You missed the most useful feature of using Wise card abroad. Say you have USD, EU and MYR balance in your Wise account and you go to London. Since you do not have GBP, when you use Wise card to pay, Wise will determine which currency that has the best rate to convert to on the fly. ie If the exchange rate is better in USD-->GDP at the moment, it'll choose your USD balance to pay. You really do not need to convert/open a GDP account before you use it, unless you wanted to.
I think it is better to have the currency because it is helpful if anyone with GBP account want to transfer to you, you can give them the GBP account details . Also, if you do not have GBP , it will deduct from your Euro account but with an additional fee .
Americans don’t use this card much because they have several cards in the U.S that waives atm fees and credit cards that waive foreign transaction fees. However, I noticed that the exchange rate might not be as good or fair to the real exchange rate. So maybe that is where this Wise card has the advantage.
The best Wise video explanation! Goshh couldn’t thank you enough! Been struggling to understand Wise and stumbled upon your video and it answered all my questions, confusions and doubts! Thanks a lot Helmi!
Thank you for this video. I’m in my late 60s and have hesitated getting Wise because I didn’t totally understand it. This was an excellent explanation of how Wise works. I will use your affiliate link.
how does it know which balance it uses? For example, if I have opened euros, pounds or pesos and added funds in them....then I go to Portugal to pay for something....does it know automatically that the charge should be deducted from euros? That is, there's no need for me to keep the "default" to euros because I know that I am in Portugal? thanks.
Terbaik bossku! Aku da bertahun2 ada wise card.. tapi sampai sekarang tak pernah pakai bila overseas.. pasal tak tau cara pakai! Video ni memang sangat2 informative.. sekarang da tau cara nak convert dari local currency to overseas currency🙏
I have a trip in August/September in Europe and I’ve been setting aside money weekly on my wise card. I think it’s a great budgeting tool for vacationing. Thanks for the video, it was very informational.
I know this is an old video and you probably won't reply, but I'll ask in case you're still active So my question is the following, I live in Libya and I can't open a Wise account here, it is not supported, BUT I'm going to study abroad soon in Latvia RIGA, and my question is, The scholarship would want a bank account to transfer money to my account, so can I open Wise account when I'm there in Latvia, and how can I pay for it (The Physical card) since I don't have a payment method online when I'm there, should I pay with a friend's Paypal for it?
There is another fee when you send money to Wise. But it is 0$ if you use pay ID for the transfer. So you need to watch it. But mostly fees are shown very clearly.
Great video thanks for the explanation! How about if i have excess money after my travel. For example I bought 100k IDR but spent only 90k IDR. What happens to the remaining funds? Can I transfer it back to some other currency or to my home currency i.e AUD?
Thank you for the explanation! So it's pretty popular due to being able to convert the money to mid market online without having to convert cash yourself while traveling and no foreign transaction fee?
This is a great video and I am convinced. I do use Wise to send money home to Malaysia but never tried the card. I currently use one of the DBS credit cards that is great for travel. Obviously, one benefit there is that you earn points/miles. I recently went to Australia and every time I tried to pay, they would ask me if I would like to be charged in AUD or SGD. In my head, I think better to use local currency, meaning AUD, so that the banks will do the exchange as if I should SGD payment in Australia, it may not be a good rate and may have extra charges by the bank. Do you have any tips or ideas on this? Cheers!
your question is about your DBS card? For that, better to ask the bank directly. I am not familiar with DBS. As for Wise, I always select the local currency. Or Wise will select the cheapest currency for you automatically
I use this just to get actual market rate for my money for a small flat fee and then buy things on US amazon for 10x less lost money than what paypal screws me with on the exchange rate overall.
Thank you for taking your time to review the card. What happens to the balance on the account once you have completed your travels? Can you transfer it back to your personal account? I'm assuming the normal conversion apply?
yes to both. I usually don’t buy too many foreign currency when traveling. Convert just enough for my travels. the balance, if a lot will have a small charge to transfer back to your account. I sometimes just leave it in there in case i’ll be traveling again
Wise fees caught us out in France. Taking out our own cash via Wise was very expensive. Their monthly limit before their fees are charged is very low in my opinion. Be sure to read their terms and conditions before you get a Wise card.
@@MI-wy8pr - it is but the old travellers cheque fee was only 1%. And remember this is a fee for you getting your money that you put on your card. The fee free withdrawal allowance is very low. I have cut my Wise card up.
