4 ms·

Canadian here who have been using Wise! Amazing product and experience.

• alberth 3y ago
  Their website has some odd price comparisons. Wise claims a debit transaction on a $1000 to $1000USD would cost $15. That’s an incredibly high rate for a debit txn.
  • alright2565 3y ago
    Seems right. https://www.federalreserve.gov/paymentsystems/regii-average-interchange-fee.htm https://www.federalreserve.gov/paymentsystems/regii-average-... Many consumers prefer durbin-exempt cards since they have more favorable terms. Average fee on durbin-exempt cards is 1.41%, and they are 38% of transactions. Average fee on covered cards is 0.45%, and they are 62% of transactions. Seems reasonable to me that Wise wants to make a profit on every single transaction. Probably would have issues with abuse from 1% debit cashback cards otherwise.
  • croemer 3y ago
    What do you mean by debit transaction? An international bank transfer? There are many layers of fees that often get charged by banks: - You don't get the market rate - There's a percentage fee on the exchange - There's a fee to send abroad for the sender - There's a fee to receive from abroad for the receiver Not all charges necessarily apply but they often enough do. Try it out and you'll see.