International Currency Exchange Tips: How Wise Can Save You Money

Are you tired of watching your hard-earned money disappear into hidden fees every time you send money internationally? No matter where you earn your money, you will need to have a game-plan for transferring your funds internationally. For example, I earn money in Spain, but I need funds in my US account to buy gifts or when we travel to visit family and friends. If you are a business owner receiving payments in various currencies, or a digital nomad earning money from a different country, but you need quick and reliable access, you need alternatives to traditional currency exchange or banking options due to the international transfer costs.

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Affiliate Disclaimer: This post contains affiliate links to Wise (formerly TransferWise). If you sign up through our links, we may receive a small commission at no extra cost to you. This helps support our content, but our recommendations are based on genuine experience and research.

If you’re still using traditional banks or PayPal for international transfers, you’re likely paying far more than necessary. Let’s break down exactly how much you could be saving with Wise.

The Hidden Cost of “Free” Transfers

Traditional banks and PayPal love to advertise “low fees” or even “free transfers,” but the real cost is hidden in their exchange rates. Here’s what most people don’t realize: these services make their profit by offering you exchange rates that are 3-5% worse than the real market rate.

Real-World Comparison: Sending €2,000 EUR to USD

Let’s look at a typical scenario: sending €2,000 from Europe to the US.

Traditional Bank

• Transfer fee: ~5%
• Exchange rate markup: ~4%
• Total cost: $100-150
• You lose: $100-150

PayPal

• Transfer fee: 4.5%
• Exchange rate markup: ~4%
• Total cost: $45-90
• You lose: $45-90

Wise

• Transfer fee (0.54%): €10.89
• Exchange rate markup: 0% (uses real mid-market rate)
• Total cost: $10.89
• You save: $190-$210 per transfer

Example. June 13, 2025, Current Exchange Rate: €1=$1.1512

That’s INSANE! You end up saving around $100-200 just by selecting a different bank!

The Mathematics of Your Savings

For Regular Senders

If you send €2,000 internationally every two months:

• Annual savings with Wise: $1,200
• Over 5 years: $6,000

For Business Owners

Small businesses sending $5,000 monthly:

• Annual savings with Wise: $2,400-5,100
• Over 5 years: $25,500

For Expats and Digital Nomads

Remote workers transferring $3,000 monthly for living expenses:

• Annual savings with Wise: $1,440-3,060
• Over 5 years: $7,200-15,300

Why Wise Is Different

1. Real Exchange Rates

Wise uses the mid-market exchange rate – the same rate you see on Google or Reuters. No markup, no hidden margins.

2. Transparent Fees

You see exactly what you’re paying upfront. No surprises, no hidden costs.

3. Speed and Convenience

Most transfers complete within hours, not days. Track everything in real-time through their app.

4. Multi-Currency Account

Hold and manage money in 50+ currencies. Perfect for international freelancers and businesses.

Beyond Just Transfers: The Wise Multi-Currency Account

The savings don’t stop at transfers. With a Wise account, you can:

• Hold 50+ currencies without conversion fees
• Get local bank details in 10 countries (receive money like a local)
• Use the Wise debit card abroad with real exchange rates
• Pay bills internationally without hefty bank fees
• Available for Personal and Business

Debit Card Savings Example

Using your bank card abroad for a $100 purchase:

• Your bank: $100 + $3 foreign transaction fee + 3% exchange rate markup = $106+
• Wise card: $100 with real exchange rate = $100

Savings per transaction: $6+

Getting Started: Your First Transfer

1. Sign up for free – No monthly fees or minimum balance
2. Verify your identity – Quick online process
3. Set up your first transfer – See exactly what you’ll pay before confirming
4. Track in real-time – Watch your money move with complete transparency

The Bottom Line

Every day you delay switching to Wise is money left on the table. Whether you’re sending $100 or $10,000, the savings add up quickly. With over 13 million customers worldwide trusting Wise with their money, you’re in good company.

Ready to stop overpaying for international transfers?

Remember: This article contains affiliate links. Your support helps us create more money-saving content like this. The recommendations remain our honest opinion based on research and user feedback.

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Last updated: June 2025. Exchange rates and fees may vary. Always check current rates before transferring.