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Wise has confirmed the extent of the cuts it made to its transfer fees for major amounts in the second quarter while confirming hikes to the charges made on smaller transfer amounts.

Wise confirmed it had lowered the charge on the main UK transfer corridor to Europe by 0.21% after cutting margins to 0.33% from 0.43%, while some routes, such as from the Eurozone to Switzerland, are now seeing fees as low as 0.24% (previously 0.48%).

The average charge has fallen to 0.65% from 0.67%.

The rub, however, is that the company looks to be compensating for the lower margins it will earn by hiking rates on smaller transfers.

"It wasn't all good news, smaller transfers and some routes got more expensive. For example sending £1000 to Mexican peso is now 15% more expensive," said Wise in a statement detailing pricing developments from the second quarter of 2024.

Smaller transfers include those made from most G10 currency destinatitons, including the UK, Europe and the U.S.

The cost of putting money in a Wise account rose for UK and European customers who use Mastercard debit cards, business debit cards, international cards and credit Cards.

CEO Kristo Käärmann says it is likely the company will pass on further fee reductions in the coming months. "It means it will be easier for our team to work on the things that will make Wise cheaper for everyone in the future."