1. Credit Card Reviews
  2. Wise Card

Wise Card Review 2023: Exchange Rates & Money Transfers

Wise Card review: All you need to know about the exchange rates and fees for your next vacation.

Lauren Bedford - Finance Writer
Written by

Lauren Bedford

Lauren Bedford - Finance Writer
Written by
Lauren Bedford
Finance Writer

Lauren is a published content writer and journalist. In the last five years, she has written about a range of subjects, including business, technology, and finance.

Learn more about our editorial process

Derek Sall - Founder/Personal Finance Expert
Reviewed by

Derek Sall

Verified by an expert
Derek Sall - Founder/Personal Finance Expert
Reviewed by
Derek Sall
Founder/Personal Finance Expert

Derek has a Bachelor's degree in Finance and a Master's in Business. As a finance manager in the corporate world, he regularly identified and solved problems at the C-suite level. Today, Derek isn't interested in helping big companies. Instead, he's helping individuals win financially—one email, one article, one person at a time.

Learn more about our editorial process

Kacper Kozicki - Editor-in-Chief
Edited by

Kacper Kozicki

Kacper Kozicki - Editor-in-Chief
Edited by
Kacper Kozicki
Editor-in-Chief

Kacper is an editor, writer, and multilingual translator with expertise in producing tailored content for global online brands.

Learn more about our editorial process

Deepti Nickam - Finance Writer
Fact-checking

Deepti Nickam

Deepti Nickam - Finance Writer
Fact-checking
Deepti Nickam
Finance Writer

Content writing and marketing professional with 5+ years of experience in the B2B and B2C sectors. Deepti has written about several subjects, including finance, project management, human resources, and more.

Learn more about our editorial process

14 min
July, 31 2023
Edited:
Reviewed:
Fact-checking:

Learn more about our editorial process

Multi-currency card
Wise Card

Wise Card

3.8
Annual fee
$0
Reward rate
N/A
Intro offer
Referral discount
Every invited friend will get a discount on their first transfer through the referral program.
0% APR
No credit check

Withdraw up to $100 in cash a month for free

Details
Rates/APR

Regular APR

0%

Intro APR

N/A

Balance transfer rate

N/A

Balance transfer intro APR

N/A

Cash advance APR

N/A

Fees

Annual fees

$0

Balance transfer fees

N/A

Cash advance fees

N/A

Foreign transaction fees

$0

Late payment fees

$0

Regular APR

0%

Intro APR

N/A

Balance transfer rate

N/A

Balance transfer intro APR

N/A

Cash advance APR

N/A

Annual fees

$0

Balance transfer fees

N/A

Cash advance fees

N/A

Foreign transaction fees

$0

Late payment fees

$0

Why we like it

The Wise Card (formerly TransferWise) is an international debit card designed for instant money transfers. The card is available for residents in over 65 countries, and you can spend money across 100 different countries. 

Pros

  • Covers over 50 currencies.
  • No credit score needed. 
  • Access to global ATMs. 

Cons

  • No rewards program.
  • No credit. 
Table of contents:
Is this article helpful?

Planning a vacation should be an exciting time. But no matter how much you try to put it off, you’ll eventually have to dive into the world of currency and exchange rates. 

Why trust us
Advertiser Disclosure

And if you dare to wing it, you could get hit with some nasty fees after spending abroad. 

To make sure everything goes swimmingly, the Wise Debit Card comes with handy conversion rates and low fees for international transactions. 

So let’s find out if the Wise Card deserves a spot in your wallet or if it’s best left at home—

This article will show you: 

  • How the Wise Card works.
  • All you need to know about fees and currency rates. 
  • How the alternatives to Wise stack up. 

Read more: 

How Does the Wise Debit Card Work?

The Wise Card (formerly TransferWise) is an international debit card that specializes in instant money transfers

The card is available for residents in over 65 countries, and you can spend money abroad in more than 100 different countries. 

The Wise Card lets you travel in style without the stress of carrying cash or exchanging money with high fees. 

As a debit card, it works across many global ATMs, so you can shop and spend to your heart’s content without missing a beat. 

There’s also a handy mobile app that lets you manage your account and keep tabs on your spending in real-time. 

If your card goes missing or there’s some suspicious activity, you can instantly freeze or unfreeze it with just a tap. 

So, whether you’re tanning on a beach in Bali or exploring the streets of Tokyo, the Wise Card is the ideal travel companion for globe-trotters.

With low fees and impressive exchange rates, it saves you money and the hassle of lugging around cash. 

Wise Card: Quick Summary Review

Wise Card Fees

Wise Card is a debit card, so it doesn’t come with all the credit card fees. 

