Wise Card review

30-second take

• Think about the Wise Card if you want to save money when you shop overseas and you’re prepared to sign up for a Wise multi-currency account.

• Choose something else if you need access to credit or you would like standard bank protection for your deposits (such as CDIC insurance).

• You won’t need to carry a minimum balance or earn a minimum income to qualify for the Wise debit card.

How the Wise Card works in Canada

The Wise (formerly TransferWise) Virtual Debit Card lets you spend money overseas for less. It offers no foreign transaction fees, competitive exchange rates and free overseas cash withdrawals.

The Wise travel card gives you 2 free withdrawals of up to $350 per month (with a 1.75% fee of any amount over $350), then a $1.50 fee per subsequent withdrawal (plus a 1.75% fee of any amount over $350).

Besides offering fee-free withdrawals from any international ATM, the Wise Card comes linked to your Wise multi-currency account, which lets you spend money in 40 currencies.

The basics

Take advantage of no foreign transaction fees as well as competitive exchange rates when you spend money or withdraw cash overseas with this multi-currency Visa debit card.

• No foreign transaction fees. This card charges no foreign transaction fees.
• No minimum balance requirements. Get started with as little as $1.
• Free ATM withdrawals. Get free ATM withdrawals, as long as the total amount you withdraw is under $350 per month.
• Multiple currencies. Spend money in 160 countries, convert and hold 40 currencies and receive payments with your Wise Card.
• Low-cost transfers. Get big savings when you transfer money overseas.

The perks

• Auto-convert any currency. Convert to any eligible currency at the lowest price automatically when you pay for products overseas using your Wise travel card.
• Low conversion fee. Only pay a very small conversion fee when you convert your money through your online Wise account – typically between 0.35% and 2.22%.
• Special discounts. Enjoy up to 12% off when you use your Wise Card to make reservations on Booking.com.
• Security measures. Freeze your card from the app or call in to cancel it if you think your card has been stolen or compromised.
• Works worldwide. Use your card in 160 countries and withdraw money from 2.3 million ATMs.

What to watch out for

• Some fees. You’ll still need to pay fees and currency exchange rates when you spend and transfer money in many cases – they’ll just be lower.
• No access to credit. You won’t be able to spend any money on your Wise Card that isn’t already in your account.
• No deposit protection. Unlike with big banks, your deposits won’t be protected by the Canada Deposit Insurance Corporation (CDIC) if Wise goes bankrupt.
• Expensive ATM fees. You’ll have to pay 1.75% in fees on any ATM withdrawal you make over $350 per month, along with a $1.50 fee per withdrawal after the first two free withdrawals.
• No Canadian ATM withdrawals. You can’t use your Wise travel card to take money out of Canadian ATMs (only international).
• Interest does not apply. The money you hold in your Wise account won’t be eligible to collect interest.

What currencies does the Wise Card support?

The Wise Card lets you hold the currencies from your Wise account in 50+ currencies.

What should I know before I apply?

It’s fairly easy to qualify for the Wise Card. You’ll need to meet the following basic criteria to begin the process.

Eligibility requirements

To apply for the Wise Card, you must:

• Be a Canadian citizen or permanent resident who is at least 18 years old.
• Have a working bank account in Canada.

Required documents and information:

• Your name, residential status and contact information
• Your Social Insurance Number (SIN) and date of birth
• Your email address and phone number

How to apply for a new Wise travel card and account

1. If you already have a Wise account, just log in to order your card online or in the app by clicking on the Debit card tab of the website or the Account tab in the app. From there, you’ll see an option to order the card.
2. If you don’t have a Wise account, you can sign up for free by visiting the Wise homepage.
3. Just click on the blue [Register] icon in the top right-hand corner of the page to get started.
4. Complete the application with details that include your name, email address, Social Insurance Number and birth date.
5. Review and submit your application and wait for approval (and don’t forget to order your Wise Card once your account is up and running).