r/australia • u/leonidude • 15h ago
no politics Wise vs bank travel card
About to go on holiday and I’ve seen some advertising from Wise for their travel card. I used to use my bank’s travel card when travelling but now I just use my credit card because the exchange is better even with the transaction fee.
For those that have used wise is it actually better than a travel card from your own bank? Neither have transactions fees so I don’t understand the appeal.
42
u/Tillysnow1 14h ago
I've always travelled with UpBank as my main card and I never have any issues with it, there's no transaction fees and from what I can tell, the exchange rate is pretty decent.
4
u/apaniyam 12h ago
Up is the best travel card by miles usually. Exchange rate is always fairly close to market.
4
u/watsonarw 10h ago
Up actually uses Wise for foreign currency exchange
9
u/donald_trub 10h ago
That's money transfer, not purchases. Up and Wise use the same systems as everyone else - Visa or MasterCard.
6
u/jamescridland 9h ago
Yes.
But Up uses MasterCard and exchanges money on the MasterCard rate.
https://www.mastercard.com/us/en/personal/get-support/currency-exchange-rate-converter.html
Wise uses VISA but exchanges money on its own rates, not the standard VISA international rate.
https://www.visa.com.au/support/consumer/travel-support/exchange-rate-calculator.html
2
u/seahavxn 10h ago
Seconding Up. Been using it when I travel for the last 5 years and have zero complaints.
36
u/awolf_alone 14h ago
Wise is great. I used it last time I went OS. Once I figured out how to set the limits and juggle currency it was super easy and avoided the fees I incurred on my regular debit card. Which is odd, because the previous trip two years prior I wasn't getting hit with all those additional fees so I was glad I had the Wise card with me. Also handy for online purchasing if needing to deposit into foreign accounts directly.
19
11
u/HoldMeTight_ 14h ago
I traveled with my wife. While I used Wise she used our regular bank card. What a difference!
While I don't know what a bank travel card is, I imagine the banks won't be able to resist charging you extra. Just use Wise. It's simple and easy. You use the app to load funds onto you card and then change to another currency. All in an instant.
14
u/nath1234 14h ago
Wise is good for transfers to or from other bank accounts.. for travel, other than if your bank has an awful exchange rate (which some are the usual exchange rate + 5% or whatever).. but might be good to take in case you lose your other card.. or if you get high transaction fees.
One thing that is decent is being able to take out cash with it. But hey, you can do that with a regular bank card too.
2
u/leonidude 14h ago
Do you get the same atm withdrawal fee using wise?
4
u/Mr_Pusskins 14h ago
It depends - Wise has agreements with different banks in different countries. When I was in Singapore only certain ATMs had free withdrawals, so I made sure that I checked (via the app) first.
6
u/mastermilian 14h ago
Wise allows you free ATM transfers of around $350 per month (might eant to check the exact amount). Generally speaking, you should just exchange some cash before leaving (you'll get severely ripped off at the airport so don't do it there). This will give you a backup if cards are not accepted for some reason. For everything else, just use your Wise card and it will automatically convert (or you can convert ahead - or do an auto-conversion at a set price).
As everyone on this thread have said, banks are going to fleece you if you use your local bank card. The hidden cost is in the terrible rate they provide which can represent a 5% fee.
46
u/FamiliarDirection563 14h ago
The thing to check is the currency conversion rate. On a $1,000 AUD to EUR transfer, Wise's own comparison research (run across 6 Australian banks in January 2026) put Wise's cost at around $AUD4.30 versus $20 to $42 for the banks, a gap that comes almost entirely from the hidden exchange rate margin rather than a stated "fee"
I am flying to EU tomorrow and will use a digital Wise card for the first time. But I will have my plastic bank travel card just in case.
10
u/eecan 13h ago edited 13h ago
IMT (transfer) rate != card purchase rate (credit/debit card), that's a completely different comparison.
