Wise (TransferWise) Borderless Account & Debit Mastercard Review | Finder

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Our verdict

The Wise Platinum Debit Mastercard holds 40+ currencies, and you get five sets of international bank details.

Independent research commissioned by Wise reveals using this card to exchange currencies, and to send or receive foreign currencies, is up to 10 times cheaper than the big banks.

Pros

You can hold 40+ currencies
Linked TransferWise Platinum Debit Mastercard
Receive 5 sets of international bank details
Get the real exchange rate with no commissions charged
No account fees, setup fees or fees to receive money

Cons

Samsung Pay not available yet

The Wise multi-currency account comes with a linked Platinum Debit Mastercard that you can use in Australia or overseas. The account holds over 40 foreign currencies, and gives you local bank account details for NZ, the UK, the US and Europe so you can send and receive money like a local. It’s the equivalent of having a local account in the countries that use those currencies. Plus, you can exchange currencies using the real exchange rate, with no markups.

Details

Key details

Product Name	Wise multi-currency Account
Monthly account fee	$0
Card access	Mastercard
Own network ATM fee	$0
International transaction fee	0%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Apple Pay, Google Pay

Eligibility

Minimum Age	18
Joint account availability	No
Minimum opening deposit	N/A

Key features

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Over 40 currencies supported

This multi-currency account allows you to hold money in over 40 global currencies, and spend in more than 160 countries. You can exchange one currency into another currency instantly using your mobile app or by logging into your account online.

Comes with 5 sets of international bank account details

Not only does this account support 40 currencies, but you also receive bank account details for Europe, The UK, New Zealand, the US as well as Australia. It's like having a local account in each of those markets. For example, you can get paid in USD directly into your account or you can pay an invoice in GBP using your UK account details.

Linked Wise Debit Mastercard

This account comes with a bright green debit card that you can use in Australia as you day-to-day transaction account, and also overseas when you're travelling. The Wise debit cards lets you spend like a local in over 160 countries. The card will automatically use the correct currency depending on the country you're in, and if you don't have the correct currency stored on the card it'll convert the currency that offers the best exchange rate.

No foreign transaction fees when using stored currencies

When using your debit card internationally, there's no foreign transaction fees when using any of the currencies stored on the card. If you don't have a particular foreign currency stored, the card will automatically convert the currency you do have into the one you need at the best exchange rate. There's a small transaction fee to convert currencies.

Access ATMs all over the world for free

You can use the Wise debit card to withdraw up to AUD$350 worth of money 2 times in every 30 days with no ATM withdrawal fees.

Receive money for free

Because you have bank details for AUD, EUR, USD and GBP, you can receive those currencies into the account for free. Just include the local bank details on your invoice for the currency you'll be receiving, and the payee will simply make a local payment from their bank account.

Get the real transfer rate, no markup added

Wise promises the real transfer rate to its customers. That means it doesn't charge any commissions on the exchange rate when transferring between currencies. The banks charge quite large commissions on the exchange rates they offer customers, meaning their rate is far less competitive. Instead, you'll pay a small transfer fee when exchange one currency for another.

No monthly fees

This account has no monthly account keeping fees, no setup fees and there's no fee to receive money.

Competitive transfer fees

Wise charges a transfer fee when you decide to transfer your international money back into your local AUD account. The fee is very transparent and is determined by the size of the transfer. It's much more competitive than the transfer fees charged by the banks.

How to apply

If you're keen to open a Wise multi-currency account, you can do this online in less than 10 minutes. This account is currently available for personal use, as well as for businesses and sole traders.

Eligibility

Open an account. You need to first create an account online with Wise, and then login.
Personal details. Fill in your personal profile details. If you're a business, you need to include your business details including your registered business name and Australian Business Number (ABN) if you're creating a business account.

Documentation needed

Currency selection. Select your default currency and which currencies you'll be using with the account.
Security and verification. You'll need to provide some identification documents. Once your identity is verified, your account will be opened. You'll receive the Wise Platinum Debit Mastercard in the mail within a few days.

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Alison Finder

Editor

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Darren

February 25, 2020

Does third party operators charge an ATM withdrawal fee when withdrawing overseas ?

Ash

February 26, 2020

Hi Darren,

Thanks for contacting Finder.

You should not be charged for any third-party ATM fees if you’re going to withdraw cash overseas. If you’re prompted for an extra charge for using the ATM, you may cancel the transaction and look for another ATM.

I hope this helps.

Cheers,

Ash

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