International transfers via a traditional bank are expensive: fees of €10–25 per transfer plus poor exchange rates are commonplace. Yet cheaper alternatives have existed for years.
Traditional banks make money on international transfers in two ways: fixed transfer fees and a hidden markup on the exchange rate (the so-called spread), which can be up to 3–4%.
Wise uses the real mid-market rate and charges only a transparent fee of around 0.4–1.5%, depending on currency and amount. Transferring €1,000 to the UK typically costs under €5.
On the free standard plan you can exchange and transfer up to €1,000/month at interbank rates with no markup. A small fee applies above that limit.
PayPal is widely used but expensive: exchange rate markups of 3–4% plus extra fees make PayPal worthwhile only for small amounts or trusted recipients.
| Provider | Fee (€1,000) | Exchange rate | Speed |
|---|---|---|---|
| High-street bank | €10–25 | poor rate | 1–3 days |
| Wise | ~€4–6 | mid-market rate | a few hours |
| Revolut | €0 (up to €1,000/month) | interbank rate | instant |
| PayPal | €30–40 (incl. spread) | poor rate | instant |
For regular international transfers, Wise is the best choice — transparent fees, fast and reliable. For occasional smaller transfers, Revolut is hard to beat thanks to its free monthly allowance.
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