Wise Fees & Exchange Rate for International Transfers 2024

Wise (TransferWise) takes a radically different approach to international payments and currency exchange compared to banks and other money transfer companies. The way Wise charges for services is also different.

While some providers bundle costs together or hide fees in the exchange rates used, Wise is transparent about pricing so customers only pay for what they need, and always know in advance exactly what the service will cost.

This guide covers all you need to know about Wise’s fees, how they’re structured, and how they compare - you can also get the full rundown of Wise personal fees here.

Wise fees: an overview

Wise fees are structured around 3 key principles - costs are fair, transparent, and progressively being lowered to allow customers to get the best possible value. These commitments mean that Wise doesn’t hide or bundle fees like other providers.

All costs are shown upfront - and while that can be a lot to take in, it does mean you’ll always know exactly what your transaction is costing you.

Here are the key Wise costs you’ll want to know about.

Wise transfer fees

Wise fees can be split into 2 costs:

• Fixed fee: covering the fixed costs associated with the transaction. For major currencies this can be in the region of 60 INR - 75 INR

• Variable fee: covering the cost of the currency exchange. For major currencies this can be around 1.78% of the transfer value

You'll always see the fee upfront before you make your payment. Here are some cost examples for sending 100,000 INR to some popular major currencies:

Wise fees calculator

When you arrange a Wise international transfer online or in the Wise app you’ll be able to instantly see the full cost, the exchange rate available, and the estimated delivery time, using the TransferWise fee calculator.

1. Choose the currency you’re sending to and from

2. Enter the amount you want to send, or how much you want the recipient to get

3. Choose how you’ll pay for the transfer

The Wise fee calculator will show you the variable fee as a percentage and a total, the fixed fee, and the total cost. You’ll also see exactly what your recipient will receive, and when it’s likely to arrive in their account. Take a look at the Wise fee calculator here, to see how much you could save on your international payment.

Sending large amounts with Wise

Wise is a safe provider to choose for high value international transfers. In fact, you can even get a discount on your costs if you regularly send Wise payments.

Wise high value payment discounts are automatically applied with no need to pre-arrange the fee. That means everyone gets the best possible deal, every time.

If you send more than 100,000 GBP a month -  about 9,500,000 INR at the time of writing- you could get an automatic discount of up to 0.17%:

Wise currency conversion

Currency conversion with low, transparent fees is what Wise does best. Unlike banks and other money transfer services, Wise currency exchange uses the mid-market exchange rate with the conversion fees shown clearly so you can check you’re getting a good deal.

While many banks and money transfer services may claim to offer zero commission, or fee free currency exchange, all that means is that they’re not charging an upfront currency conversion fee.  Providers still need to cover their costs, so they tend to simply hide their fees in the rates applied, by adding a margin to the mid-market exchange rate.

These costs get called a lot of different things - but whether it’s described as a margin, a markup or a currency exchange spread, it’s still an extra fee which can be around 3%. It might not sound like much, but it does push up the costs significantly.

Here’s how a 3% margin would mount up over a few different transfer values:

• Sending 100,000 INR - the exchange rate markup adds 3,000 INR to the total

• Sending 300,000 INR the exchange rate markup adds 9,000 INR to the total

• Sending 600,000 INR - the exchange rate markup adds 18,000 INR to the total

How does Wise pricing work?

Wise has disrupted the international payment market with its approach to pricing. As we mentioned earlier, Wise’s commitments include:

• Being radically transparent about costs

• Charging as little as possible - and lowering fees over time

• Using fair pricing so you only pay for the services you use

The price you pay with Wise varies based on the service you’re using, how you want to pay, and the currencies involved. However, you’ll always see the full fee upfront, with no sneaky hidden fees to worry about.

How does Wise pricing compare?

Before you choose a provider for your international payment it’s a smart idea to compare a few options, to make sure you’re getting the best available deal.

The good news is that specialist providers are almost always cheaper than using a traditional bank. However, even some specialist providers hide a part of their fee in the exchange rate they use. That means you’ll need to look carefully at the overall costs to find the cheapest provider for your payment.

At Exiap you can compare providers transparently, to find the best money transfer service for your needs based on both the fees and exchange rates available.

Conclusion: How much does Wise charge for international transfers?

Wise takes a radically different approach to pricing compared to traditional banks and international money transfer services. You’ll see the full cost of the service you need upfront before you commit, with no hidden charges or exchange rate markups. This can be a lot to take in, but it’s more transparent than bundling costs or hiding a charge in the exchange rate, which is what many other providers do.

Overall, Wise’s low fees and transparent approach to pricing makes it a market beating service for many customers. For more, read our full Wise review.