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Wise drops prices on international transfers from UK up to 47%
Wise (LON: WISE), the global technology company building the best way to move money around the world, has dropped prices by up to 47%, on international transfers from the UK to 18 countries including the United States, Turkey, Poland and Croatia.
This latest announcement comes as part of a global price drop where 52% of Wise customers around the world will enjoy lowered transfer fees. When sending the equivalent of £1,000, the transfer price can drop between 6% to 70%, depending on the route.
Wise Account and Wise Business users in the UK, as well as customers of the Wise Platform like Monzo, will benefit from lower transfer costs when sending money internationally. On average it now costs 14% less when sending £1,000 from the UK on affected routes.
The new price drops are made possible by more volume flowing through Wise as well as improvements in Wise’s operational costs. Today, 10 million people and businesses use Wise, which processes over £5 billion in cross-border transactions every month, saving customers over £1 billion a year.
|
Send £1,000 to |
Old Fee |
New Fee |
Drop |
|
United States |
£4.16 |
£3.84 |
|
|
Canada |
£4.19 |
£3.90 |
|
|
Poland |
£4.85 |
£4.25 |
|
|
Turkey |
£7.33 |
£6.61 |
|
|
Hungary |
£4.30 |
£3.97 |
|
|
Romania |
£5.22 |
£4.33 |
|
|
Bulgaria |
£5.34 |
£4.31 |
|
|
Croatia |
£10.44 |
£5.52 |
|
7.7%
*Example for sending £1,000 to a currency using “Low Cost Transfer”
Lars Trunin, Head of UK Product at Wise:
“When it comes to international payments, people and businesses continue to pay high costs because exchange rate markups charged by banks and other providers aren’t disclosed upfront.
As Wise continues to grow around the world, more money flows through our infrastructure, allowing us to find efficiencies across various parts of the business. This means that we can reduce our own operational costs and pass those savings back to our customers in the form of cheaper and faster transfers.
Our mission has always been to make sending money instant, convenient, transparent and eventually free, and today with this price drop we take yet another step closer to achieving that mission.”
For more information on the new pricing, customers can use this page.
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