Wise – International Money Transfer Review
Important: Wise is not a fee-free provider, despite marketing language around the "real market rate." Wise gives you the interbank rate and then adds a sliding fee on top. No provider offers a genuinely free transfer – Wise simply makes the cost more visible than most. With that context, Wise is one of the most transparent providers on the market.
On a £10,000 GBP to EUR transfer, Wise delivers approximately €11,488 – competitive against banks, but around €36 fewer euros than the best specialist broker. For amounts under £5,000 or where speed is the priority, Wise is hard to beat. For larger amounts, the fee model works against it.
| Pair | Interbank rate | Wise effective rate | Effective spread | Settlement | Compare |
|---|---|---|---|---|---|
| GBP/EUR | 1.1559 | 1.1517 | ~33–58 bps | Same day / SEPA | Compare → |
| EUR/GBP | 0.8652 | 0.8619 | ~33–58 bps | Same day / SEPA | Compare → |
| GBP/USD | 1.27 | 1.2654 | ~33–58 bps | 1–2 days | Compare → |
| EUR/USD | 1.0988 | 1.0948 | ~33–58 bps | Fast (SEPA) | Data → |
| GBP/AUD | 2.02 | 2.0129 | ~33–58 bps | 1–2 days | Compare → |
| GBP/NZD | 2.18 | 2.1724 | ~33–58 bps | 1–2 days | Compare → |
Effective rates are illustrative, calculated at 0.33% variable fee + ~£4 fixed fee on a £10,000 / €10,000 send. Spreads narrow above £20,000/month cumulative volume (0.23% tier). Rates indicative – confirm with Wise before transacting.
For GBP/EUR on a £10,000 transfer, Wise typically delivers around €11,488 after fees. The rate Wise uses is the interbank mid-market rate with no FX markup. The cost comes from a transparent two-part fee: a variable component of 0.33% of the send amount, plus a fixed fee of approximately £4 deducted before conversion.
An important distinction: Wise gives you the market rate and then adds a visible sliding fee on top. Specialist brokers work differently – they incorporate their cost into the exchange rate. Neither model is truly zero-cost. Wise's approach makes the cost more visible; the broker approach makes comparison harder unless you calculate the effective spread.
For GBP to EUR specifically, Wise uses the SEPA network, which is why settlement is so fast. The transfer travels through the Single Euro Payments Area rather than the older SWIFT system.
Wise tends to be most competitive at amounts between £2,500 and £10,000. Above £10,000, specialist brokers operating at 35–47 bps with no fixed fee begin to pull ahead.
If your cumulative GBP to EUR transfers exceed £20,000 in a calendar month, Wise automatically reduces the variable fee from 0.33% to 0.23%.
See how Wise compares against all GBP/EUR providers on our live comparison page →
For GBP/EUR transfers, specialist brokers advertise 0% commission – their cost is in the exchange rate spread (typically 35–70 bps). Wise takes the opposite approach: it gives you the interbank rate and adds a visible sliding fee. The practical outcome is that Wise is easier to audit, while brokers can be more competitive at higher amounts.
The crossover point where a specialist broker typically outperforms Wise is around £3,000–£5,000. Use our comparison table to see exact euros delivered by each provider →
Against UK high-street banks, Wise is significantly more competitive. Banks typically apply a spread of 275–460 basis points on GBP to EUR, compared to Wise's effective 33–61 bps. On a £10,000 transfer, Wise delivers approximately €340 more euros than Lloyds Bank and over €430 more than NatWest.
| Amount | FX rate | Variable fee | Fixed fee | Delivered (GBP/EUR) | Effective spread |
|---|---|---|---|---|---|
| £500 | Interbank | 0.33% | ~£4 | ~€568 | warn |
| £1,000 | Interbank | 0.33% | ~£4 | ~€1,138 | warn |
| £2,500 | Interbank | 0.33% | ~£4 | ~€2,845 | |
| £5,000 | Interbank | 0.33% | ~£4 | ~€5,693 | good |
| £10,000 | Interbank | 0.33% | ~£4 | ~€11,488 | warn |
| £25,000 | Interbank | 0.33% | ~£4 | ~€28,748 | |
| £25,000 (monthly discount) | Interbank | 0.23% | ~£4 | ~€28,874 | good |
The 0.23% rate applies automatically above £20,000 cumulative monthly transfers. All figures indicative – confirm with Wise before transacting.
Wise was founded in London in January 2011 by Kristo Käärmann and Taavet Hinrikus. Originally called TransferWise, the company rebranded in 2021 and listed on the London Stock Exchange in July 2021 (ticker: WISE). As of March 2026, Wise serves 15.6 million customers moving £145 billion annually, with revenue of £1.2 billion and profit before tax of £565 million (FY2025).