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Wise Fees 2022: A Complete Overview

In our increasingly digital world, the way we pay for goods and services is changing. More and more people are choosing to use Wise to conduct transactions. Wise is a fast, secure, and convenient money transaction platform that allows users to send and receive money irrespective of where they are in the world. However, is Wise cheap? In this blog post, we will take a look at the Wise fees and charges and see if it is indeed a cost-effective way to conduct transactions.

Wise Fees Explained

Wise promises fair prices and no hidden fees. It works on the Pay As You Go model, which means that you only pay for the services that you use. There are no subscription, monthly, or annual charges.

To send money with Wise, you will be charged a small percentage of the total money you are sending. While the Wise transfer fee varies by currency, it can start from 0.41%. Wise allows you to hold up to 50 currencies in your account and will only ever charge you one fee per currency, no matter how often you send or receive money in that particular currency. 

For example, if you are sending USD from the United States to Mexico, the Wise transfer fee would be 0.41%. However, if you were to also send EUR from Europe to Australia, the Wise transfer fee for that transaction would be 0.48%.

Moreover, if you are receiving USD wire payments, there is a fixed transfer Wise fee per payment of US$4.14. 

With that being said, Wise transfer fees depend on the type of currency the recipient will get, the amount being sent, and the payment method, never on the Wise transfer limits.

Types of Wise Fees

There are different types of Wise fees:

Opening An Account

There is no fee charged for opening a Wise account. You can create an account in minutes and start sending and receiving money right away. Wise also offers a borderless account, which is a multi-currency account that allows users to hold, send, receive, and convert 50 currencies at interbank rates. There is no monthly or annual fee for holding a borderless account. The only time you will be charged a fee is when you make a currency conversion or withdrawal from an ATM.

Sending Money

As said, the Wise transfer fee varies by currency, the platform usually charges 0.41% when you make a money transfer. The fee is automatically deducted from the amount you send.

For example, if you're sending $100 USD to Mexico, the Wise fee would be $0.41, and the recipient would receive $99.59 in their account.

Spending with your Card

The Wise card fee depends on various factors, including the country you're in, the currency you're spending, and whether you're making a purchase or withdrawing cash from an ATM.

For starters, Wise card fees are zero if you perform two or fewer withdrawals of US$100 per month. Moreover, if you are transacting over US$100 per month from ATM, Wise charges an ATM fee of US$1.50 per withdrawal.

In case you apply for a Wise debit card, you will have to pay a one-time processing fee of US$9. And if you want to convert money from your Wise card, the platform will charge 0.41% of the total amount being converted. 

Please note that the Wise debit card is currently available in Europe and the United States.

Holding money in your account

There is no fee charged for holding money in your Wise account. You can hold as much money as you want in your account, and there will be no charges.

Receiving money

Receiving money into your Wise account is free. You can receive money from anywhere in the world, and there will be no charges. The only time you will be charged a fee is when you make a currency conversion or withdrawal from an ATM. Moreover, if you are receiving money via USD wire payment, Wise will charge you a fee of US$4.14.

Are Wise Fees Too High?

No, Wise fees are not too high. When compared to other money transfer providers, Wise typically charges lower fees. For example, PayPal typically charges a fee of around $30 for an international money transfer, while Western Union typically charges around $50 for an international money transfer.

 Moreover, the fact that Wise does not charge any hidden fees is another plus point. With Wise, what you see is what you get - there are no hidden costs or unexpected charges.

Conclusion

Wise is a great option for transferring money internationally. The platform offers competitive fees, and there are no hidden costs or unexpected charges. If you are looking for a money transfer provider that offers great value for money, Wise is definitely worth considering.

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