The Wise card allows you to easily and inexpensively spend money in over 40 currencies, which makes it far better for travel than cards issued by banks.
From a practical point of view, the big difference is how easy it is to manage your money on the go through their App. And apart from being very useful for payments you can easily manage multiple currencies. It also helps that everything they do is either free or very low cost, which may be why backpackers, travellers, digital nomads, and expats love them.
But they are not perfect.
In this review, I will share how the Wise Travel Card actually works. And having used the card personally in different countries over a few years now, I will share the Pros and the Cons. But I also want to share some real-world experiences from other users – good and bad so you can choose if Wise is for you.
The Wise Travel Card is a big part of what Wise offers as a whole which I covered in greater detail in my Wise Review.
I’ve been using Wise since their early days (they started in 2010), back when they focused solely on money transfers. It’s this strong foundation in transfers that makes them an excellent choice for a travel card. By leveraging off their existing infrastructure and creating a user-friendly app they were able to offer customers a multi-currency account and a travel card.
It is the combination of an App connected to the multi-currency account which the card accesses which means you can make easy payments in almost any currency – without the typical 2% to 3% exchange rate markup or the crazy high ATM fees.
Check if you can get a Wise travel card in your country here (select your language and location at top).
When you join Wise, you are automatically eligible for everything the multi-currency account offers.
After downloading the Wise app, you will quickly see how you can hold different currencies with options to add, send, and convert money, and even set up direct debits.
For more information on how the this works check out our review of the Wise multi currency account here.
Obtaining your Wise Travel Card is really easy, just click “order a debit card” inside the App.
Once you are signed up to Wise you automatically get the Wise Multi Currency Account which then allows you to login to the App.
The cost is £7 in the UK, €7 in Europe, AU$10 in Australia, or US$9 in the United States.
The card arrives in days for most people. If you reside in a smaller country the card may need to be issued overseas (often the UK) but even then it will be issued in days, then it depends more on your postage system than anything else.
Something pretty incredible about Wise is that it offers mid-market exchange rates. With banks, they give a rate which has some of their fees built into it. This usually goes unnoticed by most people who don’t realise this fee exists and is usually around 2% to 3% of the purchase amount. In addition, some banks charge an extra fee for converting the currencies, typically around 1% to 3%.
Because Wise uses the mid-market rate and is transparent about their fees you will find that their total fees usually range from 0.35% to 1% depending on the currency pair which for me is around 70 – 80% less than my bank charges!
The Wise Travel Card has no monthly fee and there is no option to upgrade and get additional travel perks like some of their competitors such as Revolut. Wise likes to keep it nice and simple. If you want a metal card with bling, travel insurance and airport lounge access you can get it with other cards but it will cost you.
I personally prefer that Wise has more of a minimalist focus and if I want the other things then I am happy to pay for exactly what I need. For example, with travel insurance, I like being able to insure myself for extras like medical coverage for things like mountain biking, snowsports etc. but with the insurance attached to cards, there are limitations.
With the Wise Travel Card, you can pay in any currency without additional fees. The card automatically selects the best currency balance for you. If a currency conversion is required, you’ll pay a small fee, typically between 0.35% and 1%.
It is easy to track your balance in different countries and see the charges that come through.
One of the biggest benefits of having a Wise travel card is being able to walk up to any ATM and get cash in the local currency. The exchange rates are still excellent but there are limits on how much you can withdraw and how often before you attract fees.
You can withdraw up to £200, €200, AU$350, or US$100 per month for free if you only do 2 withdrawals in that month.
After that, a 1.75% fee applies to additional withdrawals.
After the first two withdrawals, there’s also a flat fee of £0.50, €0.50, AU$1.25, or US$1.50 for each withdrawal.
This covers the costs the banks, ATM machines and networks charge Wise.
Personally, I find using the card for almost everything but just having some cash handy for things like tips or smaller purchases keeps me easily in the free zone.
While you can open wallets in any of the 40 currencies that Wise supports, there are ten currency wallets that also provide you with a local bank account number. These currencies are AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY, and USD.
This means you can give a local bank account number to receive payments into your Wise wallet in any of these currencies.
There are no fees for receiving money to your ten principal accounts, with the exception of USD wire transfers that incur a flat fee of US$4.41.
You can use these wallets like a local bank account for that country. For example, if you are in Australia on a working holiday visa, you can use your Wise AUD account to receive your salary or payments from other backpackers. And if you are a freelancer working in US dollars, you can use your Wise USD account to get paid.
After over 20 years helping thousands of backpackers I have found it is a really good idea to open a bank account in any country you are residing in because there are limits on how much you can hold with Wise. Also because Wise is subject to different regulations to banks there is a possibility that you may need to provide ID to keep your account open which means you may not be able to access your funds while this gets resolved.
Finally, having separate bank accounts in different countries and a Wise account works really well for managing multiple currencies anyway. I like to think of my Wise card as mission control when traveling. I use the card day-to-day while traveling and the associated App (with different wallets) means I can manage everything easily.
Residents of some countries can also benefit from competitive interest rates on balances in USD, GBP, or EUR wallets. Residents of those same countries can also hold some of their money as stocks. Wise will invest your money in the iShares World Equity Index Fund managed by Black Rock which tracks the MSCI World Index. While Wise would like to offer this to all their clients, it is currently only available to users with a current address registered in the UK, the EEA, and Singapore. You can also open Jars within your wallets to separate money into different pots.
Wise scores really well in most 3rd party platforms like Trustpilot where they get a 4.3 out of 5 based on over 230,000 reviews. The majority of Wise reviews are complimentary with just 8% one star reviews.
An excellent cash card
I've been using my Wise card for almost a year now during my travels through India and Thailand and more recently in various European cities and here in London. It is so practical and easy to top up or withdraw.
-John Mcnally
Trustpilot
The best thing we have done when…
The best thing we have done when organising our travel. It is so easy transfer money onto you card.
-Phil
Trustpilot
Card declined at motorway toll
Our card was declined at a motorway toll. Thankfully we had another card so could pass through the barrier...
-Diane
Trustpilot
What about the negative reviews?
I believe they can be very helpful in telling a story about what could happen when things go wrong.
To do this and remain unbiased, I gathered up a bunch of one-star reviews (focused on reviews from those using the Cards) and got some help from AI to categorize these negative reviews. The results were unsurprising to me which gives me confidence they are a good sample.
Here are the results from 38 one-star reviews :
If it seems like I am being overly negative here it is because I want to provide you with a balanced view and highlight issues and how you can minimize these happening to you. As you can see in many of these issues just understanding how they work can make it much easier for you to get the most from Wise.
It is pretty clear to me that Wise takes security seriously.
For a start, they’re regulated by financial authorities like the FCA in the UK, FinCEN in the US and ASIC in Australia (amongst others).
And Wise uses encryption and offers two-factor authentication (2FA) for added protection which I use and highly recommend. Also, virtual cards and the ability to lock your card easily through the app also go a long way to making sure your card can’t easily be used.
The Wise travel card is a tool I just don’t go overseas without but I also always have a backup card handy and never hold large amounts.
Think of your Wise account and App as mission control for multiple currencies with the card as a way to access these funds.
But whether you’re managing multiple currencies or just looking for a way to spend abroad without the usual fees, I think the Wise Travel Card can provide a straightforward, cost-effective solution that is easy to use.