Wise New Zealand drops prices by up to 41%
Wise New Zealand drops prices by up to 41% on transfers to 19 countries across five continents
Transfer price drops include: USD, CAD, CNY, HRK, KRW, GHS, & more.
Wise, the LSE listed global technology company building the best way to move money around the world, has dropped prices by up to 11% on average, and in a few cases up to 41% on transfers from New Zealand to 19 countries across five continents.
Wise Account, Business and Platform users in New Zealand will see cheaper and faster transfers, brought about by an increase in volume flowing through Wise from customers switching from banks and other providers as well as better management of FX rate fluctuation.
Since the beginning of COVID, there has been extreme volatility in foreign exchange markets, peaking in March and April 2020 and gradually returning to pre-covid levels in May 2021. Unsurprisingly, during this period banks increased their spreads; to help cover the cost of the risk by up to five times more. As markets stabilised, Wise’s risk-related costs dropped 15% lower than before the volatility began thanks to improvements with the savings being passed on to customers.
To give an example of how Wise compares to the major Kiwi banks, customers sending NZ$1000 to the United States can expect their recipients to receive US$21.82 more with Wise compared to if they had used one of the big banks or expensive competitors. This is because Wise uses the mid-market rate with no additional markup whereas banks charge an upfront fee and a marked up exchange rate which is not disclosed to the customer.
Tristan Dakin, Wise ANZ Country Manager:
“When it comes to international payments, New Zealand consumers and businesses continue to pay well above the odds than most markets around the world due to the sky-high exchange rate markups charged by banks and other providers, which aren’t disclosed upfront.
As Wise continues to find efficiencies across various parts of the business, such as the increased volumes flowing through Wise and improvements in our operational costs, it’s not only our own personal and business customers that benefit, it’s also the customers of our Wise Platform users benefitting from the savings.
Our mission has always been to make sending money instant, convenient, transparent and eventually free, and today with this price drop we take yet another step closer to achieving that.”
Wise is a global technology company, building the best way to move money around the world. With the Wise account people and businesses can hold 56 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money.
Co-founded by Kristo Käärmann and Taavet Hinrikus, Wise launched in 2011 under its original name, TransferWise. It is one of the world’s fastest growing, profitable technology companies and is listed on the London Stock Exchange under the ticker, WISE.
10 million people and businesses use Wise, which processes over £5 billion in cross-border transactions every month, saving customers over £1 billion a year.