Wise debit card

[neils2004]

Hi,
Has anyone had experience using a Wise debit card internationally ?
Thinking of obtaining one for use in Europe and the UK.

 

[Beano]

Don’t the T&Cs say that if you don’t have enough in the required currency Wise will take the currency from the best exchange rate at the time

I thought it took your default currency first then the others if not enough?

 

[SYD]

I thought it took your default currency first then the others if not enough?

That would seem more deterministic… Perhaps there’s a setting?

None of this is encouraging me to dust mine off to use in anger. My fee free DC/CCs work just fine for my needs.

 

[Beano]

I thought it took your default currency first then the others if not enough?

You may have to change default currencies when you change currency zones.

 

[dajop]

I always thought it took the currency of payment, then from your smallest balance in other currencies. But I could be wrong (or it could have been a coincidence).

As it takes mere seconds to move money to/from jars they seem to be best place to keep everything until you need that currency.

 

[VPS]

Wow lots of variations - I thought it took from your largest pot first - I am sure somebody will read the T&C and let us all know

 

[RooFlyer]

Have now learnt to keep it all in AUD unless you get a good exchange rate before you travel.

But how do you know what the exchange rate is going to be when is trying to spend the money off the card? Better or worse?

Unless some sort of crash happens, the difference between what you might get when you leave and a good exchange rate day would be pretty trivial.

It hoovered up all my CHF and then my EUR, SGD and GBP before taking rest from AUD to pay 200CHF hotel bill. Not sure why but lesson learnt.

As you say, lesson learned, but that’s exactly what I would expect it to do.

i’m currently in Europe and just put €300 on it before I left Australia. Obviously the app lets me know exactly how much is still there and if I’m running short of euro I’ll simply put some more on which takes seconds.

I have a few trivial amounts of yen and other stuff sitting there which, at the end of the trip I’ll make sure it uses up.

 

[Beano]

But how do you know what the exchange rate is going to be when is trying to spend the money off the card? Better or worse?

Unless some sort of crash happens, the difference between what you might get when you leave and a good exchange rate day would be pretty trivial.



As you say, lesson learned, but that’s exactly what I would expect it to do.

i’m currently in Europe and just put €100 on it before I left Australia. Obviously the app lets me know exactly how much is still there and if I’m running short of euro I’ll simply put some more on which takes seconds.

I have a few trivial amounts of yen and other stuff sitting there which, at the end of the trip I’ll make sure it uses up.

do you load the currency or AUD?

 

[RooFlyer]

do you load the currency or AUD?

I load the currency that I’m going to be spending. but I also have some AUD in there.

 

[Beano]

I think the answer has been posted already. Wise takes from the local currency then the best exchange and lowest fees from other currencies. If you don't want a currency to be used you put it in a "jar". You cannot nominate a default.

 

[VPS]

Well I learnt something new today - I heard people talking about jars but didn't realise what it was

 

[Beano]

Well I learnt something new today - I heard people talking about jars but didn't realise what it was

Me neither!

 

[RooFlyer]

I read about the jars when I first got the card but couldn’t really see much point in it. I put money on the card to be used when travelling overseas and don’t really want any thing there that I’m not going to use in the short-term.

But clearly YMMV.

 

[mel-world]

I read about the jars when I first got the card but couldn’t really see much point in it. I put money on the card to be used when travelling overseas and don’t really want any thing there that I’m not going to use in the short-term.

But clearly YMMV.

For me, the value of the Jar is to protect your money should a physical card get stolen or a digital card scammed. They cannot access funds in a Jar.

 

[VPS]

Well I learnt something new today - I heard people talking about jars but didn't realise what it was

For me, the value of the Jar is to protect your money should a physical card get stolen or a digital card scammed. They cannot access funds in a Jar.

I just set very low limits on card spend and then monitor it regularly when I’m spending from it

 

[dajop]

I read about the jars when I first got the card but couldn’t really see much point in it. I put money on the card to be used when travelling overseas and don’t really want any thing there that I’m not going to use in the short-term.

But clearly YMMV.

I tend to leave residual amounts in Wise, where it's not worth the bother to move back. Anything significant left over I move back to a bricks and mortar bank account. At the end of the day though the sums I have in wise and ER fluctuations are insignificant compared to say super or my shares.

 

[CMA222]

Wow lots of variations - I thought it took from your largest pot first - I am sure somebody will read the T&C and let us all know

If all else fails read the instructions !

I think the answer has been posted already. Wise takes from the local currency then the best exchange and lowest fees from other currencies. If you don't want a currency to be used you put it in a "jar". You cannot nominate a default.

There is no default currency as some seem to be assuming. The default is to convert from currencies held in your account, utilising the currency with the best current exchange cross-rate for the conversion.

 

[Beano]

If all else fails read the instructions !

There is no default currency as some seem to be assuming. The default is to convert from currencies held in your account, utilising the currency with the best current exchange cross-rate for the conversion.

Starting with the local currency according to Wise's FAQ.