wise travel card cash out

Wise Travel Debit Card Review: Fees, Exchange Rates, Limits and How to Use It

There are many things you need to keep track of as a digital nomad, such as visas , travel documents, and accommodation , to name a few.

But one of the most important things to work out is your finances. As a digital nomad, you are likely constantly moving between countries and switching currencies, so having a travel debit card is imperative .

The Wise debit card is an easy financial solution for frequent travelers, digital nomads, and expats . So, what is the fuss about this Wise travel card? How does it work? And most importantly, should you hop on the bandwagon and sign up for it?

I have been using the Wise Travel Card for quite some time now and, in this article, I will give you my honest opinion about it.

What is a Wise Travel Debit Card?

If you travel often, you have probably used or at least heard of Wise (formerly Transfer Wise) .

This UK-based tech company was founded in 2011 by Estonian businessmen Kristo Käärmann and Taavet Hinrikus on the principle of providing fast and fair exchange rates for international transfers without any sneaky fees or below-par exchange rates.

I have been personally using their Wise multi-currency account for years now, and it is still the primary way I transfer money abroad. But, I recently started using the Wise travel card , which added an entirely new dimension to my travels.

Can I Use The Wise Card For Traveling Abroad?

The Wise travel card it's not a credit card and functions pretty much like a regular debit card. You simply add funds to the account and insert, swipe, or tap to pay for items.

The main difference? With Wise, you can hold money in more than 40 different currencies and pay like a local for items in more than 160 countries worldwide without having to worry about hefty fees or markups on conversion rates.

Your Wise Travel Card is connected directly to your Wise account, so you can spend funds from your balances.

Who is the Wise Travel Card for?

Obviously, this is a “travel” card, so its primary purpose is for spending abroad while traveling . That said, you could totally use this for your day-to-day expenses. Traditional banks aren’t really designed to cater to frequent travelers or digital nomads , and the Wise Travel Card fills this gap.

For example, my wages are paid from the US, but I live abroad permanently, so I can easily transfer from my US-based bank to Wise and then simply use my Wise card for most of my daily expenses.

You should consider using the Wise Travel Card if one or more of the following applies to you:

• You frequently transfer funds from another country that uses a different currency.
• You travel internationally often and need a card with low currency conversion fees.
• You often shop online with international retailers that sell their products in a foreign currency.
• You own a business and need a card for international expenses.
• Your current bank card has high currency conversion fees and you want to get away from a traditional bank account
• Your current bank card has high fees for using international ATMs.

Wise Card Features for Traveling Abroad

If you have used a travel prepaid card like Revolut , Chime , or Monzo in the past, you can expect similar features from the Wise Travel Card. Let's see which ones are those:

• Low fees on conversions with the mid-market exchange rate
• Hold, spend, and exchange more than 40 different currencies in your Wise account
• Available to citizens and residents of more than 30 countries , including the UK, Canada, EU, USA, and Australia
• Manage, top up, freeze, and view your card balance in the Wise App
• Use at over 2 million ATMs with free monthly withdrawals up to certain limits.
• Create up to 3 digital virtual cards for free
• Auto currency convert feature to automatically convert your funds at your set rate
• Ability to make Contactless payments
• Connect to most popular eWallets like Google Pay, Apple Pay, and more
• Free spending of any currency you hold in your Wise account
• Biodegradable and eco-friendly card design

Pros and Cons of the Wise Debit Card for Travel

When I first started my digital nomad journey, I quickly came to a rude awakening when I found that my bank was charging exorbitant markups on foreign exchange and fees for ATM withdrawals .

If the same is happening to you, you’ll want to get your hands on this gem of a travel card . But before you sign up, let’s go over some of the upsides and downsides of the Wise Travel Card.

Pros and cons:

What to love about the wise debit card.

For me, the Wise card's standout features are the app's user-friendliness , the multi-currency account , and the low markup on exchange rates .

Being able to hold more than 40 currencies is a game changer. Transferring funds to different currencies in their app when I travel abroad is super easy. To give you an example, I spend quite a bit of time in Europe, the USA, and New Zealand. And with Wise , I can have separate accounts for USD, EUR, and NZD, which makes my life SO much more manageable when traveling to these countries!

On top of that, while there is a small markup fee on currency exchange, it is extremely minimal compared to other banks I have used .

What Could Be Improved About the Wise Debit Card?

The obvious downsides of the Wise Travel Card lie with ATM withdrawal limits , longer card delivery timeframes , and the lack of a premium option .

I am based in the USA, and my card took more than 2 weeks to arrive. Most digital nomads don’t spend too much time in each place, so this can make it difficult to receive your card initially if you are a frequent traveler .

Also, while card transactions are becoming the norm in many countries, cash is still king in several countries I have traveled to in the past few years. The Wise card is NOT exactly the ideal card for withdrawing cash . You’ll only get two transactions for free , and then you’ll be paying a usage fee as well as a 1.75% to 2% markup . This definitely isn’t a dealbreaker, but I hope Wise will improve this in the future.

What Currencies Can You Use With the Wise Travel Card?

One of the main reasons Wise has kept me on board as a customer all these years is their multi-currency account . This is truly the crown jewel of all of Wise’s features.

You can store 40+ currencies in various wallets in your Wise account , but this doesn’t mean you are limited to spending in those currencies. In fact, you can use the Wise debit card in more than 160+ countries ! If the currency you are spending in doesn’t have a wallet option, the Wise card will simply exchange the money into the payment currency at the time of your purchase .

For example, I was recently in Guatemala, and, unfortunately, I was not able to store Quetzal (the local currency) in my multi-currency account. But when I bought something, my funds were automatically converted from USD to Quetzal at the mid-market rate (plus 0.5%).

There are also 11 currencies for which you get account details to make bank transfers . This means you can transfer funds in the following currency balances directly from your Wise account to another bank account.

This is a feature of Wise that I use often. If I need to transfer funds from my US bank account to one in another country, I almost always use Wise as a “middleman” in order to avoid unexpected transfer fees .

While you won’t be able to make bank transfers in other currencies, you can hold them in your Wise account and spend with your travel card.

How Does the Wise Card Exactly Work?

As you can see, the Wise Travel Card is a wise decision for any traveler (see what I did there?), but how does it exactly work?

As with any new bank account or credit card, there is a bit of a learning curve when first using your Wise travel card . That said, using this card isn’t rocket science, so you’ll be saving money on exchange fees in no time!

How to Use the Wise Travel Card Abroad

The Wise travel card is specifically designed for spending money outside of your home country, so as you would expect, it is pretty easy to use abroad.

All you need to do is order your card , activate it, create a PIN, add money to your account, and you will be all set to use the card in a different country!

The Wise App

There is nothing more annoying than an app that is built for developers and not for the general public. Your banking and financial app should be easy to navigate and access.

I personally find the Wise app to be extremely user-friendly and intuitive . All features are easy to find, and when navigating through the app, I rarely got stuck or failed to find a setting.

I was easily able to change personal settings, connect bank accounts, exchange money, and send transfers from the app.

How to Order Your Wise Travel Card

Ordering your Wise Travel Card can take some time (mine took more than 2 weeks to arrive), so I recommend getting on this as soon as possible to ensure you have the card for your next trip!

These are the 3 simple steps you will need to go through:

Step 1: Create a Multi-Currency Account

If you don’t have one already, your first step will be to sign up for a Multi-Currency Account with Wise

Step 2: Start Using Your Virtual Card Immediately

After making an account and verifying your details, you will then be directed to choose a digital/virtual card or a physical card . Digital cards are free and can be added to Google/Apple Pay or used for online payments immediately!

Step 3: Order a Wise Debit Card (Recommended)

If you want instead a physical card, you can do so by clicking on the “Card” tab on the main page and then click on “ Order a Debit Card ”. Physical cards cost a one-off fee of 7 GBP/7 EUR/10 USD , and it will take 7 to 21 business days for the card to arrive, based on your location.

If you'd like to visualise the entire process, watch the instructional video below:

How to Activate Your Wise Card

Once your Wise travel card arrives, it is time to activate it and start spending ! Luckily, for most Wise account holders, you won’t need to take any steps to activate the card, simply make a chip and PIN payment, and the card is ready to go !

Activate Your Wise Card (for US and Japan Customers Only)

As I mentioned above, Wise customers in the USA or Japan must activate the card separately . This isn’t too much of a headache, just don’t forget you need to be in your home country .

Here is a step-by-step breakdown of activating your card if you are a US and Japan customer.

• Log into the Wise app and tap on “ Card ”.
• Then tap on “ Activate Card ”.
• You’ll then be prompted to enter a 6-digit code that you’ll find on your card.
• After entering the code, you’ll create your PIN .

If you'd like to visualise the steps to activate your Wise card for your region, watch the instructional video below:

How to Change the PIN for Your Wise Card

Did you forget your PIN? Don’t worry, it happens to the best of us!

Luckily, if you are a US card holder, you can easily change your PIN in the Wise app :

• Tap on “ Card ” in the Wise app
• Select “ Change PIN ”
• Enter your new PIN 2 times, and you are all set!

If you are a non-US Wise card holder , you cannot change your PIN in the app , unfortunately. Instead, you’ll need to change it using an ATM that supports PIN changes .

My best advice? Choose a PIN you’ll never forget, or keep it written down somewhere secure.

How to Add Money to Your Wise Travel Card

Your Wise travel card is linked to your Wise Multi-Currency account , so you’ll need to top up your Wise account with funds before using the card.

This is a pretty straightforward process:

• Logging into your account
• Choose which currency balance you want to add money to.
• Click “ Add ”.
• Choose which currency you want to use to top up the account.
• Type in the amount of money you want to add.
• Choose your payment method (bank transfer, debit card)
• Confirm the top-up and verify the money arrives in your balance.

Watch the instructional video below to visualise how to top up your Wise balance:

How to Freeze/Unfreeze Your Wise Card

One of the downsides of constant travel is that you put yourself at risk of fraud or losing your card. If you notice potential fraudulent transactions from your Wise card, or you believe your card is lost/stolen, you should freeze your card immediately . This way, you’ll avoid more fraud on your account.

Here are the steps to take to freeze your Wise Travel Card.

• After logging in to your Wise account, tap on “ Card .”
• Then simply click “ Freeze Card ”, or if you want to unfreeze, “ Unfreeze Card .”
• Fill out this transaction dispute form and contact customer support right away. They will be able to help you determine what to do next.

How to Replace a Lost or Stolen Wise Card

If you can confirm that your card has been lost or stolen, you’ll want to cancel the card and then order a new one.

• Log in to your Wise account and click on “ Card .”
• Tap “ Replace Card .”
• You’ll then be prompted to answer why you need a replacement card.
• Wait for the new card to arrive.

How to Use an ATM with Your Wise Travel Card

As mentioned above, ATM withdrawal is not the strongest feature with the Wise card, but you can definitely still use the card to take out cash. Spending with your Wise card is simple since the card can make contactless, chip, and swipe payments and is eligible for Google, Apple, Fitbit, and Garmin Pay. But how do you use an ATM with the Wise card?

Using an ATM with the Wise Travel Card is the same as using any other bank card. Simply insert your card into the machine, enter your PIN, determine how much cash you want to withdraw, and take your cash. Don’t forget to take your card back when you are done (I have made this mistake too many times…).

Wise Card ATM Limits

One of the biggest downsides with the Wise card is that you’ll have limited free ATM withdrawals. For all accounts, you’ll have 2 free ATM withdrawals each month, after which you will be charged an ATM usage fee and a percentage markup on the amount of cash you withdraw.

I use the Wise Travel Card for many of my day-to-day travel expenses, but I use my Charles Schwab Investor Checking account for ATMs. This card not only has a 0% ATM markup, but it also refunds any fees the ATM provider charges. This includes international withdrawals!

Wise Card Delivery Timeframe

Once you order your Wise Travel Card, you can expect it to take between 3 and 21 days to arrive, depending on your location. If you live in Singapore, you’ll get your card SUPER fast. Unfortunately for Americans like me, this isn’t the case.

Wise Travel Card Fees and Exchange Rates

One thing I really love is that using Wise itself is free, and you won’t have to pay an ongoing fee to Wise to use the card. In fact, there isn’t even a Premium account feature, so all users get 100% of the features for free. All this said, there are some charges and exchange rates you should know about before you start using the Wise Travel Card.

Comparison: How Does the Wise Card Holds Up Against Other Travel Cards?

Wise is a leader in the travel account realm, but it still has some major competitors. While all of these different companies vary, they all cater to digital nomads and frequent travelers. The table below will compare some key factors with Wise, Revolut, N26, and Chime.

You may also be interested in:

So, What Travel Card is the Best?

This is a close call and pretty dependent on where you are located. For example, N26 and Chime are awesome choices if you live in the EU or USA (respectively). But, with these options, you can’t hold different currencies like with Revolut and Wise.

For most digital nomads, Wise or Revolut will be the best option. You can hold a huge number of currencies, and they are available to many different nationalities. I have personally used both Wise and Revolut and can say they are both excellent options.

Spending Limits for the Wise Travel Card

The Wise Travel Card has set daily and monthly spending limits for all types of transactions. While these limits won’t be a deal breaker for the vast majority of users, they are still worth noting.

Keep in mind the above limits are for US Wise customers. The amounts will differ slightly for customers based in different regions.

Is It Safe to Use the Wise Travel Card?

Wise is a trusted and safe travel card provider, so you can rest assured that your funds will be protected when using the Wise Travel Card. A licensed and regulated financial institution, your funds are safeguarded in Wise. It is, however, worth noting that since Wise is not considered a bank, it is not FDIC insured. FDIC insures up to $250,000 of bank customer's money, but Wise works a bit differently. Wise safeguards users’ money and is required to ensure all customers have access to all of their funds.

So, is Wise safe to use? Yes, absolutely! We don’t recommend keeping all of your money in Wise, but in general, it is a perfectly secure financial institution.

Additionally, the company uses several security features to protect your data, including HTTPS encryption, a two-step login process, and 24/7 fraud prevention.

What to Do If Your Wise Card Is Lost, Stolen, or Compromised

If you lose your Wise card or suspect it to be stolen or compromised, you’ll need to act quickly to prevent any further fraud. Below, we will go over a step-by-step process for what to do if your card is lost, stolen, or compromised.

• Freeze your card in the Wise app.
• Contact Wise support if you suspect the card to be compromised.
• Cancel the card in the app if you confirm the card is lost or stolen or if fraud charges have been made.
• Order a new card.
• Wait for the new Wise card to arrive.

