Wise Card Review [Uncovered] → 7 Must Knows (Transferwise) (2023)

FAQs

Is it worth getting a Wise card? ›

The average Trustpilot review for Wise is 4.4 stars (from 188,311 users on 28 April 2023). The most common complaints by users are occasional delays to receive the card, along with poor customer support — although these customers are a minority. 84% of reviewers rate Wise 5 stars.

Now the most important part: security. Wise is based in the United Kingdom, where it has been authorized as an Electronic Money Institution by the Financial Conduct Authority (FCA). In the United States, it is registered with the Financial Crimes Enforcement Network (FinCEN).

The Wise card is a Visa debit card which is linked to a multi-currency Wise account. You'll be able to order a physical Wise card to make in person payments and ATM withdrawals, and also generate an instant virtual card you can use for online spending.

No subscriptions, no monthly fees. You'll always see the fee upfront, and only pay for what you use.

But its services might come at a considerable cost, as it charges higher transfer fees than some of its competitors. Two other drawbacks: There are no options for delivery of cash to a home or business, and there are fewer than 100 countries where money can be sent.

The Wise card lets you spend money around the world with low conversion fees and zero transaction fees. It's currently available for Wise account-holder residents in Australia, Brazil, the EEA, Japan, New Zealand, Singapore, Malaysia, Switzerland, the UK, the US and Canada.

Yes Wise is safe to use.

As a global business, Wise is regulated by a number of bodies around the world, and also employs industry level security measures to keep customers and their accounts safe. Wise is regulated in the US by FinCEN (Financial Crimes Enforcement Network) and renews its registration annually.

Both PayPal and Wise are fully licensed and regulated, and use both smart technology and dedicated service teams to keep customer money safe. PayPal is globally regulated and one of the largest payment companies in the world. Wise is regulated by FinCEN in the US, and other global regulatory bodies around the world.

Sometimes our card isn't compatible with the merchant's payment platform — basically the way they might route the payment is in a way we don't allow. You might need to pay with a different card if this happens. Or, sometimes we'll block a transaction for security reasons and we might not be able to tell you why.

Is my Wise card linked to my bank account? ›

The Wise debit card is linked to a Wise account, which you can top up in USD, and convert to the currency you need using the mid-market exchange rate with no foreign transaction fee.

Spend quickly and safely without rip-off fees.

Start using your virtual card straight away, and take advantage of all Wise has to offer - low currency conversion fees and currency exchange at the mid-market rate.

The Wise debit card is like having your Malaysian ringgit on a card – it lets you spend and send money around the world at the real exchange rate. Avoid hidden fees in the exchange rate while withdrawing from millions of ATMs abroad, paying in restaurants and shops, and buying your accommodation and flights.

It's a debit card, which can make budgeting for international spending and travel easier — and which means there's no interest to pay, no cash advance charges, and no penalty fees.

How Does Wise Work? Wise is an electronic money account that differs from a traditional, local bank account because it's easier and cheaper to send money across borders. A business can send money at the real exchange rate with no hidden fees or direct debits. They can receive payments like a local in 10 currencies.

The easiest way to avoid Wise fees is to pay by bank debit (ACH) for international money transfers under $1,750 or with a bank wire for money transfers over $1,750.

In the US, Wise uses Community Federal Savings Bank (CFSB) and Evolve Bank and Trust (EVOLVE).

Wise, formerly TransferWise, has been accused by MS BANK of using the names and financial data of customers to illegally send money abroad. MS BANK, which was Wise's former Brazilian banking partner, said that the company had “defrauded international transfers” without its knowledge.

Why do people use TransferWise? ›

Our smart technology links local bank accounts in countries all over the world. So often we're able to use money from a TransferWise user sending money the other way around. Once we get that sorted, we'll give you an estimate of when your money will arrive – usually it's much faster than a bank transfer.

We need to verify your social security number and ID

Like your bank, Wise is a regulated financial institution. To comply with local regulations (the USA Patriot Act) and our banking partner agreements, we need to verify the identity of any of our customers who want to order a debit card in the US.

Anyone over the age of 18 with a valid ID in one of the accepted countries can open a Wise account. Citizens and residents of most countries can open an account with Wise, however the degree of services may vary. For example, people in most countries can send money, although it will not always be in the local currency.

The financial tech company Wise, formerly TransferWise, offers a cheap way to send money from the U.S. to over 70 countries. The exchange rates are some of the best you'll find. You can fund a Wise money transfer in various ways, such as with a bank account or credit card, but recipients need to have a bank account.

Does Wise give you a US bank account? You don't get a US bank account with Wise, but you can get US bank details. This allows you to get paid in USD even if someone's sending money from another country, in another currency. Wise also offers many of the same functions of an ordinary checking account.

We're licensed to hold your money and, as part of keeping it safe, we follow strict rules set out by the regulators in the countries where we operate. As of 30 September 2022, our customers are trusting us with the equivalent of 9.2 billion GBP in their Wise accounts.

50,000 USD per 24 hours, and up to 250,000 USD over a 60 day period using bank debit (ACH) on your personal account. On your business account, you can send up to 400,000 USD over a 60 day period. 2,000 USD per 24 hours and 8,000 USD per 7 days using debit or credit cards.

Kristo Kaarmann is the Founder and CEO at Wise . Additionally, Kristo Kaarmann has had 3 past jobs including Founder at Investor.ee .

