Wise Announces Fee Reductions for Transfers

Wise Slashes Fees to Make International Transfers More Affordable

Great news for anyone who regularly sends money abroad! Wise has just announced a significant reduction in their fees, starting from August 2024. This change is part of their ongoing mission to make international money transfers cheaper and more accessible for everyone. After Wise Reinstates Services for Estonian E-Residents, this is another important development.

Big Savings Across 14 Currencies

One of the standout updates is the fee reduction for transfers involving 14 different currencies, including US dollars, Singapore dollars, and New Zealand dollars. For example, if you’re sending 1,000 NZD to RON, it now costs just 1.54 NZD plus 0.29%. That’s a 33% drop in fees! This is fantastic news for anyone who frequently sends money across borders, as it means more of your money goes where it’s needed.

Lower Costs for US and Canadian Users

Wise has also made it cheaper to fund transfers using various payment methods in the US and Canada. Whether you’re using bank-issued cards, direct debit (ACH), or wire transfers, you’ll see lower costs. For instance, funding a transfer of 1,000 CAD to EUR with a bank card now costs 20.65 CAD, down from 24.79 CAD. This is a welcome change for users who rely on these methods for their international transactions.

More Users Benefit from Lower Fees

In another user-friendly move, Wise has lowered the threshold for automatically applying reduced fees from 100,000 GBP to 20,000 GBP. This means more people can now enjoy lower fees without needing to transfer huge sums of money. By making this change, Wise is ensuring that a broader range of customers can benefit from more affordable transfer options.

A Commitment to Fairness and Transparency

Wise’s latest fee reduction highlights their commitment to fairness and transparency in the financial sector. They’re always looking for ways to lower costs and improve their services, aiming to give users the best possible experience when sending money internationally.

For all the details on these fee reductions and how they might affect your transfers, check out Wise’s official blog post.

This update from Wise is set to positively impact users around the world, making international money transfers more accessible and cost-effective. Whether you’re sending money to family, paying for services, or managing business transactions, these new lower fees are designed to help you save more with each transfer.