Exchange Rates & Money Transfers

Planning a vacation should be an exciting time. But no matter how much you try to put it off, you’ll eventually have to dive into the world of currency and exchange rates. 

And if you dare to wing it, you could get hit with some nasty fees after spending abroad. 

To make sure everything goes swimmingly, the Wise Debit Card comes with handy conversion rates and low fees for international transactions. 

So let’s find out if the Wise Card deserves a spot in your wallet or if it’s best left at home—

Read more: 

How Does the Wise Debit Card Work?

The Wise Card (formerly TransferWise) is an international debit card that specializes in instant money transfers. 

The card is available for residents in over 65 countries, and you can spend money abroad in more than 100 different countries. 

The Wise Card lets you travel in style without the stress of carrying cash or exchanging money with high fees. 

As a debit card, it works across many global ATMs, so you can shop and spend to your heart’s content without missing a beat. 

There’s also a handy mobile app that lets you manage your account and keep tabs on your spending in real-time. 

If your card goes missing or there’s some suspicious activity, you can instantly freeze or unfreeze it with just a tap. 

So, whether you’re tanning on a beach in Bali or exploring the streets of Tokyo, the Wise Card is the ideal travel companion for globe-trotters.

With low fees and impressive exchange rates, it saves you money and the hassle of lugging around cash. 

Wise Card: Quick Summary Review

Wise Card Fees

Wise Card is a debit card, so it doesn’t come with all the credit card fees. 

But if you’re unsure what fees fall into what category, here’s a quick summary:

That’s a lot of zeros—which is great news for fee-haters (which I think covers most of us). 

But even though the Wise Card lacks the fees that come with standard credit cards, you’re not totally out of the woods. Debit cards come with their own set of charges. 

Here’s the complete lowdown of Wise fees: 

• Opening an account: $9
• Sending money: from 0.43% 
• Converting money: from 0.43% 
• Wise ATM fees over $100 a month: 2% 
• Account Funding transactions: 2%
• Receiving USD wire payments: $4.14 

So, if you’re planning on withdrawing over $100 a month (or making wire payments), be prepared to get landed with an extra fee. 

On the plus side, Wise Card is pretty transparent about their pricing—what you see is what you get. This is why you shouldn’t expect any more charges on top of the ones we just laid out for you. 

Wise Card: Pros & Cons 

The Wise Card has received glowing feedback with 4.4/5 out of ‎190,853 reviews on Trustpilot. 

Nothing is perfect, though—so let’s check out the Wise Card benefits and drawbacks: 

Pros 

Cons

What We Like

Holds over fifty currencies 

Exchanging currency has to be one of the least exciting parts of traveling. Finding the best deals or resorting to high airport fees is never met with enthusiasm. 

But with the Wise Card, you can keep over 50 different currencies in your account and convert money with the real exchange rate. 

You can also add money to your card in 20 currencies and receive cash from the following: 

• AUD (Australia)
• CAD (Canada)
• EUR (banks denominated in Europe)
• GBP (UK or SWIFT)
• NZD (New Zealand)
• MYR from any bank account in Malaysia (only available if you’re a resident in Malaysia and only supported for personal accounts)
• PLN (Poland)
• SGD (Singapore)
• USD (US) 
• RON (Romania—if you’re a resident in the EEA, Switzerland, the US, Canada, Australia, or Japan)
• HUF (Hungary)

Want to spend less time converting cash and more time tanning? 

You can switch between currencies instantly with the Wise mobile app, and the card automatically uses the right money.

However, there are some countries where your card won’t work. Find the complete list here. 

No annual or monthly fees

Unlike other debit or credit cards that can sneakily gobble up your funds with pesky annual or monthly fees, the Wise Card lets it slide. 

With no hidden fees to worry about, you’re free to splurge on sangria without any extra charges lurking in the shadows.

No credit check 

You don’t need to jump through any credit hoops or present a spotless financial history to get your hands on a Wise Card. 

There’s no credit check or credit to be found. This prepaid debit card lets you load your own funds from your bank account, so you’re always in control of your spending (just go easy on those plane tickets). 

It’s a great choice for anyone wanting a low-risk option or who’s had a few financial hiccups in the past—there’s no judgment here.

Struggling with poor credit? Here are the best cards for bad credit. 

Access to global ATMs

If you’re a cash-carrying person or need to splash your cash at some cardless merchants on your travels, the Wise Card could really help you out. 

You can enjoy the convenience of withdrawing from ATMs all around the globe without being hit with any extra fees. 

But there’s a catch: You can only withdraw $100 a month for free. So if you’re planning on hitting Rodeo Drive, you might want to consider going cashless. 

Take a look at the top travel credit cards for your next vacation. 

Easy to manage with mobile app

With the Wise Card’s easy-to-use mobile app, you’ll have your finances at your fingertips. 

The app lets you check your balances, swap between currencies, and get instant notifications for every purchase. 

This can stop you from over-indulging (and minimize those post-vacation blues). 

And if you need to hit pause on your spending, no worries—you can freeze and unfreeze your card with just a few taps. 

What to Consider 

No cashback or rewards program

It’s always nice to get a pat on the back for spending your hard-earned cash. 

However, the Wise Card doesn’t offer any traditional rewards program, which may be a dealbreaker for some. 