Wise money transfer review

Because Wise uses its own payment network the costs can be lower compared to traditional methods. These savings are passed on to customers in the form of low fees - and because Wise cuts out the middle men usually involved with international transfers, your money could arrive faster, too.

How to withdraw money from your Wise account. Login to your Wise account, click on the amount to withdraw money. You need to select 'myself' if you would like to withdraw money and send it to your account. Choose the type of currency and then enter your bank details and click add.

Why did Wise freeze my account? ›

We can choose to close an account if we think:

it's a duplicate of another (you can only have one Wise account, unless we agree otherwise) its security has been compromised. there are transactions on your account that we can't complete.

Reload @ the Register.

CVS, Dollar General, Rite-Aid, 7-Eleven, Walgreens, Walmart, and many more. Over 70,000 locations nationwide! Just hand your cash to the cashier. They will swipe your card and the money will automatically load onto your card.

If you don't have their bank details, just enter their email address. If they're on Wise, we'll find the account they want to receive money into. If they're not on Wise, we'll send them an email asking for their bank details.

Between the transfer fee the bank shows upfront, extra intermediary costs and an exchange rate markup, the overall costs can ramp up pretty quickly. Wise transfers work differently, which can mean you get lower overall fees and a faster delivery time.

The minimum limit for withdrawal via Wise is $10, while the maximum amount is $3000.

Choose Wise as a bill payee in your online banking to send the bill payment — this way our system will be able to receive it.

The Wise card is a debit card, with no minimum balance and no ongoing fees to worry about — and of course, no interest or penalty charges, and no bill to repay at the end of the month.

Does Wise count as a bank? Like we mentioned before, Wise isn't a bank — but a Money Services provider. So, while banks offer a large array of services, such as loans, savings and interest accounts, Wise specializes in holding and converting foreign currencies, and sending international bank transfers.

The main benefit to having a Wise account, over a traditional bank account, is being able to manage your money without borders — without international transaction fees or outrageous exchange rates. You'll always get the real exchange rate and low fees with Wise.

Make 2 withdrawals of up to 350 CAD each month for free per account. After that, we'll charge 1.5 CAD per withdrawal. There's a 1.75% fee on any amount you withdraw above 350 CAD. Fees vary depending on the country where your card was issued and your country of residence.

Why do I need a Wise account? ›

Wise is an online account that lets you send money, get paid, and spend money internationally. With a Wise account, you can send money abroad, get paid in other currencies, and spend abroad on the Wise card.

The Wise travel money card takes the worry out of using ATMs abroad. You only pay a small fee on withdrawals after the first 350 AUD. Avoid hidden fees in the exchange rate while withdrawing from ATMs abroad. Learn more about our pricing.

If you're looking for a prepaid card to use abroad, consider getting a specialist card like the Wise card, or the Revolut card. Both of these cards allow you to hold multiple foreign currencies, with easy ways to convert your funds to the currency you need.

There's a lot you can do with your Wise card for free. And we charge transparent fees for spending in currencies you don't have in your account and withdrawing cash after a certain amount.

What are Wise transfer fees? Wise transfer fees include a low fixed fee (often $0.50 – $1), covering the costs associated with the transaction, and a variable fee covering the cost of the currency exchange. For major currencies this is typically around 0.45% of the transfer value.

Can I get the card? The Wise card is currently available in the UK, the US, Switzerland, Australia, New Zealand, Singapore, Malaysia, Japan, Canada, Brazil and most of the EEA. There are a few exceptions, so check the list of eligible countries. We can't issue the card to people who don't live in these countries.

Wise Card assists you while making withdrawals, payments at restaurants, and even online payments. With Wise Card, you can pay in more than 50 different currencies, which helps you save a lot of money. By using a Wise Card, you'll be able to avoid those lefty fees of banks.

When you use a debit card to pay for something, you're spending your own money drawn from your bank account. There is no credit involved, so nothing for the debit card issuer to report to the credit bureaus. A credit card does build your credit.

Can Wise card be used in USA? ›

Once you've got your card, you'll need to activate it before you can use it. You can only activate the card when you're in the US, so if you're planning to take it traveling, please make sure to activate it before you go. To activate your card: Go to your Wise account.

Setting up your account

It's free to create a Wise account, and there are never any monthly fees or minimum balances to worry about. For businesses, it costs a small one-time setup fee of 3,000 JPY to get your own international bank details, which you can use to receive money for free.

There are no credit checks – all you'll need to do is verify your identity and set up your account. From your new Wise account, you can hold 55+ currencies at once.

The minimum limit for withdrawal via Wise is $10, while the maximum amount is $3000.

Make 2 withdrawals of up to 350 CAD each month for free per account. After that, we'll charge 1.5 CAD per withdrawal. There's a 1.75% fee on any amount you withdraw above 350 CAD. Fees vary depending on the country where your card was issued and your country of residence.

When you open a bank account, you usually need to take some ID into the bank branch. Wise is no different. We're a financial institution, so we need to know who's using our service. It helps us combat money laundering, and keep everyone's money safe.

Yes Wise is safe to use.

As a global business, Wise is regulated by a number of bodies around the world, and also employs industry level security measures to keep customers and their accounts safe. Wise is regulated in the US by FinCEN (Financial Crimes Enforcement Network) and renews its registration annually.