Bottom Line: Is the Wise Travel Card Worth it?

Time for the 1 million dollar question: Should you get the Wise Travel Card?

If you are a frequent traveler like me and you don’t already have a solid travel card with fair exchange rates, low ATM fees the answer is a resounding yes !

The Wise Travel Card is one of the best cards for digital nomads and expats, as it allows you to seamlessly spend money, withdraw cash, and transfer funds from anywhere around the globe without having to worry about excessive fees. The best part? After paying a one-time card order fee, your Wise account is completely free to use!

Ready To Save Money Abroad with Wise?

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Wise Travel Card Review: The Multi-Currency Debit Card For Travellers

By: Author Angela Price

Posted on Last updated: March 26, 2024

The Wise Travel Card is a Visa Debit card designed for international travellers and individuals who frequently make multi currency transactions. I was first introduced to the Wise card by another travel blogger who had been using it for a few years and could vouch for its credibility.

At the time, I was looking for a money transfer account that would allow different currencies to be paid into it without incurring the hefty conversion fees my high street bank was charging me. I also wanted an easy-to-use, app-based money card that I could use during my travels to check, top-up and convert balances whenever needed.

The Wise Travel Money Card sounded perfect because it would allow me to have one debit card holding credit balances in USD, EUR, and GBP, all in separate currency wallets. I could then use my Wise Euro credit balance to buy items charged in Euros and likewise for USD. My transactions would be like-for-like, with no hefty currency conversion fees appearing on a statement.

I could also exchange one currency wallet balance for another at any time via the Wise App. The app is easy to use, and with a press of a button, I can auto-convert my USD or EUR balances for GBP, which appear in my online GBP currency wallet immediately. Simple!

Wise also allows me to send, add, or request money at any time and even set up direct debits through the app.

In the time I have been using my Wise Travel Card, I have been very pleased with its functionality and am happy to let other travellers (and non-travellers) know about it. For transparency, please see the Wise Card Fees and Pricing.

This travel guide may contain affiliate links – please read my  disclaimer and privacy policy for more information.

Table of Contents

What Is The Benefit Of Using Wise?

• The Wise Debit Visa is linked to a Wise multi-currency account, allowing you to manage money in multiple currencies.
• One of the key features of Wise is its use of the real exchange rate, providing users with rates close to the mid-market rate without additional markups. This can result in cost savings compared to traditional banks.
• The card offers interest on your multi-currency balances, which is great if you don’t intend to withdraw your funds immediately.
• Wise typically offers transparent and competitive fees for international money transactions and currency conversions. Users may benefit from lower fees compared to traditional banks.
• The card supports contactless payments, allowing for quick and convenient transactions at merchants that accept contactless payments.
• The Wise Debit Card is a Visa, which means it’s an international debit card widely accepted globally. Users can use the card for online, in-person, and ATM withdrawals worldwide. It’s all you need in one card.
• Wise provides a mobile app that allows users to manage their multi-currency accounts, monitor transactions, and receive notifications. The Wise app also features such as spending analytics and budgeting tools.
• The card can be used to withdraw cash from ATMs around the world. Wise has partnerships with specific ATMs to offer fee-free or reduced-fee withdrawals up to a specific limit.
• Visa provides standard security features, and Wise offers additional security measures through its app, such as the ability to lock/unlock the card and receive instant transaction notifications.
• Users can activate and manage their Wise Debit Visa through the Wise mobile app.

Wise Card For International Travel

I recently used my Wise travel card while on holiday in Lanzarote, Spain . I paid for entrance fees and food and drink in Euros, which was debited from the Euro currency wallet in my Wise account. The debit card was so easy to use, and I knew I wasn’t going to be charged any additional fees as the transaction was made in EUR rather than being converted from GBP.

I also just purchased a flight online and paid in USD. This came from my Wise USD currency wallet, which was straightforward with no added foreign transaction fees.

How To Get Your Wise Card

I hope this post has helped outline the benefits of getting a Wise Travel Card. The details I have provided are a brief overview, so please visit the official Wise website for more in-depth details before signing up.

You can access a digital card in your app as soon as Wise accepts your application, but if you prefer a physical card like me, you can apply for one below.

The physical Wise card costs a one-off fee of £7. And yes, the card really is the same colour as Kermit the Frog from The Muppet Show!

APPLY FOR YOUR WISE TRAVEL DEBIT CARD

I am not a financial expert, nor did Wise pay me to write this article; however, I am now part of their affiliate scheme, and I will receive a small commission if you sign up through my link. This is at no extra cost to you and helps me keep this travel blog running.

The opinions in this review are based entirely on my own experiences using my Wise Debit Card. Before you sign up for a Wise Card, please be sure to do your own due diligence.

 I would like to receive occasional updates and new travel posts.

Notify me of follow-up comments by email.

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How to use Wise for CHEAPER Travel Money & Spending

One of the key considerations for taking a trip is money.  Especially if you’re traveling to a location where the currency is different from your home country.  Getting hold of cash can be a costly exercise – from fluctuations in exchange rates to poor exchange rates and the dreaded currency commission rates.  One of the best ways to pay the least to obtain currency while traveling is to use the Wise debit card for travel.  Wise, is a great way to move money between currencies – and using the Wise debit card is one of the cheapest ways to use money while traveling.

THIS POST MAY CONTAIN COMPENSATED AND AFFILIATE LINKS MORE INFORMATION IN  OUR DISCLAIMER

#1 TIP FOR CASH & CARDS

Get a Fee Free Card to Use

Get a WISE Card to take to on your travels. Two free ATM withdrawals per month, plus free to use to pay by card with zero foreign transaction fees.

Wise is now Wise

Wise changed its name to Wise in February 2021. However, name changes take a long time, especially in the web world, so the name change from Wise to Wise is a long-term process and the names are used interchangeably – and not just by me!

Using Wise for Lowest Travel Money Costs

There are a couple of elements to Wise and Wise that make it one of the best ways to obtain and spend money abroad.

 The Wise Multi-Currency Account.

First, you can create what’s called a Wise“ borderless or multi-currency account ”.  All that really means is that you can open bank accounts in multiple countries via Wise and hold different currencies in those accounts.   So if I’m traveling to the USA for vacation it would make sense to have some money that I can use in US dollars.  The Wise Multi-Currency Account lets me open an account, not just in my native British Pounds, but also in US dollars.  (And Euros, and Australian dollars – and a whole lot of other currencies).   But, you don’t HAVE to hold money in those currencies until you actually want it there.  (Keep it where you’re earning interest if you’re lucky enough to be doing that!).

And the borderless accounts from Wise are Free. There are no account charges with Wise.

Do it now.  See how easy it is.  Open your Wise multi-currency account now!

These different currency accounts mean that you can move money from your home currency account to the currency in which you’re going to be spending.   And the reason you want to use Wise to do this is that it offers some of the best currency exchange rates – WAY better than your bank, or the bureau exchange.

The Wise Currency Exchange Charging Rates

Wise uses the mid-market rate (like all the banks do when they move money between each other) when it is moving your money between currencies.  It is completely transparent about this.  The way that it makes money is that it charges a small percentage on the commission- and this is ALWAYS displayed and VERY CLEARLY, so you can see exactly how much your currency exchange is costing.  Check out Wise currency rates here.

When you move money, say between Euros and US Dollars Wise clearly shows how much it costs, and what their commission is (it’s never hidden like some other providers) and it explains how much you have saved based on average rates for high street banks. You can also run through the process and see what it’s going to cost without committing. Check out the Wise exchange rate here now

The Wise Travel Card

There is a small charge for the Wise debit card – the cost of a Wise debit card depends on where you sign up (for instance in Portugal it’s 8 euros) – check the cost of a Wise debit card here.   There’s no minimum balance you have to pay and there are no ongoing charges to pay for the card.  The huge benefit of the Wise debit card is that you get TWO FREE ATM withdrawals up to the equivalent of GBP200 a month.   After that, there’s a small fee per transaction and a 1.75 percent fee for withdrawals made in a 30-day period.

As of December 2021, Wise debit cards are also available to Canadian residents > Get yours here

There are zero foreign transaction fees with the Wise debit card.  Convinced?  Get your Wise Debit card here.

You can use the Wise debit card just like any other debit card, in more than 200 countries.  Use it to pay for food, in bars, restaurants, shops – there’s no charge – just use it exactly the same as you would any other card, except you’ll be paying in the currency of where you’re traveling, with the money that you’re holding in your multi-currency account, and so getting some of the best exchanges rates around.

So what happens if you don’t have any money left in your Wise currency account?  Don’t worry, your card will still work.  When you set up your Wise multi-currency account you link it to a bank account in your home country.  So if you aren’t holding any money in a particular currency but are spending that currency Wise will automatically do the conversion at the standard exchange rate and charge their regular fees.

You can spend in ANY currency on your Wise debit card and it will be converted using the lowest possible fee.

What are the Wise Fees?

I’m not going to type out what all those fees are, as they make it very clear on their website – you can check them here

Our Guides to Lower ATM Fees When Traveling

If you’re traveling, then our guides to ATMs and ATM fees are here

• Guide to lowest Guatemala ATM fees
• The Ultimate Guide to the lowest Colombia ATM fees
• How to reduce Laos ATM fees
• Understanding Japan ATM fees
• The cheapest Chile ATM fees

Why Use Wise? Reasons for Using Wise

We use Wise for the following reasons

• Because they provide cheap currency exchange rates
• Because it Wise provides us with the ability to hold local accounts in US dollars, GB Pounds, Euros, Australian dollars, Japanese.
• We can receive money for free in GB pounds, US dollars, Australian dollars and Euros – and other currencies – check which currencies you can use Wise with here .
• Because it is all online and you don’t need to go into a branch or find someone to deal with if there is a problem (we haven’t had a problem, but doing it online is seriously important to us). – We ALWAYS login to our VPN before connecting to ANY financial services provider – as we tend to use publicly available wifi networks.  Our guide to using VPNs for travel is here.
• They’re transparent about their pricing.

Get the best VPN that we’ve found that works in ANY country we’ve been to including Turkmenistan, China, Myanmar &Cuba.  This link gives you a coupon for THREE MONTHS for free as a reader of ASocialNomad

You can’t pop into a branch of Wise, they have a different model to other banks, so their overheads are lower.  And those savings are passed onto you and me.  Wise is fully regulated – and yes your money is safe – there’s more on regulation and your money at the end of the article.

What is Wise?

Wise is a financial services company with more than 6 million active customers who move more than US$4billion dollars EVERY MONTH, saving on average US$4 million a DAY in bank fees. Wise is an Authorised Electronic Money Institution independently regulated by the  Financial Conduct Authority  (FCA) in the UK. They are required by law to keep money safe by storing it in low-risk financial institutions. In Europe, they do this with Barclays. In the USA they do this with Wells Fargo.

These accounts are reserved for customer money, this means your money is kept in a separate account from the money they use to run the business.

Wise has more than 1,300 employees in 11 offices and 4 continents.  This is a serious operation. Wise is also now a public company, listed on the London Stock Exchange.

How Much Can You Save with Wise?

Wise operates a really simple pricing structure .  You get charged what it costs them to send your money plus a small fee.  You will always know what that fee is before you send any money.  You’ll also always know how long your money is likely to take to transfer between currencies.    You can save up to 15 x what your local bank would charge for currency exchanges.

Wise collects data from other financial services providers that are publicly available – to show you how much you can save.    They’ll show you this on each transaction you want to make, but you can also take a look for example here where they show how much transfers cost and also how long they take to go through.  Some providers take as many as FOUR business days to transfer money, while Wise takes hours, which means you get the benefit of your own money for longer with Wise.

How to Use Wise for Travel

It’s really easy to use Wise for traveling.   If you want to use the benefit of a Trnasferwise debit card then you’ll need to set up a Wise account and get hold of the Wise debit card before you leave home.  If you don’t want the card, then you can set up a Wise multi-currency account from anywhere.  Here’s how to set up Wise for travel .

Set up a Wise Account

The Wise multi-currency account is free to set up and free to maintain.  There are no ongoing account costs for Wise accounts.    All you need to do to set up a Wise account is to complete your profile , upload ID documents to verify your account for security and then you’re good to start!

Get local bank details with your Wise Account

British Pounds, Euros, Polish Zloty, Australian Dollars, US Dollars, and New Zealand Dollars all come with local bank details.  That’s right, you get your own bank account details – IBANs, account numbers – the whole nine yards, just like your regular account.

Download the Wise App

Move money from an app, from your laptop, just as and when you need it.  Confirm the rates.

Apply for a Wise card

Simply apply for your Wise debit card here , which gives you

• No foreign transactions fees
• No annual fees
• Low currency conversion rates
• Free ATM withdrawals worldwide – up to the equivalent of GBP200 every 30 days
• Lowest possible fees with auto-convert for any currency
• Manage with the Wise App – get instant notifications, freeze your card, unfreeze it any anytime

How to Use a Wise Card when travelling

Using Wise when traveling is a fabulous to save money.

You can hold balances in your Wise account in different currencies.   (like US dollars, British Pounds, Euros, Australian dollars, Japanese Yen.. and so on).  But equally, you don’t have to have money in those currencies to spend in those currencies.  If you spend in say Japanese Yen but don’t have Yen in your currency account, then Wise will auto-convert to give you the lowest possible rates.

Once you’ve got a Wise account you can apply for a debit card.   I don’t know of anyone who’s been turned down.  This is a debit card, not a credit card.  It is a Mastercard.

Your Wise card lets you take money out of an ATM for FREE – if you hold that currency in your Wise account.   It lets you take out up to 200 GBP/250 USD/350 AUD/350 NZD/350 SGD (or your currency’s equivalent) in total per 30 days. After that, a 1.75% withdrawal fee will be charged. After two ATM transactions per 30 days, there’s also a 50p fee. These fees are charged in the currency of your account.

When using your Wise debit card always select to get charged by the ATM in the local currency – NOT your home rate – this means that Wise and not the bank whose ATM you are using will set the exchange rate. ALL ATMs will try and convince you to take their conversion rate – it’s called Dynamic Currency Conversion. You should NOT take their offer. Wise will ALWAYS offer you a better rate. Always.

Using Wise for Currency Transfer Payments

If you need to pay bills in another currency to your home account, then using your Wise account for this is really simple.  You can do it ALL online.   There’s no waiting period.  No hassles and you’ll know exactly how much it is going to cost.  And for me, it’s ALWAYS been cheaper than alternatives.  Always.  Read independent comparisons here.

