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.

 

[Pushka]

It’s like the share market. No one rings a bell at the top or the bottom!

Exactly what I was thinking of when I posted. Used to trade often in the SMSF but those days are gone.

 

[elanshin]

Exactly what I was thinking of when I posted. Used to trade often in the SMSF but those days are gone.

I think the easiest way to think about it is if you're happy with the rate, then exchange (or set an auto exchange). Whether it goes up more or not, you already hit your target goal.

 

[albatross710]

Clarification on the Jar. The WISE jars are a separate balance which can hold funds but those funds at that time are not available for purchases.

For example
AUD Balance $5
USD balance $5
JPY balance 10,000
JPY Jar balance 30,000

Any of the cards would work for purchases up to ~11,200 (with Wise automatically drawing on the AUD & USD but cannot access the 30,000. It annoys me if a purchase draws onto other funds as I end up having converted twice (ie the actual funds were converted to USD for a purpose but then be used on JPY purchase. )

The reason I like a local currency Jar. It makes it quicker to transfer funds when I need them without having to go through the conversion process on the fly.

@oz_mark Thanks also for the Payid email tip. I'll set that up today as long as I can keep that email unique.

@neils2004 Yes, that's exactly how I use Wise for foreign purchases online and in-person for biz and personal. I do not use Wise for AUD or local use. I also minimise the total funds I hold in Wise at any.

@Pushka We also use ING and have separate accounts for when we travel. MrsAlbatross carries the ING card & ING credit card. I carry Wise and ME Bank card. We leave our day-to-day Australia "living" cards at home. In the event one of us loses our stuff then locking the cards does not lock the other person. I had an issue a few years ago where I left my Au use debit card on a Cx flight. I easily got the card replaced but then all the linked subscriptions failed as did Mrs Albatross account access for the time I was away. I think banks are more sophisticated now but I don't leave it to them.

 

[mel-world]

Some really good advice above. I did not know you could set up a separate Jar in numerous currencies to quarantine funds in case of card loss or misuse. I'll have to investigate how to do that before we head to Japan in September. Thanks.

 

[oz_mark]

@oz_mark Thanks also for the Payid email tip. I'll set that up today as long as I can keep that email unique.

It's not a real email (well, I don't think it is). Just Wise give you something that looks like an email, so something like
[email protected]

 

[CMA222]

@oz_mark Thanks also for the Payid email tip. I'll set that up today as long as I can keep that email unique.

I think the email that is being referred to is the PayID that Wise has registered in the PayID system for payment via PayID. It is not used for emails. When you choose to pay for currency by PayID they provide (on screen) their payment address (the PayID) which is an email address associated with your account. It is used in the PayID system of the paying bank to identify and confirm the payee and is a substitute for an account number, which remains confidential. Be aware that most banks delay the first payment to Wise through PayID for up to 48 hours as a security precaution. Once the first payment is processed, thereafter it is almost instantaneously received by Wise.

It is interesting that Wise has provision for "PayID fee" which always shows as 0.00. It looks like Wise have allowed for banks potentially imposing a fee once the system is widely used and the banks seek to reap the benefit by imposing yet another fee.

 

[VPS]

Some really good advice above. I did not know you could set up a separate Jar in numerous currencies to quarantine funds in case of card loss or misuse. I'll have to investigate how to do that before we head to Japan in September. Thanks.

Separate jars won’t prevent fraud. If your preferred jar doesn't have enough funds, it will take it out of the next currency, that has the most money in it. The best way to stop fraud is to go into settings and restrict the amount of money you can spend per day either tap and go or from an ATM.

 

[Viridis]

Note:
- Since Wise changed its banking setup to the new BSB last year, Osko payments into Wise from other financial institutions are no longer possible. This change requires me to keep more AUD in Wise than I would prefer.

