Wise debit card

[neils2004]

Hi,
Has anyone had experience using a Wise debit card internationally ?
Thinking of obtaining one for use in Europe and the UK.

 

[HappyFlyerFamily]

I had an interesting experience with cash withdrawals in Taipei recently with Wise.

Unfortunately, I made 2 cash withdrawals on 1 day (didn't withdraw quite enough the first time - it can happen, and I was departing TPE the same day, so wanted to minimise excess cash).

On the second withdrawal I was charged a couple of dollars more in fees than with the first. I'm not sure if this is a published feature, but in iny case it wasn't a major problem, just a bit of a surprise.

I'm guessing the table half way down the page on this link explains:

https://wise.com/au/pricing/card-fees?sourceAmount=1000&sourceCurrency=AUD&targetCurrency=PHP&track=false

"Make 2 withdrawals of up to and including 350 AUD each month for free per account. After that, we’ll charge 1.5 AUD per withdrawal. There’s a 1.75% fee on any amount you withdraw above 350 AUD."

So if you were charged say $2, you probably withdrew about $465 total over those two ATM withdrawals.

 

[SYD]

I'm guessing the table half way down the page on this link explains:

https://wise.com/au/pricing/card-fees?sourceAmount=1000&sourceCurrency=AUD&targetCurrency=PHP&track=false

"Make 2 withdrawals of up to and including 350 AUD each month for free per account. After that, we’ll charge 1.5 AUD per withdrawal. There’s a 1.75% fee on any amount you withdraw above 350 AUD."

So if you were charged say $2, you probably withdrew about $465 total over those two ATM withdrawals.

Which is why Wise isn’t good for cash (ATM withdrawals).

a) Wise will neatly list your spend in the currency you transacting. I find that convenient to walk out of a shop and see 390THB transacted rather than checking that against a displayed AUD conversion

I get that when I tap my phone using whichever card is in play.

b) Virtual cards are also useful for registering to all those overseas signups we do when traveling. Los Angeles Buses, Shinkansen tickets, Grab taxis. As soon as you delete that virtual card they are blocked.

Yes, that’s a very good reason but similarly, those official sites are generally low risk.

c) I have some business income received in USD. I can convert that in the company Wise account and then pay myself in JPY for example. Saves fees bringing it into AUD to then spend more fees converting it for my LPY travels. Maybe that only appears to owner operators.

This is generally the main benefit of Wise and other similar products - foreign transfers (in and out). But not too many peeps generally do that regularly.

d) I have USD subscriptions. Having the USD Wise account means they are always the same amount each month. If they were coming straight through to an AUD account they vary each month. I can easily automate the USD20 transactions whereas $29.63 one month, $28.73 next month etc needs my intervention.

So?

You either won or lost converting AUD to USD v those payments coming through at the spot rate.

If you’re holding a significant chunk of cash in USD (or any currency for that matter), you’re losing out by 5% per month in interest that Wise is making in your behalf.

 

[VPS]

a) Wise will neatly list your spend in the currency you transacting. I find that convenient to walk out of a shop and see 390THB transacted rather than checking that against a displayed AUD conversion

b) Virtual cards are also useful for registering to all those overseas signups we do when traveling. Los Angeles Buses, Shinkansen tickets, Grab taxis. As soon as you delete that virtual card they are blocked.

c) I have some business income received in USD. I can convert that in the company Wise account and then pay myself in JPY for example. Saves fees bringing it into AUD to then spend more fees converting it for my LPY travels. Maybe that only appears to owner operators.

d) I have USD subscriptions. Having the USD Wise account means they are always the same amount each month. If they were coming straight through to an AUD account they vary each month. I can easily automate the USD20 transactions whereas $29.63 one month, $28.73 next month etc needs my intervention.

All of those reasons

 

[albatross710]

d) I have USD subscriptions. Having the USD Wise account means they are always the same amount each month. If they were coming straight through to an AUD account they vary each month. I can easily automate the USD20 transactions whereas $29.63 one month, $28.73 next month etc needs my intervention.

This one refer to using subscriptions then entering or claiming those business expenses. Let's say

ChatGPT USD $20 on the 5th per month
JetBrains USD$25 on the 8th
Google storage USD$1.50 on the 12th

I can have these on a Wise USD account and they appear as this amount. In our accounting software we have a separate GL account for USD Wise. These subscriptions are set (and forget) in our software to be created on those dates for the same USD amount every month. If we were using an AUD account then the amounts change every month and need manual entry & review. It's not about any exchange rate gain/loss. Hope that helps.

 

[SYD]

This one refer to using subscriptions then entering or claiming those business expenses. Let's say

ChatGPT USD $20 on the 5th per month
JetBrains USD$25 on the 8th
Google storage USD$1.50 on the 12th

I can have these on a Wise USD account and they appear as this amount. In our accounting software we have a separate GL account for USD Wise. These subscriptions are set (and forget) in our software to be created on those dates for the same USD amount every month. If we were using an AUD account then the amounts change every month and need manual entry & review. It's not about any exchange rate gain/loss. Hope that helps.

Ok, that makes sense for business accounting and you just have the occasional AUD to USD (or receipting USD payments that fund those out goings). Another good “power user” example.

The average Joe just paying for personal stuff may do similar, but the forex variation is going to catch at some point as they top up USD or go to convert USD back to AUD.

 

[clifford]

I'm guessing the table half way down the page on this link explains:

https://wise.com/au/pricing/card-fees?sourceAmount=1000&sourceCurrency=AUD&targetCurrency=PHP&track=false

"Make 2 withdrawals of up to and including 350 AUD each month for free per account. After that, we’ll charge 1.5 AUD per withdrawal. There’s a 1.75% fee on any amount you withdraw above 350 AUD."

So if you were charged say $2, you probably withdrew about $465 total over those two ATM withdrawals.

I actually made 2 withdrawals of less than $50, because I had miscalculated how much I would spend before getting to TPE airport (it can happen). They are the only cash withdrawals I have ever made with my Wise card, so maybe you're theory might not be applicable. Perhaps they may be the last...

 

[SYD]

I actually made 2 withdrawals of less than $50, because I had miscalculated how much I would spend before getting to TPE airport (it can happen). They are the only cash withdrawals I have ever made with my Wise card, so maybe you're theory might not be applicable. Perhaps they may be the last...

Local ATM fee?