Wise is often described as "low fees" — but what does that actually mean in pounds and pence? This guide breaks down every component of Wise's fee structure so you know exactly what you'll pay as a freelancer.
How Wise Fees Work
Every Wise transfer has two fee components:
- Fixed fee — a small flat amount to cover processing (typically £0.34–£1.22)
- Variable fee — a percentage of the transfer amount (the main cost)
These are shown transparently before you confirm any transfer. There are no hidden margins — Wise uses the mid-market rate (the rate you see on Google) and adds the explicit fee on top.
Fee Rates by Currency Pair (2026)
| Currency pair | Variable fee | Fixed fee | Cost on $1,000 |
|---|---|---|---|
| USD → GBP | 0.41% | ~$0.42 | ~$4.52 |
| USD → EUR | 0.41% | ~$0.60 | ~$4.71 |
| USD → CAD | 0.54% | ~$0.94 | ~$6.34 |
| USD → AUD | 0.54% | ~$0.47 | ~$5.87 |
| GBP → EUR | 0.33% | ~£0.20 | ~£3.50 |
| EUR → GBP | 0.41% | ~€0.34 | ~€4.45 |
Rates as of April 2026. Wise adjusts rates periodically — always confirm in-app before large transfers.
Open a free Wise account →Real Cost Comparison: Wise vs Alternatives
Converting $2,000 USD to GBP:
| Platform | Fee | Exchange rate | You receive (GBP) |
|---|---|---|---|
| Wise | ~$9.24 | Mid-market | ~£1,589 |
| Payoneer | ~$40.00 | 2% markup | ~£1,575 |
| PayPal | ~$72.00 | 3.5% markup | ~£1,545 |
| UK high-street bank | £25 + 4% markup | 4% markup | ~£1,516 |
| Revolut (weekday) | ~$0 | Mid-market | ~£1,597 |
| Revolut (weekend) | ~$20 | +1% surcharge | ~£1,579 |
Wise is the second-cheapest option (behind Revolut on weekday transfers), but it's consistent 24/7 — unlike Revolut's weekend surcharge.
Annual Cost at Different Income Levels
| Monthly USD income | Wise annual cost | PayPal annual cost | Annual saving |
|---|---|---|---|
| $1,000/mo | ~£55 | ~£504 | ~£449 |
| $2,000/mo | ~£110 | ~£1,008 | ~£898 |
| $5,000/mo | ~£275 | ~£2,520 | ~£2,245 |
Receiving Money: What's Free
Wise provides free local bank account details in 10+ currencies. As a freelancer:
- Receiving USD from US clients → free (US bank account details)
- Receiving EUR from EU clients → free (IBAN)
- Receiving GBP from UK clients → free (sort code + account)
- Receiving AUD from Australian clients → free
- Receiving CAD from Canadian clients → free
You only pay when you convert between currencies. Holding multiple currencies is free.
Wise's Fee Structure vs Banks
| Feature | Wise | UK High-Street Bank |
|---|---|---|
| Transfer fee (fixed) | £0.34–£1.22 | £15–25 |
| FX markup | 0.41–0.65% | 3–5% |
| Transparency | Fee shown upfront | Hidden in exchange rate |
| Speed | Same day – 2 days | 1–5 business days |
| Weekend surcharge | None | None (but closed weekends) |
Tips for Minimising Wise Fees
Batch your transfers. The fixed fee is the same whether you send $100 or $5,000. Batching monthly earnings into one transfer eliminates multiple fixed fees.
Receive in the currency you'll convert. Don't receive GBP then convert to EUR — receive EUR directly and convert to GBP once, to avoid double conversion.
Use Wise for conversion, not sending. Some freelancers receive USD into Wise, convert at 0.41%, then send GBP to their UK bank for free. This is the optimal flow.
Check the rate before converting. Wise shows the exact fee and rate before confirming. No surprises.
Calculate your Wise fee →Frequently Asked Questions
What is Wise's fee for USD to GBP? Approximately 0.41% plus a small fixed fee (around $0.42). On $1,000, you pay ~$4.52 in total fees. Compare that to PayPal's ~$36 on the same transfer.
Does Wise charge to hold money? No — holding currency in your Wise account is free. Fees only apply when converting between currencies or sending to a bank account.
How do I find my exact Wise fee before transferring? Enter the amount and destination in the Wise app or website before confirming. Wise shows the exact fee breakdown — fixed + variable + exchange rate — before you commit.
Is Wise fee-free for the first transfer? Wise sometimes offers fee-free first transfers for new users. Check wise.com for the current promotion.
See also: Wise review for UK freelancers · Payoneer vs Wise for Upwork · Wise vs Revolut for freelancers
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