Wise announced that it will readjust the tariffs for sending money between 21 currencies. With the change, which will take effect from October 1st, there will be a decrease in the fixed fee on transfers and an increase in the percentage fee.
Wise is communicating to users via email about the change which will take effect on October 1st. See below the message being sent by the platform:
The change affects a total of 21 currencies and, among them, transfers to/from US dollars. To analyze, we did a simulation on the Wise website that we will show below, but it is worth mentioning that the results may vary according to the chosen currency.
US Dollar (USD)
In the case of shipments in Brazilian Real (BRL) to US Dollar (USD), we observed that there was a decrease in the fixed rate from R$4.71 to R$4.00 and an increase in the percentage rate from 2.14% to 2.17%. See our simulation for sending R$1,000 to US Dollars:
Note that, in the example above, sending R$1,000 costs will be cheaper. At the time of writing this article, we noticed that the costs of transfers between R$2382 and R$2398 remained the same, as shown in the example below:
From R$2,399 onwards, there was an increase in costs. We simulate sending BRL 10,000 to USD as you can see below:
Euro transfers will not be impacted
As for transfers to/from Euro, the official currency of European Union countries, fees will not be impacted. We simulated the same amount of R$10,000 for EUR and found that, in fact, no value was added:
Wise is an extremely versatile and easy-to-use multi-currency account, currently supporting 55 currencies and very attractive fees.
Not only can you open a balance in 55 different currencies and quickly convert amounts between them when needed, but you can also order a debit card to spend balances and/or withdraw cash from ATMs whenever you need to. In addition, the Wise debit card can be added to Apple Pay or Google Pay, making it even easier to use.
Learn more about Wise in this article.
Rate readjustments are common, especially in an unstable economic scenario, which directly impacts the costs of the operations of several companies. However, it is important that such changes are communicated to the public with greater advance notice so that customers can protect themselves and plan their next steps, as Wise is doing.
It is worth mentioning that, although the platform is reporting a general increase in fees, not all transfers will be impacted, as shown in the example of this post. Another positive point is that, at least for now, the adjustment will not affect shipments to/from the Euro.
What did you think of the change? Do you often use Wise for multi-currency transfers?