Closer to Mission 0: transfers are now cheaper for 76% of our customers

Abhishek Choudhari (Abhi)
21.09.20
3 minute read

On the 21st September 2020, we’re taking a step closer to Mission 0. The majority of our customers (76%, to be precise) will see the price of their transfers lower by 15% on average, and in a few cases up to 30%.

You’ll pay lower fees now:

  1. If you send from USD or GBP to anywhere in the world, or
  2. If you send from anywhere in the world to any of these currencies in Asia — INR, THB, IDR, MYR, CNY, PKR, VND, KRW, LKR, or BDT;

For instance:

Send £1,000 to Old fee New Fee Drop
INR 🇮🇳 £5.48 £4.77 ⬇️ 13%
THB 🇹🇭 £7.00 £5.91 ⬇️ 15%
IDR 🇮🇩 £5.21 £3.62 ⬇️ 30%
MYR 🇲🇾 £5.57 £5.22 ⬇️ 9%
PKR 🇵🇰 £9.00 £7.74 ⬇️ 14%
CNY 🇨🇳 £12.66 £11.35 ⬇️ 10%
VND 🇻🇳 £9.97 £7.80 ⬇️ 21%
KRW 🇰🇷 £9.37 £7.85 ⬇️ 16%
LKR 🇱🇰 £8.13 £5.79 ⬇️ 28%
BDT 🇧🇩 £12.37 £8.98 ⬇️ 27%

You can check our pricing page to see how the changes will affect the transfers you make.

One step closer to the mission

Our mission is to make it cheaper to use your money across borders - and on the path to making it eventually free.

These price drops are fundamental in getting us closer to that mission. It doesn’t matter that we’re already 8x cheaper than your bank and already the cheapest way to move money on the planet, we’re not done yet.

We can make these changes as more people and businesses switch from their bank (and PayPal) to TransferWise. As we scale our costs, we’re then able to pass on savings back to you.

For example, when we connect to an instant payment network, we’re able to deliver more of your payments instantly. That means that our product it’s easier and faster to use – it also means it requires less teams to handle and answer your questions. This helps us reduce costs – and prices, too.

These aren't just examples, they are what helped us make transfers cheaper this quarter.

What helped us make transfers cheaper?

More users means greater efficiency. As more of you trust us with sending money abroad, we become more efficient. This helps us to lower the fees when we send money around the world and pass the savings back to you.

Faster transfers means lower operational costs. Earlier this year we made transfers to THB, PKR, LKR and JPY instant, which meant faster money for you and less work for us.

We’re thrilled about these price reductions, and the 15% extra savings for our customers. Yet, it’s only a small step of many more to come towards eventually free.

In the next 12 months we expect millions more customers to benefit from these price drops we did today.

The more people who join the revolution, the faster we can drop prices. Get your friends on board.

Onwards!

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

Find out more

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