International money transfers at the mid-market exchange rate — a meaningful difference from what banks and PayPal actually charge.
When your bank converts currency for an international transfer, it doesn't use the rate you see on Google or XE.com. It uses a marked-up rate — typically 2–4% worse than the real exchange rate — and pockets the difference as a hidden fee. On a $3,000 invoice, that markup could cost you $60–$120 before any stated transfer fees are applied.
Wise (formerly TransferWise) uses the mid-market rate — the actual interbank exchange rate with no markup. Instead of hiding profit in the exchange rate, Wise charges a transparent fee: a small percentage of the transfer amount plus a fixed fee that varies by currency. For most common currency pairs, the total cost is significantly lower than a bank transfer, and you can see exactly what you'll pay before confirming.
Wise's fees vary by currency pair and transfer method. For a USD to EUR transfer, the fee is typically around 0.4–0.6% of the amount plus a small fixed fee. For less common currency pairs or transfers that require intermediary banks, fees can be higher. The key difference from banks is transparency — Wise shows you the fee, the exchange rate, and the exact amount the recipient will receive before you confirm the transfer.
For large transfers, the percentage-based fee means costs scale with the amount. On a $20,000 transfer, even a 0.5% fee is $100. For very large amounts, it's worth comparing Wise against specialist currency brokers who may offer better rates for high-value transfers. For typical freelance invoice amounts in the $500–$5,000 range, Wise is usually the most cost-effective option available.
Wise's multi-currency account is particularly useful for international freelancers. You can hold balances in multiple currencies and receive payments using local bank details in the US, UK, EU, Australia, and several other regions. This means a US client can pay you via ACH bank transfer to what looks like a US bank account, even if you're based elsewhere — avoiding international wire fees on their end entirely.
Setting up receiving accounts is straightforward through the Wise dashboard. You get account numbers and routing details for each supported currency, which you can provide to clients on invoices. The Wise debit card lets you spend from your multi-currency balance directly, with automatic conversion at the mid-market rate when you spend in a currency you don't hold.
Wise isn't available in every country. Some regions have limited functionality — you may be able to send but not receive, or certain currency pairs may not be supported. Countries with currency controls or restricted banking systems are often excluded. Before relying on Wise as your primary payment method, verify that your specific country and currency combination is fully supported.
Identity verification is required and can take a few days to complete. For new accounts, there may be transfer limits until verification is fully processed. This isn't a problem for ongoing use, but it means you shouldn't set up a Wise account the day before you need to receive a payment.