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Our family has just returned from a 9-month-long world trip with our 2 & 5-year-old on a backpack each.
We all know that travelling doesn’t come cheap and one of the most important aspects of managing your budget while travelling is deciding how to pay for all those unforgettable experiences and accommodations. This includes the all-important question of whether to pay in local or home currency with your credit card or debit card.
As a family who loves to explore, we’ve found ourselves in all sorts of places, from the bustling markets of Bangkok to the serene landscapes of the Swiss Alps. And each time we’re faced with the same questions at the checkout: “How would you like to pay?” It might seem like a small decision, but it can have a big impact on our travel budget, and with a little savvy and some smart spending habits, your budget can stretch further than you might think.
![Wise Travel Card Pay In Local Currency Stretch Your Budget Featu](https://kida.co/wp-content/uploads/2023/07/Wise-Travel-Card-Pay-In-Local-Currency-Finance-Money-Featured.jpg)
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Table of Contents
Introducing Wise Travel Card
Before setting off on any trip, it’s always a good idea to get your finances sorted. But that doesn’t mean you have to visit an exchange booth and withdraw cash for every currency you may require during your journey. In fact, we advise against that.
For us, our go-to solution for hassle-free spending and optimal exchange rates is Wise Travel Card. Like every product out there, Wise is not a perfect solution, but a great solution to international travel. At the time of writing, Wise travel card is the only travel money card we recommend on this blog, and it is the only one that we personally use up until today.
💡Insider Tip!
While many credit cards offer enticing rewards, points, or cashback, the conversion fees and exchange rates can often negate these benefits, especially when you’re travelling extensively.
As we preach in our JourneyUp Program, always focus on increasing your passive income streams rather than pinching pennies.
That said, we have been on the hunt for an all-in-one solution that allows us to manage both cryptocurrency and fiat, but we haven’t found one that we’re confident enough to recommend just yet. So, for the time being, Wise Travel Card is our go-to choice for managing money on the move.
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Whether you’re a seasoned globetrotter or planning your first overseas trip, stick around as we unpack the tips, pros and cons of using Wise as a solution to your travel finance. Let’s make your money work harder for you, so you can focus on making memories!
![Wise Travel Card Kida.co](https://kida.co/wp-content/uploads/2023/07/Wise-Travel-Card-Kida.co_.jpg)
Wise Travel Card In A Nutshell
Wise is a multi-currency account and debit card that allows you to exchange currency at a fraction of the cost of traditional banks and exchange services, ensuring I always get the best exchange rates.
It is a prepaid debit card that allows you to make purchases in 175 different countries, transfer money to international bank accounts, receive money from overseas in your currency with no fees, and load up multiple currencies to pay in local currency while abroad.
You have the option to open either a personal account, a business account, or both. In this post, we primarily focused on our personal experience, so we cannot provide extensive commentary on the business aspect.
![Wise Travel Card Currencies Kida.co](https://kida.co/wp-content/uploads/2023/07/Wise-Travel-Card-Currencies-Kida.co_.jpg)
How does the Wise money card work?
The Wise Travel Card works like a normal debit card. You can use it almost anywhere around the world to withdraw money, make contactless purchases in shops and cafes, pay for accommodation, and shop online.
The card intelligently pays in local currency, and if you don’t have the local currency, it converts one of your other currencies at the best rate with a tiny fee.
During our 250-day trip around the world, we used Wise to pay for everything, both online and in-store, and it never let us down. Whether it was for a pizza in Venice or a bowl of laksa in Kuala Lumpur, our Wise travel card was accepted everywhere we went, and ATM withdrawals worked better than our conventional credit cards. We used Wise to pay contractors in other parts of the world and even used Wise to transfer our wedding gift to my best friend’s local US bank account.
![Wise Travel Card Bank Money Cards Kida.co](https://kida.co/wp-content/uploads/2023/07/Wise-Travel-Card-Bank-Money-Cards-Kida.co_.jpg)
As a backup, we always carried a reliable credit card from our home country to cover any unexpected issues with merchant machines or chip malfunctions. Honestly, we can recall using it twice throughout the year of our full-time travel.
With Wise, I can sidestep the fees and unfavourable exchange rates that traditional banks and exchange services often impose. Plus, I get the added convenience of being able to manage my money from anywhere in the world through the Wise app. It’s a lifesaver for parents on the go who want to make the most of their travel budget without compromising on convenience or quality. You can see Wise’s competitive fees and pricing clearly here. Choosing to pay in local currency was definitely the simplest travel tip that helped us stretch our travel budget further.
![Wise Travel Card Pay In Local Currency Stretch Your Budget Featu](https://kida.co/wp-content/uploads/2023/07/Wise-Travel-Card-Pay-In-Local-Currency-Stretch-Your-Budget-Featured.jpg)
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How to Get Your Own Wise Card
Getting your Wise travel card is a breeze. Simply visit their official website and follow the step-by-step sign-up instructions. After signing up, you’ll need to wait for your physical card to arrive in the mail. This can several weeks, so it’s a good idea to get this sorted before you embark on your travels.
