Our mission to zero fees — an update.

23.10.17
5 minute read

Hi,

When we started TransferWise, we were clear about what we wanted to do: build a better way of sending money internationally. From personal experience, we knew it was a big, broken and greedy system — one that could be better and fairer in every way.

We knew that our banks were marking up the exchange rate. We knew they weren’t being transparent about it. And we wanted to do things differently.

So we promised never to mark up your exchange rate. We charged a transparent fee of 0.5%. And our mission was to make sending money internationally as simple, quick, and cheap as sending an email.

Today, we got one step closer to achieving it.

75% of UK customers will be offered a price drop from today

We’ve done this because it’s the right thing to do — because we can, and because if we don’t take a stand in lowering the cost of sending money internationally, no one else will. You can see all the new prices at the end of this post.

Here’s how we’ve done it...

Firstly, we’ve dropped the percentage fee on nearly all our routes

The first part of your fee is expressed as a percentage of the amount you’re sending. Today, we cut this percentage fee on all but three routes from the UK.

So if you’re sending money from the UK to the Eurozone and Switzerland, your fee dropped from 0.5% to 0.35%. If you’re sending money to America, your fee dropped from 0.5% to 0.4%. And if you’re sending from the UK to Australia, your fee dropped from 0.7% to 0.45%.

And we’ve replaced the £2 minimum fee with a flat transaction fee

There was also a £2 minimum fee on lots of our routes from the UK. It made sending small amounts too expensive, so we got rid of it. Instead, every transfer now has a flat transaction fee, as well as the usual percentage fee.

On lots of routes, the new flat fee is lower than the old £2 minimum. On some, it’s as little as 50p. It should be especially helpful for those of you who make small transfers — overall, they’ll be cheaper.

But it’s not all good news

For those of you making medium-sized transfers, the new flat fee might make them more expensive. We know it’s not the best news. But it is the lowest sustainable fee we can offer at the moment. Plus, it more accurately reflects the real cost of making medium-sized transfers, so it’s fairer.

There’s also bad news for people sending money to Bulgaria, Hong Kong, Turkey, Philippine, Poland and few other countries (see table below). At the moment, our other, busier routes are subsiding these ones. So on January 1st, prices here will increase slightly for most amounts. It will allow us cover our costs, and keep the routes open.

In all cases, we’re committed to getting the cost of your transfers back down as soon as we can. Rest assured that we won’t stop until we’ve managed it.

But we’ve made it easier to avoid card interchange fees

Last year, card providers increased their interchange fee. It went from 50p, to 0.2% on debit cards, and 0.3% on credit cards. And it’s made cards an expensive way to pay.

The increase in interchange fee just isn’t fair. At the moment, we’re in talks with the UK government, and lobbying hard to get it capped to a few pennies (like it is in Spain). In the meantime, we think you should know how to avoid it when you can.

So we’ve given you the option to pay by bank transfer. You’ll avoid the interchange fee, and your transfer will be as cheap as possible. Plus, you won’t be giving an extra fee to your bank, just for the privilege of paying by card.

GBP cheaper than ever

You make TransferWise

The more people that use TransferWise, the cheaper and faster it’ll get. And you can help. Think of your friends, colleagues, in-laws, clients, business partners — whoever you know who moves money between countries. Help them get started on TransferWise by giving them their first transfer for free.

Invite Your Friends

Onwards,

Kristo

Note: When we first published this blog, some of our customers told us it wasn't clear. So we've edited it for clarity.

Routes with the biggest price drops

Currency route
Old fee
New fee
Price decreasing by up to
GBP to EUR 0.5% (min £2) 80p + 0.35% ⬇️ 30%
GBP to USD 0.5% (min £2) 80p + 0.4% ⬇️ 20%
GBP to INR 0.7% (min £2) 50p + 0.55% ⬇️ 21%
GBP to AUD 0.7% (min £2) £1 + 0.45% ⬇️ 36%
GBP to NZD 0.7% (min £2) £1 + 0.55% ⬇️ 21%
GBP to CHF 0.5% (min £2) £1 + 0.35% ⬇️ 30%
GBP to SEK 0.5% (min £2) 80p + 0.4% ⬇️ 20%
GBP to DKK 0.5% (min £2) 80p + 0.4% ⬇️ 20%
GBP to NOK 0.5% (min £2) £1 + 0.4% ⬇️ 20%
GBP to AED 1% (min £2.27) £2 + 0.8% ⬇️ 20%
GBP to CNY 1.5% (min £2.76) £1 + 1.25% ⬇️ 17%
GBP to RUB 1.5% (min £2.62) £1.50 + 0.95% ⬇️ 37%
GBP to MAD 1.5% (min £2.42) £1.50 + 1% ⬇️ 33%
GBP to MXN 1.5% (min £2) £1 + 0.75% ⬇️ 50%
GBP to UAH 5% (min £3.19) £1 + 4.15% ⬇️ 17%
GBP to LKR 1% (min £2) £1.50 + 0.75% ⬇️ 25%
GBP to KRW 1.5% (min £2) £1 + 1.25% ⬇️ 17%
GBP to ILS 1% (min £2) £2+0.8% ⬇️ 20%
GBP to NGN £1 + 0.5% £1 + 0.4% ⬇️ 20%

Routes with price drops for most amounts, as long as you pay by bank transfer

Currency route
Old fee
New fee
GBP to HUF 0.7% (min £2) £1.20 + 0.6%
GBP to CAD 0.5% (min £2) 80p + 0.45%
GBP to BRL 1.5% (min £2.39) £1 + 1.4%
GBP to CZK 0.7% (min £2) 80p + 0.6%
GBP to THB £1.5 + 0.6% £1.50 + 0.55%
GBP to ZAR 0.7% (min £16.35) £12 + 0.65%
GBP to IDR £1 + 0.7% £1 + 0.65%
GBP to BDT £2 + 1.3% £2 + 1.25%
GBP to VND 1.5% (min £3.17) £1.50 + 1.35%
GBP to KES £2 + 0.70% £2 + 0.65%
GBP to PEN 1.5% (min £3) £1 + 1.4%

Routes where we’ll increase price on January 1, but we're committed to dropping it in the future

Currency route
Old fee
New fee
Price sometimes increasing by up to
GBP to PLN 0.5% (min £2) 80p + 0.55% ⬆️ 50%
GBP to BGN 0.7% (min £2) 80p + 0.9% ⬆️ 68%
GBP to HKD 0.5% (min £2) £1.50 + 0.55% ⬆️ 70%
GBP to PHP 1% (min £2.14) £2 + 0.9% ⬆️ 78%
GBP to TRY 1% (min £2) £2 + 0.9% ⬆️ 90%
GBP to RON 1% (min £2) £1 + 0.9% ⬆️ 40%
GBP to GEL 1% (min £2) £1 + 0.95% ⬆️ 45%
GBP to HRK 0.7% (min £2) £1.20 + 0.65% ⬆️ 51%
GBP to PKR 1% (min £2.3) £1.75 + 0.9% ⬆️ 54%
GBP to MYR 0.7% (min £2) £1.50 + 0.6% ⬆️ 58%
GBP to SGD 0.5% (min £2) £1.50 + 0.45% ⬆️ 65%

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

Find out more