Level up your savings in 2020.

Chee-Xuan Tang
2 minute read

$1.5 billion. That’s how much you — our customers — saved in hidden fees last year. Not bad right? But how much did that really amount to per customer?

As it turns out, quite a lot. If you use TransferWise instead of your bank — you could be making bank. We’ve reached out to each of our customers individually to let them know how much they saved in 2019.

How we calculated individual savings

We love maths. But this time we let market researchers do their thing. They let us know the average fees people pay when they send from their local banks. And then we took how much you spent on our fees, from the average bank fee amount multiplied by the amount of times you sent. Et Voilà, savings galore.

We found that, on average, when you send $250 with TransferWise from:

AUD — it’s 7x cheaper
NZD — it’s 5x cheaper

If you’d like to find out more about how much banks are charging you in hidden exchange rate markups, head over to AU price comparison, NZ price comparison, UK price comparison.

The TransferWise debit Mastercard

Our customers are also saving whenever they tap and swipe abroad. In 2019, we launched our little green card — the TransferWise debit Mastercard — in the US, Australia, New Zealand, and Singapore. So our customers could get the real exchange rate, wherever they spend.

From Kyoto to Kiribati, a beautiful island in the Pacific, it’s great to know that more and more people are getting the real exchange rate when they spend abroad. And it’s been a pleasure to join you all on your journeys.

And for those living their daily-lives or prefer stay-cations, we’re chuffed that you’re using TransferWise for groceries, gifts online, and all kinds of gadgets.

What’s next?

2020 — new decade, same mission. We won’t stop until money is truly borderless. That means the fastest, cheapest, and most convenient transfers possible.

But for now, say no to bank fees and start saving. Order your TransferWise debit card or send money with us — at the real exchange rate.

TransferWise is the smart, new way to send money abroad.

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