UK based cross border payments company Wise launched automatic conversion to increase savings on currency conversions for its users.
Automatic conversions should help customers save money when making transfers and converting money by allowing them to wait for better rates. It comes after the company accelerated its expansion in Asia-Pacific, with 150 new hires at its Singapore office in 2022.
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 the ability to control and set a desired rate means customers who use the feature on a four-month trial earn an additional £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 and IDR.