Wise Travel Money Card Review

While it’s straightforward to obtain foreign currency overseas, a quick trip to an ATM, or a currency exchange bureau, can leave you at the mercy of hidden fees and exchange rates. This is when a travel money card can be your friend. Travel money cards allow you to load up on foreign currency online wherever you are, so you can enjoy your holiday without the worry of sky-high exchange rates and fees.

What is Wise?

Wise goes far beyond a simple travel money card.

Wise provides users with a single multi-currency account, that allows people in their increasingly global lives to pay, to get paid, and to spend, in any currency – wherever they are and whatever they’re doing.

Through your Wise account, you can send, receive and spend multiple currencies, either online or with the Wise debit card.

All of this is done at the real market exchange rate, and with a single upfront low-cost exchange fee. Saving users, on average, 6x more than the traditional banks.

What can I use Wise for?

• Spend: use the card in around 200 countries and anywhere online, spend with Apple and Google Pay, and withdraw anywhere with no foreign transaction fees or exchange rate mark-ups
• Free to use: no monthly subscription fees, no monthly maintenance fees and no transaction fees. Only a small conversion fee is charged if your card doesn’t have the local currency preloaded and currency conversion is required.
• Save money: spend at the real exchange rate, with no sneaky mark-ups
• Withdraw cash: for free at any ATM in the world
• Multiple currencies: hold and convert over 55 currencies instantly
• Security: set spending limits, freeze/unfreeze the card instantly in the app and get real-time notifications for every transaction
• Smart money-saving technology: automatically chooses the currency that offers the best conversion rate
• Virtual Visa Cards: add up to 10 virtual cards, each with a unique number to shop with and better manage expenses

Some key features of Wise include:

• Account details: get account details in nine countries (NZ, Australia, UK, US, Eurozone, Canada, Singapore, Hungary, Poland and Turkey) in minutes, so you can pay and get paid in those countries like a local
• Direct debits – share your AU, EU and UK account details with merchants to conveniently automate and pay bills and subscriptions
• BPAY: pay bills in NZ with BPAY, from around the world
• Balances: hold and convert 55 currencies instantly at the real exchange rate
• Debit card: use your card in around 200 countries and anywhere online, spend with Apple and Google Pay, and withdraw anywhere with no foreign transaction fees or exchange rate mark-ups
• Savings jars: stash away money in any currency, for rainy day funds, long-term savings and more. Money in jars can’t be spent using the debit card or used to pay via direct debit until it’s moved back to balances
• International money transfers: send money to over 70 countries at the real exchange rate, up to seven times cheaper than the banks and instantly when sending money with PayID
• Scheduled transfers: Set up recurring transfers to automate the process of sending money abroad

How do I get Wise?

Wise can be downloaded from the app store, and is available on both Apple and Android. Or you can sign up online and access Wise via its website.

Once downloaded, setting up an account is easy and will only take a few minutes. You’ll need to provide the following information:

• Name
• Date of birth
• Photo ID
• Home address and proof of address
• Email address
• Phone number

Does Wise cost to use?

Registering for a Wise account is completely free, however there are some usage fees, including:

• ATM fees over $350 per month
• Account funding transactions
• $14 one-time fee for Wise debit card
• Converting foreign currencies

Compare Travel Money Cards with Canstar