Wise launches automatic conversions to increase savings on currency exchange

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Digital bank

Wise introduced automatic conversions for users who regularly convert between currencies.

Image source: Sage.

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

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

It comes just a month after the company accelerated its expansion in Asia-Pacific, with 150 new hires in its Singapore office this year.

The company is proving it hasn’t slowed down since its chief financial officer Matt Brier’s bicycle accident saw the company’s chief financial officer, Kingsley Kemish, step into the interim role.

Aimed at helping users save money and time, automatic conversions allow users to choose an exchange rate and amount of money to convert between two currencies in their Wise account.

Once the rate is reached, the money will be converted automatically.

Wise says being able to control and set a desired rate means customers using the feature on a four-month trial earn an extra £85 on average.

This should be especially useful for large sums or large bills in any currency, 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.

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