The video needs to be specific for which country. There are Australian banks that offer debit and credit cards they have competitive rates and no transaction fees and also more free international ATM withdrawals. So Wise is more expensive in comparison.
If a credit card or a debit card has no foreign transaction fees and no atm fees, maybe I'm benefitting more right? The exchange rate isn't SO terrible on these cards, they might be the same as Wise, right? In which case, I might benefit more because I would be earning points from my cc and also have zero ATM charges. Just trying to understand thoroughly, thanks for this video and for an answer, if you have one.
Just be aware if you link this card up to grab they will slap you whit a 3% skin tax in Malaysia every transaction you use . So for me grab is no longer a option bad policy like that I do not support...
Ive been having hard time finding a good tutorials and thi helped me a TONN I was worried the card wouldnt be avaible in any ATM due to indonesia can be very less active with changes and some need to use cash more to buy stuff. And i was worried id be wasting my money to buy the card if i couldnt even use it,this video helped me with me anxiey,overthingkint anxious butt haha Thank you so much for all of this not only it made me want to buy the cards it made me atleasf happy indonesia letting us to use this card ❤
Hi..i am from Canada too.. could you please tell me which is that 0% FX fees visa card? and if u have that one, why would you still opt for Wise? any benefits?
@@rashmis9123 Home Trust Visa credit card is 0 transaction fees. I'm assuming one would use Wise at ATM in order to get cash to use at destination, i.e., credit card not accepted
Hi. If I got bunch of foreign currencies right now, says JPY, THB, or USD, in cash. How could I deposit them into my Wise account at the minimal losses?
Hi, thank you for that video, i stumbled across wise card when preparing for our Japan trip. I have been slowly putting money to my wise card, in addition to my debit and credit card. I really love the feature of the wise card that you can lock in the exchange rate, however, im a bit skeptical to put in big amount of money like $3000aud (converted into jpy) to pay for our hotel accommodation, are they really that reliable like any mastercard or visa? thanks in advance
Really informative video. Thank you, Helmi! Would you recommend or have any qualms using the Wise account as a means of keeping some savings in foreign currency?
Glad it was helpful! I do not keep currencies for investments in Wise. I don't think that's what it's there for. But no problem to keep foreign currencies on Wise. Just note that there is no interest if you keep money on Wise
The only big downside for Malaysia and Singapore residents is that there is a special regulation that only allows about $4000 max that can be stored in your account. When I had my residency in Germany there was no limit. Philippines has gone even further and there is a special branch they established for Philippines only. Wise is a great tool and the best in my opinion, but some countries are giving a huge headache, like Indonesian bank recently restricting Wise and its no longer working for Indonesia residents.
Hi Helmi nice video. You mentioned that you opened a wise Indonesian account then loaded it some money from Malaysian dollars. My question is if for example I opened 3 accounts in the wise app- 3 currencies example : NZ, Philippines, Singapore and all of them have money in it.How will I choose/use the Singapore account if travelling to Singapore and not the other 2 accounts from NZ and Phil?. Will wise automatically use the Singapore account or there is a process on how to choose the Singapore account?if that makes sense. Thank you!
I'll help you with this. Yes, Wise will do it automatically. In case your SGD account doesn't have sufficient amount, the transaction will automatically deduct your balance in other currency. In a simple way, Wise will do it all for you
Hi I'm from Australia traveling to India and I want to take a very large sum of money to pay india hospital bill,am I correct in thinking that if my Indian hospital bill was around $9,000 Australian dollars which I'd payed in and bought India currency with that I could hand over my card and they would deduct the Indian money out and there would be no extra fee on top for such a large amount withdrawn at once.
Anyone here have used Wise card in Korea? Can you use in restaurant, convenience store and shopping complex in Seoul? But I used it seamlessly in Europe.
i getting paid from US company thru my wise account, no need to open US bank account and wise card not detect as prepaid card like bigpay. some online service not accept prepaid card.
Hi Helmi, great content. Q1 To top up using fpx RM into say usd, is there a suitable time to do it..due to currency fluctuations. If say on days RM is the weakest and we bought usd.. wouldn't that defeat the purpose of using wise when we use it in USA 😊??
Does it require a pin. Or is it payWave. If payWave and you lose it or it gets stolen, all the money can be spent by the thief. Is this a problem with wise.