Check out the best cashback credit cards. 

ATM fees 

While the Wise Card is a savvy choice for many travelers, it’s not completely free from fees.

Sure, you can make up to $100 worth of monthly withdrawals without any extra charges, but any more than that, you’ll face a 2% withdrawal fee. 

So if you tend to take cash out left, right, and center, you should think twice before committing to Wise and shop around for a card that’s more ATM-friendly.

No credit 

If you’re on the hunt for a credit card, the Wise Card isn’t your knight in shining armor. 

It’s a prepaid debit card, which means it won’t help you build your credit score or give you access to credit-based perks like cashback or rewards.

Instead, the Wise Card is designed to be a financial sidekick for those who want to control their spending and avoid the pitfalls of credit card debt. 

But even if you don’t have a credit card—there are still plenty of ways to boost your score.

Conversion fees 

One of the main selling points of the Wise Card is that you can convert, receive, and send money from a bunch of currencies. 

That’s a serious perk that unfortunately doesn’t come for free. 

If you’re converting money, you’ll get a 0.43% charge (or more, depending on the currency). 

It’s not much, but it’s still something to watch out for.

Wise Card: Things to Know 

How to get a Wise Card?

To start using Wise:

1. Open a Wise account and add your first balance. And be patient—it can take up to a few days to get your account verified. 
2. Once approved, all currencies in your account will be connected to your debit card. 
3. Order your Wise card by clicking the Card tab and following the instructions. You’ll have to submit your details and a one-time fee of $9. 
4. For US residents, you’ll get your card in 14–21 working days. You can then activate it by entering the six-digit code located underneath your name on the front of the card.
5. Congratulations—you can now use your Wise card almost anywhere in the world. 

What is the Wise Virtual Debit Card? 

If you’re tired of lugging around a bulky wallet, you can try the Wise Virtual Debit Card. 

With this futuristic financial wizardry, you can spend online, in-store, and on the road (all without a physical card).

And thanks to the magic of digital wallets like Apple Pay and Google Pay, you can use your virtual card for contactless payments at the real exchange rate wherever you are in the world. 

Plus, you won’t have to worry about security concerns. Your virtual card has different details from your physical card and can be frozen after each purchase for extra peace of mind.

All you need to do is get your physical card first—then you’re free to order the virtual one. 

What is the Wise Debit Card limit? 

The Wise Debit Card comes with limits to protect you from fraud and unauthorized use. 

Here are all the default amounts you need to know, plus the maximum spending limits: 

Just remember: If you go over the default amount, Wise Card could charge you around 2% in fees (so think twice before you buy that fancy handbag you spotted in Paris). 

What is the Wise exchange rate? 

The Wise Card offers a mid-market exchange rate, which means you get a fair rate that’s typically better than what you’d get with most other cards.

You can use the Wise currency exchange calculator to find all the rates, set price alerts, and compare prices with other transfer services.

Is Wise money transfer safe? 

Wise Card has plenty of security measures to keep your cash under lock and key.

This includes SSL encryption to keep hackers at bay, plus two-factor authentication so you (and only you) can access your account.

Their dedicated team of fraud-busters is also on the case 24/7, working to outsmart any scammers.

They’re constantly audited by independent finance and IT experts to make sure they’re always on top of their game.

If you’re a stickler for certification, you’ll be happy to know that Wise has some impressive credentials. 

From SOC 1 Type 2 to SOC 2 Type 2, to PCI DSS and ISO 27001 certification, they’ve ticked all the boxes regarding security standards. 

Plus, they’re GDPR compliant, so your personal details are in good hands.

How Does the Wise Card Compare? 

Just like booking a holiday, you have to shop around to find the best deals before buying those tickets. Looking for a card is no different. 

Let’s see how the Wise competitors stack up:

Revolut

Revolut is a fintech company that provides a mobile app and a debit card to help users manage their money. 

It has low fees for international transactions and includes budgeting tools and foreign currency exchange.

Revolut also offers handy features for travelers, like travel insurance and flight delay protection. It also comes with security features like freezing your card if it’s lost or stolen. 

But a heads-up: You’ll be hit with a 0.5% fee if you spend over $1,000 a month while abroad. 

Chase Freedom Unlimited 

The Chase Freedom Unlimited CardChase Freedom Unlimited Card is a cashback credit card that offers unlimited 1.5% cashback on all purchases. 

And there’s no minimum spending requirements or rotating categories to keep track of. 

This card is a great option if you want to earn rewards on everyday spending without worrying about points, systems or categories. 

It has no annual fee, either—making it a low-cost option for those who want to maximize their rewards. 

Just watch out for the high variable APR of 19.99%–28.74%. You’ll need to make sure you can pay off your balance in full each month to avoid those interest charges.

Wise Card: Useful Links

Is the Wise Card Good For Me? 

The Wise Card is best suited for:

• Frequent travelers.
• People who want to save money on foreign transaction fees.
• Anyone who wants a simple and secure way to spend money abroad.

If you’re a globetrotter who likes to keep your costs low and your security high, the Wise Card is the perfect sidekick for your travels. 

With no annual fees and exchange rates that’ll make your wallet sing, you can save your cash for the important things in life—like sunscreen, souvenirs, and street food.