The British island-based financial service provider Wise eliminates such injustices and enables people to transfer money abroad at low cost . Foreign transfers are not only made at transparent, low fees, but only at real exchange rates. Conventional banks cannot keep up with this business model.
Why Wise:
- Cheaper transactions: Financial institutions charge hidden fees of up to 5 percent for international transfers.
- Faster receipt of money: 90 percent of transfers from Great Britain to European countries are completed within 24 hours.
- Trusted financial services provider: Wise moves more than £ 500m worldwide each month, which means £ 22m hidden fee avoidance (hidden fees).
International transfers with Wise cheap & fast
Many banks and other financial institutions often advertise “cheap” or “free” transfers abroad. They mostly forget to mention that the remitter is not offered the real exchange rate for his currency exchange. Instead, the exchange rate set by the bank has to be satisfied. The bank keeps the difference between its own and the real exchange rate to itself. On top of that. The costs often increase due to an additional fixed fee and the recipient usually also has to pay a fee. There are no free bank transfers. With every international transfer , the sender loses an average of 3 percent of his money .
Wise creates all the prerequisites so that consumers no longer have to be offered! With Wise , the sender is guaranteed to receive the real middle rate or exchange rate. This is the course published by Reuters, Google and Yahoo. When transferring money abroad with Wise, there is only a small and transparent fee. The recipient receives the money completely free of charge. Transfer funds are sent from a local bank account of a TransferWise partner bank in the country of dispatch to the recipient bank account on site.
Save fees with Wise / house bank
The fee savings with Wise compared to the house bank depends on the amount of money and the currencies (EUR in USD or GBP in NOK) of the transfer. The best offer can be found by comparing the house bank’s fee and exchange rate with the Wise fee and the real exchange rate . It should be borne in mind here that depending on the bank, the recipient of an international transfer may have to pay an additional fee for receiving the money.
How much does an international transfer with Wise cost?
- The exact fees for a selected currency delivery can be seen on the Wise fees page.
- Wise charges a low fee, using the real exchange rate for the exchange.
- The fee will be deducted from the amount before the actual transfer. Remaining money is exchanged and paid out to the recipient.
- Additional fees may be charged for deposits made with a debit or credit card.
What is meant by the „real“ exchange rate?
There is only a „real“ exchange rate or exchange rate. The middle exchange rate that banks issue usually does not correspond to the real exchange rate! Surcharges are sometimes required for certain transfer volumes.
Important: With Wise, the money sender never gets a worse rate than the real exchange rate . There are no markups and there is no collaboration with brokers. When placing an order, a course limit can be set so that the money is protected from a course decline.
Transfer way via Wise
First, the money is transferred to the Wise bank account in the sender country. Wise pays the transfer amount minus fees to the account in the country of the recipient. The transaction is made using the real exchange rate .
Cooperation between Wise and N26
In 2016 Wise started the cooperation with N26 , the mobile and successful bank from Berlin. N26 has been around since 2015 and already has more than 100,000 customers in Europe. The digital bank account at N26 can be opened in just 8 minutes. The advantage for N26 customers is that they can use Wise conveniently from their mobile account.
Initially, transfers from euros to selected target currencies are possible . The eight currencies include GBP (British Pound), USD (US Dollar), (SK) Swedish Krona, (AUD) Australian Dollars and CHF (Swiss Francs). In the near future, further currencies are to be added to the range. An app for iOS and Android is available for money transfer.
Transfers to Thai baht
What is Wise for Business?
In many ways, our Business account is similar to the Personal account. It lets you send money internationally, open a multi-currency account and get our Mastercard debit card. In addition, businesses can streamline their payments with our batch payment tool and open API.
What are the main business account uses? Paying international invoices for goods and suppliers Receiving payments from marketplaces, e.g. Amazon, Stripe Paying remote employees all over the world.
How much does a Wise business account cost? Free to open an account $30 fixed one-off fee for activating any international account details (just one payment for all 7 currency banking details)
Some of our latest business product releases! Singapore local bank details ?? – business users can get local banking details in several countries (now also in SG$) AUD Direct Debits ?? – to set up bill payments and work with platforms like Stripe or Amazon in AUD (as well as USD, EUR, GBP) Quickbooks Integration ? – add Wise statements to their Quickbooks account for easier accounting