Wise drops prices on international transfers from the UK up to 47%
By Joy Dumasia
Wise, the global technology company building the best way to move money worldwide, has dropped prices by up to 47% on international transfers from the UK to 18 countries, including the United States, Turkey, Poland and Croatia.
This latest announcement is part of a global price drop where 52% of customers worldwide will enjoy lowered transfer fees. When sending the equivalent of £1,000, the transfer price can drop between 6% to 70%, depending on the route.
Wise Account and Wise Business users in the UK and customers of the Wise Platform like Monzo will benefit from lower transfer costs when sending money internationally. On average, it now costs 14% less when sending £1,000 from the UK to affected routes.
The new price drops are made possible by more volume flowing through Wise and improvements in Wise’s operational costs. Today, 10 million people and businesses use Wise, which processes over £5 billion in cross-border transactions every month, saving customers over £1 billion a year.
Lars Trunin, Head of UK Product at Wise, said: “When it comes to international payments, people and businesses continue to pay high costs because exchange rate markups charged by banks and other providers aren’t disclosed upfront. As Wise continues to grow around the world, more money flows through our infrastructure, allowing us to find efficiencies across various parts of the business. This means that we can reduce our own operational costs and pass those savings back to our customers in the form of cheaper and faster transfers. Our mission has always been to make sending money instant, convenient, transparent and eventually free, and today with this price drop, we take yet another step closer to achieving that mission.”
Recently, IBS Intelligence reported 47 million trades in the first half-hour for Wise pushing the price up by 3% from the opening auction price of 800p (total trades, not trades just through HL).
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