With an impressive Trustpilot rating of 4.5/5, based on over 187,000 evaluations, Wise has certainly earned its stellar reputation.
But what about their Wise Card? 🤔 Is it on par with their main offering?
Delve into our comprehensive Wise Card review below, where we’ve meticulously compiled and analyzed all the crucial details. Discover if the Wise Card is the perfect solution to meet your needs.
What does Wise Card offer?
The Wise card is a debit card designed to simplify international money transfers and help users save money by offering competitive exchange rates and low fees on card payments and cash withdrawals.
With the Wise card, you can easily access your money in multiple currencies and spend around the world.
Some of the key features of the Wise card include:
- The ability to hold and trade over 50 different currencies within your Wise account.
- The option to spend in over 200 countries and access cash from 2.3 million ATMs worldwide.
- The opportunity to exchange currencies at a competitive exchange rate with minimal fees.
- The convenience of being able to manage your account through the Wise app.
- The option to instantly freeze and unfreeze your card.
- The flexibility to spend the currency of your choice from the funds in your account.
- The auto-convert feature ensures that you pay the lowest possible fee when using foreign currencies not held in your account.
Pros and Cons of Wise Card
Pros:
- No recurring charges for using the card.
- It’s completely free to spend any currency that you have stored in your account.
- The automatic currency conversion feature will help you save money, even if you don’t have the exact currency you need.
- Every month, you’re entitled to two free ATM withdrawals, each up to a value of $100.
- As a global company, Wise is subject to being monitored by regulatory bodies around the world.
Cons:
- A one-time fee of $9 is required to obtain your card.
- For ATM withdrawals exceeding $100 per month or for three or more withdrawals, some fees may apply.
- There are daily and monthly spending limits based on the category of purchase.
- You can only top up your account online or through the app as cash or cheque options are not available.
Who is Wise Card for?
The wise debit card is the optimal solution for individuals and businesses seeking to make overseas transactions while saving on fees and exchange rates compared to conventional banking methods.
The Wise card is best suited for:
- Individuals living abroad who need to transfer funds to their home country or manage multiple currencies while traveling.
- Freelancers and professionals who work remotely and receive payments from clients across borders.
- Small enterprises that make international payments to suppliers or employees.
- E-commerce shoppers who need to pay in foreign currencies.
The Wise card is also perfect for individuals who place a high value on transparency and user-friendliness. Its minimal fees, favorable exchange rates, and multi-currency account options make it a more affordable choice for international transfers compared to traditional debit cards from banks.
How does the Wise Card work?
The Wise debit card can be used in the same ways as traditional debit cards, for purchasing goods and services both in-store and online, as well as for cash withdrawals.
Transactions made with the card will be deducted from your Wise borderless account, provided you have enough funds in the relevant currency. If you don’t have enough funds in that currency, Wise will automatically convert the other available currencies in your account.
To ensure you receive the best exchange rate, Wise will convert the currency that offers the most favorable rate.
Like other debit cards, the Wise card allows you to spend the funds stored in your account. In comparison to many standard bank cards, Wise performs better when conducting transactions in multiple currencies, as most banks offer dynamic currency conversion rate which is more expensive.
Is the Wise Card safe and legit?
Wise is considered a secure and trustworthy option for international money transfers, regulated by the Financial Conduct Authority (FCA) in the UK. The company has taken several measures to ensure the safety and security of its users’ funds.
- Two-Factor Authentication: Wise implements a two-factor authentication process, adding an extra layer of protection to prevent unauthorized access to your account.
- 3D Secure: Wise uses 3D Secure technology to provide an additional layer of security for online transactions, helping to prevent fraud and protect your account.
- Encryption Technology: Wise employs encryption technology to safeguard sensitive information, such as account numbers and passwords, making it difficult for anyone to steal this information.
As a security measure, Wise lets its users freeze and unfreeze their cards from the mobile app. The Wise card has also received great reviews on multiple platforms from its users which increases its trustworthiness.
See our review of Wise.
Wise Card limits
The number of free withdrawals and the withdrawal limit you are eligible for with your Wise card is determined by the region where the card is issued. The limits can be easily monitored via the Wise app.
Some of the regional restrictions include the following:
- For cards issued in Europe or the UK, you can make 2 withdrawals of up to 200 EUR/GBP per month without any charges. However, a fee of 50p will be applied for each withdrawal beyond the two free ones. Additionally, a 1.75% fee will be charged for withdrawals exceeding the 200 EUR/GBP limit.
- For cards issued in New Zealand, Australia, and Singapore, you can make two free monthly withdrawals of up to 350 NZD/AUD/SGD. Further withdrawals will incur a fee of 1.50 NZD/AUD/SGD, along with a 1.75% fee for any amount exceeding the free monthly limit.
- Cards issued to customers in the United States come with two free monthly withdrawals of up to 100 USD. Beyond that, a fee of 1.50 USD and an additional 2% fee will be added to any withdrawal above the 100 USD limit.
How much does a Wise Card cost?
The Wise card is relatively cheap when compared to traditional bank debit cards. After signing up, there is a one-time fee of $9 to order your card and a $5 fee if you want to order a new card after that.
