How does TransferWise compare to leading banks?

How does TransferWise compare to leading banks?

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: 

Country Banks 
France
BNP Paribas, HSBC, Société Générale
Germany
Deutsche Bank, Postbank, Sparkasse
Spain
BBVA, Caixa, Santander
UK
Barclays, HSBC, Lloyds, NatWest, Santander
Netherlands 
ABN AMRO, ING Direct, Rabobank
 
The research looks at the cost to send money between multiple currencies including AUD, EUR, GBP, INR, and USD. Because we offer over 1,200 different currency combinations, it’s not possible to compare our fees to the banks on every single route and price point. So, we compare the cost of our fees on these 5 currencies because they make up over 70% of the volume of transfers made by our customers.

The research findings


In France, the research found that TransferWise is on average 6x cheaper than leading French banks.

In Germany, the research found that TransferWise is on average 7x cheaper than leading German banks.

In Spain, the research found that TransferWise is on average 13x cheaper than leading Spanish banks.

In the UK, the research found that TransferWise is on average 9x cheaper than leading UK banks.

In the Netherlands, the research found that TransferWise is on average 3x cheaper than leading Dutch banks. 

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

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


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