Wise Debit Card: All You Need To Know
In our community, we’re all familiar with overseas transactions, currency conversion fees, ATM withdrawal fees, and other penalties. This is a huge drawback of spending money abroad for digital nomads and frequent travelers like us. Fortunately, we now have the Wise card that allows us to make purchases in any country, with low conversion fees, and without card transaction fees.
Let’s explore more about Wise Card, including how to use it, how it works, and much more.
Wise Debit Card Review
Wise’s new Borderless Card, formerly Transferwise, has come to replace Wise’s old Borderless Card. This card is international, prepaid, and it may be used by anyone who has a Wise account.
Wise Card assists you while making withdrawals, payments at restaurants, and even online payments. With Wise Card, you can pay in more than 50 different currencies, which helps you save a lot of money. By using a Wise Card, you'll be able to avoid those lefty fees of banks.
If you have a multi-currency account, whether personal or business and live in one of the following countries, you can apply for a Wise card:
Australia, Germany, Austria, Belgium, Brazil, Bulgaria, Canada, Croatia, Cyprus, Denmark, Slovakia, Slovenia, Spain, Estonia, Finland, France (metropolitan only), Gibraltar (British overseas territories), and the British Crown Dependencies (Guernsey, Isle of Man and Jersey), Hungary, Iceland, Italy, Ireland, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malaysia, Malta, Norway, Netherlands, New Zealand, Poland, Portugal, Czech Republic, Romania, Singapore, Sweden, Switzerland, United Kingdom, United States.
Wise Card Features
The Wise card is very similar to a regular debit card. The only feature that distinguishes them is that Wise allows you to use the available balance in many currencies. You will be charged a nominal fee based on the current commercial exchange rate, with no additional charges.
Account Set Up
Getting a European IBAN
Holding 50+ currency balances
Ordering a Wise debit card
Getting a replacement card
Spending in currencies in your account
First two ATM withdrawals up to £200 / month
ATM withdrawals over £200 / month
Typically between 0.35% and 1%
Apple Pay and Google Pay
Note: Wise frequently makes changes, so the information we’ve put on the table may become outdated. We suggest that you check the official website for the most up-to-date information.
Using a Wise Card To Pay
The Wise debit card can be used to pay for goods and services wherever debit card payments are accepted. You can also use it to make online purchases. Wise Card also supports 3D Secure payments.
You can change your card spending limitations on Wise’s website or app.
Virtual cards are also available from Wise. To obtain a virtual card, first, create an account and then place an order for a physical card. You can now handle up to three virtual cards at the same time. If necessary, you can replace or delete card details right away.
Spending monies that are already in your Wise multi-currency account is free. For busy travelers, this can be a huge benefit. If you don’t have enough funds to cover a transaction in a particular domestic currency, funds will be automatically charged from the currency in your account balance with the lowest conversion cost.
As a result, Wise is a simple and enticing solution for consumers who don’t want to waste money on exchange rates. Allowing Wise to handle currency conversions and withdrawals in the local currency will help you avoid paying hidden (and sometimes expensive) exchange costs when traveling to foreign countries.
How To Order the Wise Card
It’s very simple to apply for a Wise card! Let’s go through the steps.
Sign up for a Wise account
Sign up for and fund your account with your first currency. After that, you’ll be able to add more currencies. The debit card will be linked to your account and all of the currencies on it. You should be able to use the card as long as you have sufficient funds in any currency in your account.
Place an order for your Wise card
To order your card, go to the website’s Debit card tab or the app’s Account tab and look for the option to order the card. Personal information such as your name and address will be checked. Wise will send you the new card once everything looks good.
Activate your card
After receiving your card, you must activate it. If you have a Mastercard, enter the 6-digit code to activate it. You’ll find it on the face of your card, behind your name. If you have a Visa, you can activate it by using your PIN to make your first transaction in a physical store or at an ATM.
Ready to spend
You’re finished! You’ll be able to spend your money almost anywhere around the world.
Costs and Spending Fees
Wise charges transparent fees for spending in currencies you don’t have on your account and when withdrawing cash.
Wise Debit Card Fee
The fee for Wise Debit Card is $7 / £5 / €6.
Spending With Your Wise Card
- If you have the currency in your account, it’s free.
- If you don’t have the currency in your account, you’ll pay a conversion fee, which usually ranges from 0.24 to 3.69 percent.
- If you make a purchase online, the seller may try to levy a conversion fee. Even if you have the other currency in your account, this could happen. To avoid this, request that the seller charge you in the currency of your choice.
Cash Withdrawal From ATM
You’re entitled to two free withdrawals per month, up to a total of £200 (or the equivalent currency).
Wise Debit Card VS Traditional Bank Debit Card
One of the main differences between the Wise debit card and standard bank debit cards is that Wise allows you to use many currencies at the same time.
Many banks only provide currency cards in the currency of the country where they are located. They may also charge high fees for internet transactions or when you spend money in another country. Banks frequently include a significant margin in addition to exchange rates.
As long as you spend money in a currency that you already have in your online account, you won’t have to worry about fees from Wise. If you don’t have enough of the required currency, mid-market/real conversion rates are always used, along with a small fee. ATMs also enable free withdrawals up to a specific amount.
However, note that a traditional bank debit card is linked to a physical bank which might bring other benefits.
You might want to check our International Prepaid Debit Cards article for other alternatives.
There you have it. We’ve outlined how Wise Debit Card works and you can benefit from it. As we’ve previously mentioned, Wise is very popular among our community members. If you’re going to travel and want to make your transactions in a cheap and safe way, you can go for a Wise Card. It allows you to shop in multiple currencies and save on currency exchange fees.
If you already have a Wise Card, let us know of your experience in our forum. If you’re interested to find out more, make sure you check out our Wise Review as well.