TransferWise launches Platinum Debit Mastercard in Australia
The TransferWise debit card can hold over 40 currencies and is up to 11 times cheaper than a regular debit or travel card when moving money globally.
Digital money transfer company TransferWise has today launched its new debit card in Australia and New Zealand, offering Aussies who often move money globally a significantly cheaper way to do so. The bright green debit card is attached to the existing TransferWise Borderless Account and allows users to hold over 40 currencies and spend in over 150 countries.
Australians can use this debit card like any other debit card in Australia to make purchases in stores and online, and withdraw from ATMs. However, when compared to other multi-currency accounts or travel debit cards, the new TransferWise debit card offers a few key points of difference.
Firstly, TransferWise allows customers to convert money using the real exchange rate, the one that's displayed in Google, with no margins or markups added on top. Banks and money transfer companies charge their own markup on top of the real exchange rate when converting money for customers, which is costing Australians millions of dollars a year.
Instead of adding a margin on top of the real exchange rate, TransferWise charges one low transaction fee each time you convert money from one currency into another. The fee varies depending on the transaction value and the currencies, but it's always low. Independent research commissioned by TransferWise found that using its debit Mastercard to move money globally was up to 11 times cheaper than the big banks.
The second key difference is that the TransferWise Borderless Account not only allows users to hold over 40 currencies, but it gives customers local bank details in New Zealand, the UK, the US and Europe. Having local bank account details for these countries means customers can send and receive money in these currencies like a local. For example, if you live in Australia but get paid for some freelance work in the UK. Or if you've moved to Australia, but still have ongoing bills to pay in the US (e.g. school fees).
Lastly, the TransferWise Debit Mastercard allows customers to withdraw up to AUD$350 from ATMs anywhere in the world with no ATM withdrawal fees. The ING Orange Everyday debit card is a popular travel debit card as it also waives overseas ATM fees, but customers must deposit at least $1,000 a month to unlock this perk.
As well as the personal debit card, TransferWise has today also launched a debit card for business. The business debit card has all the same features and benefits but has a slightly different card design. Both cards are available now, with no sign-up fees.