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If you’re someone who loves to travel, this card is definitely something you need to have as it can save you plenty of money during your trips! As a long-time user of the Wise card, I’ve personally benefited from it, especially when dealing with common money hassles while traveling. I get lower foreign transaction and conversion fees compared to a regular bank card, and what’s even more amazing is that I can hold over 40 different currencies in one account, and that’s just the beginning!
In this blog, I’m going to share everything you need to know about the Wise card, including its fees and features that can make your travels easier, safer, and most importantly, help you get the most value out of your money.
But before you go, don’t miss the chance to claim your fee-free transfer by using my link here to enjoy up to RM2,500 worth of transfers at no extra cost!
TABLE OF CONTENTS
What is Wise?
Let’s start with the basics you need to know about Wise or (formerly known as TransferWise). It offers a multi-currency account and card that allows you to make international money transfers with ease. In simple terms, it’s an account that helps you save money when sending, spending, or receiving in over 40 different currencies, depending on where you live. For example, you can access popular currencies like MYR, SGD, USD, THB, GBP, HKD, CNY, Euro, and many more. Some of these are exclusively available through Wise and can be difficult to find on other platforms.
It functions like a debit card, allowing you to make payments both offline and online. During my last trip to Japan, I used it to reload my SUICA card, which is a prepaid card commonly used in Japan for transportation and cashless payments at places like convenience stores and subway stations. It was very seamless and convenient.
Not only that, you can even link it to Apple Pay or Google Pay, so you only need to bring your phone to make payments! While I’m sure there are still some places that don’t support contactless payment and this is where the Wise card comes in handy, meaning you won’t need to carry too much cash in your pocket.
Where is Wise Regulated and Licensed?
For safety and legitimacy, Wise is a publicly listed company in the UK with a market cap of around USD 12 billion (as of the writing of this article). Launched since 2011, it has been in business for 14 years and now serves over 12.8 million customers worldwide. Currently, Wise is licensed and regulated in more than 80 countries, including Malaysia (licensed by Bank Negara Malaysia), as well as other well-known countries like Australia, Singapore, the US, Canada, the UK, and many more. So in terms of safety and trustworthiness, I’d say Wise has everything well covered.
How to Get Wise Card?
Moving on to the fees and pricing, first of all, it’s completely free to sign up for a Wise account and you can instantly use the virtual card for any of your transactions. You also have the option to get a physical card delivered to you, which costs only RM13.70 for Malaysians. Most importantly, it does not come with any annual or maintenance fees which makes it a very worthwhile option.
Based on my experience and what’s stated on their website, you’ll probably receive your card within a week if you’re living in urban areas – some of our YouTube viewers even had it as 2 working days – which is insane! So if you have a trip coming up next month, there’s still plenty of time to sign up for a Wise account and get a physical card. Plus, you can enjoy a fee-free transfer of up to RM2,500 using my link here! So it is a great opportunity to enjoy some extra savings!
Just a quick reminder to activate your Wise card at a local ATM before you travel abroad. You may need to make a PIN-based payment, withdraw some cash, or check your balance to complete the activation. But it’s a simple and straightforward process that only takes a minute.
Wise Card Security
Next, let’s talk about card security which is something you don’t need to worry about with Wise, as you have full control over your card’s security settings.
For example, if you lose your card, you can easily freeze or unfreeze it in the app with just one tap. If you’re concerned about security while traveling, Wise also has a system that automatically detects suspicious transactions and blocks them immediately. If you want to reduce the risk of exposing your personal data or card details on insecure websites, you can use their virtual cards which have different details from your physical card. So it is perfect for safer online checkouts.
What is Wise’s Mid-Market Exchange Rates?
Now, this is where Wise really stands out – it’s well known for its low and transparent pricing. Unlike many other platforms, Wise doesn’t charge hidden fees or high markup rates.
You can start by funding your account with your local currency, then convert it to any foreign currency using the mid-market rate. This means you get rates that are very close to what you see on Google.
