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Transferwise changes UK fee structure

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In October 2017, Transferwise introduced a new fee structure for foreign transfers from the UK ... its complicated so we will break it down for you!

Percentage fee

The first part of your fee is expressed as a percentage of the amount you’re sending. Transferwise has cut this percentage fee on all but three routes from the UK.

So if you’re sending money from the UK to the Eurozone and Switzerland, your fee dropped from 0.5% to 0.35%. If you’re sending money to America, your fee dropped from 0.5% to 0.4%. And if you’re sending from the UK to Australia, your fee dropped from 0.7% to 0.45%.

Minimum fee

Transferwise have replaced the £2 minimum fee with a flat transaction fee. There was also a £2 minimum fee on lots of the routes from the UK. Every transfer now has a flat transaction fee, as well as the usual percentage fee.

Good news for small transfers

On lots of routes, the new flat fee is lower than the old £2 minimum. On some, it’s as little as 50p. It should be especially helpful for those of you who make small transfers — overall, they’ll be cheaper.

But it’s not all good news

For medium-sized transfers, the new flat fee might make them more expensive as it more accurately reflects the real cost of making medium-sized transfers.

There’s also bad news for people sending money to Bulgaria, Hong Kong, Turkey, Philippine, Poland and few other countries (see table below). Prices here will increase slightly for most amounts.

Cards an expensive way to pay

Last year, card providers increased their interchange fee. It went from 50p, to 0.2% on debit cards, and 0.3% on credit cards. And it’s made cards an expensive way to pay.

So we’ve given you the option to pay by bank transfer. You’ll avoid the interchange fee, and your transfer will be as cheap as possible. Plus, you won’t be giving an extra fee to your bank, just for the privilege of paying by card.

Routes with the biggest price drops

Currency route
Old fee
New fee
Price decreasing by up to
GBP to EUR 0.5% (min £2) 80p + 0.35% ⬇️ 30%
GBP to USD 0.5% (min £2) 80p + 0.4% ⬇️ 20%
GBP to INR 0.7% (min £2) 50p + 0.55% ⬇️ 21%
GBP to AUD 0.7% (min £2) £1 + 0.45% ⬇️ 36%
GBP to NZD 0.7% (min £2) £1 + 0.55% ⬇️ 21%
GBP to CHF 0.5% (min £2) £1 + 0.35% ⬇️ 30%
GBP to SEK 0.5% (min £2) 80p + 0.4% ⬇️ 20%
GBP to DKK 0.5% (min £2) 80p + 0.4% ⬇️ 20%
GBP to NOK 0.5% (min £2) £1 + 0.4% ⬇️ 20%
GBP to AED 1% (min £2.27) £2 + 0.8% ⬇️ 20%
GBP to CNY 1.5% (min £2.76) £1 + 1.25% ⬇️ 17%
GBP to RUB 1.5% (min £2.62) £1.50 + 0.95% ⬇️ 37%
GBP to MAD 1.5% (min £2.42) £1.50 + 1% ⬇️ 33%
GBP to MXN 1.5% (min £2) £1 + 0.75% ⬇️ 50%
GBP to UAH 5% (min £3.19) £1 + 4.15% ⬇️ 17%
GBP to LKR 1% (min £2) £1.50 + 0.75% ⬇️ 25%
GBP to KRW 1.5% (min £2) £1 + 1.25% ⬇️ 17%
GBP to ILS 1% (min £2) £2+0.8% ⬇️ 20%
GBP to NGN £1 + 0.5% £1 + 0.4% ⬇️ 20%

Routes with price drops for a majority of amounts, if you pay by bank transfer

Currency route
Old fee
New fee
GBP to HUF 0.7% (min £2) £1.20 + 0.6%
GBP to CAD 0.5% (min £2) 80p + 0.45%
GBP to BRL 1.5% (min £2.39) £1 + 1.4%
GBP to CZK 0.7% (min £2) 80p + 0.6%
GBP to THB £1.5 + 0.6% £1.50 + 0.55%
GBP to ZAR 0.7% (min £16.35) £12 + 0.65%
GBP to IDR £1 + 0.7% £1 + 0.65%
GBP to BDT £2 + 1.3% £2 + 1.25%
GBP to VND 1.5% (min £3.17) £1.50 + 1.35%
GBP to KES £2 + 0.70% £2 + 0.65%
GBP to PEN 1.5% (min £3) £1 + 1.4%

Routes with increased prices

Currency route
Old fee
New fee
Price increase
GBP to PLN 0.5% (min £2) 80p + 0.55% ⬆️ 50%
GBP to BGN 0.7% (min £2) 80p + 0.9% ⬆️ 68%
GBP to HKD 0.5% (min £2) £1.50 + 0.55% ⬆️ 70%
GBP to PHP 1% (min £2.14) £2 + 0.9% ⬆️ 78%
GBP to TRY 1% (min £2) £2 + 0.9% ⬆️ 90%
GBP to RON 1% (min £2) £1 + 0.9% ⬆️ 40%
GBP to GEL 1% (min £2) £1 + 0.95% ⬆️ 45%
GBP to HRK 0.7% (min £2) £1.20 + 0.65% ⬆️ 51%
GBP to PKR 1% (min £2.3) £1.75 + 0.9% ⬆️ 54%
GBP to MYR 0.7% (min £2) £1.50 + 0.6% ⬆️ 58%
GBP to SGD 0.5% (min £2) £1.50 + 0.45% ⬆️ 65%

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Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.
 
 

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