Wise Fees 2024: All you need to know

Claire Millard
Şeyma Mektepli
Last updated
25 August 2023

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.

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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 account


Hold 40+ currenciesFree
Get local bank details for 10 currenciesFree
Send international paymentsFees from 0.43%
Order a Wise debit card13.7 MYR for a physical card, virtual cards are free
Spend currencies you hold using your cardFree
First 2 ATM withdrawals up to 1,000 MYR/monthFree
ATM withdrawals over 1,000 MYR/month1.75%
Over 2 ATM withdrawals/month5 MYR/withdrawal
Convert a currency using your cardLow fee which varied based on currencies
Receive money in MYR, GBP, EUR, AUD, NZD, CAD, HUF and SGDFree
Receive USD by ACH or bank debitFree
Receive USD by wire4.14 USD
Send high value international paymentsVolume discounts of up to 0.17% on payments over the equivalent of 100,000 GBP/month

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

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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

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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:

Sending MYR to:Fixed feeVariable feeTotal fee
AUD2.21 MYR6.44 MYR  (0.65%)8.65  MYR
BRL2.19 MYR13.33 MYR (1.35%)15.52 MYR
CAD2.62 MYR7.03 MYR (0.71%)9.65  MYR
CHF2.73 MYR6.83 MYR (0.69%)9.56 MYR
EUR1.88 MYR6.64 MYR (0.67%)8.52 MYR
INR2.23 MYR7.82 MYR (0.79%)10.04  MYR
JPY7.29 MYR7.19 MYR (0.73%)14.48  MYR
NZD2.63 MYR6.54 MYR (0.66%)9.17 MYR
SGD2.87 MYR7.42 MYR (0.75%)10.29 MYR
USD2.16 MYR6.74 MYR (0.68%)8.90 MYR

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

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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. 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%:

Payment volume Discount 
Under 100,000/month (around 590,000 MYR)0
100,000 - 300,000/month (around 590,000 MYR - 1.77 million MYR)0.1%
300,000 - 500,000/month (around 1.77 million MYR - 2.95 million MYR)0.15%
500,000 - 1million/month (around 2.95 million MYR - 5.9 million MYR)0.16%

1 million+/month (around 5.9 million MYR +)

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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 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.

ServiceWise account and card  fee
Open your Wise multi-currency accountFree 
Hold 40+ currencies and get local bank details for 10 currenciesFree
Order a Wise debit card13.7 MYR for a physical card, virtual cards are free
Spend currencies you hold using your card (with enough balance)Free
ATM withdrawalsFirst 2 ATM withdrawals up to 1,000 MYR/month are free. After that, a 5 MYR + 1.75% fee applies per withdrawal
Receive money in MYR, GBP, EUR, AUD, NZD, CAD, HUF and SGDFree
Receive USD by ACH or bank debitFree
Receive USD by wire transfer4.14 USD
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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.

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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

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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.


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.

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How much does Wise charge to transfer money?

Wise has transparent fees you’ll be able to see before you confirm your international money transfer. While the exact costs vary between currencies, and depending on how you choose to pay, Wise money transfer fees start from as low as 0.43%.

How much does Wise cost?

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.

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.

What are Wise transfer fees?

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. You’ll be shown all fees before you confirm your transfer so you can compare them with other services.

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?

You’ll get local bank account details for 10 currencies with your Wise account. It’s free to receive payments using these details in MYR, GBP, EUR, AUD, NZD, CAD, HUF, TRY and SGD. If you want to receive a payment in USD, it’s free if the sender uses an ACH, but there’s a 4.14 USD fee if you’re sent a USD wire.

Is Wise free to use?

There’s no fee to open a Wise personal account and no monthly charges to pay. However, there are Wise transfer and service fees which you’ll pay based on how you use your account.

How much does Wise charge per transaction?

Wise fees are based on the service you need. If you’re sending money overseas, the fees start from 0.43%, and can vary depending on the currencies involved and how you choose to pay.

Does Wise charge a monthly fee?

There’s no monthly fee to use a Wise account - you only pay for the services you need.