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Wise Debit Card (Transferwise) Review

By Will Ellis

Last Updated on November 16, 2023

If you’re someone who travels a lot and uses multiple currencies, you will be familiar with foreign currency and exchange rates. The fees from cash withdrawals, currency conversion fees and other expenses can build up and make your trip more expensive.

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That’s where a multi-currency account will come in handy, a bank account designed to make handling foreign currency and processing foreign transactions much more accessible.

Wise offers a debit card and multi-currency account that works similarly to your everyday bank account, but it’s designed specifically for travelling, transferring and spending money abroad. In this article, we’ll be reviewing the Wise multi-currency account and debit card.

Table of Contents:

Who Is Wise
Wise Debit Card: Review
Exploring the Wise Account and Debit Card Fees
Benefits and Drawbacks of the Wise Debit Card
Who Is the Wise Debit Card for
The Verdict
FAQs

Who Is Wise? 🤔️

Wise was known as Transferwise, a UK-based foreign exchange fintech company founded in 2011 by Kristo Käärmann and Taavet Hinrikus. Wise operates worldwide as a cross-border money transfer service. Wise operates worldwide in Australia, Brazil, Switzerland, Thailand and many other countries.

Wise makes spending, sending and receiving money worldwide easier. With the Wise account and card, you can send, spend and withdraw 40 currencies in one account. Wise allows you to use your money like a local, providing you with local bank account details for various countries.

A Wise multi-currency account is a transactional account that allows you to hold, spend, receive and send various currencies from the account. It works much like an everyday account (or checking account), but it allows you to hold more than one currency and make overseas transactions with much lower fees than your regular bank account. A multi-currency account is only one part of the services Wise has to offer.

Wise offers the following products and services:

Personal multi-currency account: You can use this wise account to hold many foreign currencies, make foreign transactions and transfer money with low conversion fees. A personal multi-currency account works much like a personal checking account but is designed for global and domestic use.
International business accounts: Wise offers an international business account that transfers international money, enabling and boosting cash flow overseas and making paying your employees easier. With a business account, you can seamlessly make international transfers and make your business more prominent in countries other than the one you started in.
Wise app: You can manage your Wise account from the Wise mobile app. You can transfer money in real time, manage your Wise card and control your finances from your smartphone. You can track your expenses and freeze and unfreeze your card whenever.
Wise card: The Wise debit card allows you to spend money abroad with a live mid-market exchange rate, with no markups and hidden fees. You will get a Wise card with both types of Wise bank accounts. There are many benefits to using a wise card, but we’ll explore more about this later.

Wise Debit Card: Review ➡️

You will get a Wise card with a personal and business bank account. The wise debit card allows you to spend money abroad with a live mid-market exchange rate and zero hidden fees. You will be aware of all the related transaction fees as you make them, so there are no surprises later.

A downside to the Wise card is that Wise charges higher transfer fees than some of its competitors. However, they are fully transparent about costs and expenses. We will dive into fees further in the next section.

You can use the Wise card contactless. You can tap your card at a card machine or add it to your smartphone wallet, Apple Pay, Samsung Pay or Google Pay to make contactless payments without needing your card in person. You can use it just like any other debit card, but with the bonus of spending in 170+ countries and withdrawing cash at over 2.3 million ATMs worldwide. Wise transactions are known for being fast and without markups.

There are limits to withdrawing cash from your Wise card, such as you only get two free withdrawals of up to AUD$350 each month. For any additional transactions, there will be an AUD$1.5 charge per withdrawal plus a 1.75% fee on any amount you withdraw above AUD$350. Other fees may apply depending on the country you’re withdrawing cash in or ATM type.

With the Wise app, you can generate virtual cards instantly for online shopping, so if you’re wary of using your card online, you can create virtual cards for extra security. Plus, you can start spending with a virtual card immediately while you wait for your physical card to be delivered.

You can use your Wise card and account much like any bank account; you can share your bank details with your employer and send your salary to your Wise account. You can then convert it as and when you need it. If your friends also have a Wise account, you can send money to one another in a flash with no fees just by using your Wise account.

Wise also offers an Australian Dollar Travel Card for people travelling to Australia. You can convert local currency into Australian dollars without loading or subscription fees; it’s limitless with a low conversion fee.

Wise Australia holds an Australian Financial Services Licence (AFSL), so your money and transactions are protected so you can spend and use your account confidently. Wise is also internationally safeguarded. National authorities regulate Wise so that you can spend confidently overseas.

Exploring the Wise Account and Debit Card Fees 💰️

Before applying for a Wise debit card, knowing all the fees associated with the card and account is essential. The last thing you want is any sudden surprises whilst travelling, so we’ve compiled a list of all the fees and costs associated with a Wise card and account.