Whether you’re sending money or exchanging currencies, the conversion fee starts from just 0.71%. However, the rate may vary depending on the time and currency pair. For example, converting RM1,000 to JPY at a certain time might cost you RM15 which is about 1.5% in fees. But even then, it’s still much cheaper than traditional banks which can easily charge 2% to 5% for a single transaction.
Worldwide ATM Withdrawal with Wise
I’m sure you’ve experienced running low on cash while traveling abroad, especially now that most of us rely on digital wallets. However, in places where digital payments aren’t widely accepted, you can simply withdraw cash from local ATMs, as Wise offers global ATM support.
Wise allows two free ATM withdrawals per month, capped at RM1,000. After that, there’s only a small RM5 fee per withdrawal and a 1.75% fee for any amount exceeding RM1,000. If you’re wondering about your daily withdrawal limit, you can check it directly in the app, and it’s actually quite high at up to RM23,000. You can find this by tapping the “Card” section, then “Limits,” selecting “ATM withdrawal limits,” and finally clicking on “Check out ATM fees.”
During my trip to Japan, I withdrew 40,000 JPY, which is around RM1,200, from a local Japanese ATM. The total fee was about 330 JPY (which 220 JPY was charged by the ATM itself, not Wise). This means Wise only charged me 110 JPY for the RM200 that exceeded the free withdrawal limit, roughly 1.6%. So in this case, the actual fee was even lower than the standard rate listed.
Compared to Wise’s RM5 plus 1.75% fee, traditional banks might seem cheaper at first glance, as they charge between RM8 to RM12 per withdrawal. But don’t forget, banks also use higher conversion rates since they don’t offer mid-market rates. So when you factor in the total cost, including the exchange rate difference, Wise often ends up being more cost effective.
Wise Smart Conversion
There were a few situations where my JPY balance ran out while I was shopping in Japan. Luckily, Wise is really smart as it automatically pulled funds from my other currency balances with the lowest conversion fees to complete the payment. This meant I didn’t have to worry about not having enough JPY throughout the trip, which was super helpful, especially in Japan where it’s so easy to overspend with just a quick tap on Apple Pay.
For example, I wanted to buy a wallet that costs 60,000 JPY, but I didn’t have enough JPY in my account. Wise automatically converted around 62 USD and 300 GBP from my other balances to cover the shortfall, and the total conversion fee was only 20 US cents and 1 GBP. That’s impressively cheap!
Wise Auto Conversion
But if you want to maximize the value of your money, you can use Wise’s auto conversion feature to exchange currencies at your preferred rate. Just set your target rate in the Wise app and it will automatically convert your money when the market exchange rate reaches your desired level.
Wise Holding and Sending Limits
With so many advantages, Wise isn’t perfect in every aspect. For instance, the holding limit of RM20,000 and the daily sending limit of RM30,000 (for Malaysians) might not be enough if you’re traveling to countries with a higher cost of living or stronger currencies – especially places like Europe or the US. These limits could be a bit tight for a family trip.
In addition, while Wise generally offers lower rates compared to many other services, it’s not always the absolute cheapest on the market. Sometimes the rates are better, sometimes not, as they’re affected by daily exchange rate fluctuations. But this is common across most currency platforms. Overall, Wise remains a great option by offering plenty of useful features and benefits that often outweigh its few limitations.
Conclusion
To sum it up, the Wise card is truly a game-changer for any traveler. Not only does it help you save money, but based on my personal experience, it also makes your travel smoother and more convenient. From access to multiple currencies and mid-market exchange rates to global ATM support, smart auto conversions, and higher spending limits, it covers almost everything you need while abroad. At the end of the day, there’s nothing better than having one card that handles all your travel money needs with ease.
Lastly, don’t forget to sign up using this link to enjoy a fee-free transfer of up to RM2,500, thanks to Wise’s sponsorship! Perfect for your next travel adventure!
Checkout the YouTube video for a visual guide to this blog!
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