Does Wise charge a fee to convert currency

Yes, Wise charges a fee to convert currency, usually starting at about 0.33% to 0.45% for major currency pairs and rising for less common ones.

Wise shows its conversion cost upfront rather than building it into the exchange rate. There is no subscription or plan, so you pay only when you convert or move money.

• Mid-market rate: Wise converts at the live mid-market exchange rate and does not add a hidden markup to it.
• Variable fee: A percentage fee is charged on the amount converted, and it changes with the currency pair, ranging from roughly 0.4% up to about 2%.
• Fixed fee: A small flat charge may also apply, depending on how the transfer is funded or sent.
• Taxes on the fee: For accounts based in India, 18% GST may be charged on the Wise fee itself.

For people in India receiving foreign payments into a Wise account and converting them to INR, the total cost is higher than the headline rate for major pairs. Published breakdowns of Wise pricing in India put the conversion fee at around 1.6% to 1.7% of the amount received, plus a $2 e-FIRC fee per transaction.

Because the percentage depends on the currencies involved, the way the transfer is funded and local taxes, the practical step is to check the Wise pricing page for your exact source currency, target currency and amount before converting. Freelancers and businesses comparing providers for international receipts often look at Payoneer vs Wise to see how the conversion fee, fixed charges and document fees add up for the amounts they actually handle.