Wise Fees & Pricing Explained [2024]

Wise (formerly known as TransferWise) is a specialist in low cost currency exchange, multi-currency accounts, and international money transfers for individuals and businesses. While some providers bundle costs together or hide fees in the exchange rates used, Wise is transparent about pricing so customers only pay for what they need, and always know in advance exactly what the service will cost. Read on to learn more.

Quick summary: Wise transfer fees

You can also get the full rundown of Wise personal fees and Wise business fees here. Let’s get started.

Make a fee-free international transfer with Wise

Check out the Exiap promo code to get a free Wise transfer for new Wise customers. You could send up to 2,000 GBP or the currency equivalent, with no Wise fee to pay:

Wise fees: An overview

Wise fees are structured around 3 key principles – costs are fair, transparent, and progressively being lowered to allow customers to get the best possible value. These commitments mean that Wise doesn’t hide or bundle fees like other providers.

All costs are shown upfront – and while that can be a lot to take in, it does mean you’ll always know exactly what your transaction is costing you.

Here are the key Wise costs you’ll want to know about.

*Fee information correct at time of research – 18th June 2024

Wise money transfer fees

Wise international transfers have a couple of different transparent costs:

• Fixed fee: this covers the fixed costs associated with the transaction and can be around 7 USD for a wire transfer on popular payment routes from the US
• Variable fee: this covers the cost of the currency exchange and can be from 0.33%, with fees of under 0.5% common on many popular routes from the US

The costs you pay do vary a little based on your preferred payment method – ACH and wire tend to be the cheapest options, which we’ll look at in more detail later.

Whichever payment method you pick, you’ll always see the full fee before you confirm the transaction. Here are the Wise international transfer fees for a few major currencies, when paying by wire transfer as an example:

*Fees correct at time of writing, 12th June 2024

Wise currency conversion fees

Currency conversion with low, transparent fees is what Wise does best. Unlike banks and other money transfer services, Wise currency exchange uses the mid-market exchange rate with the conversion fee shown clearly so you can check you’re getting a good deal.

While many banks and money transfer services may claim to offer zero commission, or fee free currency exchange, all that means is that they’re not charging an upfront currency conversion fee. Providers still need to cover their costs, so they tend to add their fees into the rates applied, by adding a margin to the mid-market exchange rate.

These costs get called a lot of different things – but whether it’s described as a margin, a markup or a currency exchange spread, it’s still an extra fee which can be around 3%. It might not sound like much, but it does push up the costs significantly. Here’s how a 3% margin would mount up over a few different transfer values:

• Sending 1,000 USD – the exchange rate markup adds 30 USD to the total
• Sending 5,000 USD – the exchange rate markup adds 150 USD to the total
• Sending 50,000 USD – the exchange rate markup adds 1,500 USD to the total

Wise fees for receiving money

With Wise you can get local account details in 10 currencies, and receive international payments for free using these details. There is a Wise incoming wire transfer fee of 6.11 USD if you want to receive a US dollar wire to your Wise account. However, it’s free to receive a USD ACH transfer.

You’ll be able to get account details for up to 10 currencies, which allow you to receive payments in these currencies fee free as long as you don’t need to convert currencies. There’s also a small fee to receive a USD wire to your account:

• Receive money in EUR, GBP, AUD, NZD, RON, HUF, TRY, CAD & SGD – free with local account details
• Receive USD by ACH – free with local account details
• Receive USD by wire – 6.11 USD fixed fee applies
• Receive CAD by SWIFT – 10 CAD fixed fee
• Receive SWIFT payments in 15 currencies – No Wise fee (correspondent banks may charge fees which are out of the control of Wise, and which can not be refunded)

Which way is the cheapest to pay with Wise?

When you’re sending a payment with Wise from the US you can choose to pay by bank transfer (ACH), bank wire, with a card, or with an existing Wise account balance.

Paying by bank deposit (ACH) or bank wire is usually the cheapest way to pay with Wise for international money transfers from the US.