Simply add your recipient to your recipient’s list – and then transfer the money.  You don’t even have to be holding the foreign currency in your Wise account, you can make the exchange on the fly from your connected bank account, the fees are exactly the same as if you move money from say Euros to Dollars, and then pay them as if you just do it all as one transaction.

I love how transparent Wise is about showing me what the cost of the money is, and what their commission charge is for providing the service.

And I really love how quickly it all happens, as well as their humorous comments about how quick the service is compared to other things in the world ( check it out when you do your transfers! )

Using Wise for Holiday Travel Money

We are traveling most of the year, so most of our expenditure is in foreign currency, but even if you’re looking at a one or two-week holiday Wise can save you money.    There’s no need to be using the seriously expensive currency exchanges at airports or border crossings.  All you need is a Wise account, a Wise debit card, and an ATM.

Pop the card into the ATM, take the cash out and you’re off and running.

Don’t forget you can also use the Wise debit card like a normal debit card, –  paying for restaurant meals, trips, tours, car rental, and so on.   I don’t know why I keep saying “like a normal debit card”, I really should say, it’s a super-normal debit card – because it doesn’t charge huge fees for spending in a foreign currency!

Using Wise to Receive Foreign Currency Payments

If you get paid in foreign currencies then getting that payment into your home bank account can cost a HUGE amount in fees.  Even if the person paying you wants to use, say PayPal, then your fees are high.

Wise lets you open accounts in multiple currencies, so you can give local bank details to the people wanting to pay you, or put them on your invoices.  And this is all for free. Check out a multi-currency account here and now. Wise also lets you convert more than 40 currencies!  So your billpayers will be paying in their currency, then you can use the low exchange rates that Wise offers to convert to whichever currency you want it in.

Is Your Money Safe with Wise?

In a word. Yes. Here’s how and why.

Wise FCA (Financial Conduct Authority)

Wise is regulated by the Financial Conduct Authority in the UK – they’re required by law to keep money safe.  They do this by storing it in low-risk financial institutions – in Europe, it’s Barclays in the UK, in the USA it’s Wells Fargo.  All monies are held in a specific customer account, separate from their business operating monies.

Wise FCSC (Financial Services Compensation Scheme)

If Wise were to cease to exist, then your money would be paid back from the accounts referenced above.  Wise, is, however, not covered by the Financial Services Compensation Scheme (FSCS) as it is not a bank.  Your money is protected by safeguarding.

FAQs on Why Use Wise

Got questions about what is Wise? About how to use Wise to transfer money? Or even what is Wise? Check out our frequently asked questions about Wise money transfers below, or ask us yours in the comments.

What is Wise? What is Wise?

Wise is an Authorised Electronic Money Institution. They are independently regulated by the FCA in the UK.

Wise is a financial services company with more than 6 million active customers who move more than US$ 4 billion dollars EVERY MONTH, saving on average US$4 million a DAY in bank fees. Wise is an Authorised Electronic Money Institution independently regulated by the  Financial Conduct Authority  (FCA) in the UK. They are required by law to keep money safe by storing it in low-risk financial institutions. In Europe, they do this with Barclays. In the USA they do this with Wells Fargo.

Which countries can get a Wise Account? Can I use Wise in Canada?

As of December 2021 as a resident or citizen of the following countries, you can get a Wise account and Wise debit card: Canada, UK, US, Australia, New Zealand, Singapore, Japan, Switzerland, and EEA. As of December 2021, Canadian residents can get access to Wise cards too. > Get your Wise Account here

What is Transfer Wise borderless?

The Wise borderless account is the old name of the Wise Multi-Currency Account. It’s the same thing. A Wise borderless account is simply a way of holding multiple currencies.

Does Wise work in Cuba?

No. The Wise card will not currently work in Cuba.

How to Use Wise Debit Cards?

You use a Wise card / Wise debit card in the same way that you do any other debit card. Pay in restaurants, pay at tolls, pay in supermarkets. Use it online. There’s no charge for using a Wise debit card to pay for goods and services. As of December 2021 the Wise debit card is also available to Canadian residents > more here

Can You Link Wise to Paypal?

Yes.  You can link a Wise account to Paypal easily.  Usually, you can link a bank account from your primary Paypal currency online. (So my UK bank account is linked to Paypal online). Then to add a second account in a different currency (say US dollars), you might need to call Paypal. If you are not able to link Wise to Paypal online, then you can phone Paypal and they can add it manually for you. I did this to link my Wise account to Paypal for dollars and they were incredibly helpful and it only took 5 minutes.

Can you use a Credit Card on Wise?

Yes.  You can link a credit card to Wise and use it to transfer money to your Wise multi-currency account. You can easily use a credit card on Wise.  However, you will be charged a CASH advance fee if you use a credit card attached to Wise. And therefore it is usually cheaper to use a debit card.  You should check with your card provider what charges they will make as payments made via Wise using a credit card may be interpreted by your bank as being a cash withdrawal and therefore may incur additional charges.

How do I use Wise?

How you use Wise depends on what type of transactions you want to use it for. You can set up a Wise account for free.  You can then add different currency accounts to your wise account for free. There is no charge for this.  You do not need to hold money in these currency accounts to have them open.

You link your Wise / Wise account to a “bricks and mortar” bank account or even a credit card. This then means that you can make transfers using Wise as the mechanism.  So if you hold your money in Pounds sterling, but want to pay someone in US Dollars, the Wise currency conversion rates tend to be LOTS cheaper than regular bank transfers.

You can also use the Wise debit card. You can receive money in your Wise multi-currency account. Wise lets you hold and convert 40 currencies. Then you can use your Wise Debit card to spend in the local currency of the country that you are in. Or that you want to pay in. You can use the Wise debit card as an ATM card as well.

Is Wise covered by FCSC?

No.  Wise is NOT covered by the FCSC. Wise doesn’t provide financial protection through the FSCS (Financial Services Compensation Scheme (FSCS), which is a scheme used by traditional bricks and mortar banks.  That’s because Wise is not a bank.  But they are very clear about how they safeguard your money.

Wise safeguards your money.  Safeguarding is a legal requirement that means your money is kept in separate accounts from those which are used to run the business of Wise.  If anything ever happened to Wise then your money will be safe in the accounts of the banks in which it is stored.

Final Words on Using Wise to Save Money

Whether you are a frequent or infrequent traveler getting access to cash and paying for items in currencies outside your home currency is usually always expensive – regular banks charge a fortune to pay in different currencies. The Wise multi-currency account and Wise debit card change all of that. You can pay in multiple currencies, you can transfer money into multiple currencies and you can get paid in multiple currencies too. Wise operates a transparent method of charging – you can ALWAYS see how much something will cost to convert before you convert it. It makes traveling and using your own money a lot cheaper and easier.

We receive a fee when you get a quote from World Nomads using our affiliate links. We do not represent World Nomads. This is not a recommendation to buy travel insurance.

ASocialNomad is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com, amazon.co.uk, and amazon.ca. Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates. As an Amazon Associate, I earn from qualifying purchases .

Sarah Carter

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One thought on “ How to use Wise for CHEAPER Travel Money & Spending ”

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Thanks for the great review. You explained everything very simply.

Privacy Overview

Wise Card Review – Is This Your Next Travel Card?

Disclosure: This post (probably) contains affiliate links. If you click on one, I may make a small commission. Of course, this will come at no extra cost to you and helps keep this site running.

There are some challenges that are pretty much universal when it comes to international travel. One of the most common is finding an easy and inexpensive way to pay for things while overseas. So when it looked like the Wise card could be a good solution, I decided to give it a go on my most recent trips. This Wise card review will take you through my experience traveling with the card.

My reasoning for doing a review is that I know how useful a good travel card can be be. Options for these kinds of things generally depend on which country you’re from, with some countries like the US having more choice than others. Coming from Australia, our options are far fewer, and I’m sure we’re not alone. So hopefully, this review of the Wise card that is widely available across the world can help you see if it’s a useful option for you or not.

Disclaimer: This is not financial advice and I am not a financial advisor. I do not know your financial situation or whether this product will be specifically right for you. This is simply a review of my experience using the Wise Card as a consumer. Please check the Wise website for latest rates/fees and do your own due diligence.

Table of Contents

What is the Wise Card?

Wise, formerly TransferWise, is an online foreign exchange service based in London. I’ve been using Wise for a while now to send/receive money from overseas for work. It’s very useful being able to provide banking details in other countries to receive payments.

They use the mid-market exchange rate for conversions and their transfer fees are considerably lower than alternatives such as Paypal in my experience. There are even tables they provide to show you how they compare to the competition.

The Wise card is simply a Visa debit card associated with your Wise account. It lets you pay for things using the money stored in your Wise account. Like with travel cards, you can store money in different currencies, but it will also auto-convert at the current rate if you don’t have money stored in the necessary currency.

If you’re curious, you can read here about how Wise is regulated according to your country’s laws .

Who is the Wise Card For?

Generally speaking, I believe anyone travelling internationally can get value out of using a Wise card. However, it’s much more useful if you’re already using Wise to receive different currencies from overseas. That’s because it saves you the step of loading funds onto your card’s account and the small associated fee for doing so.

As such, the Wise card is well-suited to digital nomads and freelancers with international clients. If you get paid in USD, Euros, GBP etc., you can get them sent to your Wise bank details and access them easily with your card. At the moment, they support 40 currencies, with information on which come with bank details here .

Wise Cash Withdrawals

Beyond just charging expenses to the card using your funds, you can also use the Wise card to withdraw cash at ATMs. This has turned out to be my favourite use for the Wise card , as cash is still very important when travelling in some countries like Japan and South Korea.

What’s good about the Wise card is the way its fees are done . Each calendar month, you’re given two withdrawals up to a certain threshold without any rates or fees. This is excluding any fees the ATM merchant may charge of course.

But even once you reach three withdrawals or go over the free limit, the fees and rates are minimal (in my opinion). In Australia, for example, the free threshold is AU$350, after which it’s a 1.75% fee, and after the first two withdrawals a $1.50 fee.

The threshold and fee for your withdrawals do depend on where you’re from, but they were favourable compared to my previous go-to travel card. And if you’re able to be strategic with your timing, like I was in Japan and South Korea, you can avoid them.

Benefits of a Wise Card

While using the Wise card these last few trips, I’ve encountered a few scenarios where I’ve been glad to have it with me.

• It’s always helpful having more than one card when you travel, in case you run into a problem on one. Having a Visa card is also useful if your other card is a Mastercard in case of card/vendor problems or restrictions.
• Rather than being strictly a debit card or a currency card, the Wise card feels like a hybrid of both. It lets you take advantage of favourable exchange rates, but doesn’t limit you if you exhaust funds in one currency either.
• I ran into problems with my other credit card in Japan when trying to buy train tickets and at other times in South Korea. Thankfully, my Wise card worked fine and I think it was because it had the local currency stored on it.
• Like other bank cards, you can add your Wise card to your smart phone to pay with Google Pay or Apple Pay.

Flaws of the Wise Card

My one and only small gripe with the Wise card has been when I’ve depleted my funds in the local currency. When that happens, it auto-converts the remaining balance from one of your other stored currencies. Unfortunately, it’s taken from my Euros account in that situation and I wanted to keep my Euros for later to withdraw as cash. I can’t seem to find an option to nominate a default secondary currency to withdraw funds from.

Managing the Card Through the App

Having an app for banking these days isn’t anything new or special. But I will say that the Wise app is especially easy to use and does help you manage your card. Go into the app and you can see for instance how far off the withdrawal threshold you are. You can also easily see your funds, add money, freeze the card, or even change which payment methods you want to allow for it.

With the app, it also makes it very easy to see the details of transactions and cash withdrawals. They clearly break down the fees associated with a withdrawal, so that there’s no confusion where you stand.

Getting a Wise Card

The process for getting a Wise Card couldn’t be simpler. Either log in or create a new account, and then pay a small one-time fee (currently US$9) for the card to be sent to you. They’ll also provide you with a digital card immediately so that you can get started using it online.

Have you tried using the Wise card as a travel card? What more information would you like from this Wise card review? Please share your thoughts in the comments below.

David is the author behind the Travelsewhere travel blog and is always on the search for the quieter, less-visited corners of the world.

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In My Korea

How To Use The Wise Card In Korea For Travel Money And Cash

Did you know you can use the Wise card in Korea to pay most of your purchases, withdraw cash from ATMs, and as a safe alternative to your regular credit card? I use the Wise card to spend money in Korea and when I travel to other countries as it’s a great way to exchange money between over 50 currencies when you’re travelling, including Korean won.

The Wise card is a multi-currency travel money card which you can use to pay and withdraw cash in 53 currencies in more than 175 countries around the world. You can easily convert currencies by adding money from your home account and converting it in the app. Not only is it really simple, you also get the mid-market rate, which is usually much better than the rates offered by money exchanges.

As a tourist, you can use the Wise card to pay for almost all of your travel expenses in Korea, including shopping, eating out, cafes, attractions, hotels, transport, and even for online purchases. It’s as functional as your regular bank card, but with lower fees and instant currency exchange. The Wise card is also really useful for expats in Korea who want to spend money from their home countries.

Table of Contents

Affiliate Disclaimer :  This site contains affiliate links and I may earn commission for purchases made after clicking these links.

Why Use The Wise Card In Korea?

The Wise card is a prepaid travel money card and a really useful way to pay for goods and services in Korea and a way to withdraw money from Korean ATMs . It’s safer and easier than carrying foreign currency, less complicated than traveller’s cheques, and allows you to convert your money into dozens of currencies using the mid-market exchange rate.

Here’s a summary of the main benefits of using the Wise card as a travel money card in Korea. I’ll provide more details about these benefits throughout the article.

• No need to exchange cash at a money exchange : simply withdraw cash from your Wise balance at an ATM from any bank with ‘Global ATMs’.
• Pay in Korean won fee-free by card : After you convert money from your chosen currency into Korean won, you can spend money like it’s a Korean bank card with no fees.
• Easy to add money from your home account and spend in Korea : Add funds to your travel budget as you go through online transfers from your home bank account to your Wise app.
• Free withdrawals from ATMs (up to a limit) : Wise doesn’t charge a fee for the first $100 of cash withdrawals per month. Travellers in Korea won’t need much cash anyway.
• No unexpected fees when you get home : Using your home bank card or credit card may charge you for using it overseas, which can give you a nasty surprise when you get home.
• Convert leftover foreign currency back to your own currency : Anything you convert into Korean won but don’t use can be converted back at the mid-market exchange rate in the app.
• Can use it to pay in other countries, too : Planning to visit Japan after Korea? Use Wise to pay for things when you’re in Japan, Thailand, Europe, and loads of other countries.
• Tracks your spending and categorises each cost : Each transaction is recorded by the app and broken down into categories so you can see where your travel budget has gone.
• Safe and secure service while travelling : You can easily freeze the Wise card if you lose it, set a password to access the app, and get a replacement card.
• Offers physical and digital card versions : Use the physical card to pay for goods and items in person or the digital version for other situations.
• Works with Apple Pay & Google Pay : Add your Wise card to your Apple Pay or Google Pay account and spend your foreign currency in Wise wherever they’re accepted.

