Key takeaways
- Mid-market rate, transparent fee. Wise quotes the rate you see on Google and adds a visible percentage fee (typically 0.33 to 0.85% depending on the corridor).
- Wise is not a bank. It is FCA-authorised as an Electronic Money Institution (EMI). Funds are safeguarded in segregated accounts, not protected by FSCS up to £120,000.
- Where it wins: EUR, USD, AUD, CAD and other major-currency corridors. Where it loses: mobile money to Africa or SE Asia (use WorldRemit), and transfers over £20,000 (often beaten by XE).
- The Wise multi-currency account holds 50+ currencies, gives you local account details in 10 of them and pairs with a debit card that lets you spend at mid-market plus the same small fee.
Wise fees by corridor in 2026
Wise publishes its full fee table on its pricing page, refreshed daily. The numbers below are the headline May 2026 fee on a £1,000 transfer paid via Faster Payments. Different payment methods (debit card, credit card) add a small surcharge.
| Currency pair | Wise fee | Total on £1,000 | Delivery |
|---|---|---|---|
| GBP to EUR | 0.43% + £0.21 | £4.51 | Hours (SEPA) |
| GBP to USD | 0.33% + £1.50 | £4.80 | Next day (ACH) |
| GBP to AUD | 0.45% + £1.50 | £6.00 | Same / next day |
| GBP to INR | 0.56% + £1.00 | £6.60 | Same day (NEFT) |
| GBP to PHP | 0.85% + £1.50 | £10.00 | Same day |
| GBP to GBP (UK) | £1.50 flat | £1.50 | Seconds (FPS) |
Source: wise.com/gb/pricing, May 2026. Different funding methods (debit / credit card) add a small surcharge. Live rate may differ.
How Wise actually moves your money
Wise does not send your pounds across borders. It runs a network of local bank accounts in every country it operates in. When you send £1,000 to your friend in France, the £1,000 lands in Wise's UK GBP account via Faster Payments. Wise converts the amount at the mid-market rate and pays out €1,180 (or whatever the rate is) from its French EUR account into your friend's French bank account, via SEPA.
No money has crossed a border. No SWIFT message has been sent. The recipient sees a local payment from a French sender. The result: no SWIFT intermediary fees, no FX margin on the rate, and a settlement time of hours instead of days.
The hidden lever: Wise has to fund the EUR side from somewhere. Its bulk treasury trades pay the mid-market rate. The small fee covers that operation plus profit. Banks earn the same FX margin but keep it; Wise gives it back to you.
The Wise multi-currency account and card
If you do more than one transfer a year, the Wise multi-currency account is usually worth opening alongside. Free to set up, no monthly fee, no minimum balance. It gives you:
The account
- Hold and convert 50+ currencies at mid-market plus the same small fee.
- Local account details in 10 currencies (UK sort code, EU IBAN, US routing, AU BSB, etc.). Receive paid like a local.
- Interest on GBP, EUR and USD balances (variable, paid monthly).
- No FSCS protection. Funds are safeguarded, not insured.
The debit card
- £7 one-off card fee, then no monthly fee.
- Spend in any currency at mid-market plus the same small Wise fee. No weekend markup.
- 2 free ATM withdrawals per month up to £200, then £0.50 plus 1.75% per withdrawal.
- Apple Pay, Google Pay, virtual cards for online spending.
Where Wise is not the cheapest
Honest reviews mean naming the corridors and use-cases where Wise loses. There are three.
Cash pickup or mobile money to Africa and SE Asia
Wise does bank-to-bank transfers, not cash pickup or mobile money. For Nigeria, Philippines, Kenya and similar corridors, WorldRemit usually wins on both cost and delivery method.
Large transfers over £20,000
Wise charges a percentage fee. On £50,000 GBP to EUR, that is roughly £215. XE Money Transfer typically beats this with a smaller absolute spread and no headline fee on amounts over £500.
Hold large balances long term
No FSCS protection. If you would otherwise keep £30,000+ idle, a UK bank with FSCS cover is the safer home.
Is Wise safe?
Yes, for the use case it is built for. Wise is FCA-authorised as an Electronic Money Institution (FRN 900507). Customer funds are safeguarded: held in segregated accounts at Barclays, JP Morgan, BNY Mellon and other tier-one banks, separate from Wise's own balance sheet. If Wise failed, the safeguarded pool would be returned to customers under FCA insolvency rules.
The difference vs a UK bank with FSCS protection: FSCS pays you back automatically up to £120,000 if a bank fails. Safeguarding returns customer funds in an orderly process that takes weeks and offers no automatic compensation if a small shortfall is found. For an in-and-out transfer, this is fine. For storing £50,000 long-term, a bank is the conventional choice.
The Selectra verdict
Use Wise if
- You send between £100 and £20,000 in major currencies (EUR, USD, AUD, CAD).
- You want a transparent fee and the mid-market rate, full stop.
- You hold local account details in two or more currencies (expats, freelancers, cross-border earners).
- You travel and want a card that does not surcharge weekend FX.
Look elsewhere if
- You need cash pickup or mobile money (try WorldRemit).
- You are sending over £20,000 in one go (try XE).
- You want FSCS deposit protection up to £120,000 (use a UK-licensed bank).
The Selectra expert answers your questions
Yes. The company rebranded from TransferWise to Wise in February 2021. Same FCA authorisation, same product, same Estonian founders. The "TransferWise" name still redirects to wise.com.
It depends on the corridor. GBP to EUR: £4.51 (0.43% + £0.21). GBP to USD: £4.80 (0.33% + £1.50). GBP to INR: £6.60. GBP to PHP: £10.00. The fee is visible before you confirm. A typical high-street bank costs £30 to £50 on the same £1,000 transfer once the FX markup is included.
No. Wise is an Electronic Money Institution, not a bank. Customer funds are safeguarded in segregated accounts at tier-one banks. If Wise failed, the safeguarded pool would be returned in an orderly insolvency. Different protection from FSCS, suitable for transfers but not for holding very large idle balances long term.
Yes. The multi-currency account gives you local account details in 10 currencies: UK sort code and account number, EU IBAN, US routing and account number, Australian BSB, Canadian RTN and so on. You can receive a salary or invoice payment locally and convert at mid-market when you choose.
No. Wise is not authorised to lend in the UK. The debit card is funded by your balance. For overdrafts and loans, a UK-licensed bank (Monzo, Starling, NatWest) is the route.
Most major-currency transfers complete the same day or within hours. GBP to EUR via SEPA: hours. GBP to USD via ACH: same / next day. GBP to INR via NEFT: same day. Wise publishes an estimated delivery time on every quote, and 80%+ of transfers complete within that estimate.
Compare alternatives
How to send money abroad
The full UK guide with a live cost calculator across high-street vs specialist providers.
WorldRemit review
Better for mobile money payouts and cash pickup in Africa, South-East Asia and Latin America.
XE Money Transfer review
No headline fee on amounts over £500, often the cheapest above £20,000.