US price comparison research

TransferWise
05.14.19
6 minute read

An independent researcher compared TransferWise to five other US bank accounts and PayPal. They found that we’re up to 4x cheaper for spending abroad. And our fees to withdraw $250 from an ATM are on average 6x cheaper. TransferWise is also on average 10x cheaper to keep an account open each month, and 12x cheaper to send $250 and 7x cheaper to send $1,000 abroad.

Research methodology

The competitor research was collected in April 2019 by market research agency Consumer Intelligence, together with TransferWise. The data was ascertained via a series of transfers carried out by Consumer Intelligence and partners in various geographies.

The different fees recorded for this price comparison include:

  • Cost^ of $250 and $1,000 USD point of sale (POS) transaction (this is when your card is swiped at a register or machine at a store or restaurant)
  • Cost^ to withdraw $250 USD from an ATM abroad in another currency every month
  • Cost^ to send $250 and $1,000 USD abroad
  • Monthly account fees

^The costs collected are made up of both the foreign transaction fee and any exchange rate mark up.

Research took place on transfers from USD to GBP, EUR, AUD, MXN, CAD, and INR routes. The companies compared were Chase, Citibank, HSBC, Wells Fargo, Bank of America, PayPal, and TransferWise.

The research and results

Fees to make a $250 POS using a debit card

USD → GBP: TransferWise debit Mastercard is 4.6x cheaper

  • Chase Total Checking: $7.50
  • Citibank Simple Checking: $7.50
  • HSBC Choice Checking: $7.50
  • Wells Fargo Everyday Checking: $7.50
  • Bank of America Advantage Plus Banking: $7.50
  • TransferWise debit Mastercard: $1.62

USD → EUR: TransferWise debit Mastercard is 4.6x cheaper

  • Chase Total Checking: $7.50
  • Citibank Simple Checking: $7.50
  • HSBC Choice Checking: $7.50
  • Wells Fargo Everyday Checking: $7.50
  • Bank of America Advantage Plus Banking: $7.50
  • TransferWise debit Mastercard: $1.62

USD → AUD: TransferWise debit Mastercard is 4.6x cheaper

  • Chase Total Checking: $7.50
  • Citibank Simple Checking: $7.50
  • HSBC Choice Checking: $7.50
  • Wells Fargo Everyday Checking: $7.50
  • Bank of America Advantage Plus Banking: $7.50
  • TransferWise debit Mastercard: $1.62

USD → MXN: TransferWise debit Mastercard is 3.7x cheaper

  • Chase Total Checking: $7.50
  • Citibank Simple Checking: $7.50
  • HSBC Choice Checking: $7.50
  • Wells Fargo Everyday Checking: $7.50
  • Bank of America Advantage Plus Banking: $7.50
  • TransferWise debit Mastercard: $2.02

USD → CAD: TransferWise debit Mastercard is 4.1x cheaper

  • Chase Total Checking: $7.50
  • Citibank Simple Checking: $7.50
  • HSBC Choice Checking: $7.50
  • Wells Fargo Everyday Checking: $7.50
  • Bank of America Advantage Plus Banking: $7.50
  • TransferWise debit Mastercard: $1.82

USD → INR: TransferWise debit Mastercard is 3.8x cheaper

  • Chase Total Checking: $7.50
  • Citibank Simple Checking: $7.50
  • HSBC Choice Checking: $7.50
  • Wells Fargo Everyday Checking: $7.50
  • Bank of America Advantage Plus Banking: $7.50
  • TransferWise debit Mastercard: $1.99

Fees to make a $1,000 POS using a debit card

USD → GBP: TransferWise debit Mastercard is 4.6x cheaper

  • Chase Total Checking: $30.00
  • Citibank Simple Checking: $30.00
  • HSBC Choice Checking: $30.00
  • Wells Fargo Everyday Checking: $30.00
  • Bank of America Advantage Plus Banking: $30.00
  • TransferWise debit Mastercard: $6.48

