Wise international money transfers

Wise, formerly TransferWise, is one of the newer international money transfer providers to hit Australia’s shores, and it’s rather unique in the IMT space. But just because it’s new doesn’t mean it hasn’t already made a splash. In fact, it was named one of Australia’s best International Money Transfer providers in the 2019 Mozo Experts Choice Awards.

Wise has bank accounts in different countries around the world which enables you to transfer money across borders without your money ever actually leaving Australia. Interesting concept, hey? Say you want to transfer $1000 AUD to the US. Your money first goes into Wise's Australian bank account and is then paid to your recipient in US Dollars from Wise's US bank account.

Wise uses the real exchange rate, also known as mid-market rate, at the time of the transfer, and because the money is kept local you don’t pay high bank fees.

Comparing Wise

Rates and fees verified as correct at 20 April, 2021. Other information correct at the time of writing. Advertiser disclosure.

You can send out and receive money from a range of major currencies with Wise including pounds, USD and Euro but there are some currencies that are only available to send out. See below for today’s rates for currencies that Mozo can help you to compare.

Wise Rate 0.7755

Currency At today's Wise Rate, 1 AUD buys* For 10,000 AUD recipient will get
Mozo logo United States Dollars (USD)
USD0.7755 USD 7,755 Go to site
Mozo logo Euros (EUR)
EUR0.6443 EUR 6,443 Go to site
Mozo logo Great Britain Pounds (GBP)
GBP0.5546 GBP 5,546 Go to site
Mozo logo Canadian Dollars (CAD)
CAD0.9723 CAD 9,723 Go to site
Mozo logo Chinese Yuan (CNY)
CNY5.0485 CNY 50,485 Go to site
Mozo logo Danish Krone (DKK)
DKK4.7914 DKK 47,914 Go to site
Mozo logo Hong Kong Dollars (HKD)
HKD6.0222 HKD 60,222 Go to site
Mozo logo Indian Rupee (INR)
INR58.0773 INR 580,773 Go to site
Mozo logo Indonesian Rupiah (IDR)
IDR11276.9851 IDR 112,769,851 Go to site
Mozo logo Japanese Yen (JPY)
JPY83.8393 JPY 838,393 Go to site
Mozo logo Malaysian Ringgit (MYR)
MYR3.1978 MYR 31,978 Go to site
Mozo logo New Zealand Dollars (NZD)
NZD1.0807 NZD 10,807 Go to site
Mozo logo Norwegian Krone (NOK)
NOK6.4403 NOK 64,403 Go to site
Mozo logo Philippine Peso (PHP)
PHP37.5013 PHP 375,013 Go to site
Mozo logo Saudi Riyal (SAR)
SAR2.908 SAR 29,080 Go to site
Mozo logo Singapore Dollars (SGD)
SGD1.0316 SGD 10,316 Go to site
Mozo logo South African Rand (ZAR)
ZAR11.0514 ZAR 110,514 Go to site
Mozo logo Swedish Krona (SEK)
SEK6.5176 SEK 65,176 Go to site
Mozo logo Swiss Francs (CHF)
CHF0.7096 CHF 7,096 Go to site
Mozo logo Thai Baht (THB)
THB24.2087 THB 242,087 Go to site
Mozo logo UAE Dirham (AED)
AED2.8479 AED 28,479 Go to site
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Wise key details

Wondering whether Wise could be a good option for your next overseas money transfer? Here are some of the key details you’ll need to know:

  • No minimum transfer amount. Whether you're sending something small for a birthday, or putting a downpayment on a sailing boat off the coast of Greece, Wise has got you covered.
  • Maximum transfer limit. We’ve been advised by Wise that the transfer limit will differ depending on the currency you're transferring your Australian dollars to. But if you're converting an international currency to AUD the limit is $1,500,000 AUD.
  • Transfer fees. If you’re transferring less than $10,000 you’ll pay 0.7% per transfer (with a $2 AUD minimum fee). For transfers above $10,000 the fee is 0.5%.
  • Speed of transfer. 90% of payments are processed within 1 day via Wise but you should allow up to 3 business days for the transfer to arrive to your nominated recipient.
  • Transfer method. Wise is a fully online business, which excepts payments via bank transfer, POLi and Apple Pay through the app. It doesn’t accept or send out cash or cheques.
  • Account verification. Your identity has to be verified with Wise so you’ll need to make sure your account details in your profile, match your bank account and ID documents.  
  • Transaction types. You can send money to an overseas business or personal account using Wise.
  • Customer support. Wise provides online, email and phone customer support.
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FAQs about Wise

It can be hard to get your head around IMT and understand the difference between Wise's services compared to other IMT providers. But don't fear, we've got you covered! Here are the answers to all your budding questions about transferring money overseas with Wise.

Can anyone use Wise to send money overseas?

Yes, Wise was developed for everyday people like you who need to transfer money internationally either occasionally or every week. In fact, the company was set up by two friends who lived in separate countries (London and Estonia) but each had financial commitments in the other country so they devised a way to send money to each other and bypass bank fees and lousy exchange rates. 

How is Wise different from other IMT providers? 

Wise lets you send money overseas at the lowest possible cost. Instead of burying hidden fees in the exchange rate, Wise uses the mid-market rate (also known as interbank rate), which is the midpoint between the buy and sell rate on the global currency markets. It then charges you a small (and fully transparent) fee. 

How does sending money with Wise work? 

The way Wise operates is by having bank accounts in different countries around the world. So say you want to transfer money to France from Australia for example, your money first goes to Wise's Australian bank account and is then paid to your recipient in Euros from Wise's French bank account. The money never actually crosses any borders, which means low-cost transfers for you.

Is using Wise safe?

All transactions are protected using industry standards https encryption. It is also registered with and authorised by the UK Financial Conduct Authority (FCU).

Can I cancel a transfer with Wise?

Yes, but only if you cancel the transfer before the transfer is complete. You simply go to the page of the relevant payment and press the cancel payment button.

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Why use Wise for IMT?

Now that you've read all about Wise, you're probably wondering what sets it apart from other banks and IMT providers out there. If you're considering using Wise to transfer funds overseas, you would choose it because:

Wise is cheap: Its unique money transfer strategy means that money never actually crosses any borders, meaning low-cost transfers for you.

Wise is safe and secure: Wise is encrypted with security and operates in a regulated industry. 

There really is no minimum: Some IMT companies require you to transfer a minimum amount of dollars, but not Wise. This is why if you're looking to trade smaller amounts across to another country, you would choose them.

Wise is easy: Gone are the days when you had to visit financial experts to transfer money overseas. With Wise you can send funds overseas quite simply on your lunch break using the app and track your transfers on the go. 

Visit Wise website

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How do you make an international money transfer with Wise?

Transferring money internationally isn’t a daunting process with Wise, in fact, you’ll be surprised by how simple it is. First you’ll need to set up a Wise account, then to transfer money there are 4 steps.   

Step 1: Specify how much and where you want the payment sent.
Step 2: Upload your money to Wise via debit card or EFT.
Step 3: Wise pays your recipient from its local bank account in their country.
Step 4: You get notified of the completed transfer.

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*The exchange rates offered by each provider are indicative exchange rates that have either been supplied by each provider or gathered by Mozo. Exchange rates fluctuate constantly and as a consequence the exchange rates listed here may vary to the actual exchange rate you are quoted by a provider. Please ensure you confirm the actual exchange rate with the relevant provider prior to conducting any transaction. These exchange rates are updated every hour.