Why banks charge an extra fee
When you pay for a transfer with your card, your bank identifies the recipient using a special code called a Merchant Category Code (MCC). Some banks consider TransferWise’s MCC as cash advance. Because of this, they charge an extra fee. The bank takes these fees, not us.
What you can do
Before paying for your transfer with a debit or credit card, we recommend you call your bank and ask them if they consider our MCC (4829) as cash advance. You can also ask if they’ll charge an extra fee for this. If they do, it’s up to you to accept the fee or use a different payment method.
You might find information about which MCCs are charged a cash advance fee in the Terms and Conditions of your debit or credit card, too.
What TransferWise can do
If we could do something about cash advance fees, we would. We don’t choose our MCC and can’t change it 一 the decision is with the bank.