Wise Fees

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 - you can also get the full rundown of Wise personal fees here.

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.

ServiceWise fee
Open your Wise multi-currency account

Free 


Hold 53 currenciesFree
Get local bank details for 10 currenciesFree
Hold a balance of over 3000 EUR0.07%
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 card

Low fee - around 0.5 % is common for major currencies

Receive money in MYR, GBP, EUR, AUD, NZD, CAD, HUF, SGD, and TRYFree
Receive USD by ACH or bank debitFree
Receive USD by wire4.14 USD
Send international payments

Low currency conversion fee - around 0.5 % is common for major currencies + fixed fee which varies by currency

Send high value international payments

Volume discounts

of up to 0.17% on payments over the equivalent of 100,000 GBP/month (around 540,000 MYR)

GBP, EUR and AUD direct debitsFree
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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 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 1.50 MYR - 2.20 MYR

  • Variable fee: covering the cost of the currency exchange. For major currencies this can be in the region of 0.48% to 0.6% 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
AUD1.89 MYR4.85MYR  (0.49%)6.74 MYR
EUR1,53 MYR4.83 MYR (0.48%)6.36 MYR
INR1.99 MYR5.91 MYR (0.59%)7.90 MYR
JPY7.68 MYR6 MYR (0.6%)13.68 MYR
USD2.32 MYR4.88 MYR (0.49%)7.20 MYR

*Fees correct at time of research 17th May 2022

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 540,000 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 540,000 MYR)0

100,000 - 300,000/month (around 540,000 MYR - 1.6 million MYR)

0.1%

300,000 - 500,000/month (around 1.6 million MYR - 2.7 million MYR)

0.15%

500,000 - 1million/month (around 2.7 million MYR - 5.4 million MYR)

0.16%
1 million+/month (around 5.4 million MYR +)0.17%
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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.

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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.

FAQs

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 (often in the region of 1.50 MYR - 2.20 MYR), covering the costs associated with the transaction, and a variable fee covering the cost of the currency exchange. For major currencies this is typically 0.48% to 0.6% 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.

By Seyma Mektepli
Updated 30 June 2022