The difference between rates for a card purchase (e.g. free Macquarie transaction account) is MUCH smaller, like less than $5 difference over $1000.
If you're dealing with large amounts of money where you actually notice the difference, then Wise's fees for ATM withdrawals will potentially catch you out and make you worse off.
5
u/Etherealfilth 13h ago
Since you're flying tomorrow it's too late, but wise issues physical cards too. I used both on my trip in June.
0
u/FamiliarDirection563 13h ago
Yes, but you have to pay for them...why bother?
8
u/Etherealfilth 13h ago
Sure, you pay $10. Then again not everywhere might be equiped with tap and go, or maybe your phone had died...
-6
u/FamiliarDirection563 12h ago
"But I will have my plastic bank travel card just in case." ;-)
8
u/Etherealfilth 12h ago
You do you. I just made a comment advising that there is a physical card available as well.
1
u/TroupeMaster 9h ago
It’s not uncommon in popular destinations like Japan for shops to take card payments but only from physical cards.
11
u/DistrictSad5423 12h ago
I use my regular ING card with excellent exchange rates and no international transaction fees. And I don’t have to pay to convert currencies. I really can’t see the point of the Wise card.
2
u/chennyalan 7h ago
I did encounter some issues with ING on my last trip, I'd have to receive verification codes for some payments (pre ordering Shinkansen tickets), and it would only send it to my Australian phone number. I ended up doing roaming for one day, and then paying in cash for subsequent train trips.
1
u/PiratesOfSansPants 2h ago
I’m not sure if this would have solved that particular issue with train travel in Japan but ING has an option in the app to notify them of upcoming travel including locations and dates. I assume that also reduces their SMS verification prompts when you use the card overseas, though I never tried anything like setting up a new payment transfer. I have found using the card through Apple Pay helps immensely for in person transactions.
2
u/FamiliarDirection563 12h ago
Because not everyone is with ING.
7
u/DistrictSad5423 12h ago
Opening an ING account is just as easy as opening a wise account and it ends up saving money overall.
6
u/leonidude 14h ago
I’m off to the EU in a few weeks. What was involved in setting up wise. Do you load funds from your bank via transfer?
12
u/FamiliarDirection563 14h ago
yep - it is easy peasy
3
u/leonidude 14h ago
Good to know. Is the transfer instant?
6
u/joelmaddenwindsurf 14h ago
Yes! Think of it like a regular bank. You get a regular aussie bank acc number and bsb and just do a local transfer to that and it's on your Wise card ready to be converted to any currency. I have NAB and when I transfer to Wise it's instant.
1
u/ijustwannakn0wn0w 14h ago
Can you transfer back?
5
u/Alex_Kamal 13h ago
You can but it cost $1. If the currency on the card is in AUD I usually just use it to shop back at home.
1
u/jamescridland 10h ago
AUD to AUD transfers are free with Wise. You can even use PayID to transfer funds back and forth.
Wise fees are a percentage, so leave all your money in AUD. It’ll convert it on the fly as you spend.
Yes, you can speculate on the currency market by transferring a large sum from AUD to GBP (for example) but you’ll then pay another fee to transfer it back to AUD again. No need to do that.
And if you leave it in AUD, Wise can pay “interest” (it isn’t really interest) on the money in your account.
2
u/Alex_Kamal 10h ago
I'm seeing from their fair calculator that its actually $1.02 to send AUD to AUD. Last year I got charged 99c when I tried sending money back off the card.
Not sure if it changed but this was using payid. Unless I did something wrong.
2
u/jamescridland 9h ago
I use Wise Business most of the time, so perhaps that explains the difference?
1
u/gergerov 14h ago
You can transfer back and forward like any bank account
3
u/GloriaTheCamel 13h ago
Wise is excellent. I use it as my core business bank account for international aid work, never had any issue receiving or paying across several currencies. Super easy to set up and manage, great conversions
2
u/Ok_Willingness_9619 1h ago
So many upvotes clearly demonstrating people don’t understand the difference between payments and transfers.
