Sending money internationally can often feel like navigating a complex web of fees, exchange rates, and potential hidden costs. Wise, formerly TransferWise, has built a reputation for transparency and low fees, making it a popular choice among users who value straightforward, no-nonsense pricing. But what exactly are Wise’s fees, and are there ways to save even more?

In this blog, we'll explain Wise's fees, explore how they impact your transfers, and show you how to maximise every transaction. After all, even small savings can add up over time!

Wise Fees: A Breakdown

Wise’s fee structure is designed to be transparent, but it can still seem intricate at first glance. Here’s a simple breakdown of what you might expect to pay:

Transfer Fees:

• Wise charges a flat fee and a percentage of the transfer amount. The exact amount depends on the currency and the payment method.
• For example, sending £1,000 from the UK to India might incur a fee of £0.26 + 0.51% of the transfer amount, totalling around £5.36. Similarly, sending $1,000 from the US to India would cost $1.84 + 0.62%, totalling around $7.04. These fees are transparent and upfront, with no hidden surprises later on.
• For those who prefer simplicity, some services, like Vance, offer a flat fee model—charging a straightforward £3 per transfer to India—regardless of the amount. This can be particularly appealing if you frequently send more considerable sums and want to avoid percentage-based fees.

Exchange Rates:

• Wise uses the actual mid-market exchange rate without any markup, which means you get the best possible rate. This transparency can lead to significant savings compared to services that add a margin to the exchange rate.
• For those looking to maximise the amount their recipient receives, services like Vance also offer a real-time Google exchange rate, ensuring no hidden costs and maximising the value of your transfer.

Additional Fees:

• Additional fees might apply depending on your payment method. For instance, paying via credit card could result in higher charges, whereas a bank transfer is usually cheaper.
• It’s also important to note that recipient banks might charge their fees, though Wise strives to minimise these by using local transfers where possible. Vance similarly aims to reduce or eliminate extra charges, offering a straightforward and cost-effective option for sending money.

Transparency is key when dealing with international money transfers. While Wise is known for its low fees and excellent exchange rates, exploring alternatives like Vance, which offers zero hidden fees and real-time rates, could help you find the best option for your specific needs.

Why Hidden Fees Matter?

Every penny counts when transferring money internationally, and hidden fees can quickly add up. While Wise is upfront about its costs, the total fee depends on the transfer amount, currency, and payment method, which might catch you off guard if you need attention.

By choosing services like Vance, which emphasises transparency and no hidden fees, you can ensure that more of your money reaches its destination. This can be particularly beneficial for frequent or large transfers, where savings increase.

Experience Transparent Money Transfers with Vance

Say goodbye to hidden fees and enjoy every transfer's real-time Google exchange rate. Whether you’re sending money from the UK, UAE, or major European countries, Vance ensures your recipient receives the maximum amount possible without any surprises. Join over 150,000 users who have saved millions on transfer fees by choosing a service that values transparency and your hard-earned money. 

In Conclusion

When choosing a service for international money transfers, it’s crucial to consider the upfront fees and the overall cost, including any exchange rate markups or additional charges. While Wise offers a competitive and transparent fee structure, exploring alternatives like Vance could provide even more significant savings and simplicity. For those who frequently send money overseas, it’s worth comparing services to find the best fit for your needs and ensure your money goes as far as possible.

Sources

• Wise: https://wise.com/in/
• Wise’s Features: https://wise.com/in/send-money/
• Pricing & Fees: https://wise.com/in/pricing/

Disclaimer 

This content is for general informational purposes only and should not be taken as financial, legal, or professional advice from Vance or its affiliates. While we strive for accuracy, the information may change over time. Vance makes no representations, warranties, or guarantees, whether express or implied, regarding the information's accuracy, completeness, or reliability. The comparison is based on publicly available data and is intended to assist users in making informed decisions. It is not a substitute for professional advice or consultation with financial experts. Please review your region's terms of use and product availability or visit the service provider's website for the latest pricing and service information.

FAQs

Q1. What fees does Wise charge for international transfers?

Wise charges a flat fee and a percentage of the transfer amount, which varies by currency and payment method.

Q2. How are Wise's fees calculated?

Wise's fees are calculated based on the transfer amount, currency, and payment method, ensuring transparency with no hidden costs.

Q3. Are there any hidden fees when using Wise?

Wise prides itself on transparency, with no hidden fees. However, additional charges might arise from your payment method or the recipient’s bank.

Q4. How do Wise's fees compare with other money transfer services?

Wise is known for its competitive pricing. It offers low fees and the real mid-market exchange rate, which often makes it cheaper than many traditional banks.

Q5. What factors can affect the fees you pay with Wise?

Factors include the transfer amount, currency, payment method, and speed.

Q6. How can you minimise fees when transferring money with Wise?

To minimise fees, consider using bank transfers over credit cards and opting for lower-cost transfer options.

Q7. Are Wise's fees the same for all currencies and countries?

No, Wise's fees vary depending on the currency and country, reflecting the costs associated with each transfer corridor.