Wise Transfer Fees UK — What You Actually Pay
Wise charges a conversion percentage plus a small fixed fee. Here's exactly what that costs on typical GBP transfers — and how it compares to PayPal and a bank wire.
Wise (formerly TransferWise) charges two fees on every money transfer or currency conversion: a conversion fee (a percentage of the amount) and a fixed fee (a flat amount per transaction). Together they make Wise significantly cheaper than high-street bank wire transfers, but not free.
This guide explains exactly how Wise fees work, what you actually pay on a typical GBP-to-EUR or GBP-to-USD transfer, and how it compares to PayPal and a bank wire.
How Wise fees are structured
Every Wise transfer has two components:
- Conversion fee — a percentage of the amount being converted. This varies by currency pair, typically ranging from 0.33% (EUR) to 1.0–2.0%+ for exotic currencies.
- Fixed fee — a small flat charge per transfer, typically £0.20–0.50 for common GBP transfers. This matters most on small amounts (it's proportionally larger on a £50 transfer than a £5,000 one).
Wise shows you the total fee before you confirm, so there are no hidden charges. The exchange rate used is the mid-market rate (same rate you see on Google) — the "hidden" markup that banks add is absent.
→ Wise fees calculator — enter your amount and currency and see the exact GBP cost.
What does a typical transfer actually cost?
For a GBP to EUR transfer (the most common for UK senders):
- Conversion fee: typically 0.33–0.41%
- Fixed fee: approximately £0.20–0.30
- On a £500 transfer: roughly £1.85–2.35 total
- On a £2,000 transfer: roughly £6.80–8.50 total
For GBP to USD:
- Conversion fee: typically 0.41–0.57%
- Fixed fee: approximately £0.20
- On a £500 transfer: roughly £2.25–3.05 total
These are meaningfully lower than a bank wire, which often costs £15–25 flat plus a hidden 2-3% exchange rate spread — meaning a £500 bank transfer can cost £25–40 in real terms, versus £2–3 on Wise.
Worked examples
£500 × 0.33–0.41% = £1.65–2.05. Plus the ~£0.20–0.30 fixed fee = roughly £1.85–2.35 total. Compare a bank wire on the same £500: typically £15–25 flat plus a hidden 2–3% rate markup, closer to £25–40 in real terms.
£2,000 × 0.33–0.41% = £6.60–8.20. Plus the fixed fee = roughly £6.80–8.50 total — the fixed fee barely moves the needle at this size, so the effective rate is close to the raw conversion percentage.
£50 × 0.33–0.41% = £0.17–0.21. Plus the ~£0.30 fixed fee brings the total to roughly £0.47–0.51 — on its own the fixed fee alone is already 0.6% of the transfer. Small, frequent transfers are exactly where that fixed component matters most; batching into fewer, larger transfers reduces the effective rate.
Wise vs PayPal for international transfers
| Factor | Wise | PayPal |
|---|---|---|
| Exchange rate | Mid-market (no markup) | 3–4% markup on the rate |
| Transfer fee | 0.3–2% + small fixed fee | £0 transfer fee but rate markup hides the cost |
| Real cost on £500 to EUR | ~£2–3 | ~£15–20 (in rate markup) |
| Speed | Usually same day or next day | Instant to PayPal balance; bank withdrawal adds 1-3 days |
| Best for | Sending money internationally, freelance payments | Paying UK merchants, receiving payments on marketplaces |
PayPal hides most of its currency fee inside the exchange rate, which is why it looks cheaper on the surface. The real cost comparison almost always favours Wise for cross-currency transfers.
Wise vs a bank wire
UK bank international transfers typically charge:
- A sending fee of £15–25 (or sometimes "free" but with a worse rate)
- A 2–3% exchange rate markup (hidden in the rate, not shown as a fee)
- An intermediary bank fee on the receiving side (£5–15)
On a £1,000 transfer, Wise typically costs £4–8. The same transfer via a high-street bank can cost £30–50 in real terms once you account for the rate markup. Wise's cost advantage is most pronounced for regular international transfers (freelancers getting paid from abroad, businesses paying overseas suppliers).
When Wise isn't the best option
- You're paying a UK seller in GBP. No currency conversion = no Wise advantage. PayPal, bank transfer, or a payment link is simpler.
- The recipient needs cash or a check. Wise transfers to bank accounts only.
- Very exotic currency pairs. Wise's fee climbs on currencies like NGN, KES, or some South Asian currencies — always check the specific rate before assuming Wise wins.
- Receiving payments from customers. Wise isn't a payment processor (no checkout integration like Stripe or PayPal). It's for sending and receiving bank-to-bank transfers.
Wise for sellers receiving international payments
One genuinely useful Wise feature for UK marketplace sellers: Wise Business gives you local bank details in USD, EUR, CAD, AUD and more. You can receive Amazon US or Etsy USD payments into a Wise USD account, then convert to GBP on your schedule (rather than being auto-converted at the moment of payout). Over time, timing conversions when the rate is favourable can meaningfully reduce your forex cost.
Related calculators
- Wise fees calculator — the exact fee for your transfer amount and currency pair
- PayPal UK fee calculator — domestic and international PayPal charges
- Etsy UK fee calculator — if you're also paying Etsy's platform fees
- eBay UK fee calculator — for comparison if you sell cross-border on eBay
Frequently asked questions
How much does Wise charge for a GBP to EUR transfer?
Wise charges a conversion fee of around 0.33–0.41% plus a fixed fee of approximately £0.20–0.30. On a £500 transfer to EUR, the total fee is typically £1.85–2.35. On £2,000, around £6.80–8.50. Use the Wise fees calculator for the exact current rate.
Does Wise use the mid-market exchange rate?
Yes. Wise uses the real mid-market rate — the same rate shown on Google or XE.com — with no markup. The fee is charged separately and shown transparently before you confirm. This is the main reason Wise is cheaper than banks, which hide their margin in the exchange rate.
Is Wise cheaper than PayPal for international transfers?
Almost always yes. PayPal shows a zero transfer fee but applies a 3–4% markup on the exchange rate. On a £500 GBP-to-EUR transfer, Wise typically costs £2–3; PayPal's rate markup costs the equivalent of £15–20. Use the PayPal UK fee calculator and Wise fees calculator to compare your specific amounts.
What is the Wise fixed fee?
The fixed fee is a small flat charge per transfer, typically £0.20–0.50 for common GBP transfers. It matters more on small amounts — on a £50 transfer, a £0.30 fixed fee is 0.6% on its own. On a £5,000 transfer, it's negligible. The exact fixed fee varies by currency pair and payment method.
Can I use Wise to receive payments from Amazon or Etsy?
Yes, indirectly. Wise Business gives you local bank details in USD, EUR, CAD, AUD and more. You can set your Amazon or Etsy payout to go to your Wise USD account, then convert to GBP when you want to at Wise's low conversion rate — rather than being auto-converted by the marketplace at their rate.