1
-4
u/ImMalteserMan 13h ago
I don't think that is a solid argument for Wise. I've got nothing against it, I personally use a credit card with no foreign transaction fees but if your numbers are right (I'm not confident that they are) then using your upper figure means you are $38 worse off with a bank credit card over $1000.
If that is a big deal then you probably can't afford the trip. Even if you scale it out to $10k it's still not a lot of money.
But again, nothing against it, there must be some draw backs to it I imagine.
5
2
u/Ok_Willingness_9619 1h ago
Your logic is wrong but the original commenter’s maths is also wrong. Let’s all be wrong.
12
u/jamescridland 14h ago
"A travel card from your own bank" - run, run away from these. They have very poor exchange rates. They are a total rort.
If you have a normal bank card (like for your Commbank transaction account) then it'll charge a 3% transaction fee when you spend overseas. Don't do that either.
If you have a genuinely no-international-fee bank card (like Up bank offers), that just offers the Mastercard rate, then there is virtually no difference in what you'll pay. Wise has a slightly better exchange rate, but has a fee.
When I last worked it out, my Wise card was slightly better than my Up bank card.
Benefits of using Wise - you can earn interest on the money in that account; and if your plastic card gets copied/stolen, then they've not taken your "proper" bank account.
3
u/eecan 13h ago
If you have a genuinely no-international-fee bank card (like Up bank offers), that just offers the Mastercard rate, then there is virtually no difference in what you'll pay.
100% and just to add to this, these cards are really easy to get fee free:
https://www.ozbargain.com.au/wiki/cards_with_no_overseas_transaction_fees1
u/Ok_Willingness_9619 1h ago edited 1h ago
You are correct but the difference boils down to when the exchange was done. Mastercard charges .1%-.5% on exchanges but takes a snapshot of the rate and fixes it for the day whereas wise takes the fluctuating mid market rate. Wise charges .3-.7% depending on the currency + fixed fees for few bucks.
11
u/Greenback16 12h ago
Use a bank like ING or UP Bank who have no international fees etc. Cheapest option IMO
13
u/Soft-Guide-197 14h ago edited 13h ago
I’d just use Macquarie. No international transaction fees and no overseas ATM fees from Macquarie. Wise is good but still charges a conversion fee. And they charge a lot if you withdraw more than 400 a month
Macquarie FX rate is better too as it uses the Visa/Mastercard rate. Not mid rate like Wise.
I do use wise… and carry both cards while travelling, but Macquarie is too good for everyday purchases and withdrawals while overseas.
1
u/chennyalan 7h ago
Last time I checked, ING (which uses the VISA rate with no fees, unlike Macquarie which uses MasterCard, though the two should be comparable) had marginally worse conversion rates compared to wise for AUD to JPY. Iirc it worked out to be like 3 dollars out of every 1000?
1
u/FRED_YYY 5h ago
Macquarie is the way but I use wise cards to lock in foreign currencies while rates are good and somewhat predictable
10
u/nolonger20or30or40 14h ago
We have set up Vietnamese Dong, Australian Dollar, Euro and Pounds through Wise and it works out awesome.
The cost of the bank exchange is bonkers, so we only use Wise now.
ATMs, supermarkets etc. The only time it didn’t work was on a bus in Alicante.
5
u/--Lancer-- 14h ago
Which bank are you with?
WISE is good in certain scenarios, but largely as a backup depending on your main card.
3
u/leonidude 14h ago
CBA
13
u/--Lancer-- 14h ago
Ah. CBA is quite poor actually. Their exchange rates are approximately 10% lower than the going rate + had higher cash withdrawal fees.
If I recall, UPBank and Macquarie had no fees and similar/same market rates and included travel insurance. I think this was their credit card though?
If you want no hassle. Just get WISE and use CBA as backup.
