How does TransferWise compare to leading banks?

Wise
08.07.21
1 minute read

We believe in fairness and transparency. It’s at the heart of everything we do.

So, to make sure we’re building a product that is truly better for our customers, we work with an independent research company to run price-comparison research for us on a regular basis. They look at data across multiple countries, currencies and price points to make sure any price claims we make are fair and accurate.

About the independent research

The research compares us to:

CountryBanks
FranceBNP Paribas, Banque Postale, Société Générale
GermanyDeutsche Bank, Commerzbank, Postbank, Sparkasse
SpainBankia, Santander, BBVA, Caixa
United KingdomBarclays, HSBC, Lloyds, NatWest, Santander
IrelandAllied Irish, Bank of Ireland, Ulster Bank

The research looks at the cost to send and spend €250/£250 and €1000/£1000 between multiple currencies including AUD, EUR, GBP, and USD.

The research looked into the cost, ease, and speed when it comes to bank accounts and exchange rates. This included:

  • The cost to open and keep an account
  • How easy and fast it is to open an account
  • The cost to send money abroad from an account
  • The cost to convert currencies in an account
  • The cost spend money abroad with a debit card

The research findings

In France, the research found that Wise is on average:
6x cheaper than leading French banks to send €250,
5x cheaper to spend €250 with a debit card abroad, and
6x cheaper to withdraw €250 from an overseas ATM,
8x cheaper than Paypal to send €250 and
2x cheaper than Western Union to send €250.

In Germany, the research found that Wise is on average:
8x cheaper than leading German banks to send €250,
3x cheaper to spend €250 with a debit card abroad,
4x cheaper to withdraw €250 from an overseas ATM,
8x cheaper than Paypal to send €250 and
3x cheaper than Western Union to send €250.

In Spain, the research found that Wise is on average:
15x cheaper than leading Spanish banks to send €250,
6x cheaper to spend €250 with a debit card abroad,
7x cheaper to withdraw €250 from an overseas ATM,
8x cheaper than Paypal to send €250 and
3x cheaper than Western Union to send €250.

In Ireland, the research found that Wise is on average:
6x cheaper than leading Irish banks to send €250,
4x cheaper to spend €250 with a debit card abroad,
5x cheaper to withdraw €250 from an overseas ATM and
8x cheaper than Paypal to send €250.

In the UK, the research found that Wise is on average:
9x cheaper than leading UK banks to send £250,
7x cheaper to spend £250 with a debit card abroad,
4x cheaper to withdraw £250 from an overseas ATM,
10x cheaper than Paypal to send £250 and
1.8x cheaper than Western Union to send £250.

Wise is an electronic money institution, not a bank. Read this FAQ for more details on what that means.

Journalists can learn more about this research by contacting our press team.

Wise is the smart, new way to send money abroad.

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