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Understanding the Table:
The comparison table above helps you see the total cost of your Wise currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of available providers, simply enter your transaction type, details and click ‘GET RATES’.
Wise (formerly TransferWise) always aim to convert money at the real mid-market exchange rate. There’s just a small, fair service fee, and it’s all shown up-front, this fee normally works out to be less than 1% of the amount being exchanged.
Exchange guaranteed within 2 business days - Pay via Bank Transfer or VISA/Mastercard debit cards.
Setup Direct Debits to Pay Bills abroad from AUD, CAD, EUR, GBP and USD accounts.
With a Wise Account you receive a unique set of account details with which you can get paid like a local. Together with an account number, you’ll receive a SWIFT, BSB, routing and/or sort code and anything else needed to receive funds in those currencies.
Domestic & International - Share these for someone to pay you in the same currency by local bank transfer.
International Only - Share these for someone to pay you any currency Wise supports by SWIFT transfer.
The Wise debit card are free to set up and use. And there's never any monthly fee and minimum balance to worry about.
You get two free ATM withdrawals worldwide up to a max amount every 30 days, then a charge on additional withdrawals.
Auto-convert any currency - Spend in any currency and the Wise smart tech will auto-convert it with the lowest possible fee.
Unlike practically all other Travel cards you can pay foreign currency into this card via your own personal foreign bank accounts.
Savings on Wise money transfers are substantial relative to banks and traditional money changers, although the amounts saved will of course depend on how much is being transferred.
Wise advertises that its transfers are “up to 8 times cheaper” than those performed by banks, but what does that mean in real currency terms? How many dollars, pounds, francs or pesos are we talking about? Let’s take a look.
When compared with other FX specialists, Wise consistently ranks near the very top for savings on international payments, across a range of currencies and amounts.
Although Wise won’t be the absolute cheapest on every currency route, it will at least show you exactly how much you are being charged in currency terms before you make your decision, which is more than can be said for banks or traditional money changers, who hide all sorts of charges within the exchange rates offered.
The Wise card let's you spend anywhere, with low conversion fees. Buy things online in any currency, or pay for things on holiday. If you don’t have the currency you need in your Wise Account, they’ll auto-convert it with the lowest possible fee.
##Fees for the Wise card for residents in United States
Ordering your Wise card
Digital card Spend online, in-store and abroad safely
Replacing your card
Replacing an expired card
Fees when topping up e-wallets or other accounts convertible to cash
###Withdrawing money from an ATM.
Make 2 withdrawals of up to 100 USD each month for free per account. After that, Wise charges 1.5 USD per withdrawal. There’s also a 2% fee on any amount you withdraw above 100 USD.
Yes, for a fixed time.
After creating your money transfer order, Wise will lock in the displayed exchange rate for a 24 or 48-hour period, depending on the currencies in question. As long as Wise receives your funds within that window, it guarantees that the receiving account gets exactly what was shown at the time you created the transfer order. In all cases, you will be told for how long your guarantee is in place at the time you create the order—this will be shown next to the exchange rate.
Should you fail to provide funds quickly enough, Wise will amend your transfer order to reflect the new mid-market exchange rate, which might be to your benefit or detriment.
As for weekends, when most banks don't process transfers, these are ignored. For example, if you create a EUR to GBP transfer (a 48-hour rate guarantee) at 5pm on a Friday, Wise will guarantee the exchange rate so long as funds are received before the same time on Tuesday.
The exception to the above comes with GBP payments. Because most banks in the UK do process transfers on the weekend, Wise will include weekend days. For example, a GBP to EUR transfer (a 24-hour rate guarantee) created on Friday at 5pm will be guaranteed until 5pm on Saturday.
After Wise receives your funds, these will usually arrive at the destination bank account within two business days (many transfers will be same-day), although it can take longer depending on the currencies involved (additional security checks may be required), on the time of day you make your transfer and on the timing of national holidays.
Before you confirm any order, Wise gives you a chance to review it, and this review includes the “should arrive by” date.
Readers will be pleased to learn that Wise is a highly regulated firm. As of 2019, it is regulated by financial authorities in the US, UK, EEA, Singapore, New Zealand, Japan, Australia, Hong Kong and Canada.
Importantly, in order to meet the requirements of regulators, Wise must separate your money from theirs, which means that in the highly unlikely event that Wise goes to pot, your money will be returned.
Wise deploys a number of measures aimed at protecting your account; these include a 2-step login and Transport Layer Security encryption to protect transactions and all communications with the company. Wise also monitors accounts and customer profiles for unusual activity.
For the majority of currencies, you will need to send funds to Wise from a bank account. For some currencies, you will be offered alternative funding methods including debit and credit cards (Visa, Mastercard and Maestro), Apple Pay or Android Pay, and if you are in one of the participating European countries, SOFORT. Be aware that alternative funding methods may incur additional charges.