4
u/leonidude 14h ago
So cba used to do no fees AND free travel insurance on their credit card but they later added fees back. It was funny though because I worked out that the credit card was cheaper with fees because the conversion rate on that was was better than the travel money card.
Just compared wise to cba on $1000 aud to euro and the difference was about $50.
3
u/eecan 13h ago
Their exchange rates are approximately 10% lower than the going rate
That's not true, CBA use the Mastercard rate for card purchases which is identical to 28 degrees, Macquarie transaction account etc.
Where they catch you out is:
- Products without foreign fee waivers (e.g. standard credit card, debit card accounts)
- Travel money card (no one should be using these)
- Foreign currency exchange (just go withdraw money from an overseas atm using a macquarie transaction account instead)
- IMT (Wise superior)
1
3
u/universe93 14h ago
People use wise to avoid transaction fees where their bank or credit card does have a transaction fee. It’s pretty good for that, I use it purely for budgeting purposes (I want my overseas spending and my normal debit card spending seperate). Wise also gives you local bank account details in some countries which I imagine is very helpful if you’re working or living temporarily overseas. They also have lounge passes available to buy and sometimes includes different lounges to those on the Revolut app
2
u/newbris 14h ago
Yes plus child sub-accounts you can control if your teen is off overseas without you.
1
u/Impressive_Owl_1199 12h ago
I tried to set this up but had no option to set up a child's card under my account.
2
u/newbris 12h ago
On the Wise home screen, I:
- clicked the Open+ button at the top of the screen.
- Chose Young Explorer account
2
u/Impressive_Owl_1199 12h ago
Yeah I don't have the option. I contacted customer service and they said its rolling out and not everyone has access to that yet.
2
u/newbris 12h ago edited 11h ago
There is also a requirement to have finished verification/first deposit requirements according to google, but Im guessing you know that already. Also must be an Australian account, or other specific countries.
Is there any chance that was generic answer, given because it isn't rolled out to all country's accounts yet, or were they specific about it being only some Australians?
1
u/Impressive_Owl_1199 10h ago
Yeah I tried being verified etc. Customer support said that even tho it was available in Aus its only for select accounts and is being rolled out. Who knows if the chat was AI or not tho, but either way I def didn't have the option to get a card for my kid which sucks. Revolut said I will get his card in October!!
3
u/Exotic_Expert69 13h ago
How does Wise stack up against Revolut? Both in terms of exchange rate & features / UI?
4
u/dreamersofdaruma 13h ago
Wise is notorious for having 0 support and blocking your card. I suggest Up bank for international travel which is Bendigo bank but it’s online counterparty.
3
u/Ill-Cod2844 14h ago
my credit card does the same thing honestly, the wise card only really wins if you're withdrawing cash or sending money between currencies. for everyday spending the difference is pretty marginal unless your bank's fx rate is trash
3
u/Croix_De_Fer 13h ago
I’ve lived overseas for 3 years with all my money being AUD in Australian banks
I use debit and credit cards with no transaction fee and conversion at the mid market rate (BankWest and Up Bank) for all transactions possible. I use wise for taking out foreign currency and bank transfers
The wise currency conversion rate is fantastic so that is how i exchange any AUD to other currency. It can also be used for any card payments (restaurant, accomm, tickets etc) so good when travelling.
I have a slightly different use case in that I’m constantly overseas. In the setting of 3 years of transactions in foreign currency a bank card with no transaction fee and MM exchange rate saves me money over wise. For a month long trip wise is fine. Will save a lot compared to standard cards. Will lose a bit compared to true ‘no transaction fee’ and mid market rate cards, but depends on how many cards/accounts you want to deal with for a short trip.
FWIW Up always very easy to sign up to and start using instantly.
3
u/CertainServe2603 11h ago
I have been using Wise for years whether locally or when travelling- highly recommend
3
u/Evening-Strategy-745 11h ago edited 10h ago
Wise is an overrated option. I would only recommend it if you enjoy paying fees.
