Wise Mission Update: Q3 2024 – Major Enhancements

In the Wise Mission Update Q3 2024, Wise announced improvements to make international money movement faster, more affordable, and user-friendly. With enhanced features for both personal and business customers, lowered fees across 15 major currencies, and faster transfer times. Wise now supports over 12 million customers globally.

Wise reduced fees across 15 significant currencies this quarter, bringing its global average fee down from 0.65% to 0.62%. Customers transferring funds in currencies like the euro, US dollar, and British pound now benefit from these cost reductions. Additionally, customers in Canada and the US pay lower fees when adding funds to accounts or funding transfers through ACH, card payments, or wire transfers. Wise introduced a new discount structure for more significant transactions that reduces fees for monthly transfers over £20,000.

Speed also saw improvement, with 63% of transactions now completed in under 20 seconds—up from 59% in the previous quarter. Key factors include new partnerships, such as one with the Danish krone network, enabling 45% of Danish transactions to settle instantly. It has expedited Australian dollar transactions for recipients who bank with select partners.

Wise Mission Update: Q3 2024 – Major Enhancements and Global Reach Expansion

Wise expanded its customer support this quarter, now offering a 24/7 online chat service in English to complement phone support. Though customer contact rates increased slightly due to two-factor authentication challenges. Wise has been refining this process for smoother customer interaction. Additionally, an improved balance screen now provides real-time insights, showing interest rates and allowing users to quickly access essential functions like Add, Convert, Send, and Receive.

Wise introduced “Quick Pay,” a reusable payment link and QR code for business users, streamlining the process for repeated transactions. New invoicing features allow businesses to send invoices directly to clients and easily duplicate them for recurring charges. Enhanced batch payment capabilities now let users approve up to 100 transfers simultaneously, reducing time spent on manual tasks.

Wise raised per-transfer limits for several currencies to support more significant transactions, including a 150 million JPY limit for the Japanese yen. Limits also increased for Indian rupees, Singapore dollars, Turkish lira, and Vietnamese dong, broadening transfer options in these regions.

Wise Platform continued its global expansion, adding over 85 banking partners this quarter. In September, Wise hosted its first Wise Connect event in the US. Industry leaders discussed instant payments and transparency, underscoring Wise’s commitment to innovation and accessibility in cross-border finance. With each quarterly update, Wise moves closer to its vision of making global money transfers as easy as sending an email, driving a future where international transactions are faster, more secure, and more affordable.

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