How much does Wise charge for currency conversion

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Accepted Answer

Wise charges a variable currency conversion fee that starts around 0.2% to 0.45% for major currency pairs and can reach about 2% for other routes. The exact percentage depends on the currencies involved and how you fund the transfer.

Wise converts money at the mid-market exchange rate, the same rate shown on Google, and does not add a markup to that rate. There are no hidden exchange rate markups, so the charge comes from the fee itself.

Under Wise pricing, the total cost of a conversion is made up of two parts:

Variable conversion fee: A percentage of the amount you convert, which covers the currency exchange itself.
Fixed or funding fee: A small flat charge that changes with the payment method, lower for bank transfers such as ACH and higher for credit cards or SWIFT wires.

Typical variable fee ranges differ by currency route:

Major currencies: Conversions between currencies such as USD, EUR, GBP and AUD usually cost about 0.20% to 0.60%.
Exotic or developing currencies: These routes generally fall between 1% and 2%, depending on liquidity and regional transaction taxes.
Inward business remittances: A route such as USD to INR costs roughly 1.5% to 1.8%, and may also involve local taxes like GST or fees for a FIRA document.

Other factors can change what you end up paying:

Card funding: Paying for a Wise transfer with a credit card adds a processing charge, so the overall conversion costs noticeably more than funding it from a bank account.
Volume discounts: Customers processing large volumes, typically above the equivalent of £20,000 to £100,000 a month, receive a tiered reduction on the percentage fee automatically.

The exact fee on any conversion depends on three things: the currency pair, the payment method used to fund it and the amount being exchanged.