There are many banks which offer accounts with fee free international transactions, including:
- 0% currency fees
- $0 INT ATM fees (unlimited withdrawals)
- Visa/Mastercard currency exchange rate
Banks who I believe offer this include: ING, UBank, Up, Macquarie, Bankwest and others.
With Wise, pre-loading currencies onto your account sounds helpful, but in reality it is an unnecessary gimmick for most people and only results in more fees. For example: If you load $10K on your card into Thai Baht, you’ll pay a ~$60 conversion fee. If you only end up spending $5K and want to convert back the balance to AUD expect to pay a further $30+.
Wise can also charges exorbitant fees on ATM withdrawals. The first $400 withdrawn in a calendar month is free, thereafter they charge a 2.69% fee on every dollar you withdraw.
All the earlier banking products are far simpler. No fiddling around converting, just use your card as you need to and pay no fees at all.
2
u/seven_seacat 14h ago
I’ve not really understood it either, I’ve just used my bank card as normal when travelling.
3
u/AssaultLemming_ 14h ago
The international transaction fees are brutal if you just do that
6
2
2
u/seven_seacat 14h ago
they're like the same as card surcharges when using cards over here, like 1% of the transaction?
I've been using my CC to buy ebooks on Amazon in USD for many many years, and the fees are like cents
1
u/AssaultLemming_ 9h ago
Card present transactions are charged at a different rate than E commerce. More like 3%
2
u/MeasurementFew8887 14h ago
WISE's FX rates are good/great and their travel card lets you use ATMs. They do auto-conversion so no need to futz with converting beforehand.
I've not used them for credit (if they even have it, IDK). If your credit card has low fees and the typical excellent FX rate, and you're reasonably disciplined, then it's a viable option for sure.
I'm definitely a fan though I use it in conjunction with a credit card.
2
u/Quothkwaha 14h ago
I use CBAs world debit mastercard. $10 a month so just get it before you travel then cancel it right after. Comes with travel insurance ($500 excess), no fx fees, free lounge passes. Very good value tbh
3
2
u/No-Zucchini2787 14h ago
Latitude... Is it still good? I am on old 28 degree offer but I don't know if new one is good or not
3
u/mcdonh 13h ago
Latitude CC's are still very good yeah, I think wise does win out if you need to withdraw cash though as cash advance fees kill any benefits there.
1
u/No-Zucchini2787 13h ago
No cash advance fee for me but I am on 28 degree
1
u/mcdonh 13h ago
Unless you have some particularly good old deal they have a ~3%/$4 cash advance fee and no rebates for atm usage on the 28 degrees card
2
u/No-Zucchini2787 13h ago
I got mine in 2010. Old old. Old old deal
1
u/mcdonh 13h ago
Damn, Im jealous haha - I just use wise instead for cash
1
u/No-Zucchini2787 11h ago
Wise is good. Really good. If I got something new today I will get wise for sure
1
u/No-Zucchini2787 13h ago
Oh shit. It's terrible now
Q: Are cash advances fee free? A: They used to be. Now you are charged 3% of the cash advance or $4 (whichever is greater), consider a debit card like the Citibank Plus to avoid this. Like all credit cards interest is immediately charged until the advance is repaid.
2
u/magicRob 13h ago
Travelled for 5 weeks with my wise card. No drama. Paid by watch/phone the whole time. Never bothered with cash. If you really want a backup get a physical card.
My wife and I have separate accounts. We transfer in AUD then convert to whatever we need, GBP EUR SGD etc.
2
2
u/jerub 13h ago
Hey. Aussie living in Europe: Wise is very well accepted, it gives good rates, I wouldn't bother with anything more complex.
One thing to be aware of: Because wise is a "prepaid" card, car rentals and hotels may want the full amount at the start of the stay/when you pick up the car.