I send money to Wise from CBA and HSBC using the BSB & Account number that is attached to my Wise account and it is usually credited instantaneously; occasionally there is a couple of minutes delay but never longer than that

 

[oz_mark]

I send money to Wise from CBA and HSBC using the BSB & Account number that is attached to my Wise account and it is usually credited instantaneously; occasionally there is a couple of minutes delay but never longer than that

My experience is that the new WIse BSB takes time. The old Cuscal BSB was fast.

 

[burmans]

PayID is the way to go, almost immediate

 

[Viridis]

A friend is going abroad and is new to Wise. I haven’t had cash in my wallet for years and don’t draw cash out when overseas … as a rule

She was wondering whether one selects Cheque, Savings or Credit when prompted at an ATM when withdrawing cash

I thought Wise used to provide advice on this but I can’t find it in the ‘Help’ pages (but it may have been just in relation to purchases)

 

[burmans]

Pretty sure it’s savings!

 

[mel-world]

If I don't know, I always select Savings on whichever card I'm using and most times it works.

 

[Pushka]

If I don't know, I always select Savings on whichever card I'm using and most times it works.

Well it's not a cheque nor credit card so......

 

[Viridis]

Well it's not a cheque nor credit card so......

Well, credit is what they want you to select when you buy a product and tap-to-pay. And it’s still not a credit card

 

[SYD]

Well it's not a cheque nor credit card so......

Some country ATMs default to Cheque! I still have NAB card link to an additional account with “Cheque” facility. There was a time I couldn’t get cash out in the UK… That seems to have changed and my ING and UBank cards work fine (NAB removed free OS ATM access a few years ago, so that other card is redundant now…).

 

[CMA222]

A friend is going abroad and is new to Wise. I haven’t had cash in my wallet for years and don’t draw cash out when overseas … as a rule

She was wondering whether one selects Cheque, Savings or Credit when prompted at an ATM when withdrawing cash

I thought Wise used to provide advice on this but I can’t find it in the ‘Help’ pages (but it may have been just in relation to purchases)

I carry around a piece of paper in my travel wallet where I wrote, when I first received my Wise card 6 or 7 years ago - "use credit for ATM withdrawals with M/C, Visa and Cirrus". I cannot find it on the website now but that was the instruction at the time. Once you have actually logged into your Wise account, under "Card" the fees and daily limits are explained related to the country of issue of the Wise card. For clarity log into your account and do an on-line query (Help) and they usually respond with 24 hours. Help is in the pull down menu under your account name - where you log out.

 

[Pushka]

I carry around a piece of paper in my travel wallet where I wrote, when I first received my Wise card 6 or 7 years ago - "use credit for ATM withdrawals with M/C, Visa and Cirrus". I cannot find it on the website now but that was the instruction at the time. Once you have actually logged into your Wise account, under "Card" the fees and daily limits are explained related to the country of issue of the Wise card. For clarity log into your account and do an on-line query (Help) and they usually respond with 24 hours. Help is in the pull down menu under your account name - where you log out.

if you have a credit card associated with a card as well as a savings account (like I have with ANZ) then that means drawing cash out of the credit account for me and not the savings.

 

[CMA222]

if you have a credit card associated with a card as well as a savings account (like I have with ANZ) then that means drawing cash out of the credit account for me and not the savings.

Yes, but my response is about the Wise debit card. Bank issued cards use the credit / savings to access the credit /savings account. The Wise card only has the debit option using your own funds. I understood that using the credit or savings options on a bank issued card also resulted in different interbank fees for the bank, depending on the option selected.

 

[Pushka]

Yes, but my response is about the Wise debit card. Bank issued cards use the credit / savings to access the credit /savings account. The Wise card only has the debit option using your own funds. I understood that using the credit or savings options on a bank issued card also resulted in different interbank fees for the bank, depending on the option selected.

Yes. True that. But was thinking this isn't a general rule.

I did apply for the ING credit card that goes with the ING card but was refused. Only part time employed. Plenty of assets but they don't count.