Wise Fees & Exchange Rates for International Transfers in India [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 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 know exactly what your transaction is costing you.

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

Information correct at time of writing 17th December 2024

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 370 - 420 INR

• Variable fee: covering the cost of the currency exchange. For major currencies this can be around 1.36% of the transfer value

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

Information correct at time of writing 19th October 2024

Wise fees calculator

When sending money internationally, transparency and ease are key. With Wise, you can instantly see the full cost, the available exchange rate, the estimated delivery time, and know how much your recipient will receive.

How to use the Wise fee calculator:

1. Select the currencies you’re sending to and from, whether that’s INR to USD, EUR, or another option

2. Enter the amount you want to send, or how much you want your recipient to get in their local currency

3. Select your payment method, including via bank transfer, card, etc.

4. Review the fees and the total cost of the transfer

5. See what your recipient will get and an estimated delivery date

   The Wise fee calculator will show you all of the variable rates and associated fees, providing complete transparency. You’ll also see how your recipient will receive it, when it’s likely to arrive into their account, and you can even compare it with other providers. That means no hidden costs, allowing you to make an informed decision about your international transfer.

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 and reliable choice for making high value international transfers and sending large amounts abroad. You can even benefit from a discount on your fees if you make high-value transfers regularly.

If you send more than 20,000 GBP (or the equivalent in your local currency) in a calendar month, Wise will automatically apply a discounted rate to any amount above this threshold. You can send to different currencies, but same-currency transfers (like USD to USD) won’t count towards the discounted fee threshold of 20k.

Information correct at time of writing 19th October 2024

The discount applies whether you’re making a large one-time transfer or multiple transfers within the month.

And it’s all automatic, so you can be sure that you’ll get the discounted rate.

If you send more than 1 million GBP a month - about 109,725,300,00 INR at the time of writing - you could get an automatic discount of up to 0.17%.

Wise exchange rates

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.

Wise fees for receiving money

At this current moment in time, Wise doesn’t yet offer the Wise Account in India, but there are still options for receiving payments for both personal and business accounts.

Personal: 

If you’re receiving a personal payment that’s being sent through Wise into your local bank account in India, Wise doesn’t charge any fees for receiving the funds.

However, the method used by the sender may come with additional charges that Wise has no control over.

For example, if the sender uses the SWIFT network, there could be intermediary bank fees involved, which vary depending on the banks involved in the transaction.

Business:

For businesses looking to get paid from overseas, Wise offers a service called Get Paid from Abroad, which allows you to receive payments in foreign currencies and convert them to INR at low conversion fees.

Here’s a quick look at what’s free and what incurs charges:

*There are no Wise fees involved, however correspondent banks might charge fees that Wise have no control over.

Information correct at time of writing 17th December 2024

How much does Wise charge for USD to INR transfers?

When sending money from USD to INR using Wise, you benefit from low fees and the mid-market exchange rate.

Information correct at time of writing 19th October 2024

If your total transfers exceed the USD currency equivalent of 20,000 GBP,  in a calendar month, you’ll automatically receive a discounted fee on anything above this amount. This can be one single, large payment or smaller transfers in a month that exceed a total of 20k GBP or equivalent.

For fees and exchange rates using wire transfer, visit Wise and use the Wise fee calculator. You’ll be able to see exactly what it costs and how much your recipient will get,  so you know what to expect before completing your transfer.

How to get discounted rates from Wise

Wise automatically applies a discounted rate when you send more than 20,000 GBP (or the equivalent in your local currency) in a calendar month.

The discount kicks in on any amount you send over that threshold, as long as you’re converting between currencies - like INR to USD. It doesn’t matter how many currencies you’re transferring between, and you don’t need to do anything extra to get the discount.

However, it’s important to note that transfers in the same currency, for example USD to USD, don’t count towards the discount.

You can also get a discount on your first transfer, Wise offers promo codes for their new customers. Find out more here: Wise promo code

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 see the full fee upfront, with no sneaky hidden fees to worry about.

How does Wise pricing compare to banks in India?

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 usually cheaper than banks. 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.

You can also check our guide where we compare Wise and Indian banks for international transfers: Wise vs international bank transfer

How does Wise currency conversion compare?

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

Conclusion: How much does Wise charge for international transfers?

Wise takes a radically different approach to pricing compared to 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 is of the best international money transfers apps to send money to and from India. Wise’s low fees and transparent approach to pricing makes it a market beating service for many customers.

For more, you can read our full Wise review.