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UK Rival Accuses Wise Of Harming Competition

 |  January 29, 2023

Wise was accused on Friday of harming competition in the money transfer market by delisting a rival, Atlantic Money, from its foreign exchange fee comparison tool.

Atlantic Money, a smaller foreign exchange service, made this allegation in a letter to the UK competition watchdog, the Competition and Markets Authority.

In the letter Atlantic Money shared with CNBC, the company says Wise unfairly removed it from the price comparison section of its website and refused to include it on Exiap — a foreign exchange fee comparison site that also belongs to Wise.

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Wise owns two other currency transfer comparison sites, Geldtransfer and Currencyshop.

Atlantic Money said in the letter that it was initially listed by Wise on its website on Oct. 14, 2022. It was later delisted on Jan. 20, 2023, with Wise allegedly telling Atlantic Money it was “no longer deemed a legitimate competitor.”

In the letter, Atlantic Money said it believed Wise’s conduct was “harmful to competition across the UK and EU and, we would submit, ultimately results in higher fees for end consumers.”

Atlantic Money offers a flat £3 fee on all currency conversions up to £1 million. Its fees are lower than Wise for transfers of £1,000 or more.