But if you’re unsure what fees fall into what category, here’s a quick summary:

Annual fee

$0

Processing fee

$0

Monthly maintenance fee

$0

APR

0%

APR for cash advances

N/A

Balance transfer fee 

N/A

Cash advance fee 

N/A

Foreign transaction fee

$0

Late fee 

N/A

Minimum interest charge fee 

$0

Returned payment fee 

N/A

Overlimit fee 

$0

Additional card fee 

$0

That’s a lot of zeros—which is great news for fee-haters (which I think covers most of us). 

But even though the Wise Card lacks the fees that come with standard credit cards, you’re not totally out of the woods. Debit cards come with their own set of charges. 

Here’s the complete lowdown of Wise fees: 

  • Opening an account: $9
  • Sending money: from 0.43% 
  • Converting money: from 0.43% 
  • Wise ATM fees over $100 a month: 2% 
  • Account Funding transactions: 2%
  • Receiving USD wire payments: $4.14 

So, if you’re planning on withdrawing over $100 a month (or making wire payments), be prepared to get landed with an extra fee. 

On the plus side, Wise Card is pretty transparent about their pricing—what you see is what you get. This is why you shouldn’t expect any more charges on top of the ones we just laid out for you. 

Wise Card: Pros & Cons 

The Wise Card has received glowing feedback with 4.4/5 out of ‎190,853 reviews on Trustpilot. 

Nothing is perfect, though—so let’s check out the Wise Card benefits and drawbacks

Pros 

  • Holds over 50 currencies.
  • No annual or monthly fees.
  • No credit check. 
  • Access to global ATMs.
  • Easy to manage with a mobile app.

Cons

  • No cashback or rewards program.
  • ATM fees over a certain amount.
  • No credit.

What We Like

Holds over fifty currencies 

Exchanging currency has to be one of the least exciting parts of traveling. Finding the best deals or resorting to high airport fees is never met with enthusiasm. 

But with the Wise Card, you can keep over 50 different currencies in your account and convert money with the real exchange rate. 

Avoiding foreign transaction fees is easier nowadays as more cards waive them, but few cards go as far as Wise by offering users real-time exchange rates with no markup. Over time, this really adds up, especially for frugal travelers or students studying abroad. 

Andrew SchrageMoney Crashers

You can also add money to your card in 20 currencies and receive cash from the following: 

  • AUD (Australia)
  • CAD (Canada)
  • EUR (banks denominated in Europe)
  • GBP (UK or SWIFT)
  • NZD (New Zealand)
  • MYR from any bank account in Malaysia (only available if you’re a resident in Malaysia and only supported for personal accounts)
  • PLN (Poland)
  • SGD (Singapore)
  • USD (US) 
  • RON (Romania—if you’re a resident in the EEA, Switzerland, the US, Canada, Australia, or Japan)
  • HUF (Hungary)

Want to spend less time converting cash and more time tanning? 

You can switch between currencies instantly with the Wise mobile app, and the card automatically uses the right money.

However, there are some countries where your card won’t work. Find the complete list here

No annual or monthly fees

Unlike other debit or credit cards that can sneakily gobble up your funds with pesky annual or monthly fees, the Wise Card lets it slide. 

With no hidden fees to worry about, you’re free to splurge on sangria without any extra charges lurking in the shadows.

No credit check 

You don’t need to jump through any credit hoops or present a spotless financial history to get your hands on a Wise Card. 

There’s no credit check or credit to be found. This prepaid debit card lets you load your own funds from your bank account, so you’re always in control of your spending (just go easy on those plane tickets). 

It’s a great choice for anyone wanting a low-risk option or who’s had a few financial hiccups in the past—there’s no judgment here.

Struggling with poor credit? Here are the best cards for bad credit

Access to global ATMs

If you’re a cash-carrying person or need to splash your cash at some cardless merchants on your travels, the Wise Card could really help you out. 

You can enjoy the convenience of withdrawing from ATMs all around the globe without being hit with any extra fees. 

But there’s a catch: You can only withdraw $100 a month for free. So if you’re planning on hitting Rodeo Drive, you might want to consider going cashless. 

Take a look at the top travel credit cards for your next vacation. 

Easy to manage with mobile app

With the Wise Card’s easy-to-use mobile app, you’ll have your finances at your fingertips. 

The app lets you check your balances, swap between currencies, and get instant notifications for every purchase. 

This can stop you from over-indulging (and minimize those post-vacation blues). 

And if you need to hit pause on your spending, no worries—you can freeze and unfreeze your card with just a few taps. 

What to Consider 

No cashback or rewards program

It’s always nice to get a pat on the back for spending your hard-earned cash. 

However, the Wise Card doesn’t offer any traditional rewards program, which may be a dealbreaker for some. 

Check out the best cashback credit cards

ATM fees 

While the Wise Card is a savvy choice for many travelers, it’s not completely free from fees.