A Wise limitation is that funds must be paid into a bank account.
Transfer limits will only affect a small minority of Wise customers (the send/receive limit for euro transfers, for example, is €1.2 million). In all cases, Wise will tell you when you’ve exceeded its limits via an error message at the time you create your transfer order.
Transfer limits are unique to each currency, so for further information either contact Wise or search within the company’s online Help Centre. Be sure to check limits for both currencies since Wise will apply the lowest of these.
###Daily fee for holding large amounts
Wise charge a daily fee for holding large amounts in your currency accounts, the maximum free amounts and fees that are then charged depend on the currency.
For excample you can hold up to the following amounts for free:
If you go over your free allowance for more than 3 days, Wise will start charging the annual fee of 1.6%. This is equivalent to approximately 0.00437% daily.
Wise offers email support and 13 national phone lines for support in your language.
Be aware that Wise phone support is not available 24/5. Each of the local phone lines will be available on business days only and for its own unique hours; these are displayed after you select your region on Wise's ‘Contact Us’ page.
A slight knock on the Customer Service front is that Wise’s Live Chat feature seems to be continually unavailable.
BER research indicates that roughly 75 percent of Wise users who had cause to contact customer service were happy with their experience, which is in line with the industry average. Roughly a quarter of those with issues claim that customer service was unsupportive or that emails weren’t replied to.
Another impressive service offered by Wise is their Wise Multi-Currency Accounts. These allows users to hold and convert funds in 40 different currencies, and make and receive payments in those currencies with the same excellent exchange rates (the real, mid-market rates) and low fee structure that comes with Wise’s basic money transfer service. The account costs nothing and there is no minimum balance.
Domestic & International - Share these for someone to pay you in the same currency by local bank transfer.
International Only - Share these for someone to pay you any currency Wise supports by SWIFT transfer.
For a more in-depth look you can read our BER Review - Wise Account.
###Wise Debit Card
A market leading multi-currency debit Mastercard with Zero foreign transaction fees plus no annual fees and low currency conversion fees.
The Wise account and debit card are free to set up and use. And there's never any monthly fee and minimum balance to worry about.
Free ATM withdrawals worldwide up to $350 every 30 days then a 2% charge on additional withdrawals.
Auto-convert any currency - Spend in any currency and the Wise smart tech will auto-convert it with the lowest possible fee.
Unlike practically all other Travel cards you can pay foreign currency into this card via your own personal foreign currency bank accounts.
These transactions cost more money to process than others and are treated like a cash advance. So, Wise charge a fee of 2% of the transaction amount on certain currencies when you use your Wise card to send money to e-wallets or other accounts which can be converted to cash (including, but not limited to, casino chips, cryptocurrencies and lottery tickets).
###What Do Users Think of Wise?
As of September 2024, user reviews are overwhelmingly positive.
On one popular review site, more than 85 percent of the 57,000 Wise users gave the company a 5-star rating; only 3 percent said they had a “bad” experience.
Recurring themes within reviews relate to “fantastic service,” “awesome rates,” “super fast” and “easy transfers.”
Wise (TransferWise) takes a machete to the hefty fees that banks levy to send money across borders. — The Economist.
The Wise USD to AUD exchange rate is 1.5102. This is -0.65% compared to the latest USD-AUD mid-market rate 1.5201.
As exchange rates can vary significantly between banks and also between currency exchange providers, it's therefore important to carefully compare US dollar (USD) to Australian dollar (AUD) rates from different sources before making a conversion.
The above Wise - Dollar to Aussie comparison table makes it easy to compare the Total Fees (both variable and fixed) you are being charged by Wise and other foreign exchange providers against the latest USD-AUD mid-rate and the possible savings of using various providers.
Looking at the full USD to AUD - Send Money comparison table the provider with the best USD to AUD exchange rate is OFX at 1.5125, -0.5% from the latest mid-market rate 1.5201.
The next best is XE at 1.511, -0.6% from the mid-rate.
Then Wise at 1.5102, which is -0.65% from the mid-rate.
The Western Union rate is 1.5049 which is -1% from the mid-rate.
Among the banks the Chase Bank rate is 1.4046 at -7.6% the Wells Fargo Bank rate is 1.3955 at -8.2% and the Citibank rate is 1.4654 at -3.6% compared to the mid-rate 1.5201.
It's important to note that exchange rates also fluctuate frequently due to market conditions. Additionally, banks and foreign exchange providers often apply a margin to the exchange rate, resulting in a less favorable rate for customers compared to the mid-market rate. For more competitive rates, you might consider using a specialized currency exchange service like Wise or platforms that offer rates closer to the mid-market rate.
View a full list of exchange rates by selecting your Base (from) currency:
