Wise launches Auto Conversions to increase savings on currency exchange

In the latest step for money transfer giant Wise, the company is launching a new feature for customers who regularly convert between currencies.

Auto Conversions should help customers save money when making transfers and converting money by allowing them to wait for better rates.

This comes just a month after the company ramped up its expansion across Asia-Pacific, with 150 new hires at its Singapore office this year.

The company is proving it hasn’t slowed down since its CFO Matt Brier’s bike accident which saw the company’s financial director Kingsley Kemish step into the interim role.

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 £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, IDR.