How is TransferWise so much cheaper than the banks?

It comes down to our internal costs vs. theirs.

Founded on transparency

As Estonians living in London, Taavet and Kristo sent money abroad a lot. But they always got less than they expected. It turned out that while their banks were touting low fees, they were giving them bad exchange rates.

The system wasn't transparent.

Taavet and Kristo started TransferWise to change that. To give people a fair rate – while also charging low fees.

To do those things, they had to build a more efficient way of sending money.

Where our fees go

Finance isn't fair if it's not transparent. Financial institutions should show you where your money goes. For example, when you wire 1,000 USD to EUR with us, here's what you pay for.

Where our fees go

A new way to move money – without the middlemen

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Committed to cutting costs

We've gained a lot of customers, which has brought down our costs – and let us lower our fees. Our goal is to make it completely free to send money internationally.

More about our mission

The TransferWise Story

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Another key to their success - TransferWise has shifted more than £3bn of customers' money since 2011 - is the simplicity of design

Another key to their success - TransferWise has shifted more than £3bn of customers' money since 2011 - is the simplicity of design

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TransferWise takes a machete to the hefty fees that banks levy to send money across borders.

TransferWise takes a machete to the hefty fees that banks levy to send money across borders.

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Encouraging the financial services industry to become more transparent is the raison d’être of TransferWise

Encouraging the financial services industry to become more transparent is the raison d’être of TransferWise

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