If you’re a frequent traveler or someone who makes international transactions regularly, the Wise Travel Card might be exactly what you need. This prepaid debit card is linked to the multi-currency account offered by Wise, a leading financial technology company known for its transparent pricing and low fees.
The Wise card allows users to make purchases and withdraw cash in over 40 currencies across more than 150 countries. In this article, we will explore the features, benefits, and how to apply for a Wise Travel Card.
What is the Wise Travel Card?
The Wise Travel Card is a debit card that works seamlessly with your Wise multi-currency account. Wise, previously known as TransferWise, has revolutionized the way people send and receive money across borders by offering competitive exchange rates and low fees. With the Wise Travel Card, you can access your funds directly from your Wise account and use it just like any regular debit card while traveling abroad.
The card is linked to your multi-currency wallet, which supports over 40 currencies, making it easy to hold and convert funds into different currencies at the real exchange rate — without the hidden markups that traditional banks charge. Whether you’re booking flights, dining out, or withdrawing cash from an ATM, the Wise Travel Card provides a hassle-free and cost-effective solution for managing your money while abroad.
Key Features of the Wise Travel Card
Free and Digital Account
One of the standout features of the Wise Travel Card is that the account itself is completely free to open and maintain. There’s no monthly fee or maintenance charge, and the entire account management process is done digitally via the Wise app or website. You can access and manage your funds anywhere in the world, as long as you have an internet connection.
Competitive Exchange Rates and Low Fees
Wise is known for offering the real exchange rate, also known as the mid-market rate, with no markup. This means that when you make a payment or withdrawal in a foreign currency, you’ll get a fairer deal compared to traditional banks or other money transfer services. In addition to this, the IOF (Tax on Financial Transactions) is only 1.1%, making it one of the most cost-effective options for international transactions.
The service fee for using the Wise card starts at just 0.33%, depending on the transaction type. These transparent and competitive fees ensure that you don’t face unexpected charges while using the card abroad.
Wide Global Coverage
The Wise Travel Card is accepted in over 150 countries and supports more than 40 currencies, including popular currencies such as USD, EUR, GBP, AUD, and many others. This global reach ensures that you can use your card virtually anywhere you go, whether you’re shopping online or making purchases in physical stores.
Free International Withdrawals
The Wise Travel Card offers two free international ATM withdrawals per month, making it easy and affordable to access cash while traveling. After this, a small fee applies for additional withdrawals, but the cost is still relatively low compared to other travel cards. This feature is a major advantage for those who frequently travel and need cash for expenses.
Easy and Secure Transfers
Wise is well-known for its fast and secure money transfer system. You can use your Wise account to send funds to other Wise users instantly, or to bank accounts across the globe at competitive rates. This makes the Wise Travel Card a practical tool for not just spending, but also for managing and transferring money across borders.
Pros and Cons of the Wise Travel Card
Pros
- 100% Free and Digital Account: No monthly maintenance fees, and full digital access via the Wise app.
- Real Exchange Rate and Low Fees: No hidden charges, with a small service fee starting at 0.33% and the commercial exchange rate applied.
- Supports Over 40 Currencies: You can hold and use multiple currencies in your account, ideal for international travelers.
- Free ATM Withdrawals: Two free international withdrawals per month.
- Fast and Secure Transfers: The Wise platform is known for its speed and transparency in handling international transfers.
Cons
- No Rewards or Cashback: Unlike some other travel cards, the Wise Travel Card doesn’t offer rewards points or cashback programs.
- Fees After 2 Free Withdrawals: While the card offers two free international ATM withdrawals per month, a fee applies for additional withdrawals.
- No Credit Option: This is a debit card, so you must pre-load your account with funds before making purchases.
How to Apply for the Wise Travel Card
Getting your own Wise Travel Card is a straightforward process. If you don’t already have a Wise account, you’ll need to sign up and create one before requesting the card. Here’s a simple guide on how to apply:
- Create a Wise Account: Visit the Wise website or download the app. You’ll need to provide some basic personal information, including your name, email address, phone number, and residential address.
- Verify Your Identity: As part of the account setup, you will be required to verify your identity by submitting a photo of your ID and possibly a selfie for security purposes.
- Request the Card: Once your account is verified, log in and go to the “Cards” section of the app or website. Click on “Request Your Card” to begin the process.
- Choose Your Card Type: You can select between a physical debit card (that will be mailed to you) or a digital card (which you can use immediately for online purchases).
- Set Up Delivery and Security: Provide a delivery address for the physical card, and create a secure PIN for the card.
- Activate Your Card: After receiving your physical card, activate it via the app to start using it for purchases and withdrawals.
Conclusion
The Wise Travel Card is an excellent option for travelers who want to avoid high fees and unfavorable exchange rates. With its transparent pricing structure, global acceptance, and the ability to hold and spend in multiple currencies, it’s a convenient and cost-effective solution for managing your money abroad. While it doesn’t offer rewards or cashback like some other cards, the Wise Travel Card’s low fees and competitive exchange rates more than make up for it, especially for those who travel frequently or send money internationally.
If you’re looking for an easy-to-use, secure, and affordable travel card, the Wise Travel Card is definitely worth considering.