• For international money transfers, our comparisons showed that under $1,750, sending money via a bank debit is cheapest with Wise.
• For international money transfers, our comparisons showed that over $1,750 sending money through a wire transfer is cheaper with Wise.

At approximately $1,750 the currency conversion fee becomes higher with a bank transfer than with the wire transfer due to the fixed fee costs of a wire transfer.

Here’s a look at the costs of sending a payment of 1,000 USD from the US to the UK, split out by different payment method:

*Fee information correct at time of research – 18th June 2024

Wise ACH Fees

Often you’ll find paying by ACH – also known as bank debit – is the cheapest option to pay for your Wise transfer. If your account is registered in one of Wise’s registered states, Guam, the Virgin Islands or a country outside the US, you can send up to 50,000 USD every 24 hours when you pay by ACH.

Here’s a quick look at the fees you’ll pay for a Wise ACH transfer of different values. Again, we’ll imagine you’re sending money to be deposited in GBP to an account in the UK:

*Fee information correct at time of research – 18th June 2024

TransferWise wire transfer vs ACH

Whether paying by ACH or wire is cheapest will depend on the value of your payment. For higher value payments, wires may work out cheaper overall compared to using an ACH. Wire payments however may be a little slower to be deposited compared to paying with an ACH. Here’s a comparison of a few different payment values and what it’ll cost you to pay with wire vs ACH:

*Fee information correct at time of research – 18th June 2024

TransferWise fee calculator

When you arrange a Wise international transfer online or in the Wise app you’ll be able to instantly see the full cost, the exchange rate available, and the estimated delivery time, using the TransferWise fee calculator.

1. Choose the currency you’re sending to and from
2. Enter the amount you want to send, or how much you want the recipient to get
3. Choose how you’ll pay for the transfer

The Wise fee calculator will show you the variable fee as a percentage and a total, the fixed fee, and the total cost. You’ll also see exactly what your recipient will receive, and when it’s likely to arrive in their account. Take a look at the Wise fee calculator here, to see how much you could save on your international payment.

What is Wise money transfer (formerly known as TransferWise)?

Wise was founded in the UK in 2011, with a mission to make it easier and cheaper to manage money across currencies. Wise offers multi-currency accounts for individuals and businesses, and low cost international transfers to 160+ countries. Read our full Wise review to learn more.

While some providers bundle costs together or hide fees in the exchange rates used, Wise is transparent about pricing so customers only pay for what they need, and always know in advance exactly what the service will cost.

How does TransferWise pricing work?

Wise has disrupted the international payment market with its approach to pricing. Wise’s commitments include:

• Being radically transparent about costs
• Charging as little as possible – and lowering fees over time
• Using fair pricing so you only pay for the services you use

The price you pay with Wise varies based on the service you’re using, how you want to pay, and the currencies involved. However, you’ll always see the full fee upfront, with no sneaky hidden fees to worry about. Learn more about How Wise money transfer works.

Sending large amounts with Wise

Wise is a safe provider to choose for high value international transfers. In fact, you can even get a discount on your costs if you regularly send Wise payments for yourself or your business. Wise high value transfer discounts are automatically applied with no need to pre-arrange the fee.

If you send more than 100,000 GBP a month – or the currency equivalent – you could get an automatic discount of up to 0.17%. While exchange rates change all the time, that could mean you qualify for a discount if you’re sending any amount over around 124,000 USD:

*Fee information correct at time of research – 18th June 2024

Wise Account fees (formerly Borderless Account)

You can open a Wise multi-currency account as an individual or for your business, and get a linked Wise debit card which allows you to spend money internationally without paying high foreign transaction fees. Wise accounts can hold 40+ currencies, and the Wise card can be used in 150+ countries. You can also get local account details for up to 10 currencies, to receive payments fee free.

Fees to add money to Wise Account

The Wise top-up fees you pay depend on how much you want to add, and which currency you’ll pay in.