USD → EUR: TransferWise debit Mastercard is 4.6x cheaper

  • Chase Total Checking: $30.00
  • Citibank Simple Checking: $30.00
  • HSBC Choice Checking: $30.00
  • Wells Fargo Everyday Checking: $30.00
  • Bank of America Advantage Plus Banking: $30.00
  • TransferWise debit Mastercard: $6.48

USD → AUD: TransferWise debit Mastercard is 4.6x cheaper

  • Chase Total Checking: $30.00
  • Citibank Simple Checking: $30.00
  • HSBC Choice Checking: $30.00
  • Wells Fargo Everyday Checking: $30.00
  • Bank of America Advantage Plus Banking: $30.00
  • TransferWise debit Mastercard: $6.48

USD → MXN: TransferWise debit Mastercard is 3.7x cheaper

  • Chase Total Checking: $30.00
  • Citibank Simple Checking: $30.00
  • HSBC Choice Checking: $30.00
  • Wells Fargo Everyday Checking: $30.00
  • Bank of America Advantage Plus Banking: $30.00
  • TransferWise debit Mastercard: $8.06

USD → CAD: TransferWise debit Mastercard is 4.1x cheaper

  • Chase Total Checking: $30.00
  • Citibank Simple Checking: $30.00
  • HSBC Choice Checking: $30.00
  • Wells Fargo Everyday Checking: $30.00
  • Bank of America Advantage Plus Banking: $30.00
  • TransferWise debit Mastercard: $7.27

USD → INR: TransferWise debit Mastercard is 3.8x cheaper

  • Chase Total Checking: $30.00
  • Citibank Simple Checking: $30.00
  • HSBC Choice Checking: $30.00
  • Wells Fargo Everyday Checking: $30.00
  • Bank of America Advantage Plus Banking: $30.00
  • TransferWise debit Mastercard: $7.96

Fees to withdraw $250 using a debit card every month

USD → GBP: TransferWise debit Mastercard is 6.9x cheaper

  • Chase Total Checking: $12.50
  • Citibank Simple Checking: $10.00
  • HSBC Choice Checking: $10.00
  • Wells Fargo Everyday Checking: $12.50
  • Bank of America Advantage Plus Banking: $12.50
  • TransferWise debit Mastercard: $0

USD → EUR: TransferWise debit Mastercard is 6.9x cheaper

  • Chase Total Checking: $12.50
  • Citibank Simple Checking: $10.00
  • HSBC Choice Checking: $10.00
  • Wells Fargo Everyday Checking: $12.50
  • Bank of America Advantage Plus Banking: $12.50
  • TransferWise debit Mastercard: $0

USD → AUD: TransferWise debit Mastercard is 6.9x cheaper

  • Chase Total Checking: $12.50
  • Citibank Simple Checking: $10.00
  • HSBC Choice Checking: $10.00
  • Wells Fargo Everyday Checking: $12.50
  • Bank of America Advantage Plus Banking: $12.50
  • TransferWise debit Mastercard: $0

USD → MXN: TransferWise debit Mastercard is 5.6x cheaper

  • Chase Total Checking: $12.50
  • Citibank Simple Checking: $10.00
  • HSBC Choice Checking: $10.00
  • Wells Fargo Everyday Checking: $12.50
  • Bank of America Advantage Plus Banking: $12.50
  • TransferWise debit Mastercard: $0

USD → CAD: TransferWise debit Mastercard is 6.2x cheaper

  • Chase Total Checking: $12.50
  • Citibank Simple Checking: $10.00
  • HSBC Choice Checking: $10.00
  • Wells Fargo Everyday Checking: $12.50
  • Bank of America Advantage Plus Banking: $12.50
  • TransferWise debit Mastercard: $0

USD → INR: TransferWise debit Mastercard is 5.7x cheaper

  • Chase Total Checking: $12.50
  • Citibank Simple Checking: $10.00
  • HSBC Choice Checking: $10.00
  • Wells Fargo Everyday Checking: $12.50
  • Bank of America Advantage Plus Banking: $12.50
  • TransferWise debit Mastercard: $0

Fees to send $250 using TransferWise

On average it's 12x cheaper to send money internationally with TransferWise compared to competitors, Chase, Citibank, HSBC, Wells Fargo, Bank of America, and PayPal.

