TransferWise debit Mastercard coming soon

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Ah just went to check my Transferwise account and let me order a card and said I should receive it in August

Great news for the next trip

For this specific use, I almost wonder (but need to test) if ING or Citi Plus would be better. TW still charge you an FX fee on top of the live mid market rate, just it’s very low. The benefit of TW is if you receive say USD or GBP, you can keep the funds in that currency and spend in that currency.

That of course means the funds aren’t sitting in your AU bank account or offset, but for many purposes this is just fine I’m sure.
 
For this specific use, I almost wonder (but need to test) if ING or Citi Plus would be better. TW still charge you an FX fee on top of the live mid market rate, just it’s very low. The benefit of TW is if you receive say USD or GBP, you can keep the funds in that currency and spend in that currency.

That of course means the funds aren’t sitting in your AU bank account or offset, but for many purposes this is just fine I’m sure.

Do you know if you're travelling, how do you choose which currency to use if you have four on your card. It suits me because I have some international bank accounts.
 
Do you know if you're travelling, how do you choose which currency to use if you have four on your card. It suits me because I have some international bank accounts.

You don’t. If you spend USD and you have some USD it spends it.
If you don’t, it converts other currency you have at the rate and fee published on their website (same rate as any other person to person transfer). It’s fair and transparent.
 
I’ve been invited to dinner with TransferWise to give feedback on the product. It’s eerily reminiscent of the QantasCash launch lunch which was fun.
 
I’ve been invited to dinner with TransferWise to give feedback on the product. It’s eerily reminiscent of the QantasCash launch lunch which was fun.

Looking forward to your feedback - when is the dinner?
 
My card arrived today. It is very bright green.

I look forward to using it on my next trip.
 
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I just received an email announcing the card so it sounds like it is available generally now.
 
I received my card this week - you're not going to mix it up with any of those other cards - it's BRIGHT green
 
If I understand the product correctly the maximum withdrawal limit per month is AUD350, beyond which you can withdrew more but fees kick in. That's a very low limit to avoid fees.
 
If I understand the product correctly the maximum withdrawal limit per month is AUD350, beyond which you can withdrew more but fees kick in. That's a very low limit to avoid fees.

From their website:

Card pricing
TransferWise Platinum debit Mastercard®Free
Spend in currencies in your accountFree
Convert a currency using your card0.35%-2.22%
ATM withdrawals up to A$350 / 30 daysFree
ATM withdrawals over A$350 / 30 days2%
Spend in rare currencies Mastercard rate
TransferWise account pricing: What are the fees?
 
Where are you travelling that you need more than 350 AUD in cash in a 30 day period?
 
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And why wouldn't you just use your normal bank card for AUD withdrawals?

Surely this card is about spend in foreign currencies for which there is no limit subject to you having funds in the relevant currency.
 
Where are you travelling that you need more than 350 AUD in cash in a 30 day period?

Well, a lot of places. Three hundred and fifty dollars Australian is bugger all.

And why wouldn't you just use your normal bank card for AUD withdrawals?

Surely this card is about spend in foreign currencies for which there is no limit subject to you having funds in the relevant currency.

Have I misunderstood. I read it as though you could withdraw a maximum of AUD350 equivalent per month fee-free, thereafter the 2% fee that SeatBackForward highlights kick in. So, in other words, if I was travelling to Singapore I could withdraw (at today's rates) about SGD335 for the entire month without a fee, then be slugged 2%, which is pretty significant.
 
If you're somewhere for a period, just open a local account and transfer into that.

Or use one of the other debit cards recommended here, if you insist on paying in cash.

The rates after the 2% extra fee are probably much better than what you will get through most banks.

Citibank and 28 Degrees being the exception.
 
Have I misunderstood. I read it as though you could withdraw a maximum of AUD350 equivalent per month fee-free, thereafter the 2% fee that SeatBackForward highlights kick in. So, in other words, if I was travelling to Singapore I could withdraw (at today's rates) about SGD335 for the entire month without a fee, then be slugged 2%, which is pretty significant.

I'm not sure now that you have interpreted it that way.

I read the restriction as applying to AUD only, not AUD equivalent.

If it is the latter, then I suppose you could withdraw the AUD 350 equivalent for the odd place that only accepts cash and then use the card for EFTPOS transactions wherever possible, which are free.
 
If you're somewhere for a period, just open a local account and transfer into that.

Or use one of the other debit cards recommended here, if you insist on paying in cash.

The rates after the 2% extra fee are probably much better than what you will get through most banks.

Citibank and 28 Degrees being the exception.

In my experience it's very difficult to open a local bank account with work rights. I've tried in France and Singapore and had absolutely no luck (although HSBC would open one for me without working, provided I deposited EYR75000!).

That said, I might be conflating two issues. The AUD350 limit appears to be for cash (i.e. ATM) withdrawals. If I've read the fees correctly there's no fee or limit for using the debit card portion of the card, which is the big plus of this card. I have a Citibank debit card for cash withdrawals and have a local Wells Fargo account in te US for USD so this might actually be a good addition to the wallet after all.
 
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I'm not sure now that you have interpreted it that way.

I read the restriction as applying to AUD only, not AUD equivalent.

If it is the latter, then I suppose you could withdraw the AUD 350 equivalent for the odd place that only accepts cash and then use the card for EFTPOS transactions wherever possible, which are free.

If it is AUD only, rather than AUD-equivalent, then that would be fine. If it is AUD-equivalent that may be a problem for some countries where CC transactions are not the norm but I don't think it's a dealbreaker.
 
Ordered the card on the 30/8/2019 and still have not received the card.

Is it normal for it to take this long for delivery?
 
Ordered the card on the 30/8/2019 and still have not received the card.

Is it normal for it to take this long for delivery?
Do you have the minimum deposit amount required in your account? They won't send out the card if you have a nil balance/insufficient funds
 
Do you have the minimum deposit amount required in your account? They won't send out the card if you have a nil balance/insufficient funds
Not presently, though it says my card is to arrive by 11 September and I contacted the support line they said give it two weeks from the date I ordered it.

I assume they won’t send it or give a notification as it shows on my app and a date of arrival if they didn’t send it?

I’ll give it a few days and see but it’s interesting it takes so long to get it.
 
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