How does TransferWise compare to leading banks?

TransferWise
03.09.19
2 minute read

We believe in fairness and transparency. It’s at the heart of everything we do.

So, to make sure we’re building a product that is truly better for our customers, we work with an independent research company to run price-comparison research for us on a regular basis. They look at data across multiple countries, currencies and price points to make sure any price claims we make are fair and accurate.

About the independent research

The research compares us to:

CountryBanks
FranceBNP Paribas, HSBC, Société Générale
GermanyDeutsche Bank, Postbank, Sparkasse
SpainBBVA, Santander
United KingdomBarclays, HSBC, Lloyds, NatWest, Santander
IrelandAllied Iris, Bank of Ireland, Ulster Bank

The research looks at the cost to send and spend €250/£250 between multiple currencies including AUD, EUR, GBP, and USD.

The research looked into the cost, ease, and speed when it comes to bank accounts and exchange rates. This included:

  • The cost to open and keep an account
  • How easy and fast it is to open an account
  • The cost to send money abroad from an account
  • The cost to convert currencies in an account
  • The cost spend money abroad with a debit card

The research findings

In France, the research found that TransferWise is on average:
12x cheaper than leading French banks to send €250,
4x cheaper to spend €250 with a debit card abroad, and
8x cheaper to withdraw €250 from an overseas ATM.

In Germany, the research found that TransferWise is on average:
3x cheaper than leading German banks to send €250,
4x cheaper to spend €250 with a debit card abroad, and
4x cheaper to withdraw €250 from an overseas ATM.

In Spain, the research found that TransferWise is on average:
19x cheaper than leading Spanish banks to send €250,
13x cheaper to spend €250 with a debit card abroad, and
13x cheaper to withdraw €250 from an overseas ATM.

In Ireland, the research found that TransferWise is on average:
8x cheaper than leading Irish banks to send €250,
6x cheaper to spend €250 with a debit card abroad, and
7x cheaper to withdraw €250 from an overseas ATM.

In the UK, the research found that TransferWise is on average:
15x cheaper than leading UK banks to send £250,
9x cheaper to spend £250 with a debit card abroad, and
5x cheaper to withdraw £250 from an overseas ATM.

TransferWise is an electronic money institution, not a bank. Read this FAQ for more details on what that means.

Journalists can learn more about this research by contacting our press team.

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

Find out more
TransferWise News

Why we care about hidden fees

People around the world lose billions every year when they send money internationally. That’s because banks and exchange rate providers can make it hard to...

TransferWise
07.03.19 2 minute read