This is the only cost associated with owning a Wise card. All other features are provided for free. However, you might be charged fees on withdrawals that exceed Wise’s limits.
Wise Card’s customer reviews
Wise has received largely positive customer reviews globally, with some exceptions. Here’s a look at some ratings and feedback from different platforms:
On Trustpilot, Wise has an average rating of 4.5 out of 5 stars based on over 187,000 ratings.
Users like how they can use the Wise card without having to enter their debit/credit card information which allows for safer transactions.
However, some were disappointed that the Wise card can’t be used for cryptocurrency transactions as it violates their acceptable use policy.
On Google Playstore, Wise has around 247,000 reviews and an overall rating of 4.6 out of 5 stars.
In the Apple Store, Wise has a high rating of 4.6 out of 5 stars. Many users are pleased with the platform and consider it the best option for international money transfers.
See our article Best International Debit Card.
Wise Card alternatives
There are not many card services that can compete with the Wise debit card. However, two strong competitors include N26 and Revolut.
Revolut:
Revolut is a digital banking platform that offers a range of financial services, including cards that can be managed in the app. Travelers can use the card to pay around the world as you can manage a wide range of currencies.
- Digital-first: Revolut operates primarily through a mobile app. Users can receive notifications via the app about payments. They also have the ability to freeze their cards and set spending limits.
- Multi-currency accounts: Revolut cards allow you to manage over 150 currencies, without having to pay the high fees typically charged by traditional banks.
- Easy to use: Revolut’s cards can be added to your phone and used for contactless payments. This means that once your account is set up, you can start using your card right away, even if you’re waiting for the physical card to arrive.
- No hidden fees: Revolut aims to be transparent with no hidden fees or charges for foreign exchange.
- Saving Goals: You can use Revolut’s round-up feature that saves the spare change accumulated from purchases.
- Security: Revolut has single-use cards which automatically change your card details after purchases.
See our review of Revolut.
N26:
N26 offers a Mastercard debit card that’s available in a range of colors. The signup process to receive a debit card is quick and the app makes it incredibly easy to manage your card. It’s available on the iOS and Android app stores and it’s currently used by 8 million customers.
- Great for travelers: N26’s debit card can be used anywhere that accepts Mastercard. Travelers also benefit from zero foreign transaction fees when using the card overseas. Users are also pleased to find that N26 doesn’t apply any additional charges or markups to foreign transactions.
- ATM withdrawals: You can withdraw cash from any cash machine in a range of currencies. There are no ATM withdrawal fees for N26 Metal and You users.
- Contactless: This debit card is compatible with Apple Pay which means that you can start using it to pay before your physical card arrives. The physical card comes with NFC tech that also allows for contactless purchases.
- App: You can easily manage your N26 debit card on the app. This lets you lock/unlock your card, set spending or withdrawal limits, and view/change your pin. Users can also receive notifications after transactions have been processed to stay up to date.
See our review of N26.
Verdict
The Wise card is a well-established debit card for international and local money transfers with a multi-currency option. Many users report positive experiences with Wise cards, including low fees, competitive exchange rates, and a user-friendly app that lets them manage their cards easily.
A Wise debit card is a good option for individuals searching for an economical and practical way to transfer money worldwide.
However, Revolut’s card is a great alternative. It’s available in 150+ currencies, it has contactless payments, and its app allows you to manage transactions to stay up to date. Not to mention, there are no foreign exchange fees which makes it an affordable way to spend overseas.
FAQ
How to get your Wise Card?
Getting the Wise card is a straightforward process.
1. Sign up for a Wise account: You can sign up for a Wise account on their website or through their mobile app.
2. Funding your account: To be eligible to order your card, you need to put at least $20 in your account. Note that this amount also covers your card fee.
3. Order your card: Once your account is set up, you can apply for a Wise debit card through your account.
4. Activate your card: The activation process for your Wise card varies depending on whether it’s a Visa or Mastercard. To activate a Visa card, simply use your PIN in your first physical store or ATM transaction. A Mastercard needs to be activated by going online and entering the provided 6-digit code.
How to top up your Wise Card?
1. Log in to your Wise account through the website or app.
2. Choose the currency balance you want to top up.
3. Tap the “Add” button.
4. Verify the currency you want to pay with.
5. Enter the amount you want to add and select a payment method.
6. Review the information, confirm, and follow the prompts to complete the payment process.
How much can you withdraw with your Wise Card?
Your Wise card comes with default limits, which you can easily adjust to meet your needs. These limits include daily and monthly caps. If you wish to modify the default limits, simply log in to your Wise account through the app or desktop website.
With your Wise card, you are entitled to two free withdrawals of up to $100 each month. For additional withdrawals, a fee of $1.50 per transaction will be charged.
If you need to withdraw more than $100 in a single transaction, you will incur a 2% fee on the amount, in addition to the $1.50 withdrawal fee if you have already made two ATM withdrawals in the same month.
The daily maximum withdrawal limit is $1,000 and the monthly maximum is $4,000.
Can you use the Wise Card everywhere?
Wise enables bank transfers and debit card payments in more than 77 nations and provides its customers with the ability to hold and manage a range of over 50 currencies.
