A worked example from the 15 October 2026 snapshot
On 15 October 2026, Chase (US) quoted 17.8873 pesos per US dollar for a 1,000 USD transfer, with an upfront fee of 5.00 USD. The mid-market rate when the quote was collected was 18.4390.
- Ratio: 17.8873 ÷ 18.4390 = 0.97008
- Markup: (1 − 0.97008) × 100 = 2.99%
- Amount converted: 1,000 − 5.00 = 995.00 USD
- Markup cost: 995.00 × 2.99% = 29.77 USD
- True total cost: 5.00 USD + 29.77 USD = 34.77 USD (3.48% of the amount sent)
The best quote in the same snapshot delivered 18,593.32 MXN, which is 795.47 MXN more than Chase (US). Most of that gap came from the rate, not the fee. See the full USD → MXN ledger.
How large are markups in practice?
Across the 395 ranked quotes for sending 1,000 in the 15 October 2026 snapshot (40 corridors), markups split clearly by provider type:
| Provider type | Quotes | Median markup | Highest markup |
|---|---|---|---|
| Banks | 117 | 2.23% | 13.06% |
| Transfer services | 278 | 1.13% | 7.29% |
The bank figures cover only the banks that appear in Wise’s comparison data for these corridors, mostly large US, UK, eurozone, Canadian and Australian banks. They are indicative quotes, not a census of every bank.
Why markups are easy to miss
A fee is a separate line on a receipt; a markup is folded into the rate, so the only place it shows is in how much the recipient gets. Since 2020, EU rules have required payment providers to express currency-conversion charges on card payments as a percentage markup over the latest European Central Bank reference rate, precisely so people can compare them (Regulation (EU) 2019/518). In the United States, the remittance transfer rule requires providers to disclose the exchange rate and the amount the recipient will receive before you pay (Regulation E, 12 CFR 1005.31), which is what lets you calculate the markup yourself.
More on this: how exchange-rate markups work and what the mid-market rate is and where to find it.