Wise Exchange Rates

Wise is an extremely popular and well trusted money transfer app that facilitates more than 1 million daily transactions to its customer base of 10 millions active users.

Whilst Wise does not offer a traditional travel money service, if you’re seeking the most budget-friendly holiday money solution, then you’ve found just that.

If however, you’re certain you’d like to exchange your pounds into physical foreign currency before travelling, you can still compare the rates of many popular providers later in this article.

With that said, we’ll be making the case that using a leading digital service like Wise, is not only far more cost effective, it’s also safer and more convenient.

Let’s start by taking a look at what makes Wise such a great choice for holiday money.

What are the Wise exchange rates today?

As you can see in the table below, Wise offers extremely competitive rates, which are often very close to the interbank exchange rate.

Currency Official Rate 1000 GBP Wise Rate 1000 GBP Additional Info
GBP to Euro 1,182.3900 EUR 1,181.2076 EUR More Details
GBP to US Dollars 1,264.5400 USD 1,264.4701 USD More Details
GBP to Australian Dollars 1,905.0900 AUD 1,904.8505 AUD More Details
GBP to Turkish Lira 41,487.3000 TRY 41,480.2721 TRY More Details
GBP to Canadian Dollars 1,731.7000 CAD 1,731.3367 CAD More Details
GBP to Swiss Franc 1,130.0200 CHF 1,129.9178 CHF More Details
GBP to Japanese Yen 202,020.0000 JPY 200,787.6780 JPY More Details

The rates in this Wise currency converter are updated hourly, and whilst we’re confident in being one of the industry’s more accurate sites, we’d always advise double checking these rates before confirming any conversion or transfer of your own.

Why is Wise’s Multi-Currency Card Better Than Using Cash?

Wise Multi-Currency Card

  • Excellent Rates: Get real-time exchange rates with no hidden fees.
  • Convenient: Spend in multiple currencies and make free international ATM withdrawals.
  • No Need for Cash: Use your Wise card worldwide, safer and easier than carrying cash.

💳 Learn More & Apply Now

So does Wise have good exchange rates?

Yes, in fact, Wise offers some of the best rates in the entire money transfer industry.

Our confidence is based on a thorough assessment and comparison of more than 50 providers.

Compare Wise with the travel money rates from other providers using the comparison tool below and you’ll quickly find that Wise’s exchange rates are better than any other provider.

How do Wise rates compare to banks?

Our comparison also found that Wise is far better than banks for exchanging your funds into a foreign currency.

Take a look below at the bank average rate vs Wise’s exchange rate for some popular currency corridors.

Currency Current Official Rate Bank Average Rate Wise’s Rate Savings
GBP to Euro 1,182.3900 EUR 1,152.8303 EUR 1,174.2753 EUR 21.4486 EUR
GBP to USD 1,264.5400 USD 1,233.0087 USD 1,255.8678 USD 22.8591 USD
GBP to AUD 1,905.0900 AUD 1,857.5523 AUD 1,892.0268 AUD 34.4745 AUD

To calculate our bank average, we looked at several major UK banks, taking into consideration both RBS and Barclays travel money rates.

Even when comparing Wise’s rates to the cheapest bank, it’s clear that choosing Wise is far better than using a bank for your holiday money.

Additional Providers:

What other fees are involved in currency exchange?

So having established that Wise has some of the best rates in the industry, it’s important to consider any associated fees so you can understand the true cost of exchanging your money.

Rather than profiting by hiding an fx markup within its exchange rates, Wise chooses to charge a small transparent fee for exchanging money into a foreign currency.

Wise conversion fees

Whether you’re converting funds within your own Wise account, or spending with your card abroad, Wise charges the same variable fee per transaction, which varies by currency but starts from just 0.34%.

We’ve included the conversion fees of some popular currencies below, but remember to always double check the live rates before making a transfer.

Currency Pair Conversion fee
Pounds to Euros 0.35%
Pounds to US Dollars 0.37%
Pounds to Australian Dollars 0.34%

Seeing as Wise is very transparent with its pricing, you can easily check their conversion fees on their website or app by entering your transaction details into the Wise currency converter.

Wise transfer rates

The only time you’ll pay a slightly higher fee is when you’re transferring money internationally to a recipient’s bank account. Even then the additional fee is nominal.

