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How is TransferWise 8x cheaper than a bank?

We believe in fairness and transparency. It’s at the heart of everything we do. 
 
So, to be sure we’re building a product that is truly better for our customers, we asked an independent research company to run a study to compare whether our borderless account is quicker, cheaper and easier to use than high street banks.
 
In January 2018, we commissioned the 3rd party research company Consumer Intelligence to run an independent study comparing our borderless account to 21 bank accounts around the world. Additional data research was conducted in March 2018 and on an ongoing basis since then to ensure accurate and up to date information.
 
The study compare us to:
Country Banks 
Australia
ANZ Bank, Commonwealth Bank
France
BNP Paribas, HSBC, Société Générale
Germany
Deutsche Bank, Postbank, Sparkasse
Ireland
Allied Irish, Bank of Ireland, Ulster Bank
Spain
BBVA, Caixa, Santander
UK
Barclays, HSBC, Lloyds, NatWest, Santander
US
Bank of America, Citibank, HSBC, JP Morgan Chase
 
They researched factors like:
  • Ease: Requirements to open the account
  • Speed: Process to open the account
  • Cost: to open / maintain the account
  • Cost: to send money abroad using the account
  • Cost: to convert currencies in the account
  • Cost: to spend money abroad using the account debit card

The report found that the TransferWise borderless account is cheaper, quicker and easier than all 21 banks in the study, across the board. 
 


Consumer Intelligence Executive Summary


Is the TransferWise borderless account cheaper, quicker and easier? Yes, yes and yes!

Consumer Intelligence conducted this research in January 2018 comparing the TransferWise borderless account to 21 current accounts offerings from banks in the UK, Europe, USA and Australia. Additional data research was conducted in March 2018 and on an ongoing basis since then to ensure accurate and up to date information.

The research criteria addressed the question of whether the TransferWise borderless account is cheaper, quicker and easier than each of the 21 accounts included in the study, in a scenario where a consumer is moving to the country where the bank is located; and needs to send money abroad, receive foreign and domestic payments into their account and make foreign and domestic payments on a debit card.

The research concluded that in comparison to the 21 current accounts included in the study, the TransferWise borderless account is cheaper, quicker and easier for consumers across all categories.

For the UK banks included in the study, the research found that it is on average up to 25x cheaper to use TransferWise to send, spend and receive money in the  amounts of £200 and £1,000 to the USA, Europe or Australia (see page 16 of research report).*

For the Australian and European banks included in the study, the research found that it is on average up to 18x cheaper to use TransferWise.*

For the German banks included in the study, the research found that it is on average up to 92x cheaper to use TransferWise.*
 

Here's a closer look at some of the details. Below, you'll find the cost in GBP for sending, spending, and receiving money with TransferWise borderless and other high street banks in the UK.
Compare the cost (in GBP) TransferWise borderless  Barclays Basic NatWest Select Lloyds Bank Classic
Monthly Account Fees Free  Free Free Free
Send £​​1,000 AUD: £4.60
EUR: £3.50
USD: £4.02
AUD: £27.53
EUR: £27.48
USD: £27.54
AUD: £​44.83
EUR: £​32.25
USD: £​44.82
AUD: £​41.67
EUR: £​41.64
USD: £​41.71
Spend £1,000 overseas AUD: £​4.50
EUR: £​3.50
USD: £​4.00
AUD: £32.40
EUR: £32.30
USD: £31.20
AUD: £32.25
EUR: £38.30
USD: £31.20
AUD: £35.30
EUR: £41.20
USD: £34.10
Withdraw £​1,000 abroad AUD: £​16.00
EUR: £​16.00
USD: £16.00
AUD: £33.90
EUR: £39.80
USD: £32.70
AUD: £52.40
EUR: £58.30
USD: £51.20
AUD: £36.30
EUR: £42.40
USD: £35.10
Receive £​1,000 equiv. in AUD, EUR, USD multi-currency account Free AUD: £6.00
EUR: Free
USD: £6.00
Not possible Not possible


We're up to 92x in Germany, too. Below, you'll find the cost in EUR for sending, spending, and receiving money with TransferWise borderless and other German high street banks.
 
Compare the cost (in EUR) TransferWise borderless  Deutsche Bank
Das Junge Konto​
Postbank
Giro Direkt
Sparkasse 
Advantage Plus​
Monthly Account Fees Free  Free Free Free
Send €250 AUD: €1.75
USD: €1.25
AUD: €13.38
USD: €12.24
AUD: €11.80
USD: €8.74
AUD: €10.92
USD: €10.27
Spend €250 overseas AUD: 1.75
USD: 1.25
AUD: €6.25
USD: €3.05
AUD: €6.88
USD: €3.67
AUD: €6.75
USD: €3.55
Withdraw €​250 abroad AUD: -
USD: €0.06
AUD: €8.24
USD: €5.04
AUD: €8.24
USD: €5.04
AUD: €9.75
USD: €6.55
Receive €250 equiv. in AUD or USD multi-currency account Free AUD: 5.50
USD: 5.50
Not possible AUD: 10.00
USD: 10.00
 

*This statement reflects a comparison of TransferWise average total cost for each transaction against the average of all specified competitors’ total costs.  The x cheaper value is the highest value across all three transaction types

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