TransferWise promotes transparency of costs

TransferWise promotes the disclosure of total transaction costs. The total cost (fees plus the currency conversion charge) of making a cross-border payment from one account to another is clearly shown in the sender’s currency.

“COVID-19 is stretching budgets and putting more financial pressure on people, including those living away from home. Transparency is vital to help those budgets go further, as the World Bank has highlighted that a lack of transparency is the single biggest factor leading to high remittance prices”, explains Flora Coleman in a blog.