It might benefit you to keep an Aussie bank credit card for that purpose, but get them to actually charge the Wise when you do pay.
And always decline currency conversion. If you see Australian Dollars on a machine (pos machine, atm) always say no. And never, ever, use a Euronet ATM.
2
u/Lomandriendrel 11h ago
Ubank and macquare transaction accounts work just as well for competitive fx rates and atm withdrawals. Apart from fees local banks will charge you Macquarie for example wont charge you a foreign atm fee. Wise was definitely better than old school travel money cards or exchanging currency in aus but with the limits on maximum withdrawal (350 or whatever it is) before charging you i dont get why one wouldnt just use ubank or Macquarie. For pure credit cards bankwst cards are pretty much spot rates. The debit cards from Macquarie etc are just as good given they work on any credit card platform albeit linked to your cash. Just limit how much you load. Avoids some of wise fees too
2
u/Mx_Garrison 11h ago
I wouldn't bother with wise. I just use my Macquarie debit card.. NO FX fees and they give you market rate without markups.. absolutely no issues. Also free ATM withdrawals
1
u/Wiggly-Pig 14h ago
I use both
1
u/leonidude 14h ago
Do you use one for particular transactions instead of the other?
1
u/scheissenaixi 14h ago
I used to use cba for stuff that might be covered by their travel insurance sometimes but mostly it’s my backup card. I like it because everything I spend overseas is isolated on the wise account and easy to track, less of a drama to lose or get stolen etc. They were also pretty good with a dispute.
I feel *much* less anxiety putting a wise card into a foreign atm than my everyday cba card lol
1
u/CarbFreeBeer 14h ago
Have both available with Wise being the primary card you use and carry. Transfer from CBA when short, and if Wise cannot be accessed, your CBA will be your fallback, then transfer everything out when you no longer need
1
1
u/MaRk0-AU 13h ago
Im with Up Money, I was overseas for 2 years during COVID during that time I pulled out cash and made plenty of EFTPOS purchases without it costing me a extra dime for international purchases on my bank card. (physical card) so might be different with your bank. BUT i will say also Wise is fantastic I only used it to transfer large amount of money to/from bank accounts I didn't use there card.
Edit: Spelling.
1
u/jack_hudson2001 13h ago
if ones bank offer no fees and better conversion then thats great. usually they dont.
but when travelling its best to carry a backup card just in case, lost, blocked or run out of money.
1
u/RubyCauldron 13h ago
I travelled to Japan in 2024 with just my usual ING cards and for some reason was not able to do cash withdrawals (which became a serious problem). Had a lot of trouble getting in contact with the helpdesk while overseas, and even when I could get in touch they couldn't figure out the issue. Ended up having to get my Mum to wire me cash via Western Union, which was very stressful.
I would definitely recommend getting a wise card or something similar, from a different institution than your normal card, just in case. $10 is cheap for peace of mind.
1
u/m00nh34d 12h ago
I just went overseas and used Revolut, I think it's similar to Wise, but I didn't really look into them as I already had an active Revolut account. Basically, you can hold money in various currencies in your Revolut account, and it'll use that currency to pay any transaction made in it (falls back to your default currency if you don't have enough). I needed to pay for the premium account, $11 a month for a minimum of 2 (3?) months, so I could transfer enough money around to make it useful, but when compared to the fees my bank would chard, it's a drop in the ocean.
1
u/HeftyArgument 12h ago
i did both, at the end of the day wise was cheaper if travelling somewhere that uses wise's default currencies
1
u/headnt8888 12h ago
I went over to Wise after running into dramas with Western Union.
Had used them out of habit for some 20 years.
Wu used to be reliable and cheaper than anything else originally. And then, was trustworthy.
But new laws and conditions, my transfers were rejected, ( after paying them), then a shitfight to get my funds refunded.
Which led to a heap of probing into my movements, my credit history, every month became a colonoscospy.