The biggest advantages of using the Wise card in Korea that I’ve personally found is the exchange rate, which uses the mid-market rate and not the rip-off rates some money exchanges use, as well as the ability to instantly top-up my Wise balance from my UK bank account. I also use my Wise card when I travel outside Korea as I can spend my UK money or Korean money safely and easily.

If you’re interested in getting a Wise multi-currency card to pay for travel costs, use these links below:

Wise Card Vs. Credit Card & Money Exchanges

What’s the benefit of using a Wise card to spend in Korea? As mentioned above, there are many benefits of using a multi-currency card like Wise as a tourist in Korea. Whether Wise is better than your credit cards depends on a number of factors, such as if your credit card charges you a fee to use it overseas (mine does) and what rate you get when paying with your credit card.

Even if your credit card doesn’t charge a fee, banks typically give bad exchange rates when converting payments into foreign currencies. I never use my UK credit card in Korea for both of these reasons. Wise offers Visa or Mastercard services, both of which are widely accepted in Korea and can be used to pay for hotels, attractions, food, drinks, taxis, and lots more.

A Wise card allows you to withdraw cash from an ATM in Korea , which is easier than visiting a money exchange. However, Korea is quickly becoming a cash-free society and using a card to pay in Korea is more common and convenient. Public transport is moving towards only using transportation cards or apps like the T-Money card and buses have stopped accepting cash in some cities.

Learn more : If you want to read more about the best way to save money on your travel expenses in Korea, check out my article about the various ways to pay in Korea as a tourist. There’s information about the Wise card, WOWPASS, money exchanges in Seoul, and tips for spending wisely.

Planning to visit Korea? These travel essentials will help you plan your trip, get the best deals, and save you time and money before and during your Korean adventure.

Visas & K-ETA: Some travellers to Korea need a Tourist Visa , but most can travel with a Korean Electronic Travel Authorisation (K-ETA). Currently 22 Countries don’t need either one.

How To Stay Connected : Pre-order a Korean Sim Card or a WiFi Router to collect on-arrival at Incheon Airport (desks open 24-hours). Alternatively, download a Korean eSIM for you travels.

Where To Stay : For Seoul, I recommend Myeongdong (convenient), Hongdae (cool culture) or Gangnam (shopping). For Busan, Haeundae (Beach) or Seomyeon (Downtown).

Incheon Airport To Seoul : Take the Airport Express (AREX) to Seoul Station or a Limo Bus across Seoul. Book an Incheon Airport Private Transfer and relax to or from the airport.

Korean Tour Operators : Tour companies that have a big presence in Korea include Klook , Trazy , Viator , and Get Your Guide . These sites offer discounted entry tickets for top attractions

Seoul City Passes : Visit Seoul’s top attractions for free with a Discover Seoul Pass or Go City Seoul Pass . These passes are great for families and couples visiting Seoul – you can save lots.

How To Get Around : For public transport, grab a T-Money Card . Save money on Korea’s high speed trains with a Korea Rail Pass . To see more of Korea, there are many Rental Car Options .

Travel Money : Use money exchanges near Myeongdong and Hongdae subway stations for the best exchange rates. Order a Wise Card or WOWPASS to pay by card across Korea.

Flights To Korea : I use flight comparison sites such as Expedia and Skyscanner to find the best flights to Korea from any country. Air Asia is a good option for budget flights from Asia.

How To Learn Korean : The language course from 90 Day Korean or Korean Class 101 both have well-structured lessons and lots of useful resources to help you learn Korean.

Who Can Get A Wise Card?

Residents of the following countries are eligible for a Wise travel money card.

Asia : Singapore, Malaysia and Japan.

Oceania : Australia and New Zealand.

North America : Canada and the US.

Latin America : Brazil.

Europe : Austria, Belgium. British Virgin Islands. Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France (only Metropolitan), Germany, Greece, Hungary, Iceland, Italy, Ireland, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, Gibraltar (British Overseas Territory), and the UK Crown Dependencies: Guernsey, Isle of Man, and Jersey.

Other countries in the European area : Andorra, Åland Islands, Saint Barthélemy, Curaçao, Falkland Islands [Malvinas], Faroe Islands, French Guiana, Greenland, Guadeloupe, South Georgia and the South Sandwich Islands, Cayman Islands, Monaco, Saint Martin (French part), Martinique, Montserrat, New Caledonia, Saint Pierre and Miquelon, Réunion, Saint Helena, Ascension and Tristan da Cunha, San Marino, Sint Maarten (Dutch part), French Southern Territories, Holy See, Virgin Islands (British), Wallis and Futuna, Mayotte.

The Wise multi-currency travel money card should arrive within 3 days in Singapore, 2 to 6 days in the UK, 2 weeks in Europe, Japan, or Malaysia, and 3 weeks in the US, Australia, or New Zealand.

Can Koreans get a Wise travel card? Unfortunately, people in South Korea can’t apply for a Wise travel money card right now, but if you’re an expat from one of the countries listed above, you can apply in your home country and use it when you’re in Korea (which is what I did).

How To Sign Up For A Wise Card

As long as you’re a resident of one of the aforementioned countries and you currently live in that country, you’re eligible to sign up for a Wise travel money card. Here are the steps to sign up for a Wise card:

1: Create An Account : You can do this by downloading the Wise App or on the Wise website (links below). You can create an account with your email, Google, Facebook, or Apple account.

2: Verify Your Identity : You’ll need to verify your identity to use Wise. To do this, you’ll need a valid mobile phone number , a government ID , and a bank account in the country you’re applying in.

3: Complete Account Setup : Once verified, complete your account setup and order your Wise travel money card. This should arrive within 2 weeks, but it can be fewer than that. Mine took about 3 days.

How To Add Korean Won To A Wise Card

Once your account has been setup and you’ve received your Wise card, you will need to add some money to the card and create different currency accounts. Don’t worry, this is really easy and is definitely the simplest way to create a bank account for a foreign country, which is kind of what you’re doing.

How to create different currency accounts : Open the Wise App and you’ll see your account balance at the top with available currencies below that. Scroll through your available currencies and you’ll see a button that says ‘ + Open ‘ – you can use this to add new currencies to your Wise account. Select the ‘ Balance ‘ option to create a new bank account and select the currency you want.

How to add Korean won to your Wise card : Open the Wise app and select the Korean won account. Click the green button that says ‘ Add ‘. In this screen (shown below), type the amount of money you want to add to your account and the currency you want to pay in. If you want to transfer directly from your bank account into Korean won, you can do that by selecting your home currency.

If you prefer to add money in your home currency and convert to other currencies later on, you can do this in the same way by selecting your home currency, ‘Add’ to add funds, and then bank transfer. There is no fee to do this. To convert that into Korean won, select the ‘ Convert ‘ button in your currency account and select the currency you want to covert into. There’s a small fee for this.

How To Activate Wise Card In Korea

Before you can use your Wise card to spend money in Korea and elsewhere, you’ll need to activate the card. You can do this by using your card to withdraw cash or pay for something using Chip and PIN . If you signed up for your Wise card in the US or Japan , you will need to activate your card before you travel . Details of this are included below.

I made the mistake of not activating my Wise card before using it in Korea and it was declined when I tried to make a payment, as you can see in the image below. Fortunately, there’s a simple way to activate the Wise card in Korea at a Global ATM.

Use your Wise card in a Global ATM to activate it : This is the method I used to activate my Wise card in Korea as this method requires you to enter your PIN number. This part is very important as you must enter your PIN for the Wise card to activate. I withdrew some cash from my Wise account and after that the Wise card worked perfectly for card payments and other transactions.

Tip : You don’t have to withdraw cash to activate the Wise card, just check your balance and this will activate your card. As long as you’ve entered your PIN number, your card will be activated.

Why won’t Wise activate when paying by card? A Wise card is activated by using the PIN. Unfortunately, PIN numbers aren’t really used in Korea as a way to authenticate purchases. Purchases under ₩50,000 don’t require approval. If the purchase is over ₩50,000, then you’ll need to sign for it. This is why withdrawing cash from an ATM is the best way to activate a Wise card in Korea.

How To Activate Wise Card For US Customers

There are special rules about activating your Wise card for US customers. You need to activate your Wise card using the 6-digit PIN number that was sent with the card. Here’s how to do that:

• Go to your Wise account
• Choose Activate Now
• Enter the 6-digit PIN number that’s on the letter your card came attached to.

Please note : You can only activate your Wise card when you’re in the US, so make sure you do that before you travel to Korea or use it in other countries.

How To Activate Wise Card For Japanese Customers

There are special rules about activating your Wise card if your card was issued in Japan after 27th March, 2023. You need to activate the card in Japan using the 6-digit PIN number. Here are the steps to do that:

• Enter the 6-digit code that’s on the letter your card came attached to.

Please note : You can only activate your Wise card when you’re in Japan, so make sure you do that before you travel to Korea or use it in other countries.

Wise ATM Withdrawal In Korea

Travellers to Korea can use their Wise card to withdraw cash from Global ATMs instead of relying on money exchanges or airport exchanges to convert foreign currency. This is a convenient way to get cash to spend while you’re travelling in Korea and means you don’t need to bring lots of cash with you – you can withdraw it as and when you need it.

How to withdraw cash using a Wise card in Korea : To withdraw cash from your Wise account, you’ll need to go to a Global ATM as they accept foreign cards and allow cash withdrawals. You can find Global ATMs in Seoul and other major cities and they’re typically in popular tourist locations like Hongdae and Myeongdong. There are Global ATMs at Incheon Airport and other airports in Korea.

Is there a fee to withdraw cash using Global ATMs? Yes, Korean banks impose a fee of around ₩3,600 (~$3 USD) to use Global ATMs, which is something you should consider when withdrawing cash using your Wise card. It’s better to withdraw large amounts at once as the fee is set per transaction and not based on how much you withdraw. The fee is deducted from your Wise balance.

I visited several ATMs to check the fee to withdraw cash using a Wise card, including the ATM inside Seoul Station AREX terminal, and found that they all charged me a fee of around ₩3,000 to ₩3,600. Reports from other travellers in Korea who have used the Wise card at Global ATMs shows that these foreigner-friendly ATMs also charge a fee.

Is there a fee to withdraw cash using Wise? Wise states that you are entitled to fee-free withdrawals from ATMs up to a certain limit. The picture below shows the fees and fee-free limits for USD customers ($100), but the limit changes depending on your country. The fee-free withdrawal limit for UK customers is £200 per month. Please check the Wise website for your country to see the fees.

Should you use cash or card in Korea? As mentioned previously, Korea is a country that is becoming cash-free. You can pay for many things by card in Korea and the Wise card can be used to cover most of your costs when you are travelling. Having a small amount of cash is useful as you’ll need it to top up transportation cards (T-Money) and to pay for small purchases in markets.

Where Can You Use Wise In Korea?

As Wise cards are issued by Visa or Mastercard, two of the most widely accepted card payment methods in Korea, they can be used anywhere these cards are normally accepted. Travellers in Korea can use the Wise travel money card to pay for many things, including hotels , restaurants , transportation , trips , entertainment , cafes , and anywhere you can use a card.

Here is a summary of some of the available places you can use your Wise card in Korea:

• Hotels : Pay for your hotel in Korea when you arrive or book online.
• Shopping : From large department stores to small convenience stores and everything in between.
• Eating Out : Cafes, restaurants, and even Korean street food sellers will accept card payments.
• Entertainment : Theme parks, attractions, bars, Korean noraebangs (karaoke), and more.
• Sightseeing : Pay entry fees for famous attractions in Seoul and beyond.
• Transportation : Pay for KTX train tickets , intercity bus tickets, and taxis in Korea .
• Day Trips : You can book tours online* in your home currency or Korean won.

*online payments in Korea can be fiddly and sometimes foreign cards can be rejected due to Korea-specific security protocols or language-based technical issues.

Will you pay a fee to use Wise in Korea? No. When using your Wise card’s Korean won balance in Korea, you will only pay the price stated. Whether you spend 600 won for a bottle of water, or 60,000 won for a Korean BBQ meal, there are no transaction fees charged by Wise.

Is the Wise card a credit card? No, the Wise card is a debit card , which means you can only spend the money you have available in your Wise account for that certain currency and you can’t borrow money. If you don’t have any money in your Korean won currency account, you won’t be able to use it in Korea. However, it’s easy to top up the balance by transferring from your bank account.

Are taxes added to prices in Korea? No. When you see a price tag, that’s the price you will pay. Sales tax or other fees won’t be added on to the price, with the exception of shipping costs if buying online. Restaurant bills typically don’t include a service charge as tipping is not a Korean custom .

Where Isn’t Wise Accepted In Korea?

Like foreign debit and credit cards, the Wise travel money card isn’t guaranteed to work in every single place you try to spend money in Korea. There may be instances when the place doesn’t accept cards, such as a street food stall or food cart, even though all businesses in Korea are supposed to accept card payments. As Wise uses Visa and Mastercard, it should be accepted almost everywhere.

In my experience, there has only been one place where I wasn’t able to use my Wise card in Korea, which was an automated ticket machine at a bus terminal in Daejeon. I think these automated machines usually don’t accept foreign cards and the ticket machine at Seoul Station even says it only accepts Korean debit cards. Fortunately, you can still buy tickets at the station counter so it’s not a big issue.

Card not working because it’s not activated : If you’re having problems using your Wise card in Korea, don’t forget you need to activate it before you can use it to pay for things. As mentioned, you can do this at a Global ATM by checking your balance. However, Japanese and US customers need to activate their card before they travel to Korea as it must be done in their respective countries.

How To Use The Wise App In Korea

The Wise app is an essential part of using your Wise card in Korea and allows you to:

• Check your spending
• See your account details
• Add funds to your balance
• Send money to other people
• Transfer between currencies
• Lock the card if it’s lost or stolen
• Use digital card services

When you use the Wise multi-currency card in Korea to pay for something, you will receive a notification showing your expenditure. This is good for security, to make sure it’s not being used fraudulently, and also helps you track your spending, which can be difficult when you’re on holiday. Don’t forget, you’ll need a Korean sim card or WiFi to use your phone when travelling.

