'Tis the Transfer Season, But Which Country is Most Generous?

Every year, millions of people around the world celebrate the Christmas — and all around holiday — spirit with loved ones by gathering to spend time and share gifts of gratitude. At Wise, we’re building money without borders and join children across the globe looking up in the sky as Santa Clause (or commonly known as Papai Noel, Sinterklaas, Noel Baba and Father Christmas) travels the world delivering Christmas cheer.

Excitingly, Wise has seen that holiday gifting is well underway. We analyzed¹ thousands of cross-currency transfers sent by our customers in the first two weeks of December that mention different variations and language translations of the word “Christmas.” Wise found that families and friends around the world are sending each other an average of £156 (~$190²) to celebrate the holidays.

The Season Of Giving is Global

The most generous country this holiday season is stacking up to be The United States, with an average transfer of £204 (~$248), £15 (~$18) higher than Switzerland who ranks second with an average of £189 (~$230) per transfer. By contrast, the smallest, yet still generous, Christmas transfer at Wise comes from the Netherlands, who shared an average £113 (~$137) with loved ones abroad.

Here are the top 10 average Christmas transfer rankings at Wise by country:

Hidden Fees Remain at the Top of the Naughty List

Unfortunately, sending money abroad can still be expensive. Wise recently discovered that among remittances, transfers sent to support family and friends abroad, sent from 12 major G20 countries, nearly $11.6 billion was lost to fees along the way. The average cost to send money abroad from these countries was, including the US, 6.49%, an amount that is double the United Nations Sustainable Development Goal to lower remittances costs to 3% or lower by 2030.

However, fees don’t need to be nearly this high. That’s why the grinch of this Christmas season is the hidden fees charged by money transfer providers in the exchange rate. When sending Christmas cheer to loved ones this holiday season, take a close look at the fees and the provided exchange rate and compare it to the mid-market rate to ensure you’re getting a fair deal. Stay away from “too-good-to-be-true” offers that advertise zero fees. Those who claim to transfer your money for free rarely do so.

Leave hidden fees to other providers this holiday season and let Wise help spread your Christmas cheer abroad this year. With a Wise Account you can easily send money to loved ones with no hidden fees³. Built on transparent pricing and using the mid-market exchange rate, you always know what you're paying.