Over 5 years ago we launched TransferWise to solve a problem shared by hundreds of millions of people: banks and money transfer companies charge you far more than they should to send your money abroad.
We were already the cheapest way to send money to Mexico from the US before we dropped our price. But TransferWise exists to let people send money around the world seamlessly. When we can, we’ll always drop the price – it’s just the right thing to do.
So we’ve dropped the price for sending from the US to the Mexico, and 33 other routes across the world.
Sending money from the US to Mexico through TransferWise now costs just 1%. That’s less than $10 to send $1,000 to get your money from here to there.
Even though banks and brokers often claim to charge a fixed low fee (for example, saying, “It’s just $5” or, “no fee”) they actually charge a lot more by using a mark-up on the exchange rate to take a hidden chunk of your money. That’s why it costs you more overall, despite the low fee they advertise.
We think that system is wrong. With TransferWise the price you see is always the price you get.
How do we make that happen? We only use the real exchange rate - with no mark-up. It’s the rate you see on Google or Reuters. It’s the only fair one because you know there are no hidden charges.
Find out how we calculate this comparison here.
Bigger, stronger, closer to free.
We believe that moving money across borders could one day be completely free. Is that really possible? We don’t know, but we’re going to try. And now, with more than 1 million customers in more than 60 countries, we're getting a little closer to that goal.
These price drops are partly due to cost savings we’re able to make as more people join our revolution. And that, in turn, is thanks to you sharing TransferWise with your friends and family.
The more we are, the stronger we are, and the closer it gets to free.
Thank you for being part of this.