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According to Wise, if you send $1000 dollars to euros the old fee was $7.96 and the new fee is $6.40 – so you are almost saving a buck. Sure, it is a small amount, but over time single dollars add up.
Another important variable is the exchange rate utilized in the transfer. Wise typically uses a “mid market” spot rate while some other providers use one with a bigger spread.
Wise shows a comparison with PayPal, a popular competitor. PayPal only charges a fee of $4.99 BUT when you send the $1000, EUR 38.32 less shows up.
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