For TT yes, but Wise use their own mid-market rate which is always better. When the banks have a low spread between buying and selling (eg USD) then Swift will win after a point, but when the higher spread is larger than Wise' percentage charge then Wise will always win. I'm sure that's the case for GBP which is what you are discussing.
Happy to be proved wrong if someone crunches the numbers, but that's been my take on it recently.
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