Don’t Travel Before This! Wise Travel Card Review
TLDRThe video script introduces Wise, a financial service that offers transparency in fees and exchange rates, making it an attractive option for managing and converting currencies. The speaker shares their experience using Wise for adding and transferring money, emphasizing its ease of use and cost-effectiveness compared to traditional banks and travel cards. They highlight features such as the physical and digital cards, spending controls, and the ability to hold multiple currencies without extra fees. The script also touches on the convenience of making purchases and withdrawals abroad with no additional charges, aside from possible local bank or ATM fees. Despite a minor issue with card compatibility in some countries, the overall message is positive, promoting Wise as a reliable solution for international financial transactions.
Takeaways
- 🌐 The speaker discovered Wise 5 years ago and shares their experience with the platform.
- 💡 Wise offers a user-friendly app and card for managing and transferring money internationally.
- 🎁 Sponsored by Wise, the video provides a link for viewers to get a fee-free transfer up to £500.
- 📈 Wise is appreciated for its transparency regarding fees and exchange rates.
- 💰 The app allows easy addition and transfer of funds into the Wise account with various options.
- 🔄 The conversion of money is straightforward and transparent, with clear display of rates and fees.
- 🛍️ Making purchases with Wise is generally free if the required currency is already in the account.
- 💳 The Wise physical and digital cards offer flexibility and control over spending limits and security.
- 🏦 Holding multiple currencies in the Wise account can be useful for future travel and avoids conversion fees.
- 🔗 The app facilitates easy sending and receiving of money, even creating payment links for requests.
- 🚀 Despite the benefits, the speaker notes that not all countries have compatible payment terminals for the Wise card.
Q & A
How long has the speaker been using Wise?
-The speaker has been using Wise for around 5 years.
What is the main benefit of using the Wise app for adding and transferring money?
-The main benefit of using the Wise app for adding and transferring money is its ease of use and transparency regarding fees.
What are the different options to add money into the Wise account?
-The different options to add money into the Wise account include manual bank transfer, Apple Pay, Pay ID, and more.
How does Wise handle fees for currency conversion?
-Wise is transparent about the fees it charges for currency conversion, clearly displaying the conversion rate and fee before the transaction takes place.
What is the advantage of having the right amount of currency in your Wise account before making purchases?
-Having the right amount of currency in your Wise account before making purchases allows you to avoid extra currency conversion fees.
How can you use the Wise physical card to avoid fees when traveling abroad?
-You can use the Wise physical card to make purchases in the local currency or withdraw money from ATMs without any fees from Wise, though other banks and ATM operators may charge their own fees.
What features does the Wise app offer for managing the physical card?
-The Wise app allows you to set spending limits, change the PIN, freeze or replace the card, and manage digital cards as well.
How does the Wise card work with subscription services from overseas websites?
-You can use a Wise digital card for purchasing subscriptions from overseas websites, which allows you to control spending limits and avoid foreign exchange fees.
What happens when you open a new currency account in Wise?
-When you open a new currency account in Wise, it also opens a bank account for you in the respective country, allowing you to receive payments directly in that currency.
What is the one downside the speaker has experienced with using Wise while traveling?
-The one downside the speaker experienced is that not every country has F Post machines compatible with Wise cards, which can make payments difficult in some situations.
How can you send or receive money with Wise?
-You can send money by selecting the 'send' option and choosing the currency you want to send, or by creating a payment link when requesting money through the 'request' option.
Outlines
💡 Introduction to Wise: Features and Benefits
The speaker introduces Wise, a financial service discovered five years ago, and expresses gratitude for the sponsorship. The video aims to share thoughts on the Wise card and app. The process of adding and transferring money into the Wise app is described as simple and straightforward, with options like manual bank transfer and Apple Pay. The speaker emphasizes Wise's transparency regarding fees and exchange rates, contrasting it with the hidden fees in other banks' travel cards. The conversion process is explained, highlighting the fee structure and the importance of having the correct currency in the account before making purchases. The convenience of the Wise physical and digital cards is discussed, including the ability to control card settings within the app, such as spending limits and PIN management. The speaker also explains the ease of using the Wise card for purchases and ATM withdrawals, noting that while Wise does not charge fees for these transactions, other banks and ATM operators might.
🤝 Sending and Receiving Money with Wise
The speaker explains how to send and receive money using Wise, detailing the process of sending Australian dollars to a friend in the US and the option to convert currencies. A feature to request money is also described, allowing the creation of a payment link for others to contribute funds. The speaker then shares four key aspects they love about Wise: the user-friendly app and card, transparent fee structure, the app's usefulness for international transactions with friends and relatives, and the ability to hold multiple currencies in the account. A minor drawback mentioned is the occasional incompatibility of Wise cards with certain F Post machines in some countries, for which the speaker suggests carrying local currency as a backup solution. The video concludes with an invitation for viewers to try Wise through a provided link and to share their travel plans in the comments.
Mindmap
Keywords
💡Wise
💡App
💡Fees
💡Currency Exchange
💡Physical Card
💡Digital Cards
💡International Money Transfers
💡Transparency
💡Travel
💡Compatibility
Highlights
Discovered Wise around 5 years ago.
Wise sponsored the video, offering a link for a fee-free transfer up to £500.
Adding and transferring money into the Wise app is straightforward.
Wise provides various options for adding money, including manual bank transfer and Apple Pay.
Wise is transparent about fees and exchange rates, unlike some banks and travel cards.
Banks and travel cards may have hidden fees in their exchange rates.
Wise allows conversion of money with clear display of rates and fees.
Making purchases with existing currency in the Wise account incurs no fees.
Wise charges a currency conversion fee if the desired currency is not already in the account.
When traveling, it's advised to choose local currency to avoid extra fees.
Wise offers physical and digital cards with customizable controls within the app.
The Wise card can be used for purchases and ATM withdrawals without additional fees from Wise.
Wise opens a bank account in the respective country when a new currency account is opened.
International money sending and receiving is facilitated easily with Wise.
The app is user-friendly and has not caused any issues.
Wise is highly transparent about its fees and conversion rates.
The app is particularly useful for those with international friends or relatives.
Currencies can be held in the Wise account for future use without extra fees.
Incompatibility with some F Post machines may be a downside when traveling.