The main reason I use the Wise app when I’m travelling in Korea or elsewhere is to check that I have enough money available in my Korean won Wise balance, to add funds, to convert currencies, and to see how much I’ve spent. You can easily check your transaction history for each account and the payments are categorised according to the type of cost, as you can see in the picture below.

How To Replace A Lost Wise Card

If you lose your Wise card in Korea, or it gets stolen, you can use the Wise app to freeze the card instantly. Open the Wise app and select the ‘ Card ‘ option on the bottom menu to get to your card details. From this screen, select ‘ Freeze card ‘ to stop anyone using your card and protect your balance. You can order a replacement card in the same screen, which should be delivered within 2 weeks.

You can also unblock your PIN (in case you accidentally block it), view your card and PIN details, set limits on your spending, and manage where you can use your Wise card, such as whether ATM withdrawals or online payments are allowed or not. This can be useful for card safety and controlling how your Wise card is used when you’re in Korea.

Losing your card when travelling can be a big issue, but fortunately you can still use your Wise account with a digital card to spend online, with Google Pay or Apple Pay, or in store (when accepted). Select ‘ Order a card ‘ in the Wise app to get a digital card, which is an app-based version of your physical card. The digital card is free, issued immediately and connects to your existing Wise balance.

Please note : Only the following countries are eligible for a digital card – UK, Australia, Japan, New Zealand, Singapore, Malaysia and Switzerland, Canada, Brazil or EEA. US applicants aren’t included.

Benefits Of Using Wise As An Expat In Korea

I created a Wise card when I was home in the UK and have been using it in Korea and in other countries since 2022. As an expat in Korea since 2015, I can say that having this card has made managing my online finances so much easier. I no longer have to make expensive and time consuming bank transfers, I can manage my money through the Wise app, and I get a better exchange rate, too.

Here are some of the main benefits of using the Wise card as an expat in Korea:

1: Spend your money from your home country in Korea : Set up your Wise card for your home currency and Korean won and you can transfer money directly from your home bank account to the Korean won account and then spend Korean won in Korea with your Wise card. This can be really useful for people who are about to move to Korea and don’t have a Korean bank account yet.

2: Spend your Korean money when you travel abroad : Wise is accepted in over 175 countries and works with over 40 currencies, which means you can take it with you when you travel and pay anywhere Visa or Mastercard is accepted, which is most places. I use my Wise card as my main means of paying for things when I travel. It saves you money on foreign exchange fees and bank fees.

3: Receive money from other people : If your friends of family want to send you some money in Korea, they can send it to your Wise account in whatever currency you need. For example, you have relatives in the USA, the UK, and Australia, you can set up a Wise account for each of those currencies in the Wise app (all for free), tell them your bank details for each currency account, and they can pay you.

4: Receive payments from other countries : If you work as a digital nomad or need to be paid in a foreign currency, you can provide your bank details from Wise for that currency account. These details are found in the Wise app and come with routing numbers, BIC numbers, etc. – all you need to receive money from other countries. This saves on conversion fees for receiving foreign payments.

Expats in Korea typically still have connections in their home country, whether that’s friends, family, or business partners. Being able to receive money and spend money while in Korea with a Wise card can be a good way to buy and receive birthday presents and other gifts.

From surveys I’ve conducted from expats in Korea who use the Wise multi-currency travel money card, it seems that it’s also a good option for travelling outside of Korea. The main reason for this was that Korean banks charge high fees to exchange money or to use your Korean card overseas.

The only real criticism that other expats in Korea had about the Wise card was that, on rare occasions, the money transfers weren’t instant. Some people said that they had to wait up to 3 days for their balances to clear, which would be an issue if you need to spend money instantly.

Learn more : if you want to know more about how to transfer money to and from Korea using Wise and the best ways to receive money in Korea from abroad, check out this article about using Wise to send money to Korea .

Can You Apply For A Wise Card In Korea?

Korea isn’t one of the countries where you can sign up for a Wise card. If you’re an expat living in Korea, you’ll need to apply for a Wise card before moving to Korea. You need to be a resident of an eligible country, which you technically wouldn’t be if you’re already living in Korea long-term. However, if you’re registered in your home country with an address and bank account, you should be fine.

You’ll also need to be in the country to order a Wise travel money card, as you have to have phone number in that country and receive a call from Wise to setup your account and use the app. If you can’t receive a phone call, you won’t be able to verify your identity.

My Experience Using Wise In Korea

I picked up a Wise card in the UK and have been using it in Korea since 2022.

Here are some of the good things I’ve found out about the Wise card:

• It works in most places : As mentioned, I’ve only had one payment rejected, which was at a bus terminal ticketing machine. Everything else has been really smooth.
• It has saved me money : Transferring money between the UK and Korea isn’t cheap and the Wise multi-currency travel money card is certainly a much cheaper way to get my UK money into Korea.
• More convenient for transfers : If I want to send money from the UK to Korea, I need to do it through my banking app in the UK, which can require a phone call to approve it. Using Wise, I can skip that and it’s done instantly and hassle-free.
• Helps me track my spending : I love the Wise app, it’s much better than my UK and Korean banking apps and shows me what I’ve spent money on more cleary.
• Can use it when travelling : I use my Wise card when to avoid bad exchange rates when converting cash and high fees for using my UK card overseas.

And here are some of the downsides of having a Wise card in Korea:

• Can’t always withdraw cash from an ATM : I live in Daejeon and there aren’t many Global ATMs in this area, which makes it hard to withdraw cash from my Wise card. I don’t need to withdraw cash, but if I did, I’d need to find a Global ATM to do so.
• Interferes with my other contactless cards : I have a contactless Korean bank card in my wallet which I use to pay for things. As the Wise card is also a contactless payment card, it confuses the card reader and I have to take my Korean card out of my wallet to use it. It’s not a big hassle, but it’s worth considering.

Generally, the Wise card has been a great advantage to my range of payment options in Korea and helps me manage my money in the UK and Korea more conveniently and cheaply. As a tourist in Korea, the Wise card would be a very useful addition to anyone’s travel payment options and a way to avoid using money exchanges, paying high overseas fees, and worrying about how much money to bring.

Frequently Asked Questions

Finally, here are a few FAQs about using the Wise card in Korea, in case the above information didn’t cover enough for you. This is based on my personal experience, feedback from other people who have used the Wise card in Korea, and research from other websites.

Can you use the Wise card in Korea?

The Wise card can be used in Korea as the South Korean won is a currency available for purchase using the Wise multi-currency account. Payments using the Wise card can be made for a range of goods and services, including hotels, transportation, eating out, shopping, and sightseeing.

How do you activate the Wise card in Korea?

To activate a Wise card, you need to use the PIN to certify a transaction. However, Korea doesn’t use PIN certification and relies on contactless or CHIP-only payments. Therefore, it is necessary to withdraw cash from an ATM, which requires you to enter your PIN number. This will activate your Wise card.

Is Korean Won Available With A Wise Travel Card?

South Korean won is one of the currencies available with a Wise travel card. It is possible to convert to and from Korean won and to use Korean won as you travel in Korea.

Is there a fee to use the Wise card?

There is no fee for the Wise card when paying in shops and stores. However, there are fees for converting one currency to another, for withdrawing cash from ATMs after the free monthly allowance, and for some methods of adding money to your Wise account.

Can I Apply For A Wise Card In Korea?

The Wise card is currently not available to residents of South Korea. It is available in dozens of other countries and if you’re a resident of one of those countries, you can apply for the Wise card and then take it to Korea when you travel.

Is the wise travel money card cheaper than Incheon Airport money exchange?

Generally, the exchange rate offered with the Wise travel money card is better than most money exchanges and in particular is better than the rate charged at Incheon Airport. Money exchanges at Incheon Airport charge around 2.5% to exchange money, but Wise can be as low as 0.7%.

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Hi! My name is Joel, I'm the author of In My Korea and writer of this article. I've lived, worked and travelled in Korea since 2015 and want to share my insights, stories and tips to help you have the best experience during your trip to Korea.

I love learning more about Korean culture, hiking the many mountains, and visiting all the coolest places in Korea, both modern and traditional. If you want to know more about my story, check out the ' about me ' section to learn why I love living in Korea.

4 thoughts on “How To Use The Wise Card In Korea For Travel Money And Cash”

Hey Joel. I just tried activating my Wise card and found out that just checking your balance through a Global ATM works too to activate the card. Even Global ATM charges a 3600 won to 4200 won fee for withdrawal so I wanted to avoid that and tried balance enquiry. It worked so thought you might want to add it in to help the next person reading this.

Hi Adrian, thanks so much for the update and for reading my article. I wasn’t aware that just checking the balance would work too and I’ll definitely add that in soon. Appreciate the tip!

Hi Joel, do you have any suggestion on choosing between the Wise card or Wowpass? Thank you.

Hi, they’re both good options for paying for things in Korea, but which one is best for you depends on a few things. If you’re looking for a one-off card that you can use just for a trip to Korea, then the WOWPASS is fine. However, if you’re looking for a card that you can use in other countries and spend more than 1,000,000 KRW with (that’s the limit of the WOWPASS), then the Wise card will be better.

I use my Wise card when I travel to other countries and I can top it up with my UK bank account, which is useful to spend my UK money in Korea or abroad. They both have good apps that will allow you to track your spending. I’m actually writing an article about payment options right now and I’ll post it tomorrow. Check it out for more info.

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Wise Travel Card Review [2024]

In a Nutshell

A market leader for exchange rates and transparency, the Wise card is one of the best prepaid cards for travel and great for making purchases overseas or online in a foreign currency. Fees apply if you go over the ATM limits. Includes a convenient app and virtual card.

Wise Travel Money Card

• Best Excellent exchange rates
• Worst High ATM fees
• The best exchange rates for a travel card
• No annual fees
• Top up on the go in seconds
• Low conversion fees that are clearly labelled
• Ability to preload up to 53 currencies including USD , CAD , SGD , JPY , EUR and more
• Ability to freeze your card via the app should it get lost or stolen
• Track your spending via the app (great if you've got a travel budget)
• Can use digitally with Apple Pay and Google Pay
• One of the most popular travel cards with over 4 million global users
• Customer support can be slow
• No interest on your balance
• Card delivery may be slow (but you can use the digital card straight away)
• If you withdraw over $350 AUD anytime from an ATM, you will be charged an additional 1.75% of the amount
• After the first two free under $350 AUD ATM withdrawals for the month, a $1.50 fee applies per additional withdrawal

The Wise card (formally TransferWise) removes the money headaches we associate with frequent travelling by making it easy to load and spend a huge range of currencies overseas.

Hands down, it is one of the best cards for overseas travel . No other travel card or debit card offers the same low fees and mid-market exchange rates as Wise. However, charges can add up if you need to withdraw large sums of cash from ATMs.

The average Trustpilot review for Wise is 4.3 stars (from 191,128 users on 14 June 2023).

The most common complaints by users are occasional delays to receive the card, along with poor customer support — although these customers are a minority. 84% of reviewers rate Wise 5 stars.

What is the Wise Travel Card?

The Wise card is a prepaid debit card attached to your Wise multi-currency account . Available as a Mastercard or Visa travel card, it allows you to:

• Makes purchases from 175 different countries
• Transfer money to international bank accounts
• Receive money from overseas in your currency using local bank account details with no fees
• Load up multiple currencies and pay like a local while you’re abroad

Note: Wise is the same company as TransferWise, just with a new name (as of 2021). The Wise multi-currency account used to be called the Borderless account. Nothing else has changed — the debit card remains the same.

How it works

The Wise travel card works just like a normal debit card.

You can use it almost anywhere around the world to withdraw money, make contactless purchases in shops and cafes, pay for accommodation, and shop online.

You can load and hold up to 53 currencies in your Wise account.

If you have the local currency for a payment, the card will use it. If you don’t have the right currency, Wise will convert one of your other currencies for you at the best rate.

Natalie lives in New Zealand and travels to Europe. In her Wise account, she adds euros, British pounds, and New Zealand dollars . She uses her Wise debit card throughout the trip.

In the UK, purchases are automatically deducted from her balance of pounds . In Europe, Wise directly debits purchases from her euros balance.

Towards the end of the trip, Natalie wants to buy a handbag for 500€ but she only has 200€ left in her euros balance, alongside £400, and NZ$1,000.

She can still make the purchase. In this case, Wise deducts the final 200€, then finds the best conversion rate into euros from British pounds or New Zealand dollars. It then converts that currency into euros to complete the purchase.

Adding money to your Wise debit card

The Wise app makes it easy to add money to your debit travel card . Just open the app, choose the currency and amount you want to add, and select your payment method (such as a bank transfer or by card).

You can hold and convert money in 53 currencies:

Wise spending limits

For fraud prevention and extra security, spending limits apply to the Wise debit card. These limits depend on where you got your card.

The card has default limits but you can adjust them to your own spending habits in the app or online. a

The table below lists the maximum limits allowed for Australian, New Zealand, and Singapore cardholders (in AUD, NZD, and SGD respectively).

Wise debit card fees

The Wise website declares that their travel card can help you save up to 85% when you spend internationally thanks to a better exchange rate and lower fees compared to banks.

Of course, fees are unavoidable but Wise makes sure to keep them competitively low.

While it’s free to create a multi-currency account with Wise (formerly TransferWise), other charges will be associated with the card, including:

• Card issue and replacement fees
• Currency conversion fees
• ATM withdrawals fees (beyond 2 withdrawals per month)

Currency allowances

Australian customers can hold a large amount of money per currency for free in their Wise balances. The allowance varies depending on the currency but is roughly equivalent to A$23,000 per currency.

If you exceed the maximum allowance per currency for more than 3 days, you’ll be charged an annual fee of 0.4% for Euros and 1.6% for all other currencies. This is charged as a daily fee for every day in the month you hold over the allowance.

For example, if you hold A$24,000 in your account for a month, you will be charged approximately A$1.30 at the end of the month for the excess A$1,000.

Wise card exchange rates

The beauty of the Wise travel card is that it can hold more than 50 currencies so you don’t have to worry about high conversion fees for every purchase.

If you don’t hold the local currency for a purchase, Wise will use whichever currency you have that has the lowest conversion fee.

Here’s where it gets good.

Wise gives you the mid-market exchange rate for any currency conversions — a rate that is typically better than the exchange rates provided by banks or other travel card companies.

