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.
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...
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%.
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.
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.
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.
Note: When we first published this blog, some of our customers told us it wasn't clear. So we've edited it for clarity.
|Currency route||Old fee||New fee||Price decreasing by up to||See details|
|GBP to EUR||0.5% (min £2)||80p + 0.35%||⬇️ 30%||View details|
|GBP to USD||0.5% (min £2)||80p + 0.4%||⬇️ 20%||View details|
|GBP to INR||0.7% (min £2)||50p + 0.55%||⬇️ 21%||View details|
|GBP to AUD||0.7% (min £2)||£1 + 0.45%||⬇️ 36%||View details|
|GBP to NZD||0.7% (min £2)||£1 + 0.55%||⬇️ 21%||View details|
|GBP to CHF||0.5% (min £2)||£1 + 0.35%||⬇️ 30%||View details|
|GBP to SEK||0.5% (min £2)||80p + 0.4%||⬇️ 20%||View details|
|GBP to DKK||0.5% (min £2)||80p + 0.4%||⬇️ 20%||View details|
|GBP to NOK||0.5% (min £2)||£1 + 0.4%||⬇️ 20%||View details|
|GBP to AED||1% (min £2.27)||£2 + 0.8%||⬇️ 20%||View details|
|GBP to CNY||1.5% (min £2.76)||£1 + 1.25%||⬇️ 17%||View details|
|GBP to RUB||1.5% (min £2.62)||£1.50 + 0.95%||⬇️ 37%||View details|
|GBP to MAD||1.5% (min £2.42)||£1.50 + 1%||⬇️ 33%||View details|
|GBP to MXN||1.5% (min £2)||£1 + 0.75%||⬇️ 50%||View details|
|GBP to UAH||5% (min £3.19)||£1 + 4.15%||⬇️ 17%||View details|
|GBP to LKR||1% (min £2)||£1.50 + 0.75%||⬇️ 25%||View details|
|GBP to KRW||1.5% (min £2)||£1 + 1.25%||⬇️ 17%||View details|
|GBP to ILS||1% (min £2)||£2+0.8%||⬇️ 20%||View details|
|GBP to NGN||£1 + 0.5%||£1 + 0.4%||⬇️ 20%||View details|
|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%|
|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%|
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