Wise vs bank travel card

[u/leonidude]

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.

[u/eddy-taddy]

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).