Wise, formerly doing business as Transferwise, continues to lower the fee it charges for its users. Earlier today, Wise announced that transfers in dollars, sent anywhere in the world, will now be charged at a lower rate. While banks continue to obfuscate and gouge, Wise wins the narrative by transparently displaying that you must pay when sending money around the world.
According to Wise, if you send $1000 dollars to euros the old fee was $7.96 and the new fee is $6.40 – so you are almost saving a buck. Sure, it is a small amount, but over time single dollars add up.
Another important variable is the exchange rate utilized in the transfer. Wise typically uses a “mid market” spot rate while some other providers use one with a bigger spread.
Wise shows a comparison with PayPal, a popular competitor. PayPal only charges a fee of $4.99 BUT when you send the $1000, EUR 38.32 less shows up.