UK-based cross-border payments company Wise has launched Auto Conversion to increase savings on currency conversions for its users.
Auto Conversions should help customers save money when making transfers and converting money by allowing them to wait for better rates. This comes after the company ramped up its expansion across Asia-Pacific, with 150 new hires at its Singapore office in 2022.
Aiming to help users save money and time, Auto Conversions allows people to pick an exchange rate and an amount of money to convert between two currencies in their Wise account. Once the rate is hit, the money will be converted automatically.
Wise says that being able to control and set a desired rate means customers who use the feature over a four-month trial period gained an additional GBP 85 on average. This should be particularly helpful for larger sums or big bills across currencies, as users will be able to wait for a better exchange rate before making a payment.
The feature is only available to customers with a Wise account and is currently available in 24 currencies: USD, CAD, GBP, EUR, AUD, JPY,CHF, NZD, SGD, MXN, HUF, NOK, SEK, DKK, PLN, CZK, RON, BGN, INR, BRL, THB, PKR, PHP, and IDR.
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