For example, at the time of writing, Wise charges a 0.35% fee for payments or conversions from British Pounds to Euros. So the total fee for a £500 conversion would be £1.74, whereas the transfer fee to send a £500 GBPEUR bank transfer total £2.23, which is only an additional 0.12% of the total transfer value.

How to spend abroad with Wise?

How to spend abroad with Wise

Convert and hold a lump sum

If you’re used to ordering travel money, it might feel more familiar to convert a lump sum of British pounds into your destination currency.

You can do so easily within the Wise app and hold on to your foreign currency in your Wise account. Once you arrive on holiday and make a purchase, Wise will automatically deduct the payment from your converted balance providing you have enough funds available.

One advantage to this route is you can convert your money in one go with a clear visibility of the exchange rate, so you can ensure you’re happy with the offered rate before proceeding.

This also means that for budgeting purposes, you’ll know the exact amount of pounds you’ve converted, which may make it slightly easier to track your spending.

Spend as as you go 

Alternatively, you can top up your Wise balance in pounds and hold those funds in your native currency. You can still spend abroad with your Wise card in the same way. Wise will automatically convert each purchase you make at the real-time mid market rate.

If you choose this approach there are a couple of things to bear in mind.

Firstly, whenever a card machine in a store or restaurant asks you to pay in GBP or the local currency, you’ll need to select the local currency. This ensures that you receive Wise’s excellent exchange rate, rather than the rate offered by the merchant which is always significantly worse.

The ‘spend as you go’ approach also means you’ll receive a slightly different exchange rate for each transaction, based on how the currency pair moves throughout the duration of your stay abroad.

This may prove advantageous if the rate swings in your favour but it could just as easily swing the opposite way and work out more costly.

So which approach is best?

It’s difficult to say definitively, as it’s impossible to predict future currency trends.

In all likelihood, the difference will be marginal, so you should choose whichever method you feel most comfortable with.

For those seeking slightly more security, by converting and holding a lump sum, you’ll have the peace of mind of knowing the exact rate that all your money was converted at.

Wise vs Revolut exchange rates

So we’ve established that a digital provider such as Wise is a better solution than the traditional route of converting cash before you travel, but does that mean that Wise is the best overall provider in this category?

There are many alternative companies offering similar services to Wise, so it can be difficult and tiring trying to decide who the best provider is for your needs.

Some firms are equally well established, and there’s a growing number of new alternatives continuing to emerge, mostly in response to the growing frustration of banks charging high fees for international transfers and travel money.

Another name you might have heard of is Revolut, one of Wise’s closest and largest competitors. Given both services are so popular with holiday goers, potential users want to know ‘is Wise better than Revolut?’.

If we’re specifically comparing exchange rates, Wise and Revolut are often very similar. You can compare Revolut’s exchange rates and you’ll find they also offer exchanges at the mid-market rate most of the time.

One big exception to watch out for with Revolut is if you’re spending over the weekend. If you’re using Revolut and you’ve not already converted your funds into your destination currency, you’ll be charged somewhere between an additional 0.5-2.0% on top of the mid-market rate for all purchases or transfers that involve a currency exchange.

If you’re on holiday for a week or two, it’s likely that part of your stay will run over at least one weekend, which adds a layer of complexity to using Revolut if you’d prefer a ‘pay as you spend’ option.

Wise also offers exchanges for a wider range of currencies, so all in all, we believe Wise has a slightly more versatile option for travellers, with more transparent pricing.

About Wise – A Short Review in Summary

Wise is a very low cost solution for sending and spending money overseas, offering a multi-currency account and debit card that allows users to send, hold, and receive multiple currencies.

This makes Wise a fantastic alternative for users looking for a safe and cost-effective travel money solution.

Some of the key advantages of using Wise for your holiday money include:

  • Market leading, real-time exchange rates with low and transparent fees
  • A virtual and physical multi-currency card, which is a safer and more convenient solution than carrying cash
  • Fee-free international ATM withdrawals up to £200, meaning you still have access to cash when you need it, and for a fantastic rate
  • No annual charges for a Wise account, and you can use a virtual card for free or order a physical card for a one off fee of £7
  • The Wise app has some very good budgeting tools including pots and spend categories, so you can keep better tabs of how your holiday budget is being spent.

Perhaps the only disadvantage to using Wise rather than some travel money alternatives, is that you won’t receive any sort of sign up bonus. However, in reality, these bonuses are somewhat redundant, as by choosing Wise, you’ll make huge savings over time that will far outweigh the value of the signup bonus offered by an alternate provider.