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Fintech & Ecommerce

Major money transfer service reduced fees for most of its customers

Sep 23, 2020

The company says transfers are now cheaper for 76% of its customers

money transfer

Major money transfer service reduced fees for most of its customers. Source: transferwise.com

According to its official website, TransferWise lowered the price of money transfers by 15% on average, and in a few cases up to 30%. In particular, fees for sending USD or GBP to anywhere in the world are now lower, as well as from anywhere in the world to some Asian currencies. See the table below for details.

Send ￡1,000 to Old fee New Fee Drop
INR????? ￡5.48 ￡4.77 ???13%
THB????? ￡7.00 ￡5.91 ???15%
IDR????? ￡5.21 ￡3.62 ???30%
MYR????? ￡5.57 ￡5.22 ???9%
PKR????? ￡9.00 ￡7.74 ???14%
CNY????? ￡12.66 ￡11.35 ???10%
VND????? ￡9.97 ￡7.80 ???21%
KRW????? ￡9.37 ￡7.85 ???16%
LKR????? ￡8.13 ￡5.79 ???28%
BDT????? ￡12.37 ￡8.98 ???27%

The company says this move is another step on the path to eventually making the use of money across borders free for customers.

These price drops are fundamental in getting us closer to that mission. It doesn’t matter that we’re already 8x cheaper than your bank and already the cheapest way to move money on the planet, we’re not done yet. We can make these changes as more people and businesses switch from their bank (and PayPal) to TransferWise. As we scale our costs, we’re then able to pass on savings back to you.
TransferWise

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