Once you get your physical card, follow the instructions to activate it and top your account up via debit card or bank transfer to start using the card.
The KYC Process
Not long ago, a family member asked about how we managed finances during our global travels. We introduced her to the Wise travel card, which piqued her interest. However, she later shared that she didn’t go through with the registration due to the stringent Know Your Customer (KYC) protocols.
We were surprised to hear that, I mean, imagine an international banking service without a solid KYC process. Wouldn’t you naturally expect to show some ID and paperwork to prove you’re legit, just like you would when opening a bank account at your local branch, right?
So, anticipate a lengthy KYC process with Wise. It’s a level of security you should expect and appreciate, as it’s there to protect your interests and ensure a safe banking experience.
![Wise Travel Card Digital Card Kida](https://kida.co/wp-content/uploads/2023/07/Wise-Travel-Card-Digital-Card-Kida.jpg)
The Perks of Temporary Digital Cards
One of the standout features of Wise is the ability to create temporary digital cards. This is a game-changer for us when shopping internationally. You can quickly generate a digital card, use it for your purchase, and then freeze or delete it anytime. This feature provides an extra layer of security and peace of mind.
However, to take advantage of the digital cards, you’ll first need to have a physical Wise card. So, make sure to plan ahead and order your main card well before you leave your home country. It’s a small step that can make a big difference in managing your travel finances securely and efficiently.
Go Digital with Wise Virtual Card & App
Our family is all about digitising our lives as we travel the world with a backpack each. Wise stands out with its user-friendly smartphone app and virtual cards. These digital cards, as mentioned before, can be used alongside your physical card, offer a secure and convenient way to manage your global transactions. But remember to order your Wise Card well ahead of your trip to avoid delays.
Best Exchange Rates
Wise Travel Card is its commitment to offering mid-market exchange rates. This means you get the fairest rate possible, typically better than what most banks or other travel card companies provide.
Security and Control
Our family is sceptical when it comes to trusting a third-party bank to hold our hard-earned money, especially when there’s no physical bank that we can go to for help. However, Wise has proven to be a trustworthy option for us. It is registered, licensed, and regulated by a number of financial authorities around the world, such as FCA (UK), ASIC (AU), FinCEN (US), RBI (IN) and MAS (SG). This implies that Wise is subjected to strict regulations and oversight, ensuring the safety and security of our money. Furthermore, Wise employs state-of-the-art security measures to safeguard our data, and they have a dedicated team of fraud prevention experts who work tirelessly to keep our accounts safe.
Wise also understands the importance of control over your finances. That’s why the Wise Travel Card comes with adjustable spending limits. You can tailor these limits to your spending habits, providing an extra layer of fraud prevention.
![Wise Travel Card Pay In Local Currency Stretch Your Budget Featu](https://kida.co/wp-content/uploads/2023/07/Wise-Travel-Card-Pay-In-Local-Currency-Finance-Money-Budget-Featured.jpg)
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💡Insider Tip!
We use the Wise travel card as our primary transactional card, meaning we transfer money from our home bank to our Wise account on a monthly basis to fund our travel expenses.
This is not specifically related to security, but Wise charges a daily fee based on a percentage if you keep a large amount of money in your account in some currencies. This is called a negative interest rate, and it is charged because the bank is essentially lending you money by letting you hold it in your account.
Transparency
With Wise, what you see is what you get. While creating a multi-currency account is free, other charges like card issue and replacement fees, currency conversion fees, and ATM withdrawal fees are transparently communicated upfront.
![Wise Travel Card Local Bank Account Kida](https://kida.co/wp-content/uploads/2023/07/Wise-Travel-Card-Local-Bank-Account-Kida.jpg)
Sending and Receiving Money
It’s free to receive money into your Wise account, and you can get account details in multiple currencies (AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY, USD) without any fees. However, receiving USD via wire does incur a small fixed fee.
When it comes to sending money, Wise charges a small conversion fee if you’re sending to a different currency, but it’s free to send the same currency from one Wise account to another. You can schedule a transfer, set up direct debits and donate to your favourite charities. The fees depend on the amount, the currency you’re sending money to, and your payment method.
This transparent pricing model allows you to see all costs upfront, ensuring there are no hidden surprises.
Simplicity At Its Best
As you may already know, our family embraces minimalism and greatly values simplicity in all aspects of our lives. We preach this mindset in our JourneyUp Program, and practice it in real life. When it comes to financial matters, we seek out solutions that align with these principles. The Wise Travel Card not only offers a clean and user-friendly interface but also ensures that transactions are as simple and straightforward as possible.
