Wise currency card review
Our verdict
If you’re looking for an easy way to spend money while you’re holidaying abroad, the Wise card might be worth considering.
You’ll first need to open a Wise account and pay a one-off card fee of £7. But after that, there are no monthly or annual fees to worry about.
You can use your Wise card in most countries across the globe and, unlike many standard debit cards, no hefty foreign transaction fees apply. Instead, you’ll have to pay a small conversion fee to convert the money in your account to the local currency. The exception is if you already have the required currency in your Wise account - in which case, no fees apply. ATM withdrawal fees also apply in some cases.
But while these fees are cheaper compared to the foreign transaction fees many cards charge, it's worth comparing all of your options first to see how costs compare to competitor cards such as Starling and Monzo. In some instances, you might find these are the better choice.
Pros
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Use in more than 150 countries around the world
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2 free cash withdrawals per month (up to £200)
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Open an account in minutes
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Start spending on your digital card immediately
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Easy to monitor transactions in the app
Cons
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Conversion fees apply if you don’t hold the currency in your account
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ATM withdrawal fees apply if you exceed limits
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£7 one-off card fee
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You can’t use your Wise card in all countries
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Limited customer support
What is the Wise card?
The Wise card goes hand-in-hand with the Wise multi-currency account. This account is designed to enable you to send and hold money in a range of currencies. So, it makes sense that the card aims to help you spend overseas for less.
You can sign up for a Wise account in a matter of minutes via the app or online. As part of the application process, you can choose to order the Wise card. Once you’ve completed your application and been approved, you’ll be able to use your digital Wise card immediately.
UK and EEA residents can also get a Wise eco card, made of biodegradable material, which will be sent out in the post.
How does it work?
You can use the Wise card to pay for items online in any currency or when you’re on holiday overseas. If you don’t have the currency you need in your Wise account, it will be converted for you. Wise uses the mid-market exchange rate to do this.
A fee will be applied to each conversion and this tends to vary between 0.3% and 0.9%, depending on the currency.
If you want to withdraw cash on your Wise card, you can make 2 free cash withdrawals per month, up to a total of £200. Exceed these limits and fees apply:
| Less than £200 per month | More than £200 per month | |
|---|---|---|
| 1-2 withdrawals per month | Free | 1.75% of the amount over £200 |
| 3 or more withdrawals per month | 50p per withdrawal | 50p + 1.75% of the amount over £200 |
It’s easy and straightforward to manage your account and card through the Wise app where you’ll be notified of all your transactions.
Is the Wise card safe?
Wise is not a bank which means your money will not be protected by the Financial Services Compensation Scheme. However, Wise is authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011. As it’s an e-money provider, it must hold your cash in a segregated account which means you should still get it back if Wise ceases trading.
Should you misplace your card, you can easily freeze it within the app and unfreeze it again when you find it. Wise also has 24/7 anti-fraud measures in place and 2-factor authentication on all Wise accounts.
Customer reviews
Wise scores highly on review site Trustpilot, with 4.5 out of 5 stars, giving it an “Excellent” rating (updated June 2024).
Most of the reviews focus on the Wise account, with customers stating that it’s easy to use and cost-effective and “currency exchange rates are very good”. However, some reviewers said they’d had difficulty opening an account and making transfers.
Bottom line
The Wise card is certainly worth considering if you want a card you can easily use overseas. But it’s likely to be better suited to those who are looking to open and hold different currencies in the Wise account.
If that’s not you, you might be better off looking for a cheaper card to use for your overseas spending purposes, such as Starling.
Frequently asked questions
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