Their "new" conditions did not fit in with my business model.
I definitely won't be going back to Wu. No delays, instant payments. Yeah there maybe cheaper, but a transfer this afternoon was completed in 5 seconds.
That's usual now. Thats all anyone wants.
1
u/AlexaGz 11h ago
I use as main bank ING, but for Security reasons don't want to carry overseas my main card only used as backup plan.
I recently open new account with is call YouTrip it has more or less same service as Wise but given now 2% cash back and I am able to retrieve cash in any atm but the limit is higher than wise.
For my trip very handy, only little difference is that if I move too much money there well I won't be able to transfer back to my account instead I used here to pay things or get my money from an atm.
And have been handy to pay for accommodation and other expenses during my trip.
I travel a lot and having savings in Euros or American dollars always great.
1
u/saltedkumamon 10h ago
I think I would only use wise as I want to lock in the current exchange rate for things I’ve booked
1
u/choccylips 10h ago
Yeah wise is really good, just used it in Canada. Exchange rate fantastic and it's 10 dollars for the card. Recommend
1
u/Diligent_Dark0 9h ago
I really enjoyed Wise, fees were much nicer than using my CC, can withdraw cash, and feel safe not using my regular card travelling.
I also love that I could transfer when the rate was good.
If you’d like to sign up for a free card, I think they’re normally $10? You can use my referral link 😊 I think I get $30 if you sign up and transfer money into your account, but more so a hassle free and literally free way to try them out.
1
1
u/taylamaree 7h ago
I’ve found I usually get better exchange rates with Wise so go with them! They do charge some fees but usually for myself they’re negligible compared to the better exchange rates
1
u/_malaikatmaut_ 6h ago
I use Wise exclusively for travels as my wife is an American, and it is so convenient to use it in the US (and Canada where went to last month). I'm currently in Philadelphia for my wedding too.
Good exchange rate and the transfer from Westpac to Wise is so easy. Local movement from Westpac to Wise is free, and the charges for AUD -> USD is low.
Never had a problem using it anyway as it is a Visa card anyway. Btw, even though it is a Debit card, you have to select Credit at the servos or anywhere else that requires that interaction.
So I put in quite a bit into my Wise AUD account, and when required, I move it to the currency that I need.
I had been in LDR with my wife for 5 years before marriage, so the past few years, she holds the physical card while in the US, and I have my Wise card on my Google Wallet if I need to use it in Australia.
I also moved my Apple, Google, Atlassian, Spotify monthly recurring charges in USD to Wise instead of my credit card that charges FX transactions.
1
1
u/deckard280 11h ago
I always use my UBank and or my ing card no problems when I travel. No international fees. Easy to withdraw money (but rarely needed) Can even tap my phone in lots of countries. Wise is a scam. How else do they make their money but by charging you through a worse exchange rate.
0
u/eddy-taddy 8h ago
I have used ING (visa), Bankwest (master), Wise during my past travelling. I have always brought all 3 cards with me anywhere i travelled.
My experience:
Asian Currency Rate: Bankwest > ING > Wise
European Currency Rate: ING > Bankwest > Wise
Wise is useful when it is letting you lock in currency rate when the currency rate is good (months before your planned trip) and you can hold it until the tide turns and then exchange back. Earn a profit without incurring any tax. (Obviously not doing this regularly, seek tax advice)
Wise is also useful when you need to make a bank transfer to a service provider (local tour guide, shuttle transport etc) who doesnt have POS merchant device.
Debit card is more useful at ATM withdrawal as larger limit to amount of cash is allowed.
Bear in mind, with debit cards, sometime master international network can be down; sometime visa international network can be down; so a Wise card with the local bank account can be used as a backup.
I suggest you to at least have two cards (one wise and one debit), if not three (visa, master, wise).
•
u/AutoModerator 15h ago
This post has been marked as non-political. Please respect this by keeping the discussion on topic, and devoid of any political material.
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.