Fees and costs associated with Wise:

Conversion fee: Conversion fees start from 0.43%. The cost may vary between currencies.
ATM withdrawals: Any cash withdrawals above the free allowance will be an AUD$1.5 charge plus a 1.75% fee on any amount you withdraw above AUD$350.
Card issuing fees: There are no subscription fees for your Wise card, but an issuing fee of AUD$10.
Optional express delivery: You can get your card sent out with standard posting, but it will take between 7 and 14 days to arrive. Express delivery is from AUD$16 if you want it within one to two days.
Wise Virtual card: Virtual cards are free, so you don’t have to pay to use them.
Card replacement: If you lose your card or want another one, you can order a new card at any time for AUD$6.
Expired card replacement: If your card expires, you will get a replacement for free. Wise will notify you before your card expires so you can order a new one.
Account funding transactions: When topping your account in certain currencies, there may be a 2% transaction charge.
Receiving money: When you receive money in currencies such as AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, and TRY, it’s free. However, if you’re receiving a USD wire payment, there is a fixed fee of $4.14. If you’re receiving a CAD SWIFT payment, there’s a fixed fee of 10 CAD.

The fees mentioned in this review only apply to Australian residents. If you’re applying from an account elsewhere, the costs may differ.

Benefits and Drawbacks of the Wise Debit Card 💳️

To help you decide if a Wise account and card are for you, we’ve compiled a list of all the pros and cons.

Benefits ✅️

All fees are transparent. There are no exchange rate markups, annual fees or hidden transaction fees.
You’ll receive local bank account details for countries like the UK, USA, Europe, Singapore, Romania, Canada, Turkey, Hungary and New Zealand.
No minimum balance requirements, so you don’t have to worry about having a certain amount of money in your account.
Can make payments and cash withdrawals worldwide in over 40 foreign currencies.
The larger your transaction when sending money, the lower your fees will be. If you send cash regularly overseas, you could save money by making one larger transfer rather than many separate ones.
If you need help, Wise has a dedicated support team available 24/7 and in 14 languages, so no matter where you are, there will be someone on hand to help you.
You can track your spending with app notifications for every transaction.

Drawbacks ❌️

Free cash withdrawals are limited to AU$350 every 30 days.
You can only open an account in Australia, the UK, Europe and New Zealand.
It can take up to 14 days for your debit card to arrive.

Who Is the Wise Debit Card for? 💡️

You may be wondering if you need a Wise debit card. There are many reasons why the Wise card can come in handy, but it may not be helpful for everyone. So, we’ve compiled a list of all the people who would benefit from using a Wise card and account:

Travellers: You can use the Wise card as a travel debit card to seamlessly pay for all your needs while moving from one country to another. You can convert currency as you go reasonably quickly.
Holiday go-ers: ATM fees can be expensive. Using a Wise card to take out your holiday spending will save you money when using local ATMs overseas. You can take out cash as and when you need it if you don’t want to make contactless payments with your card.
Online shoppers: If you enjoy online shopping, you can use your Wise card to purchase online from international retailers. You don’t have to let distance stop you from making overseas purchases. You can use your card as the designated payment method and benefit from low fees.
Entrepreneurs: If you need to spend in foreign currencies, a wise card and account will benefit you as you can pay in over 40 currencies in over 175 countries.
Business owners: You can provide your team members with international debit cards to manage spending expenses if you’ve got a team split around the world, or if you’re on a business trip, you can benefit from low fees and expense tracking for all company Wise cards.

Wise Multi-Currency Account and Debit Cards: The Verdict ➡️

Although an initial card issuing fee could be off-putting to a customer at first sight, the low fees, especially conversion fees of 0.43%, make the account and card worth it. Spending abroad can be expensive, but Wise makes the expense much lower. Once you’ve paid the initial card fee, there isn’t a subscription fee, so you’re not tied down, and you can benefit from other low fees.

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So, if you’re a keen traveller, this card would be most suitable. If you do not travel a lot or shop online or in-store at international businesses, you may not benefit as much from this card. This card is ideal for anyone using or planning to use multiple currencies. It’s helpful because you can hold up to 40 currencies in most countries.

Frequently Asked Questions 📢️

How Does a Wise Debit Card Work?

You can use it just like any other debit card, but with the bonus of spending in 170+ countries and withdrawing cash at over 2.3 million ATMs worldwide. Wise transactions are known for being fast and without markups. You can use your Wise card and account much like any bank account; you can share your bank details with your employer and send your salary to your Wise account to keep all your money in one place.

What Are the Benefits of Using a Wise Account?

There are several benefits of using a Wise account, and some include:

All fees are transparent. There are no exchange rate markups, annual fees or hidden transaction fees.
You’ll receive local bank account details for countries like the UK, USA, Europe, Singapore, Romania, Canada, Turkey, Hungary and New Zealand.
No minimum balance requirements, so you don’t have to worry about having a certain amount of money in your account.
Can make payments and cash withdrawals worldwide in over 40 foreign currencies.

What Is a Wise Multi-Currency Account?

What Are the Drawbacks of Using Wise?

There are a few drawbacks to using Wise, such as limited free cash withdrawals, which are limited to AU$350 every 30 days, and it can take up to 14 days for your debit card to arrive.

Is the Wise Debit Card Free?

There are no subscription fees for your Wise card, but an issuing fee of AUD$10. The account is free, and you don’t have to pay for the virtual cards that come with it. Other fees may be applied when using the card, such as currency conversion fees and ATM withdrawals when you exceed a specific limit.

Can I Use My Wise Card Abroad?

The wise debit card allows you to spend money abroad with a live mid-market exchange rate, with no markups and zero hidden fees. You can use it just like any other debit card, but with the bonus of spending in 170+ countries and withdrawing cash at over 2.3 million ATMs worldwide. Wise transactions are known for being fast and without markups.