How Wise card fees compare to bank fees for spending abroad

1 minute read

In the US, an independent market research agency (Alderson Consulting) compared Wise to 3 US bank accounts, as well as PayPal. They found that we’re on average 4x cheaper for spending abroad.

The competitor research was collected in June 2022. They looked at data across multiple countries, currencies, and price points to make sure any price claims we make are fair and accurate.

Below you can read more about how the Wise card fees compare to fees from US bank cards and PayPal for spending abroad. The research scope looked at the following debit cards associated with the specified brands:

  • Bank of America Advantage Plus
  • Chase Total Checking
  • PayPal Personal Cash Card
  • Wells Fargo EveryDay Checking

US bank fees vs. Wise

Pay in USD by card from a USD account

Bank of AmericaChasePayPalWells FargoWise
Transaction fee (% of converted amount)3%3%2.5%3%Free

Withdraw cash

Withdraw cash up to 100 USD two or less times per month

Bank of AmericaChasePayPalWells FargoWise
Cash withdrawal fee$5$5$2.50$5Free

How we calculated the savings:

Using the product documentation provided by each of the specified brands, Alderson Consulting identified the cost* to the consumer for spending the equivalent of $500 and $1000 overseas.

*Please note that this does not take into account any margin applied to the Visa or Mastercard exchange rates.

Check Wise card pricing for more details.

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This data was last updated on 21.06.2022. All fees are provided for standard accounts and debit cards.

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

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