If you have the right currency for a payment, you avoid the conversion fee altogether.

Card Provider

Exchange rate.

A$ → GBP (11 am 09 December 2022)

Conversion Fee

Loading A$1000

$4.38 (0.44%)

No fee on weekdays

How it compares

Get your card

You can apply for a Wise card if you live in one of the eligible countries (including Australia and New Zealand). View eligible countries here.

To get your Wise card, it takes just a few simple steps:

Get a Wise multi-currency account for free online or via the Wise (formerly Transferwise) app. You’ll need ID.

Add money to your account

To be eligible for the card, you’ll need to add a minimum of US$20 to the account. This will cover card issuing fees.

Order your card

Apply for your card on the website’s Card tab or the Wise app’s Account tab.

Activate your Wise card

There are different ways to activate your Wise card depending on whether it’s a Visa or Mastercard.

If it’s a Visa card, you can activate it by entering your PIN in the first transaction you make in a physical store or ATM. If it’s a Mastercard, you will need to go online and enter the 6-digit code provided to activate it.

Wise virtual card & app

Wise has fully embraced the digital age with an easy-to-use smartphone app and access to virtual cards — all designed to banish money and currency confusion in an increasingly connected world.

The app (available on Apple and Android) has everything you need to create an account, get your Wise card, and manage it while you’re globe-trotting.

Once you sign up for a Wise multi-currency account and place an order for the physical card, you can have up to 3 Wise virtual cards connected to your account at the same time.

These free digital cards only exist on your phone and are easy to get through the Wise app or website. They’ll have different details to your physical card and are a great backup option.

Wise virtual cards work with Apple Pay, Google Pay, and Samsung Pay and can be used to make payments online, in-store, and overseas.

The best bit? You can start using your virtual cards immediately — no need to wait for your physical card to arrive.

Importantly, the Wise card is not a travel credit card . You must have money in your account to make a purchase. If you don’t have enough funds, the transaction will be declined.

Your Wise card could take anywhere from 3 working days to 3 weeks to arrive, depending on where you live. However, you can set up your digital card on your phone to use immediately.

The Wise card offers 2 withdrawals of up to A$350 each month for free and A$1.50 per withdrawal after that.

If you need to withdraw more than A$350, you will incur a 1.75% fee on the amount withdrawn — plus the A$1.50 withdrawal charge if you’ve already made 2 ATM transactions that month.

The maximum amount you can withdraw in a single transaction is A$1,750. The maximum daily withdrawal is A$2,700 while the monthly maximum is A$7,000 (the default monthly maximum is set at A$5,250 but you can change this in-app).

Contactless is a common form of payment across Australia, Europe, the UK, New Zealand, Japan, Singapore, and Canada.

Wise enables contactless payments with both your physical Wise card and your Wise virtual card (accessible on Google Pay, Apple Pay, Samsung Pay, and more).

There are different payment limits for cardholders in different countries. In Australia, the limit for single contactless payments is A$900. The daily limit is A$1,750 (set at a default of A$900) and the monthly limit is A$7,000.

As an extra security measure, you may be asked to enter your PIN if you’ve made a lot of contactless payments in one day or you’re making a purchase over a certain amount.

You can also pay with a chip and PIN or with the magnetic stripe where possible — different payment limits apply to these payment methods. View payment limits here .

When it comes to your money, safety is paramount. Wise knows this, which is why it has several safety guarantees.

To start, Wise encrypts any information you give them to protect sensitive data and follows strict guidelines for international money transfers.

Safety measures include the ability to freeze and unfreeze your card any time — helpful if you misplace it — and the option to receive instant transaction notifications to track purchases.

The Wise debit card also allows for 3D Secure (3DS) payments, where some transactions require verification through the Wise app, SMS, or a phone call.

As a company, Wise has an Australian Financial Services Licence and is regulated by the Australian Securities and Investment Commission (ASIC). It is also registered overseas with the UK Financial Conduct Authority and the Financial Crimes Enforcement Network (US), among other financial institutions.

It’s worth remembering that the Wise multi-currency account isn’t like a bank account and safeguards your money differently — the company is completely transparent in how it does this .

The Wise card is designed to be used just like a debit card, which means you can use it to withdraw money from any ATM that accepts Visa or Mastercard — with some exceptions.

You can make 2 free monthly withdrawals (up to A$350) each month. After that, there is a withdrawal fee of A$1.50, plus a 1.75% fee on withdrawals over A$350.

Wise cards issued in Singapore or Canada cannot be used for ATM withdrawals in the country of issue. But you can still use them for ATM withdrawals overseas.

For Wise debit cards issued in Japan, you can only withdraw from certain Japanese ATMs (including AEON, Family Mart, Viewcard, and Daily Yamazaki).

If your Wise card is lost or stolen, the first step is to freeze your card temporarily via the Wise website or app.

Freezing the card means it can’t be used for purchases or withdrawals so you can protect your balance. If you find your card, you can unfreeze it online.

If you can’t retrieve your old card, you can order a replacement card through the Wise app or website. There’s a small fee of A$6 for card replacements.

Wise will block and cancel your old card and ship the new one to you. It will take anywhere from 3 working days to 3 weeks for your card to arrive, depending on your location.

While you’re waiting for your replacement card to arrive, you can use a virtual card. Wise allows you to have up to 3 virtual cards at any given time.

Learn more about the best travel money, debit and prepaid cards for travel

Prepaid Travel Card

Best Travel Money Cards

ASIC regulated

Like all reputable money exchanges, we are registered with AUSTRAC and regulated by the Australian Securities and Investment Commission (ASIC).

S Money complies with the relevant laws pertaining to privacy, anti-money laundering and counter-terrorism finance. This means you are required to provide I.D. when you place an order. It also means the order must be paid for by the same person ordering the currency and you must show your identification again when receiving your order.

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• Credit Cards

Wise Travel Money Card

Updated 2 May 2024

Wise cards can be preloaded with local currencies to avoid transaction fees while you travel or spend overseas ✈, or converted into the local currency in real-time using the mid-market rate. You’ll get exceptionally low ATM fees, no monthly fees and instant access when you add it to your digital wallet. T&Cs apply.

Purchase Rate (p.a)

Annual fee (p.a), interest free period (up to).

N/A days on eligible purchases

• The annual fee is charged in the first month. • You only pay the minimum monthly payment of your overall balance each month. • You do not spend or withdraw cash on the card until the balance transfer period ends or is paid in full. • All other fees and charges that may apply are excluded. When there is no interest savings or a negative interest saving after the introductory period, the calculator will display $0."> $ 0

My transfer amount, balance transfer from:, my annual fee, my interest rate, your savings • the annual fee is charged in the first month. • you only pay the minimum monthly payment of your overall balance each month. • you do not spend or withdraw cash on the card until the balance transfer period ends or is paid in full. • all other fees and charges that may apply are excluded. when there is no interest savings or a negative interest saving after the introductory period, the calculator will display $0.">.

• Pros & cons
• Rates & fees
• Eligibility

Pros and cons

• Pay no currency conversion fee when you preload and pay in local currency
• Competitive exchange rates
• No fees when you make up to 2 withdrawals per month of $350 total
• No monthly fees or minimum amounts
• Track spending and manage money using the app
• Syncs with Google Pay, Samsung Pay, Apple Pay, Garmin Pay and Fitbit Pay
• If you withdraw 3+ times or more than $350 in a month, you’ll pay $1.50 per withdrawal
• Withdrawals over $350AUD will be charged 1.75%
• Not all countries accept Wise payments

Creditcard.com.au review

Editor review.

You can use the Wise card as an everyday debit card to buy groceries, pay for an Uber or send flowers to your mum - whether you’re doing it in Australia, online or overseas. Its big drawcards are simplicity and savings.

I’ll explain how the Wise debit card works, including how it's linked to an account that you can transfer money in and out of. It’s a very good alternative to credit cards with no foreign transaction fees if you’re not eligible, don’t want to earn points or don’t need access to credit.

Editor’s Review: What we love about the Wise Travel Money Card

Let’s start by looking at how Wise cards are linked to an account. When you apply for a Wise card, you’ll be directed to set up a Wise multi-currency account first. A Wise account is fully digital, has no monthly fees and allows you to preload money in various currencies, which you can access using the app and your Wise debit card.

For example: if you regularly travel to New Zealand, you could keep NZD in your account and Wise will automatically use it to pay when you tap your card. You wouldn’t be charged any currency conversion fees. If you don’t have any NZD in your Wise account, Wise will automatically convert the money for you at a competitive mid-market rate.

Once your Wise account is set up, you can order a card. It can take a few days for your physical card to arrive (or you can pay $26 to expedite it), but you’ll be able to use your digital card immediately by adding it to your phone or watch.

I’ll break down the features of the Wise card.

Sending money overseas. Wise also works like a regular account, allowing you to send and receive money to other accounts in local currency. The transfer process is the same as a savings account - when you start a transfer in your app, Wise will show you the totals in foreign currency plus any fees (for instance, sending AUD to GBP incurs a flat fee of $0.66 plus 0.45% of the amount that’s converted). You’ll be asked for the recipient's details and you’ll be able to track the transfer via your app. You can also receive money by supplying your account details.

Low or no withdrawal fees. Every month you can make up to 2 withdrawals (totalling $350) without paying a fee. After that, you’ll pay $1.50 per withdrawal, which is still very cheap compared to standard rates fees that can be as much as $5 or a percentage of the amount withdrawn (whichever is highest).

Cutting out the middle man. By preloading your card with the currency you’ll be spending overseas, you’ll avoid the conversion fees. If Wise needs to convert the currency from Australian dollars, it uses the mid-market exchange rate, which is generally a better exchange rate than you’ll get from banks or money transfer agencies. Wise says it can help you save up to 80% on international spending, according to a 2022 study by Alderson Consulting.

Three digital cards. You can set up three digital cards at any one time, each with different details to your physical card. You can cancel and recreate new digital cards anytime, which gives you some extra security.

A properly helpful app. I like that Wise’s app has decent functionality and seems fairly intuitive (it’s been downloaded over 10 million times, so it’s well-tested!). You can cancel or set up new digital cards, freeze and unfreeze your card, make online money transfers, track your spending and even cancel a money transfer that hasn’t been processed yet. The app is available for Apple and Android smartphones.

Transparent fees. I particularly like how transparent Wise is about its fees. It says that it will show you any fees that you’ll pay for making purchases or transferring money and there are no hidden fees. Since fees are a big concern for people travelling or spending online, it’s nice to have a little transparency.

What's not so great

There isn’t too much to pick on, but I should mention that while you can use Wise as your regular spending account and even have your salary paid into it, you’ll miss out on earning interest or offsetting a home loan. Consider whether you want it to be your primary account or one you use specifically for foreign transactions.

While Wise makes spending overseas as cheap as possible, there are still some costs involved. For instance:

Withdrawals: you’ll get 2 withdrawals up to $350AUD each month for free, but after that, fees are charged at $1.50 per withdrawal (still, not bad). If you withdraw over $350, you’ll also pay a 1.75% fee.

Physical card: $10, and $6 to reorder if the card is lost or stolen (digital cards are free)

Sending money overseas: Minimum is 0.39% but it will vary depending on the currency

Receiving USD wire payments: $4.14USD flat fee per payment

Wise does a good job of being available in 175 countries, but not all. You’ll need to check that you can use Wise in the country you’re travelling to or purchasing in. Wise’s website says it currently can’t be used in:

Afghanistan, Belarus, Burundi, Central African Republic, Chad, Congo and The Democratic Republic of the Congo, Cuba, Eritrea, Iran, Iraq, Libya, Myanmar, North Korea, Russia, Somalia, Sudan and South Sudan, Syria, Venezuela, and Yemen

Overall Rating

The Wise Visa card has one of the cheapest exchange rates in the world, plus the ability to spend overseas fee-free if you preload the card in the local currency. It doesn’t cost anything to open or hold an account and gives lots of flexibility in being able to send, spend and receive money globally.

If you’re a frequent traveller or spender abroad, a money transfer card like Wise can help you save money on fees without having to apply for a 0% foreign fee credit card, but you won’t earn interest or rewards points on your spending.

User reviews

Wise travel money card ( based on 1 creditcard.com.au user review ), 28% rating based on 1 review, customer service, 0% of users who have rated this card would recommend it, review the wise travel money card, rewards (not available for this card).

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Wise (formerly TransferWise) an international money transfer service, announced this week the launch of a new Mastercard debit card alongside its foreign currency account that will make it cheaper and faster for customers to spend, send and receive money overseas. Travelers can spend on the card in any of more than 40 currencies and Wise will automatically convert the charge at the best rate from the customer’s account.

Dubbing it a “borderless account” that’s “like an international Venmo,” Wise aims to make it easier and less expensive for people to convert money quickly between currencies, especially when traveling or living abroad.

Card benefits include no foreign transaction fees, no annual or monthly fees, free ATM withdrawals up to $250 every 30 days, the ability to freeze and unfreeze your card, an app, and, for U.S. customers, Apple Pay, Google Pay and Samsung Pay capabilities.

Member FDIC

SoFi Checking and Savings

4.60% SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

EverBank Performance℠ Savings

on Wealthfront's website

Wealthfront Cash Account

on Betterment's website

Betterment Cash Reserve – Paid non-client promotion

5.50% *Current promotional rate; annual percentage yield (variable) is 5.50% as of 4/2/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks conducted through clients’ brokerage accounts at Betterment Securities.

Marcus by Goldman Sachs High-Yield CD

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Discover® CD

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Discover® Cashback Debit

Chase Total Checking®

Deposits are FDIC Insured

Chime Checking Account

Discover® Money Market Account

In addition to catering to travelers, the service is meant to ease financial complications for those who have moved away from their home countries, according to the company. The Wise website includes an area dedicated to the stories of immigrants to the U.S. and other countries, including narratives from company co-founders Kristo Kaarmann and Taavet Hinrikus and “Queer Eye” star Tan France.

The account converts money based on the mid-market exchange rate (the rate you’d see on sites like Google or Yahoo Finance) and charges a relatively small fee to do so. Wise also offers money transfer services to more than 70 countries.

» MORE: NerdWallet's guide to foreign ATM and debit card transaction fees by bank

On a similar note...

Find a better savings account

See NerdWallet's picks for the best high-yield online savings accounts.

Here Are the Four Best Travel Money Cards in 2024

François Briod

Co-Founder of Monito and money transfer expert, François has been helping Monito’s users navigate the jungle of money transfer fees, bad exchange rates and tricks for the last ten years.

