Save $$$ - travel with Wise

Using a credit card while traveling has some perks.  Most credit cards are accepted worldwide and offer great flexibility to pay for large or small items, and you can accumulate points!  The credit card will automatically convert the foreign currency to the local currency so you can pay the balance from your home bank account.  This sounds ideal but you will lose much of your hard-earned money in fees and exchange rates that favour the bank.  Fees add up quickly and you don't want to have this shock when the credit card bill arrives.  Over the years, we have learned various strategies to save money while abroad, the Wise Debit card is our preferred payment method.

What is Wise debit?  This card works just like a debit card from your bank, except that you can use it in many countries around the world for a fraction of the cost.  Payment is made via a physical or virtual card, it's easy to add Wise to Apple Pay or Google Wallet so you can tap and go.  Before using Wise, you need to add funds to the card in your local currency.  When abroad, simply use the Wise card to pay, Wise will automatically convert the currency and deduct the funds from your account.  Wise will charge their fee for the transaction and show you exactly what it costs.

How does it save you money?  When a credit card is used for payment, each purchase is charged with an unfavourable foreign exchange rate and transaction fee.  These fees are typically charged by the bank that issued the credit card.  By using Wise, the fees still exist, but are considerably less.

The Wise card is accompanied by an app for your phone; used to check the balance, review transactions and categorize purchases among other features.

Tips on using Wise

• Create a Virtual card to pay with your phone.  Once the trip is over, you can simply delete the virtual card, knowing that it cannot be used again in the future.
• Always pay in the local currency when abroad.  Eg, if you're in the European Union, you should pay amounts owing in Euros.  If a cashier abroad asks you to pay in your home currency, it will result in your card being charged twice for any foreign transaction fees; first from Wise for their customary low fee and secondly from the Merchant's payment terminal operator.  Always pay in the local currency for the lowest transaction cost.
• Add funds to Wise before leaving home.  Knowing your funds are ready in Wise while at home gives you peace of mind while traveling.  Although you can transfer funds to Wise at any time, in case you're running low while on the trip, you may experience authentication or verification issues from your bank during the transfer process.  It is not uncommon for banks to send TXT codes to your phone for transfers, you might not be able to receive these TXT codes while abroad so be prepared.

Useful features of Wise

• Easily send funds internationally for low fees
• Enable or Freeze Wise cards, both physical and virtual
• Hold multiple currencies on your card in respective accounts; very useful if you are getting paid in foreign funds

Sign up for a Wise card with our link, it's free and you get a bonus no-cost transfer.  Sign up here!