Is the Wise / Revolut Exchange Rate Still the Best? Compare Their Sliding Fees With Our Calculator
The recipient exchange rate reflects the true cost of transfers by accounting for how popular fintech companies make their money by applying a percentage-based sliding fee
Is the percentage fee Wise adds to the transfer smaller or bigger than the percentage fee specialist payment providers and banks charge via the exchange rate? The following is based on the providers’ latest fee structures.
Money transfers aren’t free: it costs international payment companies to deliver their service. However, the past decade has seen more competition and innovation in the industry, and as always, this drives down prices for consumers.
Wise - formerly TranserWise - has played a significant part in this development with its "real exchange rate" and "transparent fee" marketing. Revolut is another fintech that has entered the space.
But let's be clear: Wise and Revolut are payment companies with significant costs. Wise also has shareholders to please as it is a listed company; in short, it must realise revenue growth.
If we compare a typical payment firm, you will be offered an exchange rate but no fee. Wise's approach is you get the mid-market rate But at a fee. Importantly, this fee sits on a sliding scale: it rises and falls depending on the volume.
The above comparison tool shows how.