TransferWise is still on a mission to revolutionize traditional money transfers and to continuously reduce the cost of every single transfer. Again, the TransferWise team was able to bring down their own costs – and yours as well! Effective July 5th, it will become cheaper for most customers to transfer EUR to GBP.
Low Cost Transfers
To provide extra flexibility, they are introducing two types of transfers – each of which has a different price:
- Low Cost Transfers – Designed to save as much as physically possible using a bank transfer
- Fast & Easy Transfers – Designed to complete transfers quickly instead, using Apple Pay, Android Pay, debit & credit cards.
For some transfers, fees are increasing to cover their real costs. However, TransferWise are working hard to reduce fees for those transfers in the future.
Also check out their Borderless account if you need a free multicurrency account with local US, UK, AU and EU bank details.