Hi Helmi I have a multi currency Wise debit card and am planning to use in on my travels to Italy soon. My question: when using my Wise card to withdraw Euro from ATMs in Italy, which option should I choose to withdraw money from "savings", "credit" or "cheques"? Again, when using the Wise debit card to pay for meals at restaurants in Italy, what payment source option should I choose? Thanks
If you open a new account in say SGD and add currency, would there be a conversion fee from MYR to SGD? As opposed to having a single currency account loaded (I.e MYR) and then spend as it is physically in Singapore which would just be based on that days FX rate, without incurring any conversion fee
There is mostly a fee of 1% for money conversion. That is still way better then normal exchange rates. There is another fee when you send money to Wise. But it is 0$ if you use pay ID for the transfer. So you need to watch it. But mostly fees are shown very clearly.
Hi! May I ask if you have an idea about this, I have a wise account, online and card, the account is in € but would like to place an order with other currency. Do i have to make an account with the same currency or can i just use it in €? Thanks
Hi. If I got bunch of foreign currencies right now, says JPY, THB, or USD, in cash. How could I deposit them into my Wise account at the minimal losses?
Why is it that my Wise card can't be swiped when making payment and that I had to key in my PIN? I've tried it a few times and still the problem persists. I'm a Malaysian and if I have a Singapore dollars balance in my Wise account, what is the maximum Singapore dollars that I can withdraw from Singapore ATM and is there a minimum withdrawal sum? Also, which type of ATMs can I withdraw Singapore dollars for free?
1. 1st transaction have to use PIN. 2nd afterwards can use paywave 2. 1st RM1000 per month is free. Charge afterwards can be seen here: wise.com/my/pricing/card-fees 3. Any ATM that accepts Visa.
does wise card have annual charge fee ,and the card register is free or need to pay first to use,what function does it have(i havent apply for the card yet so i need to ask)
@Helmi Hasan Media I have some credit in GBP and EURO and I want to pay EBAY in GBP BUT it picks EURO instead :( how do I change the primary payment to GBP?? ANYONE???
The question I have is the ATM charge. You mention no ATM charge on 2 per month usage per amount guidelines. I get that, but does the ATM machine, or ATM company charge a fee to use their ATM? It may be free from Wise, but is there an fee added by the ATM company? Will continue to search for this answer that may not be out there.
When you use the card abroad, usually the merchants will ask if savings or checking, so how do you respond? Is it savings or checking? What should we say? Thanks
Hi helmi, just wondering the usual eta to get the physical card to KL, Malaysia. Because at the apps said within 14 working days. Could it be the card arrive late then time given? Please help a friend out 🙏🏻
i got mine in less than 1 week delivered to my address in KL but you need to pay a little extra for the DHL if you really can't wait that long. There is an option for you to choose whether you want it to to be delivered by normal courier or by DHL when you are ordering the card.
you don'e need Indonesian ruppiah to travel to indonesia. You can have just your home currency and wise will still deduct at the day's exchange rate when you tap it.
Hi Helmi, I'm new to Wise. I'll be traveling soon and I've requested for the physical card. But just in case the card doesn't arrive, how does the digital card works?
Bro can Wise digital card be used when paying abroad? I couldn’t see any way except for transferring money. I’m still waiting for the physical card to arrive. Looks like I’ll be travelling without one
They know where you physically are & will use the local currency. If you don't have the local currency, whichever account with the best currency conversion.
Hi helmi.. thanks for the video. It was really helpful. However, i have a question im confuse about. It says tat 2% is charge if we top up any e-wallet right. This 2% is for other 3rd party ewallet or for the topup wich we do for wise account instead?
I live in US and my wise card registered in US. If I travel to Japan, and withdraw ATM from Japan, is the free allowance amount, fixed rate and variable rate following the Japan region or US region?
I believe it will follow the country where you got your card from. Here's an article to see how much that is: wise.com/help/articles/2935769/how-much-does-it-cost-to-withdraw-cash
Hi, i am a Malaysian & will go to Iceland. Since there is no ISK currency account in Wise, so i need to load MYR in Wise account, & when i use Wise card in Iceland, the spending will deduct my MYR account using the exchange rate on that day, right? Any fees involved for each transaction? Thx
yes just use the wise card like normal & it will have exchange rate live from your myr account. as shown in the video when i was in bali, there’s no other fees except for the exchange rate
