How to understand changes in Remittance fees when sending to INR using Wise?

As a long time user of Wise. I started using Wise when it was Transfer Wise. Here is my referral link in Wise https://wise.com/invite/u/akarshs6 If you wish to open a new account in Wise please feel free to use my referral link. It will help me get referral bonus.

Wise has been changing their remittance fees for INR and other currencies. I found some currencies have experience decrease in remittance fee; lucky them.

Here is the first post I appreciate from Wise https://wise.com/in/blog/inr-price-change-jan-2020 which provides clarity on how they started changing fees since 2000 by 202.51% but they also reduced the transfer time by — 75%. Not the negative in transfer time is beneficial as a customer but the increase by 202.51% seems huge for me at least.

In 2024, I got another email from Wise mentioning another increase in their fees. Which is posted from Wise — https://wise.com/gb/blog/were-updating-our-fees-may-2024. I found this post confusing and less clear.

I also used their calculator https://wise.com/price-change/send-money?source=EUR&target=INR&payInMethod=BANK_TRANSFER&priceChange=global-reprice-may-2024&sourceAmount=1000

Fee calculator from wise with old and new fee

In the above situation for sending 1000€ to INR there is an fee of 7.18€ in the past and the new fee is 7.57€. How do I know in terms of percentage how much is the increase?
Here is how to calculate the percentage increase from 7.18€ to 7.57€,

1. Find the difference between 7.57€ – 7.18€ = 0.39€.
2. Divide the difference by the original number (7.18€): 0.39€ / 7.18€ ≈ 0.05431.
3. Multiply the result by 100 to get the percentage increase: 0.05431 * 100 ≈ 5.43%

Therefore, the increase in percentage from 7.18€ to 7.57€ is approximately 5.43%.

But there are futher more fees added when you exceed the financial year limit for INR. I recommend reading it from Wise — https://wise.com/help/articles/2932151/guide-to-inr-transfers

Overall, the increase of 5.43% seems high for me as there has been increases every where from food till travel. This also makes me to question should I continue using Wise for sending to INR or should I consider other alternatives like xe.com?

It is a bit hard to answer the question as we would need to take into account the transfer time, fees charged and exchange rate. These three factors will help in decision making.

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