Australia Price Comparison Research 2023

An independent research team compared Wise to five Australian banks. They found that we’re 6x cheaper for spending abroad. Wise is also on average 5x cheaper to send $250 abroad, and we don’t charge fees for ATM withdrawals up to $350. There are no set up fees, monthly fees or minimum balance with the Wise account.This is based on the prices offered by Wise Australia Pty Ltd during the research period.

Research methodology

The competitor research was collected in July 2023 during a 5 day period (17/07/2023 - 21/07/2023).

The team looked at data across multiple countries, currencies, and price points to make sure any price claims we make are fair and accurate. The data was collected by simulating a transfer using live accounts on the providers website, during standard trading hours and at the same time every day, whenever possible, to ensure consistency across the comparison.

The research scope looked at the following, across EUR, GBP, NZD and USD using $250 as the transaction value:

• The cost to send money abroad from an account
• The cost to spend money abroad using a debit card
• The cost to withdraw money abroad from an account via an ATM

The costs collected for sending money abroad are made up of both the foreign transaction fee and any exchange rate markup. The exchange rate markup is a percentage added to the mid-market exchange rate by a provider when they sell you a currency. The costs collected for spending money abroad and withdrawing money abroad from an account via ATM are only made up of foreign transaction fees.

The research and results

1. Total cost to send $250. Overall, Wise is 5x cheaper.

AUD > EUR: Wise is 6x cheaper

• Wise: $1.72
• ANZ: $17.70
• CommBank: $10.26
• ING: Not offered
• NAB: $6.38
• Westpac: $9.39

AUD > GBP: Wise is 6x cheaper

• Wise: $1.73
• ANZ: $17.75
• CommBank: $10.24
• ING: Not offered
• NAB: $6.39
• Westpac: $9.46

AUD > NZD: Wise is 4x cheaper

• Wise: $1.93
• ANZ: $8.50
• CommBank: $10.07
• ING: Not offered
• NAB: $6.44
• Westpac: $9.44

AUD > USD: Wise is 5x cheaper

• Wise: $1.82
• ANZ: $17.22
• CommBank: $10.00
• ING: Not offered
• NAB: $6.34
• Westpac: $9.58

2. Fees to spend $250 using a debit card. Overall, Wise debit card is 6x cheaper.

AUD > EUR: Wise is 6x cheaper

• Wise: $1.15
• ANZ: $7.50
• CommBank: $7.50
• ING: $7.50
• NAB: $7.50
• Westpac: $7.50

AUD > GBP: Wise is 6x cheaper

• Wise: $1.18
• ANZ: $7.50
• CommBank: $7.50
• ING: $7.50
• NAB: $7.50
• Westpac: $7.50

AUD > NZD: Wise is 6x cheaper

• Wise: $1.10
• ANZ: $7.50
• CommBank: $7.50
• ING: $7.50
• NAB: $7.50
• Westpac: $7.50

AUD > USD: Wise is 6x cheaper

• Wise: $1.18
• ANZ: $7.50
• CommBank: $7.50
• ING: $7.50
• NAB: $7.50
• Westpac: $7.50

3. It’s free to withdraw $350 internationally with Wise compared to the 5 banks in Australia — ANZ, Commonwealth Bank of Australia, ING,NAB and WestPac.

AUD > EUR: Free withdrawal with Wise

• Wise: $0.00
• ANZ: $12.50
• CommBank: $12.50
• ING: $12.50
• NAB: $12.50
• Westpac: $12.50

AUD > GBP: Free withdrawal with Wise

• Wise: $0.00
• ANZ: $12.50
• CommBank: $12.50
• ING: $12.50
• NAB: $12.50
• Westpac: $12.50

AUD > NZD: Free withdrawal with Wise

• Wise: $0.00
• ANZ: $12.50
• CommBank: $12.50
• ING: $12.50
• NAB: $12.50
• Westpac: $12.50

AUD > USD: Free withdrawal with Wise

• Wise: $0.00
• ANZ: $12.50
• CommBank: $12.50
• ING: $12.50
• NAB: $12.50
• Westpac: $12.50

Monthly account fees

• Wise: $0.00
• ANZ: $5.00
• CommBank: $4.00
• ING: $0.00
• NAB: $0.00
• Westpac: $5.00

*Assuming that waiver criteria has not been met.

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 Wise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.