comes to bank accounts and exchange rates. This included:

  • The cost to open and keep an account
  • How easy and fast it is to open an account
  • The cost to send money abroad from an account
  • The cost to convert currencies in an account
  • The cost to spend money abroad with a debit card

^The costs collected are made up of both the foreign transaction fee and any exchange rate mark up.

The different fees recorded for this price comparison include:

The research and results

Fees to make a $500 POS using a debit card

USD → GBP: Wise debit card is 7.1x cheaper

  • Chase Total Checking: $15
  • Wells Fargo Everyday Checking: $15
  • Bank of America Advantage Plus Banking: $15
  • Wise: $2.10

USD → EUR: Wise debit card is 7.1x cheaper

  • Chase Total Checking: $15
  • Wells Fargo Everyday Checking: $15
  • Bank of America Advantage Plus Banking: $15
  • Wise: $2.10

USD → MXN: Wise debit card is 4.8x cheaper

  • Chase Total Checking: $15
  • Wells Fargo Everyday Checking: $15
  • Bank of America Advantage Plus Banking: $15
  • Wise: $3.15

USD → CAD: Wise debit card is 6.8x cheaper

  • Chase Total Checking: $15
  • Wells Fargo Everyday Checking: $15
  • Bank of America Advantage Plus Banking: $15
  • Wise: $2.20

USD → INR: Wise debit card is 6x cheaper

  • Chase Total Checking: $15
  • Wells Fargo Everyday Checking: $15
  • Bank of America Advantage Plus Banking: $15
  • Wise: $2.50

Fees to make a $1,000 POS using a debit card

USD → GBP: Wise debit card is 7.1x cheaper

  • Chase Total Checking: $30
  • Wells Fargo Everyday Checking: $30
  • Bank of America Advantage Plus Banking: $30
  • Wise: $4.20

USD → EUR: Wise debit card is 7.1x cheaper

  • Chase Total Checking: $30
  • Wells Fargo Everyday Checking: $30
  • Bank of America Advantage Plus Banking: $30
  • Wise: $4.20

USD → MXN: Wise debit card is 4.8x cheaper

  • Chase Total Checking: $30
  • Wells Fargo Everyday Checking: $30
  • Bank of America Advantage Plus Banking: $30
  • Wise: $6.30

USD → CAD: Wise debit card is 6.8x cheaper

  • Chase Total Checking: $30
  • Wells Fargo Everyday Checking: $30
  • Bank of America Advantage Plus Banking: $30
  • Wise: $4.40

USD → INR: Wise debit card is 6x cheaper

  • Chase Total Checking: $30
  • Wells Fargo Everyday Checking: $30
  • Bank of America Advantage Plus Banking: $30
  • Wise: $5

Fees to withdraw $500 using a debit card every month

USD → GBP: Wise debit card is 3.1x cheaper

  • Chase Total Checking: $20
  • Wells Fargo Everyday Checking: $20
  • Bank of America Advantage Plus Banking: $20
  • Wise: $6.48

USD → EUR: Wise debit card is 3.1x cheaper

  • Chase Total Checking: $20
  • Wells Fargo Everyday Checking: $20
  • Bank of America Advantage Plus Banking: $20
  • Wise: $6.48

USD → MXN: Wise debit card is 2.7x cheaper

  • Chase Total Checking: $20
  • Wells Fargo Everyday Checking: $20
  • Bank of America Advantage Plus Banking: $20
  • Wise: $7.53

USD → CAD: Wise debit card is 3x cheaper

  • Chase Total Checking: $20
  • Wells Fargo Everyday Checking: $20
  • Bank of America Advantage Plus Banking: $20
  • Wise: $6.58

USD → INR: Wise debit card is 2.9x cheaper

  • Chase Total Checking: $20
  • Wells Fargo Everyday Checking: $20
  • Bank of America Advantage Plus Banking: $20
  • Wise: $6.88

Fees to send $500 using Wise

On average it's 3x cheaper to send money internationally with Wise compared to competitors, Chase, Bank of America, Moneygram, Western Union and PayPal.

USD → CAD: Wise is on average 4.1x cheaper than competitors

  • Wise upfront fee: $4.91
  • Wise exchange rate mark up: $0
  • Average competitor upfront fee: $3.33
  • Average competitor exchange rate mark up: $16.97

USD → EUR: Wise is on average 3.6x cheaper than competitors

  • Wise upfront fee: $4.56
  • Wise exchange rate mark up: $0
  • Average competitor upfront fee: $2.50
  • Average competitor exchange rate mark up: $13.90

USD → GBP: Wise is on average 3.9x cheaper than competitors

  • Wise upfront fee: $4.57
  • Wise exchange rate mark up: $0
  • Average competitor upfront fee: $2.50
  • Average competitor exchange rate mark up: $15.27

USD → INR: Wise is on average 2.2x cheaper than competitors

  • Wise upfront fee: $5.10
  • Wise exchange rate mark up: $0
  • Average competitor upfront fee: $2
  • Average competitor exchange rate mark up: $8.98

USD → MXN: Wise is on average 2.1x cheaper than competitors

  • Wise upfront fee: $6.42
  • Wise exchange rate mark up: $0
  • Average competitor upfront fee: $1.67
  • Average competitor exchange rate mark up: $11.80

Fees to send $1,000 using Wise

On average it's 3x cheaper to send money internationally with Wise compared to competitors, Chase, Bank of America, Moneygram, Western Union and PayPal.

USD → CAD: Wise is on average 3.8x cheaper than competitors

  • Wise upfront fee: $8.85
  • Wise exchange rate mark up: $0
  • Average competitor upfront fee: $2.50
  • Average competitor exchange rate mark up: $31.30

USD → EUR: Wise is on average 3.2x cheaper than competitors

  • Wise upfront fee: $8.31
  • Wise exchange rate mark up: $0
  • Average competitor upfront fee: $1.67
  • Average competitor exchange rate mark up: $25.17

USD → GBP: Wise is on average 3.6x cheaper than competitors

  • Wise upfront fee: $8.32
  • Wise exchange rate mark up: $0
  • Average competitor upfront fee: $1.67
  • Average competitor exchange rate mark up: $27.92

USD → INR: Wise is on average 2x cheaper than competitors

  • Wise upfront fee: $9.28
  • Wise exchange rate mark up: $0
  • Average competitor upfront fee: $1
  • Average competitor exchange rate mark up: $17.96

USD → MXN: Wise is on average 2.1x cheaper than competitors

  • Wise upfront fee: $11.51
  • Wise exchange rate mark up: $0
  • Average competitor upfront fee: $1.67
  • Average competitor exchange rate mark up: $22.82

Monthly account fees

  • Chase Total Checking: $12.00
  • Wells Fargo Everyday Checking: $10.00
  • Bank of America Advantage Plus Banking: $12.00
  • PayPal: $0
  • MoneyGram: $0
  • Western Union: $0
  • Wise: $0

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

Wise is the smart, new way to send money abroad.

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