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Sponsored Low-cost Foreign Currency for Frequent Flyers

Admin

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As a frequent flyer, the chances are that you often travel overseas and need foreign currency. You also know that the traditional ways of getting foreign currency is expensive, cumbersome and slow. Banks and credit card companies usually add their own margin on top of the real exchange rate PLUS that dreaded foreign exchange fee. But this model has now changed…

...enter TransferWise a revolutionary new way to transfer money and make international transfers with transparent pricing, the real exchange rate, and no hidden fees!


A truly “borderless” account

Your TransferWise account is a multi-currency account. You can hold over 40 different currencies in your account and transfer money between these currencies at the real exchange rate (plus a small, fully-disclosed fee). And there's more:

... you also get a free Platinum debit Mastercard also comes with free overseas ATM withdrawals of up to $350 every 30 days

... plus you get your own AUD, NZD, USD, GBP and EUR bank accounts so you can receive and spend these currencies at no cost!

TransferWise is perfect for frequent overseas travellers, Australians living abroad or anyone that needs to make or receive payments in a foreign currency.

 

MathNerd

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I've used TransferWise for many AUD -> INR transfers and have always found them to be competitive.
They are extremely transparent and any quote for a transfer always comes with a "Compare price" feature, as shown:
1576040994281.png
There have been a very few instances where their own final amount has come out worse than someone like Western Union, in which case I've used WU, however in saying that it seems WU has dropped off the list of competitors.

I received the bright green TW Debit card in the mail a few weeks ago, and am really excited to give it a whirl in the UK when we head there later this month. I wish the cash withdrawal limit was more than 350 AUD per 30 days, however I'm planning on using my Coles Rewards MasterCard for all card-enabled purchases for flybuys (hence VA) points, as well as no international transaction fees.

Overall, I'd recommend TransferWise.

EDIT: I'm always gobsmacked when I see the paltry exchange rates offered by the Big four, and not only that, the eye-watering prices charged for the transfer. For example, ANZ charges 18 AUD to transfer 100 AUD to INR, at an exchange rate of 46.4633:
1576041526571.png
That's highway robbery, I can't believe that people actually use this mob!
 
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Lynda2475

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If you want to buy a specific currency when rates are good I can see the appeal but otherwise im struggling to see benefit over CitiBank Plus debit account?

$350/month of free ATM withdrawals is tiny (basically one withdrawal), compared with debit cards allows $1.5k per day fee free.

I have sent and received money between my aussie citibank and a friends foreign citbank account fee free (in USD and AU); made heaps of foreign purchases at the mastercard rate, no foreign fee or other transaction fees.

Storing your travel moneyy in AUD and only converting when you make a purchase or an ATM withdrawal is simpler, thna trying to guestimate exactly how much you need in a foreign currency then having to move funds to another currency and pay another fee if you dont plan to visit that destination again anytime soon.

What am I missing?
 
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VPS

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I've used TransferWise for a couple of years and really like it. I like that I can leave currency in other denominations in there as well. I too have the bright green card.
 

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