All your transactions are neatly organised into categories, making it easy to see where your money is going. You can add notes to your transactions and even upload receipts. This feature is particularly useful for those who need to keep track of their expenses for reimbursement or tax purposes.
You have the freedom to close currency accounts while still retaining your transaction history. This means you can close an account when you’re not using it and reinstate it whenever you need it, all while keeping a record of your past transactions.
As our world continues to globalise, it makes life so much easier to have local bank details from all over the world. This feature is a boon for freelancers, expats, and anyone receiving money from overseas. It eliminates the need for complicated bank transfers and reduces the fees associated with receiving international payments.
![Wise-Travel-Card-Transaction-Details-Kida](https://kida.co/wp-content/uploads/2023/08/Wise-Travel-Card-Transaction-Details-Kida.jpg)
The Flip Side: What’s Not To Like About Wise?
While Wise offers a host of benefits, it’s only fair that we also shed light on some of the downsides.
Customer Support
After using Wise for over 3 years, we’ve found that their customer service could use a bit of a boost. There were a few instances where we were double charged on transactions while overseas, and it took Wise a few days to get back to us. The initial email response often seemed to be a prepopulated template, requesting us to go back to the merchants and provide more proof, which was very frustrating.
The incident happened at a convenience store within the Hawaii Volcanoes National Park. Due to poor Wi-Fi signal, the merchant’s EFTPOS machine went down during payment processing. The merchant insisted that the payment hadn’t gone through and asked us to try again. Due to the weak signal, we couldn’t check the status of the transaction on our Wise app at the time, leading to a double payment.
When we reached out to Wise for a refund, we waited 2 days for a less than satisfactory response, which seemed to have been generated from a template. They asked us to return to the merchant for a refund or provide additional proof. We explained our situation but after months of silence and considering the relatively small amount involved, we decided to let it go.
ATM Limitations
During our travels across 28 countries, we found that most places accepted cards, reducing our need to carry cash. This was particularly true outside of certain Asian countries, where cash was more commonly required. However, when we did need to withdraw cash, we were taken aback by the high ATM fees.
Wise has a free withdrawal limit depending on your currency, and additional fees apply after that. However, given our experience, we didn’t need to withdraw cash more than once a fortnight when using Wise as a travel card. So, this limitation didn’t bother us much. It’s something to keep in mind, though, depending on your travel habits and cash needs.
![Wise Travel Card Passports Kida](https://kida.co/wp-content/uploads/2023/07/Wise-Travel-Card-Passports-Kida.jpg)
Transactional Card
One important thing to remember is that the Wise Travel Card is designed primarily for transactions, not for savings. As we mentioned earlier, if you hold certain currencies over a specific threshold in your Wise account, you’ll be charged a percentage holding fee. This fee is designed to discourage users from keeping large amounts of money in their Wise accounts.
Moreover, unlike a savings account, Wise doesn’t pay interest on the money sitting in your account. So, if you’re looking to earn interest on your savings, a traditional savings account would be a better fit.
So, our advice is to use the Wise Travel Card for what it’s best at: making easy, low-fee transactions in multiple currencies. Transfer money into your Wise account as and when you need it, make your transactions, and then let your money earn interest elsewhere.
Fees Do Add Up
When it comes to making large transfers, it’s crucial to be aware of the percentage fee that Wise charges. While Wise is known for its low fees, these can add up if you’re transferring a large amount of money. So, it’s always a smart move to calculate the fees before you make the transfer.
However, if you put this into perspective and compare it to traditional banks, Wise often comes out on top, even with the percentage fee on large transfers. Traditional banks frequently impose hefty international transaction fees and provide less favourable exchange rates.
So, if you’re using Wise as a travel card, you’ll likely still end up saving a considerable amount compared to using a traditional bank. The percentage fee on large transfers is something to be aware of, but in the grand scheme of things, Wise still offers a cost-effective solution for international transactions.
The key is to understand Wise’s strengths and limitations and use them in a way that best suits your needs.
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The Final Takeaway
In conclusion, if you’re looking to maximise your travel budget and get the best exchange rates, the Wise Travel Card is a savvy choice. Its ability to hold multiple currencies, offer competitive exchange rates, and facilitate easy transactions makes it a standout choice in the world of digital finance. As a family who loves to roam around the globe with our kids, we’ve found that a simple financial solution like Wise can make a world of difference in keeping your travel budget under control.
In essence, the Wise Travel Card is not just a travel card; it’s a smarter way to manage your money when you’re exploring the world. As always, it’s important to do your own research, understand the terms and conditions, and stay updated with the latest information on the Wise website or app.
![Wise Travel Card Features Kida](https://kida.co/wp-content/uploads/2023/07/Wise-Travel-Card-Features-Kida.jpg)
I hope this blog post provides a comprehensive and balanced view of the Wise Travel Card.
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