Jarrod Suda

A writer and editor at Monito, Jarrod is passionate about helping people apply today’s powerful finance technologies to their lives. He brings his background in international affairs and his experiences living in Japan to provide readers with comprehensive information that also acknowledges the local context.

Links on this page, including products and brands featured on ‘Sponsored’ content, may earn us an affiliate commission. This does not affect the opinions and recommendations of our editors.

From the multitude of bank fees and ATM charges to hidden currency conversion fees, there's no question that spending your money abroad while travelling can be costly — and that's saying nothing about the cost of the holiday itself!

As you prepare for your trip abroad, the golden rule is that you'll save the most money by using the local currency of your destination. This means withdrawing local cash at foreign ATMs and using a debit card to pay directly in the local currency. For example, if you're from the UK, using your bank's debit card that accesses your British pounds will likely lose you money to hidden fees at ATMs abroad and at local merchants.

In general, we rate Revolut as the best travel card all around. Its versatile account and card can be used to spend like a local pretty much anywhere in the world. ✨ Get 3 months of free Revolut Premium as a Monito reader with our exclusive link .

If you're from the EU, UK, or US, here are a few more specific recommendations to explore:

• Best for travelling from the UK: Chase
• Best for travelling from the US: Chime ®
• Best for travelling from the Eurozone: N26

If it's not possible for you to spend in the local currency when travelling abroad, then spending in your home currency while using a card that doesn't charge any hidden exchange rate markups from your bank (e.g. only the VISA or Mastercard exchange rates to convert currency) is still a good bet for most people.

In this guide, we explore cards that waive or lower ATM fees and that hold multiple currencies. Spend on your holiday like a local and enjoy peace of mind after each tap and swipe!

Best Travel Cards (And More!) at a Glance

Best travel money cards.

• 01. What is the best best multi currency card? scroll down
• 02. Are prepaid currency cards really it? scroll down
• 03. Monito's best travel money card tips scroll down
• 04. FAQ about the best travel cards scroll down

Revolut: Best All-Rounder

Revolut is one of the most well-known fintechs in the world because it offers services across Europe, the Americas, Asia, and Oceania.

• Trust & Credibility 8.9
• Service & Quality 7.9
• Fees & Exchange Rates 8.3
• Customer Satisfaction 9.4

Revolut is available in many countries. You can double-check if it's available in yours below:

Here's an overview of Revolut's plans:

Revolut Ultra is currently only available in the UK and EU.

Like Wise, Revolut converts your currency to the local currency of your travel destination at an excellent exchange rate (called the 'Revolut Rate', which, on weekdays, is basically on par with the rate you see on Google), making it a good way to buy foreign currency before travelling abroad. As always though, bear in mind that Revolut's exchange rates might be subject to change.

Revolut's Standard Plan only allows currency exchange at the base mid-market exchange rate for transfers worth £1,000 per month. ATM withdrawals are also free for the first €200 (although third-party providers may charge a withdrawal fee, and weekend surcharges may also apply). These allowances can be waived by upgrading memberships.

N26: Good Bank For EU Travellers

One of the most well-known neobanks in Europe, N26 and its debit card operate in euros only. However, N26 is a partner with Wise and has fully integrated Wise's technology so that you never have to pay foreign transaction fees on your purchases outside of the eurozone. While N26 does not have multi-currency functionality, N26 will apply the real exchange rate on all your foreign purchases and will never charge a commission fee — making N26's card a powerful card for EU/EEA residents who travel across the globe.

• Trust & Credibility 7.9
• Service & Quality 8.0
• Fees & Exchange Rates 9.3
• Customer Satisfaction 8.1

These are the countries in which you can register for an N26 account:

And here is an overview of the various plans and account:

This low-fee option for banking is also ideal for travellers who do not belong to a European bank but frequent the Eurozone. For example, N26 is available for residents and citizens of Switzerland, Norway, and other European Economic Area countries that do not run on the Euro.

These citizens, who are in close proximity to the Eurozone, will save each time they spend with an N26 card while in Europe. N26 provides three free ATM withdrawals per month in euros but does charge a 1.7% fee per ATM withdrawal outside of Europe.

Take a look at our guide to the best travel cards for Europe to learn more.

Wise: Best For Multi-Currency Balances

Load up to 54 currencies onto this card at the real exchange rate, giving you access to truly global travel.

• Trust & Credibility 9.3
• Service & Quality 8.9
• Fees & Exchange Rates 7.6
• Customer Satisfaction 9.6

These are the countries in which you can order a Wise debit card:

Unlike banks, credit unions, airport kiosks, and foreign ATMs, Wise is transparent about never charging a hidden exchange rate margin when you convert your home currency into up to 54 currencies. The live rate you see on Google or XE.com is the one you get with Wise.

An industry-low commission fee per transaction will range from 0.35% to 2.85%, depending on the currency.

Chase: Great UK Bank For Travel

A recent arrival from the USA, Chase is one of the UK’s newest digital challenger banks and comes with a rock-solid reputation and no monthly charges, no currency conversion charges, no withdrawal fees, and no other charges for everyday banking from Chase. It’s a simple, streamlined bank account with an excellent mobile banking app and a great cashback offer. However, it doesn’t yet offer more advanced features like international money transfers, joint accounts, business banking, overdrafts and loans, and teen or child accounts.

• Trust & Credibility 10
• Fees & Exchange Rates 10
• Customer Satisfaction 8.7

Chime: Great Account For US Travelers

Chime  is a good debit card for international travel thanks to its no foreign transaction fees¹. Unlike multi-currency accounts like Revolut (which let you hold local currency), Chime uses the live exchange rate applied by VISA. This rate is close to the mid-market rate, and Chime does not add any extra markup to your purchases, although out-of-network ATM withdrawal and over-the-counter advance fees may still apply.

• Trust & Credibility 9.5
• Service & Quality 8.8
• Fees & Exchange Rates 9.8

While Chime waives ATM fees at all MoneyPass, AllPoint, and VISA Plus Alliance ATMs within the United States, this fee waiver does not extend to withdrawals made outside the country. For withdrawals abroad, Chime applies a $2.50 fee per transaction, with a daily withdrawal limit of $515 or its equivalent. This is in addition to any fees charged by the ATM owner. Therefore, we recommend Chime primarily for card purchases rather than relying on it for withdrawing cash while traveling internationally.

• No  foreign transaction fees ¹;
• Uses VISA's exchange rate ( monitor here ):
• A $2.50 fee per ATM withdrawal made outside of the United States;
• More info:  Read our  Chime review  or  visit their website .

Best Travel Money Cards in 2024 Compared by Country

In the table below, see our comparison summary of the four best travel cards for 2024 by country:

Last updated: 8 January 2024

What's The Best Prepaid Card to Use Abroad?

Travel cards come in many varieties, such as standard credit cards or debit cards with no foreign transaction fees or cards that waive all foreign ATM withdrawal fees.

What is a Multi-Currency Card?

Multi-currency cards are a specific type of travel card that allows you to own all kinds of foreign currencies, which you can instantly access when you pay with your card abroad. By spending the local currency in the region of travel , you bypass poor foreign exchange rates. ATMs and cashless payment machines will treat your card like a local card.

We have already mentioned a few multi-currency cards in this review, but we will also introduce Travelex . Travelex's Money Card also allows you to top up several foreign currencies — albeit at exchange rates slightly poorer than the real mid-market rate .

Wise Account

Wise has one of the best multi-currency cards available on the market.

Read our full review for more details.

Revolut is impressive for its vast options in currencies and its additional services.

Our in-depth review explores Revolut's services in detail.

Travelex offers a prepaid travel money card that supports 10 currencies and waives all ATM withdrawal fees abroad.

• Trust & Credibility 9.0
• Service & Quality 5.8
• Fees & Exchange Rates 7.1
• Customer Satisfaction 9.3

Travelex charges fees, which fluctuate according to the exchange rates of the day, in order to convert your home currency into the currencies that it supports. But once the currency is on the card, you'll be able to spend like a local. Learn more with our full review .

Don’t Let Banks, Bureaux de Change, and ATMs Eat Your Lunch 🍕!

Are you withdrawing cash at an ATM in the streets of Paris? Exchanging currencies at Gatwick airport? Paying for a pizza with your card during a holiday in Milano? Every time you exchange currencies, you could lose between 2% to 20% of your money in  hidden fees . Keep reading below to make sure you recognize and avoid them.

Currency Exchange Fees Eating My Lunch? What’s That?

You’re often charged a hidden fee in the form of an alarming exchange rate.

At any given time, there is a so-called “ mid-market exchange rate ” — this is the real exchange rate you can see on  Google . However, the money transfer provider or bank you use to exchange currencies rarely offers this exchange rate. Instead, you will get a much worse exchange rate. They pocket this margin between the actual rate and the poor exchange rate they apply, allowing the bank or money transfer provider to profit from the currency exchange. 

In other words, you or your recipient will receive less foreign currency for each unit of currency you exchange. All the while, the provider will claim that they charge zero commission or zero fees.

So the question now is… how can you avoid them? Thankfully, the best travel money cards will allow you to hold the local currency, which you can access instantly with a tap or swipe. Carrying the local currency avoids  exchange rate margins  on every purchase.

Top Travel Money Tips

• Avoid bureaux de change. They charge between 2.15% and 16.6% of the money exchanged.
• Always pay in the local currency and never accept the  dynamic currency conversion .
• Don't use your ordinary debit or credit card unless it's specifically geared toward international use. Doing this will typically cost you between 1.75% and 4.25% per transaction. Instead, use one of the innovative travel money cards below.

By opting for a travel card without FX fees, you can freely swipe your card abroad without worrying about additional charges. However, saving money doesn't stop there. To make the most out of your travel budget, consider using  Skyscanner , one of the most powerful flight search engines available that allows you to compare prices from various airlines and find the best deals.

With Skyscanner's user-friendly interface and comprehensive search options, you can discover cheap flights and enjoy your holidays with peace of mind and more money in your pocket.

Best Travel Money Card Tips

When you convert your home currency into a foreign currency, foreign exchange service providers will charge you two kinds of fees :

• Exchange Rate Margin:  Providers apply an exchange rate that is poorer than the true  "mid-market" exchange rate . They keep the difference, called an  exchange rate margin .
• Commission Fee:  This  fee  is usually a percentage of the amount converted, which is charged for the service provided.

With these facts in mind, let's see what practices are useful to avoid ATM fees, foreign transaction fees, and other charges you may encounter while on your travels.

Tip 1: While Traveling, Avoid Bureaux de Change At All Costs

Have you ever wondered how bureaux de change and currency exchange desks are able to secure prime real estate in tourist locations like the Champs-Élysées in Paris or Covent Carden in London while claiming to take no commission? It’s easy: they make (plenty of) money through hidden fees on the exchange rates they give you. 

Our study shows that Bureaux de Change in Paris charges a margin ranging from 2.15% at CEN Change Dollar Boulevard de Strasbourg to 16.6% (!!) at Travelex Champs-Élysées when exchanging 500 US dollars into euros for example. 

If you really want cash and can’t wait to withdraw it with a card at an ATM at your destination, ordering currencies online before your trip is usually cheaper than exchanging currencies at a bureau de change, but it’s still a very expensive way to get foreign currency which we, therefore, would not recommend.

Tip 2: Always Choose To Pay In the Local Currency

Don’t fall for the dynamic currency conversion trap! When using your card abroad to pay at a terminal or withdraw cash at an ATM, you’ve probably been asked whether you’d prefer to pay in your home currency instead of the local currency of the foreign country. This little trick is called dynamic currency conversion , and the right answer to this sneaky question will help you save big on currency exchange fees.

As a general rule, you always want to pay in the local currency (euros in Europe, sterling in the UK, kroner in Denmark, bahts in Thailand, etc.) when using your card abroad, instead of accepting the currency exchange and paying in your home currency. 

This seems like a trick question - why not opt to pay in your home currency? On the plus side, you would know exactly what amount you would be paying in your home currency instead of accepting the unknown exchange rate determined by your card issuer a few days later.

What is a Dynamic Currency Conversion?

However, when choosing to pay in your home currency instead of the local one, you will carry out what’s called a “dynamic currency conversion”. This is just a complicated way of saying that you’re exchanging between the foreign currency and your home currency at the exact time you use your card to pay or withdraw cash in a foreign currency, and not a few days later. For this privilege, the local payment terminal or ATM will apply an exchange rate that is often significantly worse than even a traditional bank’s exchange rate (we’ve seen margins of up to 8%!), and of course, much worse than the exchange rate you would get by using an innovative multi-currency card (see tip #3). 

In the vast majority of times, knowing with complete certainty what amount you will pay in your home currency is not worth the additional steep cost of the dynamic currency conversion, hence why we recommend always choosing to pay in the local currency.

Tip 3: Don't Use a Traditional Card To Pay in Foreign Currency/Withdraw Cash Abroad

As mentioned before, providers make money on foreign currency conversions by charging poor exchange rates — and pocketing the difference between that and the true mid-market rate. They also make money by charging commission fees, which can either come as flat fees or as a percentage of the transaction.

Have a look at traditional bank cards to see how much you can be charged in fees for spending or withdrawing $500 while on your holiday.

These fees can very quickly add up. For example, take a couple and a child travelling to the US on a two-week mid-range holiday. According to this study , the total cost of their holiday would amount to around $4200. If you withdraw $200 in cash four times and spend the rest with your card, you would pay $123 in hidden currency exchange and ATM withdrawal fees with HSBC or $110 with La Banque Postale. With this money, our travellers could pay for a nice dinner, the entrance fee to Yosemite Park, or many other priceless memories. 

Thankfully, new innovative multi-currency cards will help you save a lot of money while travelling. Opening an N26 Classic account and using the N26 card during the same US holidays would only cost $13.60.

Need Foreign Cash Anyway?

In many countries, carrying a wad of banknotes is not only useful but necessary to pay your way since not every shop, market stall, or street vendor will accept card payments. In these cases you'll have two options to exchange foreign currency cheaply:

1. Withraw at an ATM

As we've explored in great depth in this article, withdrawing money from a foreign ATM will almost always come with fees — at the very least from the ATM itself, and so it's therefore the best strategy to use a travel debit card that doesn't charge in specific ATM withdraw fees on its own to add insult to injury. That said, if you need cash, we recommend making one large withdrawal rather than multiple smaller ones . This way, you'll be able to dodge the fees being incurred multiple times.