Sure, you can make up to $100 worth of monthly withdrawals without any extra charges, but any more than that, you’ll face a 2% withdrawal fee

So if you tend to take cash out left, right, and center, you should think twice before committing to Wise and shop around for a card that’s more ATM-friendly.

No credit 

If you’re on the hunt for a credit card, the Wise Card isn’t your knight in shining armor. 

It’s a prepaid debit card, which means it won’t help you build your credit score or give you access to credit-based perks like cashback or rewards.

Instead, the Wise Card is designed to be a financial sidekick for those who want to control their spending and avoid the pitfalls of credit card debt. 

But even if you don’t have a credit card—there are still plenty of ways to boost your score.

Conversion fees 

One of the main selling points of the Wise Card is that you can convert, receive, and send money from a bunch of currencies. 

That’s a serious perk that unfortunately doesn’t come for free. 

If you’re converting money, you’ll get a 0.43% charge (or more, depending on the currency). 

It’s not much, but it’s still something to watch out for.

Wise Card: Things to Know 

How to get a Wise Card?

To start using Wise:

  1. Open a Wise account and add your first balance. And be patient—it can take up to a few days to get your account verified. 
  2. Once approved, all currencies in your account will be connected to your debit card. 
  3. Order your Wise card by clicking the Card tab and following the instructions. You’ll have to submit your details and a one-time fee of $9. 
  4. For US residents, you’ll get your card in 14–21 working days. You can then activate it by entering the six-digit code located underneath your name on the front of the card.
  5. Congratulations—you can now use your Wise card almost anywhere in the world. 

What is the Wise Virtual Debit Card? 

If you’re tired of lugging around a bulky wallet, you can try the Wise Virtual Debit Card. 

With this futuristic financial wizardry, you can spend online, in-store, and on the road (all without a physical card).

And thanks to the magic of digital wallets like Apple Pay and Google Pay, you can use your virtual card for contactless payments at the real exchange rate wherever you are in the world. 

Plus, you won’t have to worry about security concerns. Your virtual card has different details from your physical card and can be frozen after each purchase for extra peace of mind.

All you need to do is get your physical card first—then you’re free to order the virtual one. 

What is the Wise Debit Card limit? 

The Wise Debit Card comes with limits to protect you from fraud and unauthorized use. 

Here are all the default amounts you need to know, plus the maximum spending limits

 

Mobile wallet 

ATM withdrawal 

Contactless 

Magnetic stripe

Online 


Single payment

$1,000 


(Max: $2,000)

$250


(Max: $1,000)

$200


(Max: $400)

$1,000


(Max: $1,500)

$1,000


(Max: $2,000)


Daily

$1,000


(Max: $2,000)

$250


(Max: $1,000)

$500


(Max: $1,000)

$1,000


(Max: $1,500)

$1,000


(Max: $2,000)


Monthly 

$5,000


(Max: $15,000)

$1,500


(Max: $6,000) 

$1,500


(Max: $4,000)

$1,500


(Max: $6,000)

$2,000


(Max: $15,000)

Just remember: If you go over the default amount, Wise Card could charge you around 2% in fees (so think twice before you buy that fancy handbag you spotted in Paris). 

What is the Wise exchange rate? 

The Wise Card offers a mid-market exchange rate, which means you get a fair rate that’s typically better than what you’d get with most other cards.

You can use the Wise currency exchange calculator to find all the rates, set price alerts, and compare prices with other transfer services.

Is Wise money transfer safe? 

Wise Card has plenty of security measures to keep your cash under lock and key.

This includes SSL encryption to keep hackers at bay, plus two-factor authentication so you (and only you) can access your account.

Their dedicated team of fraud-busters is also on the case 24/7, working to outsmart any scammers.

They’re constantly audited by independent finance and IT experts to make sure they’re always on top of their game.

If you’re a stickler for certification, you’ll be happy to know that Wise has some impressive credentials

From SOC 1 Type 2 to SOC 2 Type 2, to PCI DSS and ISO 27001 certification, they’ve ticked all the boxes regarding security standards. 

Plus, they’re GDPR compliant, so your personal details are in good hands.

How Does the Wise Card Compare? 

Just like booking a holiday, you have to shop around to find the best deals before buying those tickets. Looking for a card is no different. 

Let’s see how the Wise competitors stack up:

Revolut

Revolut is a fintech company that provides a mobile app and a debit card to help users manage their money. 

It has low fees for international transactions and includes budgeting tools and foreign currency exchange.

Revolut also offers handy features for travelers, like travel insurance and flight delay protection. It also comes with security features like freezing your card if it’s lost or stolen. 

But a heads-up: You’ll be hit with a 0.5% fee if you spend over $1,000 a month while abroad. 

