Does Wise have good exchange rates

Yes, Wise is generally seen as having good exchange rates, because it converts money at the mid-market exchange rate without adding a markup to that rate.

The mid-market rate is the midpoint between the buying and selling prices of two currencies on global markets, the same figure shown by sources such as Google or Reuters. Wise does not inflate this rate to earn extra profit on the conversion.

That does not make a transfer free. Wise charges a separate conversion fee that is shown upfront and varies by currency pair, usually from about 0.33% to more than 1%. Reviewing Wise pricing for the specific pair you plan to convert shows the actual fee before you send.

How Wise compares with other common ways to exchange money:

• Wise: Uses the mid-market rate with no hidden markup, and charges a clear percentage fee on top.
• Traditional banks: Typically use a retail rate with a markup of around 2% to 4%, and may add wire fees and foreign transaction fees.
• PayPal: Typically applies a retail rate with a markup of around 3% to 4%, along with cross-border and conversion fees.

When judging whether a rate is good, compare the total cost of a transfer rather than the fee alone. A service with a low stated fee can still cost more overall if it quietly widens the exchange rate, so check both the rate used and the separate charges.