Wise Money Transfer Fees Compared to Other Money Transfer Apps (#1 Expat Must-Have)

There are many apps that expats can use to send money back home. One of my favorites is Wise, and today I'd like to take a look at the Wise money transfer fees. I've heard that Wise's fees are low, but if you're wondering how low they are, read on.

Wise transfer fees

Wise websiterepresents the transfer fee for sending $1000 from New Zealand to South Korean won. The transfer is completed within 3 hours and the Wise transfer fee is 7.9 NZ dollars at the mid-range exchange rate (813.561). That's about 6,400 won in Korean won.

If you're overseas and want to send money to South Korea quickly and cheaply, check out our post below.

Compare bank and Wise transfer fees

Although it's from 2023, this table compares the experience of sending $1000 in New Zealand to a friend in the U.S. using the Wise app and ANZ, New Zealand's leading bank.

Just a glance at the Wise You'll notice that the transfer fee is lower. I don't see many people using banking services to send money these days, which is probably because there are many international money transfer services that are much cheaper and faster than bank transfer fees.

Also, if you're curious about the New Zealand exchange rate against the Korean Won, you can use the New Zealand Live currency converterto see how the exchange rate has trended in the past and how much it is now.

Let's see how Wise compares to other money transfer apps below.

How Wise compares to other money transfer apps

This table compares sending $1000 from New Zealand to South Korean won. I expected Wise to have the lowest fees for sending money, but that's not the case. You can see that a remittance service called Xe has lower fees than Wise.

However, you may notice a slight difference in transfer speed. You may notice that Xe takes 2-3 days, while Wise is faster at 0-2 days. Even if you pay a little more in transfer fees, Wise seems to be a better fit for those who want to send money quickly.

Other Remitly and OFX transfer fees seem to have a big gap with Xe and Wise.

How far can Wise Card go?

The Wise Card puts the currencies of most of the world's countries on a single card, allowing you to pay in that country's currency. You can hold Japanese Yen, US Dollars, Australian Dollars, etc. in your Wise account, then travel to that country and pay with your Wise Card.

The advantage is that you pay in the local currency, so there are no currency conversion fees or anything like that when you use the card. If you're interested in learning more about the Wise Card, check out our post below.

Finalize

Today we've looked at Wise Money Transfer fees, and while they may not be the cheapest, they're unquestionably one of the best when it comes to providing fast and affordable international money transfers.

Now that you've started living abroad, if you need to send money back to Korea, you can use the Wise Money Transfer Service Please give it a try. Thank you.