Chase Freedom Unlimited 

The Chase Freedom Unlimited CardChase Freedom Unlimited Card is a cashback credit card that offers unlimited 1.5% cashback on all purchases

And there’s no minimum spending requirements or rotating categories to keep track of. 

This card is a great option if you want to earn rewards on everyday spending without worrying about points, systems or categories. 

It has no annual fee, either—making it a low-cost option for those who want to maximize their rewards. 

Just watch out for the high variable APR of 19.99%–28.74%. You’ll need to make sure you can pay off your balance in full each month to avoid those interest charges.

Wise Card: Useful Links

Is the Wise Card Good For Me? 

The Wise Card is best suited for:

  • Frequent travelers.
  • People who want to save money on foreign transaction fees.
  • Anyone who wants a simple and secure way to spend money abroad.

If you’re a globetrotter who likes to keep your costs low and your security high, the Wise Card is the perfect sidekick for your travels. 

With no annual fees and exchange rates that’ll make your wallet sing, you can save your cash for the important things in life—like sunscreen, souvenirs, and street food.

FAQ

What’s the difference between Wise Card and Wise Loan?

The Wise Card is a prepaid debit card that you can use to make purchases at home or abroad. You can spend only the amount that you have loaded onto the card. 

On the other hand, Wise Loan is an installment loan that you can use to borrow money and repay it over time. This can be a great option if you have to make a large purchase or cover unexpected expenses. 

Overall, the Wise Card helps you simplify your spending and save on foreign transaction fees, while the Wise Loan can help you manage your cash flow and achieve your financial goals.

Looking for some extra cash? Check out our top installment loans

What are the Wise Card countries? 

The Wise Card is available to residents in over 50 countries in Europe and the European area, in Australia, New Zealand, Canada, and the US (except for Nevada). 

But if you’re in Asia, Africa, or South America, you might have to sit this one out: Singapore, Malaysia, and Japan are your only options in Asia (and Brazil is the lone wolf in Latin America). 

As with all things in life, the availability of the Wise Card is subject to change. Local laws and regulations can put a wrench in the works, so it’s a good idea to stay updated with the latest information on the Wise website. 

Planning your travels? Get some inspiration with our bucket list ideas

Where can I find Wise reviews? 

To find Wise Card reviews, you can check out several reputable sources:

  1. Trustpilot (4.4 out of 190,853 reviews)
  2. App Store (4.6 out of 28,800 ratings)
  3. Google Play Store (4.8 out of 414,000 reviews)

On Trustpilot, 85% gave it a five-star rating—with many commenting on its fee transparency and how quick and easy it is to send money.

However, negative reviews say that the customer service is poor, and they’ve blocked transfers or deactivated accounts without warning. 

While reviews can be helpful, you should also consider other factors, such as fees, exchange rates, and security measures when deciding whether Wise is the smart choice for you.

Here are more travel cards you can use on your next vacation. 

What is the Wise customer service number? 

Here’s the Wise customer service number for US cardholders: 1 (888) 908-3833.

If you go to the Wise Help Center, you’ll also find their FAQs, where you can search for the answers to your questions. 

To speak with Wise customer support, you can also enter your login and follow the prompts to get help via chat or email. 

Is Wise safe? 

Yes, Wise is safe and secure. The company is regulated by financial authorities in many countries around the world, which means they’re under strict financial oversight. 

Their website and mobile app are designed to protect your personal and financial information. 

They also use two-factor authentication to verify your identity when you log in to your account or make a transfer. 

These measures help to make sure your money is in safe keeping and that the company is operating ethically and transparently.

Is Wise legit? 

Yes, Wise is a legitimate financial services provider that is watched over by financial authorities in multiple countries. 

They are a trusted and reputable company that has served millions of customers since its founding in 2011. 

Wise is committed to transparency and fair practices and has received generally positive reviews for users. 

They’ve also received $1.7 billioni in funding from some high-profile figures like Richard Branson and PayPal founder Max Levchin. 

Is the Wise app safe?

The Wise app is designed to be secure and protect your personal and financial information. You can log in to the app using biometric authentication, such as Touch ID or Face ID, which adds an extra layer of security. 

The app uses two-factor authentication when you make a Wise transfer, which helps prevent unauthorized access to your account. 

The company also releases security updates to ensure the app stays up-to-date and protected against the latest threats. 

Is Wise a bank?

No, Wise is not a bank. It’s a financial technology company that provides low-cost international money transfers and other financial services. 

The company connects users in different countries who want to exchange money with each other using mid-market exchange rates. 

Sources

See all

Wise—Crunchbase Company Profile & Funding. (n.d.). Crunchbase. Retrieved June 9, 2023, from https://www.crunchbase.com/organization/transferwise