Wise fees triple?

dlouis_2

I've had an email from Wise saying 'fees are changing' which we all know means going up, but they appear to be almost tripling?! Has anyone else had this? Does anyone know why? They seemed to make strong profits the last couple of years. From their email:
"You previously sent 40 from GBP to USD. It cost 0.43 GBP and will now cost 1.23 GBP*. This is because the fees for sending GBP to USD have gone from 0.26 GBP + 0.42% to 1.08 GBP + 0.38%."

mebu60

I had the same email which clearly explained that it was because Mastercard debit card fees had increased. It also suggested that bank transfer would be a much cheaper alternative next time. 

eskbanker

dlouis_2 said:

I've had an email from Wise saying 'fees are changing' which we all know means going up, but they appear to be almost tripling?! Has anyone else had this? Does anyone know why? They seemed to make strong profits the last couple of years. From their email:

"You previously sent 40 from GBP to USD. It cost 0.43 GBP and will now cost 1.23 GBP*.

This is because the fees for sending GBP to USD have gone from 0.26 GBP + 0.42% to 1.08 GBP + 0.38%."

I haven't seen the email you refer to, but the revised structure does look like it'll penalise small transactions, whereas larger ones (where the decreased variable charge will outweigh the increased fixed one) will be cheaper.

Ayr_Rage

It also depends on the currency pairs, the fixed fee for my usual destination, Thailand, has only gone up from 69p to 97p but the % element has also increased from 0.55 to 0.6

Funding the transfer is best by a bank transfer which incurs no fees, the Debit and Credit Card charges are pretty hefty now.

The cost to send £10,000 to a Wise account is below, then you add the transaction fees as above

silvercar

Had the same. Disappointing. 

Although their honesty in showing comparisons with other methods, does lead me straight to the opposition. Which is helpful at least.