TransferWise is a leading financial technology company that specializes in international money transfers. The company provides a multi-currency account and a debit card, known as the Wise debit card, to help its customers manage their money across borders.
The Wise debit card functions like a regular debit card issued by a bank, but with the added advantage of having lower fees for international transactions. It allows you to spend money internationally in different currencies at the mid-market exchange rate, which is the real exchange rate without any markups.
To use the Wise debit card, you first need to open a multi-currency account with TransferWise. This account allows you to hold and manage money in multiple currencies. Then, you can order the debit card, which will be linked to your multi-currency account. Once you receive the card, you can load money onto it from your account and use it for everyday spending or ATM withdrawals.
One of the key benefits of the Wise debit card is the transparency it provides regarding exchange rates and fees. TransferWise displays the exchange rate and fee upfront before you make a transaction, ensuring that you know exactly how much you'll be charged. This can be particularly advantageous for frequent travelers or individuals who frequently make international payments.
Moreover, the Wise debit card offers additional features like instant notifications for transactions, the ability to lock/unlock the card through the TransferWise mobile app, and competitive foreign ATM withdrawal limits.
It's important to note that while the Wise debit card can be beneficial for international transactions, it might not be suitable for everyone. Factors such as location, currency requirements, and personal banking needs should be considered before deciding to use the card.