Wise: transfers at the interbank rate, fees shown separately

An international transfer costs three things: fixed fees, a proportional commission and a margin on the exchange rate. The third is the only one you cannot see, since it is built into the rate offered.

This service's model is to convert at the interbank rate — the one quoted on the financial markets — and to charge its fees separately. The traditional banking model does the opposite: modest or even zero fees, and a margin built into the rate.

The practical consequence is that comparing price tags is meaningless. Two points of margin on a transfer of five thousand euros cost a hundred euros, far more than any displayed flat fee. That is why our calculator adds up all three components rather than ranking on the “fees” line alone.

For a transfer in dollars to a country where no correspondent fees are expected, the fixed SWIFT fees are $6.15¹.

To countries where correspondent fees are expected, they range from figure being updated to figure being updated depending on the destination. The gap between these two bounds is wider than most differences between services: the destination matters more than the choice of provider.

A discount applies above figure being updated sent in a month. This threshold mainly concerns expatriates who bring home a salary or the proceeds of a property sale, rarely everyday transfers.

We do not publish a conversion fee schedule by currency pair: this service calculates its exchange fees at the time of sending, according to the corridor and the amount, and does not publish a static schedule. The only way to know the exact cost is to simulate the transfer on its website, just before making it.

• The rate offered, compared with the current interbank rate: the difference is the hidden cost of the transfer.
• The fees the receiving bank may charge, which never appear in the sender's quote.
• The actual timeframe, which depends on the payment method: a bank transfer is slower than a card, and cheaper.
• Reporting obligations above certain amounts, in both the departure and destination countries.

The last point is the one most often overlooked, and the only one that can have consequences beyond cost. A large transfer to a foreign account leaves a trace, and that trace must match a declared situation.