When you send money abroad in another currency, banks can charge as much as $50 on every $1,000 transferred. Why?
Banks charge for foreign currency transfers in two ways:
(1) They convert your money at unfair exchange rates, and
(2) They add a transfer fee on top of every transaction.
Some banks claim they charge no transfer fee — but those same banks typically use even worse exchange rates to make up the difference and maximize their overall profit on the transfer.
The solution to this unfairness is Wise. Think of Wise as the Skype of currency transfers.
Wise is the smart way to send money to another country. Wise reduces the cost of international transfers by up to 90%.
With Wise you can send money to another country in just a few minutes, using real mid-market exchange rates, and pay fees up to 90% lower than your bank. For example, on a $1,000 transfer the total cost is roughly $5, not $50.
Transactions are fast, guaranteed, and secure. Wise is fully regulated (by the FCA in the UK, FinCEN in the US, and equivalent authorities in every country it operates).
Next time you need to send money abroad, try Wise.
Disclosure: fxrate.io is a Wise affiliate. If you sign up through the links above we may earn a small commission — at no extra cost to you. We only recommend Wise because we use it ourselves.