If you need to convert currencies to deposit them into your Wise account, a small fee will apply. Here are some examples:

• To add 1,000 EUR to your EUR account paying with USD it will cost $9.76 for a wire transfer and $6.66 with a bank debit (ACH).
• To add 1,000 GBP to your GBP account paying with USD it will cost $10.94 for a wire transfer and $8.40 with a bank debit (ACH).
• To add 1,000 CAD to your CAD account paying with USD it will cost $8.51 for a wire transfer and $4.45 with a bank debit (ACH).

Wise Account fees for holding money

It’s free to hold money in your Wise account. In fact, you can hold money in 40+ currencies for free including USD, EUR, GBP and CAD.

Wise conversion fees between balances

If you want to convert from one currency to another, you can do so within your account. Or if you prefer, you can simply use your Wise card for easy spending, and the card’s auto-convert technology will switch your funds to the currency you need for the lowest possible fee.

It’s easy to create a new currency balance for any of the 40+ Wise supported currencies, and switch between them whenever you need to within your Wise account. Wise currency exchange fees will apply, which are often lower than the fees you’ll be charged by a bank or alternative provider.

Fees for sending money from your Wise Account

Once you hold a balance in your Wise account you can use it to send payments to 160+ countries. Here are some examples on the costs of sending money from your Wise account balance:

• To send $1,000 to a EUR bank account in Europe, funded from your Wise account balance costs: 3.90 USD
• To send $1,000 to a bank account in the UK, funded from your Wise account balance costs: 4.34 USD
• To send $1,000 to a bank account in Canada, funded from your Wise account balance costs: 4.17 USD

Wise to Wise transfer fees

There’s no Wise to Wise fee for money transfers between Wise accounts where no currency conversion is required. If you want to send to a Wise account in another currency, there is a small conversion fee.

Wise debit card fees

You can get a Wise debit card which lets you spend in 150+ countries, with no foreign transaction fees to worry about.

You’ll pay a low, one time fee to get your card, and then there are no ongoing Wise card fees at all. Simply top up your Wise account in USD, and your card can convert to the currencies you need with the lowest possible fee, which means that Wise international fees are oftenlower than those you’ll get from your normal bank.

There are a few Wise card transaction fees you’ll want to know about before you get started using your card – let’s look at these in more detail now.

TransferWise card ATM fees

With Wise, you’ll get some free ATM withdrawals every month, no matter where in the world you are. You can find how much is left of your free monthly ATM withdrawal allowance easily in the Wise app, so you’ll always keep on top of your costs.

Here’s how the Wise card ATM fee shapes up:

• The first 2 ATM withdrawals up to the value of 100 USD/month are free.
• After this, a fee of 1.5 USD + 2% of the withdrawal value applies

Wise card international fees

There’s no Wise foreign transaction fee, and it’s free to spend any currency you hold in your account as long as you have enough in your balance to cover the cost of the specific transaction. That means you can either load your Wise account with US dollars and convert to the currency – or currencies – you need, to spend for free later, or you can let the card convert for you at the point of spending. Learn more: Wise card for travel

In either case, you’ll get the mid-market exchange rate and the low conversion fees Wise is famous for.

Does Wise charge transaction fees?

What you pay to use Wise will depend on the services and transaction types you need. Some transactions are free, and for others, there’s a low, transparent fee to pay. Here’s a summary of the most important costs related to transacting with Wise:

• Wise transfer fees: Low fees from 0.33% of the transfer value
• Wise account fees: No ongoing fees, no opening fee for personal customers
• Wise card fees: One time fee to order your card, no ongoing fees
• Wise currency conversion fees: Variable fees from 0.33%
• Wise ATM fees: 2 withdrawals up to 100 USD/month for free, before fees begin
• Wise foreign transaction fees: No foreign transaction fee

Wise foreign transaction fees

Many bank debit or credit cards will charge a foreign transaction fee whenever you spend or make a withdrawal in a foreign currency. The exact costs depends on the card you have, but it’s often about 3% of the value of the transaction. Wise does not have a foreign transaction fee. It’s free to spend any currency you have in your account, and if you need currency conversion you’ll pay a small fee from 0.33%, based on the currencies involved.

How does Wise pricing compare?

