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Mission update Q1 '22

We're building money without borders — making it move faster, more conveniently, and eventually for free. Here's how much closer we got in January to March 2022.

To our 13 million customers

It's hard to think that it's been two months since the start of the war in Ukraine, and the continued violence towards civilians. Whilst we made progress towards our mission last quarter, we also prioritised what we could do to support.

We reduced fees when sending money to Ukraine, and waived fees for transfers to charities entirely. We increased transfer limits to £100,000 when sending money to Ukraine. We made it easier for refugees to set up Wise accounts by easing documentation requirements and offering digital Wise cards.

And, what about making money move without borders? - instant, convenient, transparent and eventually for free.

Sending money got faster and 49% of transfers are now instant. We launched new features - Auto Conversion is now available to everyone, and the Wise multi-currency account with the card landed in Brazil. By popular demand, we partnered up PayPal to make sending money even more convenient. Business customers can now sync up with Quickbooks and pay bills with Wise.

Scroll on to get the full lowdown.

Money without borders.

average fee
0.61%
transfers arrived <20 secs
49%
received into Wise accounts
£8.75bn

Our fees.

A slight increase in our average fee.

This quarter, our average fee slightly increased to 0.61% (up from 0.60% in Q4 2021).

We did manage to lower fees when sending money to; UAE, South Africa, Kenya, and Ukraine.

Sadly, this didn't lower our average fee in Q1 as much as we'd have liked due to increased costs in other areas.

Read more
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Our speed.

49% of transfers are instant — nearly half!

In Q1, we got very close to making 50% of all transfers instant. We fixed local integrations and improved how we work with partners to speed up transfers from Singaporean dollar and Malaysian ringgit. We also launched our instant route to Brazil — after a lot of hard work, we’re really excited to have this live for customers.

Some of our transfers were delayed this quarter (13%, up 2% from last quarter). This was largely due to partner payout delays in Asia, and running some additional compliance checks on customers.

Read more
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Wise Account.

Wise account and card landed in Brazil

This quarter we launched Wise in Brazil. Personal users can now open a multi-currency account with Wise to hold bank details in 11 different currencies and balances in over 50 currencies. Throw in the Wise card, and customers in Brazil can now also spend in over 200 countries.

Over 130,000 cards have been already ordered by Brazilians and they have saved R$10m (£1.7m) compared to using their bank’s card abroad.

Learn more
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Sending money.

Pay in with PayPal

PayPal sits firmly in the top five “most requested features” from customers globally. So we got to building it.

Customers can now add money to their Wise accounts or fund transfers directly from their PayPal wallet (or their bank account connected to PayPal).

It's only available for euros now, but keep your eyes peeled for updates.

Learn more
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Wise Business.

Pay QuickBooks bills with Wise

We launched our new Bills feature. This means QuickBooks customers can now see their unpaid bills and pay them directly from their Wise account.

We’ll even go ahead and mark them as paid in QuickBooks for you as well.

How it works
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Wise Platform.

Send the money from your online banking

1. Partnered with Max in Israel

Max customers can now send money from ILS to 32 currencies through the Max app — our first time enabling payments from Israel!

Get the best rate

2. Business budgeting with Haslle

Haslle customers can fund transfers without leaving the Haslle app, sending money from EUR/GBP to over 15 currencies.

Directly from Wise’s local bank account

3. Investments for Gotrade

Gotrade is one of the fastest growing platforms in Malaysia. Customers can now leverage Wise’s speedy low-cost transfers to maximise their investment in US stocks.

4. Wise SWIFT Connector

We built a no-code way for financial institutions using the SWIFT network to benefit from our speedy, low-fee transfers. Banks can get started by sending a message to the team.

We hate to keep you waiting.

platform uptime
99.96%
customer IDs verified < 1 hr
89%
transfers arrive in time
80%
queries answered on time
52.4%

See how we compare to Q4 2021

Read the previous update