Over 5 years ago we started TransferWise to solve a problem shared by hundreds of millions of people: banks and money transfer companies overcharge you to send your money abroad.
We were already the cheapest way to send money to the UK from the US before we cut 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 lowered the price for sending from the US to the UK, and 33 other routes around the world.
Sending money from the US to the UK through TransferWise now costs only 0.85% on the first $10,000 and 0.6% on amounts over that. That means it's 15% less than it used to for sending $5,000, for example. That’s just $42.50 to send $5,000 to get your money from here to there - a saving of over $164 compared to Bank of America.
Here’s how that compares to our old price, and to the bank:
Find out more on how we calculate this here.
Even though banks and brokers often claim to charge a fixed low fee (e.g. “It’s just $5”) [they actually charge a lot more by using a mark-up on the exchange rate](Banks sometimes provide a money-transfer wire service for free, "but then make their money on a high FX (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.
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 our revolution gains momentum. 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 we get to money without borders.
Thank you for being part of this.