Before you choose a provider for your international payment it’s a smart idea to compare a few options, to make sure you’re getting the best available deal.

The good news is that money transfer specialist providers are often cheaper than using a bank. However, even some specialist providers might include a part of their fee in the exchange rate they use. That means you’ll need to look carefully at the overall costs and exchange rates to find the cheapest provider for your payment. Read Wise vs international bank transfer to learn more.

At Exiap you can compare providers transparently, to find the best money transfer service for your needs based on both the fees and exchange rates available.

What determines the TransferWise fees?

3 things determine the total fee you pay with Wise, these are – the amount you send, the way you pay and the exchange rate.

• The amount you send – the more you send the more you pay as it is based on a percentage system. Wise automatically applies discounts for large transfers over the value of 100,000 GBP. Or you can take a look at OFX, which is also known for low fees for higher value transfers
• The way you pay – in our comparisons we discovered that bank debits (ACH) are best for transfers under $1,750 and wire transfers are cheapest for transfers over $1,750. From Wise payment options, the most expensive way to pay is with a credit card, followed by choosing a debit card.
• The exchange rate – that’s the rate you pay to swap one currency for another. It can be easily seen on Google and is known as the market rate or mid market rate. Wise uses the mid-market exchange rate and charges a small conversion fee which is transparently split out from the rate so you can quickly check and compare your costs.

How do I avoid Wise fees?

Credit card is always the most expensive option to send money overseas, followed by debit card. To avoid Wise international transfer fees, you’ll want to avoid these payment methods if you can.

In the example we reviewed earlier about sending $1000 to the UK, with a credit card, the costs increase to $76.65. Debit card increases the cost to $28.24. Choosing a bank debit instead would only cost you $7.48. Pick ACH as your preferred payment method instead of using a credit card, and you could save $69.17 in one money transfer alone!

The easiest way to avoid Wise fees is to pay by bank debit (ACH) for international money transfers under $1,750 or with a bank wire for money transfers over $1,750. Work out how much you will pay in fees with Wise’s pricing calculator.

Conclusion

Wise takes a radically different approach to pricing compared to banks and international money transfer services. You’ll see the full cost of the service you need upfront before you commit, with no hidden charges or exchange rate markups. This can be a lot to take in, but it’s more transparent than bundling costs or hiding a charge in the exchange rate, which is what many other providers do.

Overall, Wise’s low fees and transparent approach to pricing makes it a market beating service for many customers.

TransferWise fees & pricing FAQs

What are Wise international transfer fees?

In our examples we found that Wise’s fixed fee for sending 1,000 USD to a range of different countries was around 7 USD when paying by wire. In addition you pay a small variable fee covering the cost of the currency exchange. For major currencies this is often under 0.5% of the transfer value.

How does Wise pricing compare?

Wise currency conversion and international payments use the mid-market exchange rate and low, transparent fees. This means they’re often among the cheapest – if not the cheapest – provider available.

Is Wise free to use?

There’s no ongoing fees associated with a Wise account, so you just need to pay transaction fees for the services you need.

How much does Wise charge per transaction?

Wises fees vary based on the service you need, how you’re paying and the currencies involved. However, you’ll always be able to see the full cost upfront before you arrange your payment.

Does Wise charge a monthly fee?

No, Wise doesn’t have ongoing monthly or annual fees. A Wise Account is free to open. Wise money transfers have varying transfer fees based on the country or currency you’re transferring to.

Sources:

1. Wise Pricing
2. Wise Business Pricing
3. Receiving fees and adding money to Wise Account

Claire Millard

Author

Claire Millard

Fintech Content Writer

Claire Millard is a content and copywriter with a specialty in international finance. Her work has featured in The Times and The Telegraph, as well as industry magazines and leading personal finance blogs.

Read more

Seyma Mektepli

Reviewer

Seyma Mektepli

Editor-in-chief

Seyma is an experienced content writer and editor-in-chief at Exiap, delivering informative articles on personal finance, and money transfers.

Read more

Last updated

July 17th, 2024