Wise Fees 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. This guide runs through all you need to know including:

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

What is Wise (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 80+ countries. Read 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.

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TransferWise 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.

ServiceWise fee
Open your Wise multi-currency accountFree for personal customers

Business customers can open an account for free, or pay 31 USD for full feature access

Hold 50+ currenciesFree
Get local bank details for 10 currenciesFree
Order a Wise debit card9 USD for personal customers

5 USD for business customers

Spend currencies you hold using your cardFree
ATM withdrawalsFirst 2 ATM withdrawals up to 100 USD/month: free

After this, a fee of 1.5 USD + 2% applies

Convert a currency using your cardFrom 0.41%
Receive money in EUR, GBP, AUD, NZD, RON, HUF, TRY, CAD & SGDFree
Receive USD by ACH or bank debitFree
Receive USD by wire4.14 USD
Send international paymentsFrom 0.41% currency conversion fee + fixed fee which varies by currency
Send high value international paymentsVolume discounts of up to 0.17% on payments over the equivalent of 100,000 GBP/month

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Wise international money transfer fees

Wise international transfers have a couple of different transparent costs:

  • Fixed fee: covering the fixed costs associated with the transaction. For major currencies this is usually 4.15 USD – 4.31 USD when paying by wire
  • Variable fee: covering the cost of the currency exchange. For major currencies this is typically around 0.47% of the transfer value

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 transfer fees for a few major currencies, when paying by wire transfer as an example:

Sending 1,000 USD toVariable fee (USD)Fixed fee (USD)Total fee (USD)
EUR4.66 USD (0.47%)4.15 USD8.81 USD
GBP4.66 USD (0.47%)4.25 USD8.91 USD
AUD4.66 USD (0.47%)4.25 USD8.91 USD
CAD4.77 USD (0.48%)4.31 USD9.08 USD
SGD4.77 USD (0.48%)4.29 USD9.06 USD

*Fees correct at time of research 30th  January 2023

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Wise currency conversion fee

Currency conversion with low, transparent fees is what Wise does best. Unlike traditional 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 simply hide their fees in 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

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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.

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.

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 payment 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:

Payment volume (GBP)Discount 
Under 100,000/month0
100,000 – 300,000/month0.1%
300,000 – 500,000/month0.15%
500,000 – 1 million/month0.16%
1 million+/month0.17%

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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, under $1,750, sending money via a bank debit is cheapest with Wise.
  • For international money transfers, 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:

Payment method Variable fee (USD)Fixed fee (USD)Total fee (USD)
ACH6.67 USD (0.67%)0.73 USD7.40 USD
Wire4.66 USD (0.47%)4.25 USD8.91 USD
Credit card45.71 USD (4.77%)0.73 USD46.44 USD
Debit card18.12 USD (1.84%)0.73 USD18.85 USD

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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. You can send up to 15,000 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:

Payment value Variable fee (USD)Fixed fee (USD)Total fee (USD)
500 USD3.33 USD (0.67%)0.73 USD4.06 USD
1,000 USD6.67 USD (0.67%)0.73 USD7.40 USD
2,000 USD13.32 USD (0.67%)0.73 USD14.05 USD
5,000 USD33.32 USD (0.67%)0.73 USD34.05 USD

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:

Payment value (USD to GBP)Total fee paying by ACHTotal fee paying by wireWinner
1,000 USD7.40 USD8.91 USDACH
1,500 USD10.72 USD11.25 USDACH
5,000 USD34.05 USD27.62 USDWire

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Wise Multi Currency Account or Borderless Account fees

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 50+ currencies, and the Wise card can be used in 170+ 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 $8.55 for a wire transfer and $6.43 with a bank debit (ACH).
  • To add 1,000 GBP to your GBP account paying with USD it will cost $9.18 for a wire transfer and $7.23 with a bank debit (ACH).
  • To add 1,000 CAD to your CAD account paying with USD it will cost $7.10 for a wire transfer and $4.56 with a bank debit (ACH).

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Wise Account fees for holding money

It’s free to hold money in your Wise account. In fact, you can hold money in 50+ 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 50+ Wise supported currencies, and switch between them whenever you need to within your Wise account. Wise currency exchange fees will apply, which are typically far lower than the fees you’ll be charged by a bank or alternative provider.

As an example, to convert $1000 to Canadian dollars, euros or British pounds either within your account or when you pay with your Wise card it will cost $4.68.

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 80+ 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: 4.99 USD
  • To send $1,000 to a bank account in the UK, funded from your Wise account balance costs: 5.08 USD
  • To send $1,000 to a bank account in Canada, funded from your Wise account balance costs: 5.14 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 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 4.14 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 bank 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 bank details
  • Receive USD by ACH – free with local bank details
  • Receive USD by wire – 4.14 USD fee applies

Wise Debit Card fees

You can get a Wise debit card which lets you spend in 170+ 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 typically far lower 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 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. 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.

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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 traditional bank. However, even some specialist providers might be hiding 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 Wise 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 – 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 TransferWise fees?

Credit card is always the most expensive option to send money overseas, followed by debit card. To avoid Wise 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 $46.44. Debit card increases the cost to $18.85. Choosing a bank debit instead would only cost you $7.40. Pick ACH as your preferred payment method instead of using a credit card, and you could save $39.04 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.

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Make a 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.

Learn more about the Wise promo code and how to use it here.

Make a free transfer with Wise


Wise takes a radically different approach to pricing compared to traditional 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.

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TransferWise Pricing FAQs

How much does Wise charge for international transfers?

Wise transfer fees include a low fixed fee covering the costs associated with the transaction, and a variable fee covering the cost of the currency exchange. For major currencies this is from 0.41% of the transfer value.

What are Wise currency conversion fees?

Currency conversion with Wise uses the real mid-market exchange rate with no markup. All services have low, transparent fees which you can see before you make payment for your transfer.

What are Wise 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 4.15 USD – 4.31 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 typically around 0.47% of the transfer value.

How does Wise 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.

How much does Wise charge to receive money?

There’s no Wise fee to receive money to your Wise account using local account details. For US dollars, it’s free to receive a transfer by ACH, but there’s a 4.14 USD fee to receive a USD wire to your account.

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. Wise Account is free to open. Wise money transfer have varying transfer fees based on the country or currency you’re transferring to.

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.
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Seyma Mektepli
Seyma is an experienced content writer and editor-in-chief at Exiap, delivering informative articles on personal finance, and money transfers.
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Last updated
September 13th, 2023