UK Price Comparison Research 2023
An independent research team compared Wise to six UK bank accounts, as well as Monzo, Starling, Revolut, PayPal, Xoom, Western Union and Post Office. They...
A dedicated comparison research team in Wise compared Wise to 3 US bank accounts, as well as PayPal, Western Union, Xoom by PayPal, MoneyGram and Remitly.
They found that we’re on average 3x cheaper for spending abroad. Wise is also on average 3x cheaper to send $500 abroad. Our fees to withdraw $500 from an ATM abroad are not significantly cheaper and close to the same price as the compared providers. This is based on the prices offered by Wise US Inc during the research period.
The competitor research was collected in September 2022 during a 5 day period (26/09/2022 - 30/09/2022).
They looked at data across multiple countries, currencies, and price points to make sure any price claims we make are fair and accurate. The data was collected by simulating a transfer using live accounts on the providers website, during standard trading hours and at the same time every day, whenever possible, to ensure consistency across the comparison.
The research scope looked at the following, across BRL, CAD, CNY, EUR, GBP, INR, MXN & PHP, using $500 as the transaction value:
- The cost to send money abroad from an account
- The cost to spend money abroad using a debit card
- The cost to withdraw money abroad from an account via an ATM
The costs collected for sending money abroad are made up of both the foreign transaction fee and any exchange rate markup. The exchange rate markup is a percentage added to the mid-market exchange rate by a provider when they sell you a currency. The costs collected for spending money abroad and withdrawing money abroad from an account via ATM are only made up of foreign transaction fees.
1. Total cost to send $500. Overall, Wise is 3x cheaper.
USD > BRL: Wise is 2x cheaper
USD > CAD: Wise is 4x cheaper
USD > CNY: Wise is 1x cheaper
USD > EUR: Wise is 3x cheaper
USD > GBP: Wise is 3x cheaper
USD > INR: Wise is 2x cheaper
USD > MXN: Wise is 2x cheaper
USD > PHP: Wise is 3x cheaper
2. Fees to spend $500 using a debit card. Overall, Wise debit card is 3x cheaper.
USD > BRL: Wise is 1x cheaper
USD > CAD: Wise is 4x cheaper
USD > CNY: Wise is 2x cheaper
USD > EUR: Wise is 4x cheaper
USD > GBP: Wise is 4x cheaper
USD > INR: Wise is 3x cheaper
USD > MXN: Wise is 3x cheaper
USD > PHP: Wise is 3x cheaper
3. Fees to withdraw $500 abroad via an ATM, using a debit card. Overall, Wise debit card is 1x cheaper.
USD > BRL: Wise is 1x cheaper
USD > CAD: Wise is 1x cheaper
USD > CNY: Wise is 1x cheaper
USD > EUR: Wise is 1x cheaper
USD > GBP: Wise is 1x cheaper
USD > INR: Wise is 1x cheaper
USD > MXN: Wise is 1x cheaper
USD > PHP: Wise is 1x cheaper
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 Wise Payments 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.
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