USD → AUD: TransferWise is on average 12.8x cheaper than competitors

  • TransferWise upfront fee: $2.35
  • TransferWise exchange rate mark up: $0
  • Average competitor upfront fee: $24.99
  • Average competitor exchange rate mark up: $7.34

USD → CAD: TransferWise is on average 11.4x cheaper than competitors

  • TransferWise upfront fee: $2.61
  • TransferWise exchange rate mark up: $0
  • Average competitor upfront fee: $24.66
  • Average competitor exchange rate mark up: $7.51

USD → EUR: TransferWise is on average 11.6x cheaper than competitors

  • TransferWise upfront fee: $2.35
  • TransferWise exchange rate mark up: $0
  • Average competitor upfront fee: $24.66
  • Average competitor exchange rate mark up: $7.21

USD → GBP: TransferWise is on average 12.5x cheaper than competitors

  • TransferWise upfront fee: $2.39
  • TransferWise exchange rate mark up: $0
  • Average competitor upfront fee: $24.66
  • Average competitor exchange rate mark up: $7.50

USD → INR: TransferWise is on average 12.2x cheaper than competitors

  • TransferWise upfront fee: $2.78
  • TransferWise exchange rate mark up: $0
  • Average competitor upfront fee: $29.00
  • Average competitor exchange rate mark up: $6.95

USD → MXN: TransferWise is on average 10.7x cheaper than competitiors

  • TransferWise upfront fee: $3.27
  • TransferWise exchange rate mark up: $0
  • Average competitor upfront fee: $27.50
  • Average competitor exchange rate mark up: $7.41

Fees to send $1,000 using TransferWise

On average it's 7x cheaper to send money internationally with TransferWise compared to competitors, Chase, Citibank, HSBC, Wells Fargo, Bank of America, and PayPal.

USD → AUD: TransferWise is on average 7.1x cheaper than competitors

  • TransferWise upfront fee: $7.21
  • TransferWise exchange rate mark up: $0
  • Average competitor upfront fee: $24.99
  • Average competitor exchange rate mark up: $29.40

USD → CAD: TransferWise is on average 6.4x cheaper than competitors

  • TransferWise upfront fee: $8.06
  • TransferWise exchange rate mark up: $0
  • Average competitor upfront fee: $24.66
  • Average competitor exchange rate mark up: $30.05

USD → EUR: TransferWise is on average 7x cheaper than competitors

  • TransferWise upfront fee: $7.21
  • TransferWise exchange rate mark up: $0
  • Average competitor upfront fee: $24.66
  • Average competitor exchange rate mark up: $28.84

USD → GBP: TransferWise is on average 7.1x cheaper than competitors

  • TransferWise upfront fee: $7.25
  • TransferWise exchange rate mark up: $0
  • Average competitor upfront fee: $24.66
  • Average competitor exchange rate mark up: $30.01

USD → INR: TransferWise is on average 6.5x cheaper than competitors

  • TransferWise upfront fee: $8.75
  • TransferWise exchange rate mark up: $0
  • Average competitor upfront fee: $29.00
  • Average competitor exchange rate mark up: $27.80

USD → MXN: TransferWise is on average 6.1x cheaper than competitiors

  • TransferWise upfront fee: $9.32
  • TransferWise exchange rate mark up: $0
  • Average competitor upfront fee: $27.50
  • Average competitor exchange rate mark up: $29.56

Monthly account fees

On average it's 10.1x cheaper to keep a TransferWise account open on a monthly basis, with no minimum balance, direct deposit, or other requirements.

  • Chase Total Checking: $12.00
  • Citibank Simple Checking: $12.00
  • HSBC Choice Checking: $15.00
  • Wells Fargo Everyday Checking: $10.00
  • Bank of America Advantage Plus Banking: $12.00
  • PayPal: $0
  • TransferWise debit Mastercard: $0

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.


The TransferWise debit Mastercard® is issued by Community Federal Savings Bank, member FDIC, pursuant to a license from Mastercard International. Other features of the borderless account are provided by TransferWise Inc. pursuant to its state licenses.

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