TransferWise debit Mastercard coming soon

[ontheaisle]

Looks like the TransferWise debit Mastercard will be available in Australia shortly. I signed up to be notified when it was available and got an email today inviting me to test it out before its released to the general public.

 

[ontheaisle]

Looks like you need to have money in your TransferWise account to have the card sent out (although you can pre-order with nil balance):

"Your TransferWise Platinum debit Mastercard® is free, but you'll need to add a minimum amount to your balance before we send it out. This helps us confirm your identity, and could save you having to upload a proof of address later."

The amount seems to be AUD30/NZD30 or equivalent.

 

[VPS]

Looking forward to this. I've put some money in my Borderless account ready for this

 

[oz_mark]

My card is apparently in the mail. Or at least they told me a week ago they were about to pop it in the mail.

Of course, now when does Aust Post get it to me?

 

[Buzzard]

Maybe I'm missing something but I don't see what's so good about this card.

 

[blacksultan]

Maybe I'm missing something but I don't see what's so good about this card.

PLus one. Someone pls clarify

 

[ontheaisle]

For me, it's about the ability to send/receive funds overseas as a local transfer and hold in that currency at a reasonable exchange rate.

For example, if my cousin in the UK wants to send me money for something, she can send it to my TransferWise account using a UK sort code and account number rather than having to pay for an international transfer and losing money in the exchange to AUD. I can then hold the GBP to use at a later date or convert into a different currency, e.g. EUR or USD. Now with the debit card, I can access the funds through ATM/EFTPOS rather than via online transfers.

I also have Citibank multicurrency accounts attached to my Plus transaction account, for travel, so I am keen to see how they compare.

 

[Mattg]

TransferWise has a good reputation and typically competitive products, so I'm excited for this to be released.

 

[oz_mark]

Maybe I'm missing something but I don't see what's so good about this card.

The card itself? Not much.
The account that is connected to is what.is interesting if you need to move currencies around.

 

[theblank]

Maybe I'm missing something but I don't see what's so good about this card.

The website is helpful. You can have a USD bank account with a debit card (and other currencies)

This means If someone pays you in USD, then you can spend it in USD with your debit card, without any conversions.
Try that with your Australian bank account debit cards or try opening a bank account in USA

(yes, Citi and HSBC do offer a product that can do this)

 

[Isochronous]

I have been using TW to deposit into Monese to hold GBP/EUR and vice versa: Monese - free £15 / €15 / 1,500 Avios; great EU/UK travel money option

Will be interesting to see how the TW card product works in comparison.

 

[Buzzard]

All very interesting.

 

[futaris]

I recently verified an account.

My app says:

Sorry, the TransferWise debit card isn't available in Australia yet. We'll let you know when you can get one.

Where can we register for the invite (to test it out?)

 

[SeatBackForward]

Cool, I use Transferwise for my business receipts and payments. Having local accounts for customers in other countries makes life much easier for them!

 

[ontheaisle]

Where can we register for the invite (to test it out?)

Maybe try signing up to the waitlist. You might then get the email invite with your personal link.

 

[futaris]

Great. I've ordered a card now.

Not sure whether I needed to be on the waitlist first.

 

[VPS]

Great. I've ordered a card now.

Not sure whether I needed to be on the waitlist first.

Are you in Australia? I'm still not able to get the card

 

[VPS]

Ah just went to check my Transferwise account and let me order a card and said I should receive it in August

Great news for the next trip

 

[DeKa]

I received my card today.
I tried adding it to a few online services from the US which don’t accept most Australian credit cards. As long as I live in Beverly Hills, it worked

I’m looking forward to spending local currency.

 

[DeKa]

So far so good. I occasionally receive funds in USD so my plan is now to receive USD via my TW account and leave enough for 3 months expenditure I’ll spend on the TW Debit card sitting in the USD bucket of the borderless bank account to save the back and forth of FX.