Wise Fees 2024: All you need to know

Wise (TransferWise) takes a radically different approach to international payments and currency exchange compared to banks and traditional money transfer companies. The way Wise charges for services is also different.

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 covers all you need to know about Wise’s fees, how they’re structured, and how they compare.

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.

*Fee information correct at the time of writing - 5th July 2023

TransferWise 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 MYR - the exchange rate markup adds 30 MYR to the total

• Sending 5,000 MYR - the exchange rate markup adds 150 MYR to the total

• Sending 50,000 MYR - the exchange rate markup adds 1,500 MYR to the total

Wise transfer fees

Wise fees can be split into 2 costs:

• Fixed fee: covering the fixed costs associated with the transaction. For major currencies this can be in the region of 2.20 MYR - 2.70 MYR

• Variable fee: covering the cost of the currency exchange. For major currencies this can be in the region of 0.65% to 0.79% of the transfer value

You'll always see the fee upfront before you make your payment. Here are some cost examples for sending 1,000 MYR to some popular major currencies:

*Fees correct at time of writing, 5th July 2023

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. As we mentioned earlier, 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.

Wise high value payment discounts are automatically applied with no need to pre-arrange the fee. That means everyone gets the best possible deal, every time.

If you send more than 100,000 GBP a month - around 590,000 MYR at the time of writing - you could get an automatic discount of up to 0.17%:

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 specialist providers are almost always cheaper than using a traditional bank. However, even some specialist providers hide a part of their fee in the exchange rate they use. That means you’ll need to look carefully at the overall costs to find the cheapest provider for your payment.

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.

You can also check our Wise promo code for free transfer

Wise account and card fees

You can open a Wise account online conveniently and get a linked Wise debit card for convenient spending and withdrawals around the world.

There’s no fee to spend any currency you hold in your account with your Wise card, and there’s no ongoing charge or minimum balance requirement. However, there are fees for some Wise services. Here are some Wise account and card fees you should know about.

Learn more: Wise card review

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.

As an alternative you can add money to Wise in any of the 10 currencies which some with local bank account details fee free (USD can be received free if sent using an ACH - fees apply if you’re sent a wire). Just use the bank details provided to arrange a transfer from your own bank account, or have someone else send you a payment using those details.

Wise account fees for holding money

It’s free to hold money in your Wise account, in any of the 40+ currencies supported for holding and exchange.

Fees for sending money from your Wise account 

If you hold a balance in your Wise account, you can use it to fund a local or international transfer. Funds can be sent to other Wise accounts, or to bank accounts, in any supported currencies. Wise to Wise payments are free if no currency conversion is required. In other cases, low fees may apply which you’ll be shown before you confirm the transfer.

Fees for receiving money into Wise account

With a Wise account you can get local bank details in up to 10 currencies, to get paid conveniently by others. It’s free to receive payments to Wise, only exception is wire transfers into Wise USD account.

Here’s what you need to know:

• Receive money in MYR, GBP, EUR, AUD, NZD, CAD, HUF and SGD: Free

• Receive USD by ACH or bank debit: Free

• Receive USD by wire: 4.14 USD fee

Wise ATM fees

You’ll get some free ATM withdrawals every month, and you can find how much is left of your free monthly ATM withdrawal allowance easily in the Wise app, so you’ll always be able to keep on top of your costs. Once your monthly fee free ATM withdrawal allowance is exhausted, fees apply. Here’s the lowdown:

• First 2 ATM withdrawals up to 1,000 MYR/month: Free

• 3 or more ATM withdrawals, or withdrawals over the value of 1,000 MYR/month: 5 MYR + 1.75% fee

Wise foreign transaction fees

There’s no Wise foreign transaction fee, and it’s free to spend any currency balance you hold in your account. If you’re spending with your Wise card and don’t have enough in the currency you need, the Wise card can automatically convert your funds from the balance that attracts the lowest fees. That means you’ll know you’re getting the mid-market exchange rate and the lowest available Wise fee whenever you spend with your Wise card.

Conclusion

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. For more, read our full Wise review.