How to avoid fees with Wise?

How to Avoid Fees When Using Wise

Wise, formerly known as TransferWise, is a popular international money transfer service that offers competitive exchange rates and low fees. However, there are still some fees that users may encounter, depending on their payment method and the amount they are sending. Here are some tips on how to avoid fees when using Wise:

1. Compare Transfer Services:

Before you use Wise, take the time to compare the fees of different transfer services. Some banks and online providers may offer better deals on international transfers, especially for large amounts. Compare the exchange rate, transfer fees, and any additional charges to determine the most cost-effective option.

2. Bank Discounts:

Some banks may offer discounts or waive wire fees for online transfers. Check with your bank to see if they have any such promotions available. This can help you save money on your Wise transaction.

3. Wise Discounts:

Wise occasionally offers discounts and promotions for new and existing users. For example, they may offer a fee-free transfer for your first transaction or a reduced fee on subsequent transfers. Keep an eye out for these promotions and take advantage of them to save money.

4. Use a Debit Card:

When sending money through Wise, using a debit card is generally the most cost-effective option. Debit card payments are typically free or have a low fee, compared to other payment methods like credit cards or bank transfers.

5. Send Larger Amounts:

Wise charges a fixed fee for transfers, regardless of the amount you send. If you are transferring a large amount of money, sending it in one transaction will cost you less than splitting it into multiple smaller transfers.

Additional Tips:

• Check the Exchange Rates: Wise’s exchange rates are generally competitive, but they can fluctuate. Check the exchange rates before you initiate your transfer to ensure you are getting the best deal.
• Be Aware of Hidden Fees: Some banks may charge additional fees for international transfers, even if you are using Wise. Be sure to check with your bank before you transfer money to avoid any unexpected charges.
• Use the Wise Calculator: Wise provides a calculator on its website that allows you to estimate the fees and exchange rates for your transfer. Use this tool to estimate your costs before you send money.

By following these tips, you can minimize the fees you pay when using Wise and save money on your international money transfers.