Wise (formerly Transferwise), one of the most popular solutions on the market for transferring money to people around the world, has a range of fees to consider.
Creating your account is free, as is getting various important account components, like a UK account number and sort code, or a European IBAN. However, you will need to consider things like exchange rate fees when you’re working with Wise in USD, EUR, GBP, and other currencies.
Some of the fees to consider include:
- Holding more than 15,000 in EUR: 0.40% fee annually
- Ordering a Wise debit card: 5 GBP
- Getting a replacement card: 3GBP
- ATM withdrawals over £200 per month: 1.75%
- Over 2 ATM withdrawals per month: 50p per withdrawal
- USD wire transfers: $7.50
Our Wise Fee Calculator
If you’re confused about the fees associated with Wise, you’re in the right place.
Our fee calculator comes with a user-friendly interface so you can quickly understand how much you’re likely to pay when sending amounts in different currencies. We can offer accurate insights with minimal effort, saving your business a lot of time and money.
With our handy Wise fee calculator, you can determine exactly how much you’re going to spend in USD, EUR, GBP, or any currency you sell in. You can track the expenses of each bank transfer, and whether it costs more to take money from different credit card or debit card providers.
With Wise, there is a small fee to convert any currency, either when you pay with a debit card in a currency you don’t hold in your account, or when you move currencies in your account.
For instance, to send £1,000 in GBP to EUR, you’d pay around £3.49
The pricing changes depending on which currency you send.
For the 1 million people worldwide using Wise, we’ll ensure there are no nasty surprises when it comes to paying monthly or weekly fees for your software.
If you want to learn more about Transferwise (Wise) and the pricing structure it offers, you can check out our full review here, We also have a full Wise guide, where you can learn about the kind of markup costs you might have to pay, and how they compare to solutions from other companies.
What Are you Paying For?
Although you do have fees to pay with Wise, you are getting an opportunity to change money into different currencies at a rate that’s cheaper than PayPal. With PayPal, and similar accounts, you also face various PayPal charges depending on when you get money from another country. The money you spend on Wise (Transferwise) goes towards:
- 12% running costs of offices
- 14% customer support and operations
- 18% margin and developing the brand
- 20% building products
- 36% banking partners
Wise offers some of the more affordable international money transfers if you run a multi-currency account with customers all around the world.