Money transfers - the hidden billions

Wise

11.11.13 (updated more than 1 year ago)

1 minute read

As our partnership with Oxfam picks up steam and the donations come rolling in, it’s interesting to take a look at just how much money is lost on hidden transfer charges to some of the world’s developing nations.

Oxfam recently posted an infographic (below) that highlights the staggering figures that India, China, Mexico and the Philippines are estimated to lose every year. It’s possible it’s actually worse - they state ‘up to 4% often taken by British banks and traditional money remitters in fees’, when we know it can be anything up to 6%. Wise charges 0.5%, and while we don’t reach all the places on this map quite yet, we’re getting there!

If you would like to help Oxfam fight global poverty, now you can donate 1p out of every £10 you transfer by visiting wise.com/oxfam

You save so much with Wise, so why not give a little to those in need.

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