This feature protects you against any fluctuation in rates, and you have the flexibility to cancel transfers that it hasn’t converted yet. Guaranteed Rates and Easy CancellationsĪlso, any transfer rates are guaranteed once you finish setting up a transfer.You even get to see the minimal fees that Wise levies, along with current mid-market exchange rates. Each transaction will provide detailed information, including a complete cost breakdown. Wise shines in its transparent fee structure and excellent exchange rates. However, they charge a minimal percentage fee based on the two currencies you’re converting, which is fair. Wise doesn’t charge any hidden fees such as exchange mark-up fees.
Wise essentially uses the mid-market rate at the time of your transfer, which is lower than what banks use. The money transfer occurs via a series of money swapping between these local accounts, which lets them cut exchange rates and impose lower transaction fees. Wise has a network of international bank accounts via its local subsidiaries in around 90 countries.
By 2022 the company consolidated under the Wise brand. Founded by the Estonian duo Kristo Käärmann and Taavet Hinrikus, Wise (formerly known as Transferwise) started relatively late in 2011.
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