2. Buy Banknotes (at a Reasonable Rate!)

As we've also seen, buying foreign currency at the airport, at foreign bank branches, or in bureaux de change in tourist hotspots can be surprisingly expensive. Still, not all exchange offices are equally pricey . If you're looking for a well-priced way to exchange your cash into foreign currency banknotes before you travel, Change Group will let you order foreign currency online and pick them up at the airport, train station, or a Change Group branch just before you leave for your holiday. A few pick-up locations in the UK include:

• London centre (multiple locations),
• Glasgow centre,
• Oxford centre,
• Luton Airport,
• Gatwick Airport,
• St. Pancras Station.

(Note that Change Group also has locations in the USA, Australia, Germany, Spain, Sweden, Austria, and Finland!)

Although its exchange rates aren't quite as good as using a low-fee debit card like Revolut, Change Group's exchange rates between popular currencies tend to be between 2% to 3%, which is still a lot better than you'll get at the bank or at a touristy bureau de change in the middle or Paris or Prague!

FAQ About the Best Travel Money Cards

Having reviewed and compared several of the industry's leading neobanks, experts at Monito have found the Wise Account to offer the best multi-currency card in 2024.

In general, yes! You can get a much better deal with new innovative travel cards than traditional banks' debit/credit cards. However, not all cards are made equal, so make sure to compare the fees to withdraw cash abroad, the exchange rates and monthly fees to make sure you're getting the best deal possible.

• Sign up for a multi-currency account;
• Link your bank to the account and add your home currency;
• Convert amount to the local currency of holiday destination ( Wise and Revolut convert at the actual mid-market rate);
• Tap and swipe like a local when you pay at vendors.

Yes, the Wise Multi-Currency Card is uniquely worthwhile because it actually converts your home currency into foreign currency at the real mid-market exchange rate . Wise charges a transparent and industry-low commission fee for the service instead.

More traditional currency cards like the Travelex Money Card are good alternatives, but they will apply an exchange rate that is weaker than the mid-market rate.

The Wise Multi-Currency Card is the best money card for euros because unlike banks, credit unions, airport kiosks, and foreign ATMs,  Wise  is transparent about never charging a hidden exchange rate margin when you convert your local currency into euros with them.

The live rate you see on Google or XE.com is the one you get with  Wise . An industry-low commission fee will range from 0.35% to 2.85%. USD to EUR transfers generally incur a 1.6% fee.

Learn more about how to buy euros in the United States before your trip.

There are usually three types of travel cards, prepaid travel cards, debit travel cards and credit travel cards. Each have pros and cons, here's a short summary:

• Prepaid travel cards: You usually need to load cards with your home currency via a bank wire or credit/debit card top-up. You're then able to manage the balance from an attached mobile app and can use it to pay in foreign currencies or withdraw cash at an ATM abroad tapping into your home currency prepaid balance. With prepaid travel cards, as the name indicates, you can't spend more than what you've loaded before hand. Some prepaid card providers will provide ways to "auto top-up" when your balance reaches a certain level that you can customize. On Revolut for example, you can decide to top-up £100/£200/£500 from your debit card each time your balance reaches below £50.
• Debit travel cards: Some innovative digital banks, like N26 or Monzo, offer travel debit cards that have the same advantages than a Prepaid Travel Cards, except that they're debit card directly tapping into your current account balance. Like a Prepaid travel card, you can't spend more than the balance you have in your current account with N26 or Monzo, but you can activate an overdraft (between €1,000 or €10,000 for N26 or £1,000 for Monzo) if you need it, for a fee though.

Note that even if they're Prepaid or Debit cards, you can use them for Internet payments like a normal credit card.

• Credit travel cards: You can find credit cards made for international payments offering good exchange rates and low fees to withdraw money abroad, but you'll need to pay interests in your international payment if you don't pay in FULL at the end of every month and interest on your ATM withdrawals each day until you pay them back.

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Girl Eat World

A girl's adventure in food and travel around the world, wise debit card for travel: spend like a local when abroad.

I have been a regular Wise customer ever since it was still called TransferWise many years ago. I became a fan as soon as I started using their services – I even wrote some articles raving about them on my (other) personal blog.

For a while, I used Wise for its fair foreign exchange rate, so that I can receive any currency and convert it to Singapore Dollars without paying the unfair rate that banks usually give us.

When Wise released its debit card to the Singapore market in 2019, I was among the first batch to sign up for it. However, thanks to the pandemic which locked all of us in Singapore for two years, it wasn’t until my recent visit to the US that I was able to use the Wise Debit Card for its intended purpose. And it was then that I realized the true potential of it – the card truly allowed me to spend like I was a local! What a game changer in travel.

What is Wise?

OK, first of all – what is Wise ? Wise is not a bank. It is an international money transfer service. They were originally known as TransferWise, recently rebranded to just Wise in 2021. The main feature of Wise is that it lets you create multi-currency accounts, which lets you hold a balance in currencies that are not your home currency.

For example, I live in Singapore and my home currency is Singapore Dollars. With Wise, I am able to create a multi-currency account that let me receive transfers in US Dollars, British Pounds, Euro, and Japanese Yen – just to name a few – with practically no fees. Then, I am able to convert those currencies to Singapore Dollars at a very fair mid-market rate, also with minimal fees.

It saves me money and that makes me a very very happy camper.

What is the benefit of using Wise?

You might be wondering – why should I use Wise ? What is the difference between receiving a payment with PayPal or bank direct deposit vs using Wise? Well, the difference lies in conversion fees and foreign exchange rate , which PayPal and traditional bank charge an exorbitant amount for.

For example – I recently received a payment in PayPal for 1,942.31 Thailand Baht, which PayPal converted to $84.67 Singapore Dollars. If I had received the payment in Wise, it would have been converted to $87.39 Singapore Dollars.

This example is just a small amount, so the difference isn’t much – But if you are doing larger transactions and often, this could translate to a lot more difference!

On the other hand, if you accept payment via direct deposit to your bank account, then you’ll have no choice but to use your bank’s conversion rate which tends to not be the best rate in town.

How does the Wise Debit Card work?

In 2018, Wise released a debit card that lets you spend the balance you have in your Wise multi-currency account. It works just like any other debit card – except for one small difference: Wise Debit Card lets you spend in the 40+ currencies that Wise supports.

And that, coupled with the very fair rate Wise charges for currency exchange, is a very powerful thing when you use this card for your spending abroad! Especially in countries like US , Australia , and Singapore , where contactless payment is widely accepted.

For example, during my recent visit to NYC , I bought a US $100 pair of pants from my favorite brand. If I had charged this to my regular Singapore credit card, I would have been charged a 2.25% foreign currency fee, and it would be converted using the bank’s FX rate (and banks never give you a fair rate), which would translate to SG $136. But using the Wise Card, the US $100 spending converted to only SG $132!

Now $4 is not much savings, but repeat this for every single transaction I made during my entire stay in the US, and it translated to hundreds of dollars saved!

Unless your bank gives you a mid-market rate and no foreign transaction fees, you’ll stand to benefit from using the Wise Card. Overall, I find using the Wise card translated to be the same conversion rate as using cash converted at the best money changer, but without the hassle of converting, carrying and managing cash throughout your trip.

Another feature is that Wise Debit Card also lets you withdraw cash from ATMs using that same card, though I have yet to try this myself.

➡️ To start spending like a local, simply create a Wise account and apply for the Wise Card!

How can I use Wise Debit Card when I travel?

If everything I’ve written seems confusing to you, don’t worry! I’ve created a step-by-step how you can use the Wise card for your travel. Here goes:

Step 1: Create a Wise account

First of all, you do need to have a Wise account to be able to use the Wise card. So, register for an account right on their website! Do this about a month before you are due to travel , because you do need to provide some ID and go through verification before they can approve you for an account. It didn’t take too long for me in Singapore, but it might take some time for other countries.

Step 2: Apply for the Wise card

Once your Wise account has been approved, you can apply for the Wise card through the mobile app. Again, do this ahead of your travel as it may take them some time to send you the physical card.

You don’t actually need to get a physical card if you’re traveling to countries where mobile or contactless payment is accepted, like US , Australia , and Singapore . The Wise mobile app would have already let you create digital cards, which you can add to your smartphone wallet and use with contactless payments. But, I recommend getting the physical card anyway in case the merchant still lives in the stone age and needs to swipe your actual physical card. And we did actually encounter such a merchant in San Francisco!

Or, the physical card could also come in handy should you need to withdraw cash from the ATM at your destination country.

Step 3: Fund your Wise account

Before you travel, you’ll need to fund the Wise account so that you can spend the balance while you’re abroad. To do this, simply open a balance in your home currency, and use the details to send some funds. For security purposes, I suggest sending only what you plan to spend per trip so that you don’t have too much money in the Wise account.

For example, my home currency is Singapore Dollars. So in the Wise mobile app, I opened a Singapore Dollar (SGD) balance which gives me Singapore bank account details. Then, I simply transferred some Singapore Dollars to the Singapore bank account that Wise gave me. The transfer time varies per country and bank, but in Singapore, it is almost instant.

Step 4: Open a balance in the currency of the destination you are traveling to

You don’t actually have to do this because Wise will automatically convert your balance to whatever currency you’re spending, and it will choose the currency with the least conversion fee.

But if you want to have more control over how the balance is spent (like when you spot a really good fx rate), then I suggest you create a balance in the currency of the destination you’re going to. Then, you can convert some balance to that currency using the mobile app.

For example, suppose I am traveling to Australia. In my Wise app, I would open both a Singapore Dollar balance and an Australian Dollar balance. I would then transfer some Singapore Dollar to the balance. Then, whenever I notice Australian Dollar is getting weaker against Singapore Dollar, I would convert some amount to fund the trip.

Step 5: Always pay in the local currency of your travel destination

Let’s say all is well and you have received your Wise card (whether physical or digital) and you’re already in the midst of your travel, ready to spend the money. Sometimes, at point of sale, the cashier will ask which currency you want to spend in – your home currency, or the local currency of the destination you’re traveling in.

If given the option, ALWAYS pay in the local currency of the destination you are visiting . If you choose to pay in your home currency, you will trigger Dynamic Currency Conversion (DCC) – which is a scam, and it means funds will be deducted from the home currency balance, but converted at a conversion rate decided by the bank. This completely defeats the purpose of using a Wise card!

Let me give you an example: if I (as a Singaporean) am traveling in America, I might be asked at the point of sales whether I want to pay in US Dollars or Singapore Dollar. I will ALWAYS choose paying in the local currency (US Dollars – USD) when I’m traveling in the US. If I choose my home currency (Singapore Dollars – SGD), the funds will be taken from my SGD balance at the bank’s rate. The bank will simply tell Wise how much SGD to deduct, and Wise is completely unaware of the original USD transaction.

How can I use a Wise Debit Card safely when I’m abroad?

Wise Debit Card makes money management while traveling super convenient. I no longer needed to convert that much cash when I travel, I only keep some for emergencies. I was even able to use it as my travel card when I was in NYC since the metro now accepts contactless transactions. I simply added my Wise Debit Card to my Apple Wallet and tapped using Apple Pay to pay whenever I boarded the train!

Now, we all know credit card scams are very common. I myself have fallen victim when I used my credit card in Bali and Vietnam , so you definitely want to stay vigilant when you’re using your Wise Debit Card – just like any other card really!

Here are some tips to keep your Wise account and card details safe:

Security Tip #1: Use the digital card feature

As much as possible, limit the use of your physical debit card and never expose the card details by using it as-is when paying online. This is the golden rule because that’s how most card details get stolen – whether someone manually copied the detail, or the card details get stolen when you swiped your card, or the store you’re shopping online gets hacked.

Instead, Wise has a feature that lets you generate digital cards through their mobile app. This is a very handy feature – it gives you a card detail that only exists digitally but behaves like any physical card. You can delete and re-generate digital cards as needed, but you can only hold 3 digital cards at a time. If your digital card details get stolen or leaked, you can just freeze the compromised card through the Wise mobile app.

When traveling, I usually generate a digital card for the trip. Then I use that same digital card throughout the trip, and when the trip is done, I delete the digital card detail. Don’t delete it if you’re expecting a refund though!

Security Tip #2: Pay with your mobile wallet whenever possible

Mobile wallets, like Apple Pay or Google Pay, are one of the most secure ways of transacting in person. It obfuscates your card detail so that even if someone intercepts your card at the point of payment, they can’t know your actual card detail. Paired with the digital card feature and adding a digital card to your mobile wallet, it basically makes your account extra secure. No one will ever know your real card detail!

Security Tip #3: Freeze the cards until you need to use it

You can easily and instantly freeze and unfreeze any card details through the Wise mobile app. I always keep all physical and digital cards frozen until I am about to use them. This greatly reduces the chance of someone compromising my card and taking money from my Wise account.

Security Tip #4: Keep only the balance you need in your Wise account

Only transfer what you need for the trip to your balance. In the event that your card or account is compromised, this will help minimize damage because the thief will only have access to whatever balance is in your Wise account.

And there you have it! Wise Debit Card has definitely become an integral part of my travel. With all the security features around it, I feel confident to use the Wise card abroad at any destination.

As usual, please leave me a comment below if you have any questions!

Until next time 👌🏻

Note: I am just a regular, long-time, happy customer of Wise . I was not paid to write this review. As always, all thoughts and opinions are honest and remain my own.

• April 2, 2024

Thanks for the helpful info! I’m just wondering, since you are saying you save money on conversion rates compared to the bank – isn’t that outweighed by the debit fee and wise fee for doing the conversion? In one example, if I transfer $1000 CAD to EUR, the fees on that are $8.86 which seems more expensive than using the bank exchange rate and a card with no fees (ie. CIBC prepaid visa card). Could you please let me know what you think? Thanks!

it definitely depends on your bank charge. for me in singapore, we don’t have any card that doesn’t charge forex conversion fee.

• February 4, 2024

Hi Melissa! I came accross your post and it was very useful! I am myself a Wise user, but my doubt is: as a tourist in Singapore, how easy would it be to use my card and get some cash from regular ATMs? Are international Wise cards well accepted everywhere?

It would be wonderful if you could give me these details, as my trip to Singapore will take place within the next few weeks and I’m going on with preparations.

Hope to hear from you soon, many thanks!

Hey Tatiana. Singapore is where Wise has their APAC headquarters! you can use Wise pretty much everywhere here through the touchless function. If you have a smartphone, add a virtual card to your wallet and you are good to go. I haven’t tried withdrawing from ATM myself, but my siblings have and it is smooth process for them.

• March 28, 2024

What other cards should you take as a backup when travelling to Singapore from Australia?

• January 4, 2024

Very informative and useful information. Thank you.

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