While Brits are losing £600 million per year on excessive international transfer fees, Monito welcomes TransferWise‘s move to drop money transfer fees for UK customers.

Being total money transfer geeks, we at Monito wanted to understand exactly what this change really meant for consumers and competitors. We dissected the change in pricing and analyzed how it positioned TransferWise in our comparison table. Here’s what we found:

I’m a TransferWise customer: will I save money?

The short answer is: it depends. In general, yes, TransferWise just became cheaper. But in certain cases, the fees for a transfer actually increased. Let’s see who’s winning and who’s losing:

As you can see in this table, if you send amounts around £50 or around £5,000 to EUR, USD, AUD or CHF, the fees have been reduced significantly. The reduction for small amounts (~£50) is due to the transition from a minimum fee of £2 for transfers below £400 to a smaller fixed transaction fee. For larger amounts (£1,000 and above), the fees are lower as the percentage has been reduced as well.

However, there is a counterintuitive effect. If you send around £500 (the exact threshold depends on the receiving currency) you will actually have to pay more for the same service, as the fixed cost per transfer plus the percentage fee is greater than the old commission structure.

As you can see, you will be better off with this new pricing structure in most cases (e.g. if you transfer any amount other than between £350 and £600 to EUR).

Across all currencies supported by TransferWise, the average total cost (in % of the amount sent) for transfers of £50, £200, £500, £1,000, £5,000 and £10,000 has gone down for all but four currencies (MYR, JPY, PKR and PHP).


At the same time that TransferWise announced this overall fee reduction, it should be noted that they also announced an increase in the cost of sending money to Poland, Japan, Hong Kong, Bulgaria, and Colombia. However, this new pricing will only come into effect on December 23rd, and TransferWise did not disclose what the new structure would be for these five markets.

To make sure you always get the best deal for each of your transfers, compare the fees now.

How competitive is TransferWise’s new pricing?

Comparing TransferWise’s ranking on Monito on 44 corridors and 5 different amounts against 8 competitors (Xendpay, Azimo, Western Union, CurrencyFair, TransferGo, WorldRemit, Small World, Moneygram), we can see that the average ranking of TransferWise changed from 2.4 to 1.8. It’s important to note that prices change all the time, and some variations (positive and negative) are completely independent of TransferWise’s pricing change.


Following their pricing change, TransferWise is now the cheapest provider for 95 out of the 220 transfers (43%) which we compared. They were at the top for only 61 of the transfers (27%) the week preceding the change.

TransferWise mostly took the top spot from Western Union, WorldRemit and Small World.

TransferWise’s decision to reduce transfer fees will probably cause a ripple effect amongst competitors within the international money transfer industry. Companies that follow suit and promote transparency will win over consumers and ultimately, come out on top

This analysis is only one example of the many insights we can gain from the data we constantly collect. If you’re interested in getting access to our data to make your own research, don’t hesitate to get in touch with us.