In Q2, our average fees dropped by 0.02% to 0.67%.
This means we got cheaper for 830,000 of our customers!
Fees are now lower when you send money FROM 7 of our currencies (USD, Brazil, and more), or when you send money TO 15 of our currencies (such as sending to Japan or USD). Unfortunately, we also needed to increase fees on 1 route, sending money to MXN is more expensive.
It’s worth noting that some of our recent larger decreases will not be visible in the ‘average fees’ paid over the last quarter just yet. For example,such as sending money from USD, where fees on average transaction of $1200 funded via Bank debit (ACH) are lower by 9.1%. Since we made these changes towards the end of Q2, we expect to start to see the impact of these in Q3.
This quarter, we were able to reduce the fees on our currencies by reducing the cost of our local integrations, building new partnerships and improving how we manage money internally - in the US and Canada, we got better at decreasing our fraud & chargeback losses, and in Japan we got smarter with reducing the cost of holding your money.
This allowed us to decrease both, fixed and variable part of our fees.
For example, sending money from Sweden (Swedish Krona, SEK), Norway (Norwegian Krona, NOK), and India (Indian Rupee, INR) and sending to the US (United States Dollar, USD) all now have a lower fixed fee. This is particularly beneficial for customers sending smaller transactions - on a £500 transaction the decrease ranges between 8% to 30%. For these routes we were able to drop prices as we integrated with new partners and negotiated better fees, so we can pass this back to you.
For other currencies we optimised both fixed and variable fees at once. Across Asia and the Middle East & Africa, Latam, and sending to Nordics the price for a £1,000 transaction decreased between -4% to -59%.
Unfortunately, we also needed to increase fees on one of our routes, sending money to Mexico. The fees we pay our partner in Mexico have increased since the beginning of this year and because of that we’ve had to raise our fees to cover our costs.
Some of our reprices in more detail:
|Fixed fee reduction||Variable fee reduction||For example if you send...|
|From SEK via Low Cost||-SEK 4.41||-||… when sending from 12000 SEK Low Cost to INR you’ll save SEK 4.41 in fees; 6.1% drop.|
|From NOK via Low Cost||-NOK 4.23||-||… on 12000 from NOK Low Cost to THB you’ll save NOK 4.23 in fees; a 4.7% drop.|
|From INR via Bank transfer||-INR 361.81||-||… on INR 100.000 from INR Bank transfer to EUR you’ll save INR 361.84 in fees; a 16.7.% drop.|
|From USD via Bank debit (ACH)||-$0.28||-0.05%||… $1200 from USD Bank debit (ACH) to EUR you’ll save $0.88 in fees; a 9.1% drop.|
|From BRL via Boleto||-R$3.07||-0.46%||… on R$7000 from BRL Boleto to USD you’ll save R$33.7 in fees; a 17.7% drop.|
|To MYR||-MYR 0.46||-0.02%||... on SGD Bank transfer 1800 to MYR you’ll save SGD 2.19 in fees; a 17.3% drop|
|To JPY||-JPY 15.54||-0.11%||… on £1000 from GBP Low Cost to JPY you’ll save GBP 1.26 in fees; a 17.6% drop.|
|To UGX||-UGX 4,807||-1%||… on £1000 from GBP Low Cost to UGX you’ll save UGX 10.74 in fees; a 59.4% drop.|
|To MXN||-MXN 1.25||+0.47%||… on $1000 from USD Bank debit (ACH) to MXN you’ll pay $3.75 more in fees; a 32.8.% increase.|
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