Here’s the full text.
We’re adding a small fixed fee of around 0.80 € to send money.
From 1st December, there will be a small fixed fee to send money from your borderless account, to another bank account.
The total fee will depend on whether you’re sending from one currency to another, or transfering money in a single currency. Here’s how that works:
To send money from one currency to another, you’ll pay the usual conversion fee, plus the small, fixed fee.
For instance, if you’re sending money from your GBP balance to a bank account in EUR, you’ll pay the 0.35% conversion fee, plus 0.80 €. The fixed fee varies by currency, you can find the full list here.
To send money in one currency you’ll only pay the small, fixed fee.
For instance, if you’re sending money from your EUR balance to a bank account in EUR, you’ll only pay 0.80 €.
There’s no change to fees to convert money within your account.
When you convert currencies between balances in your account you’ll only pay the conversion fee.
Why has this happened?
Every time you send money to another bank account, TransferWise pays fees to third-party providers, and covers other costs. A while ago, we made it free, believing we could cover these fees ourself. Unfortunately, despite our best efforts, it’s too expensive to maintain.
We’re disappointed we’ve had to change this fee, and we’re working on a plan to reduce it in the future. As soon as we have an update, we’ll be back in touch.
The TransferWise Team