Does Wise charge conversion fee
Yes, Wise charges a conversion fee whenever you convert money from one currency into another, and this fee is shown separately from the exchange rate.
The rate itself is the live mid-market exchange rate, so Wise does not add a hidden markup to it. Instead, the cost of a conversion is listed as its own charge, which makes it easier to see what you are paying.
- Fixed fee: A small flat amount is charged on each transfer to cover the fixed costs of processing the transaction.
- Variable conversion fee: A percentage of the amount is added on top, and this percentage changes depending on which pair of currencies you are converting.
- Payments received into India: One comparison of Wise pricing for Indian users puts the conversion fee at roughly 1.6 to 1.7% of the amount received, with a separate $2 fee for an e-FIRC.
Because the percentage differs by currency pair, the total cost of converting USD to INR will not match the cost of converting EUR to GBP. The calculator on the Wise website shows the exact fee for a specific amount and currency pair before you confirm, so check it for your own transfer rather than relying on a general figure.