Stop Getting Ripped Off when You Travel Abroad - Wise Card Review
TLDRHelmy introduces the WISE card, a financial tool designed for digital nomads and frequent travelers, highlighting its ability to offer real-time, transparent currency conversion rates. The WISE card allows users to spend in local currency without hidden fees, and it can be linked to multiple currency accounts. The video also discusses the ease of use, budgeting features, and potential confusion with the 'jars' savings function within the WISE app. Helmy emphasizes the card's benefits, such as no fees for foreign transactions and the convenience of managing expenses abroad, ultimately recommending the WISE card for those who travel extensively.
Takeaways
- 🌐 The Wise card is designed for frequent travelers and digital nomads to help manage expenses during international travel.
- 💳 Using the Wise card ensures that the amount paid matches the local currency rate without hidden fees, providing transparency in transaction costs.
- 📈 Wise started as a fintech company for sending and receiving money across different currencies at competitive exchange rates.
- 🏦 To use the Wise card, one must first open a Wise account and set up multiple currency accounts for different countries visited or transactions made.
- 🔄 The Wise card allows for easy currency conversion with rates close to those found on Google, minimizing fees on foreign exchanges.
- 📱 Transactions made with the Wise card are instantly updated and viewable in the app, offering real-time budgeting and spending tracking.
- 💰 The card offers free ATM withdrawals up to a certain limit, after which a small fee is applied per transaction.
- 🛍️ The Wise card can be used for a wide range of purchases, with most shops and establishments accepting Visa and Mastercard.
- 🔧 Some users may find the Wise system slightly confusing initially, highlighting the importance of user-friendly guidance for new adopters.
- 🫒 The 'jars' feature is a savings account option within the Wise platform, but it should be used with caution as it is not linked to the card for spending.
- 🔗 The presenter, Helmy, provides a link for registration that offers a fee waiver on the first amount of money sent abroad using the Wise service.
Q & A
What is the main issue that the Wise card aims to solve for travelers and digital nomads?
-The Wise card aims to solve the issue of unclear and fluctuating charges that travelers and digital nomads face when using traditional credit cards for international transactions. With the Wise card, the exact amount charged is known upfront, eliminating surprises from bank statements received days later.
How does the Wise card handle transactions in different currencies?
-The Wise card allows users to open multiple currency accounts within one main account. When a user makes a purchase in a foreign country, the exact amount in local currency is deducted from the corresponding currency account, providing transparency and avoiding unexpected conversion fees.
What are the benefits of using the Wise card for transactions in foreign currencies?
-The Wise card offers transparent and competitive exchange rates close to those found online, such as Google's rates. It also provides instant transaction notifications and categorizes spending, which helps users manage their budgets effectively while traveling.
How does the Wise card address ATM withdrawals during international travel?
-The Wise card allows users to withdraw money from ATMs without charges for the first 1000 Ringgit worth of withdrawal, up to twice a month. Any withdrawal exceeding this limit will incur a fee of 5 Ringgit plus 1.75% of the withdrawal amount.
What is the fee associated with obtaining a Wise card?
-The fee for obtaining a Wise card is approximately 13 Ringgit, which is a minimal cost considering the benefits the card provides.
How does the Wise card ensure that users are not charged unexpected fees?
-The Wise card provides real-time transaction updates and categorizes spending within its app. This transparency helps users understand their expenses immediately and avoid unexpected fees that might occur with traditional credit cards.
What is the 'jar' feature in the Wise account and how does it differ from the regular currency account?
-The 'jar' feature in the Wise account is similar to a savings account where users can store money without the risk of accidentally spending it, as it is not linked to the Wise card. In contrast, the regular currency account functions like a checking account from which transactions are directly deducted.
What potential confusion might new users face when using the Wise card?
-New users might initially find it confusing to navigate the distinction between the 'jar' savings account and the regular currency account. Accidentally depositing money into the 'jar' instead of the regular account could lead to declined transactions, as the 'jar' funds are not accessible for card payments.
How can users obtain a Wise card?
-Users can obtain a Wise card by registering for a Wise account, logging into the app or on the PC, applying for the card through the 'Wise card' button, and waiting for the card to be delivered to their home address.
What is the promotion offered for new users who sign up for a Wise account using the provided link?
-New users who sign up for a Wise account using the provided link will enjoy an incentive where their first 2500 Ringgit worth of money sent abroad will have no fees.
How does the Wise card help users save money while traveling?
-The Wise card helps users save money by offering transparent exchange rates and avoiding hidden fees often associated with traditional credit cards. It also allows users to manage their budgets effectively by providing immediate transaction updates and spending categorization.
Outlines
🌍 Introduction to the Wise Card and its Features
This paragraph introduces the Wise Card, a financial tool designed for travelers and digital nomads. It highlights the issue of uncertain charges and exchange rates when using traditional credit cards abroad. The speaker, Helmy, explains how the Wise Card solves these problems by offering transparent and real-time currency conversion rates. The Wise Card is linked to the Wise platform, a fintech company known for international money transfers with low fees and good exchange rates. Helmy also discusses the process of setting up a Wise account, creating multiple currency accounts, and the ease of using the Wise Card for transactions abroad. The benefits include no fees for using the card with money from foreign currency accounts, the convenience of the Wise app for tracking expenses, and the ability to withdraw money from ATMs with limited fees. The paragraph concludes with a personal anecdote of using the Wise Card in Bali, Indonesia, and the advantages of having a clear and immediate understanding of expenses.
💰 Budgeting and the Pros and Cons of the Wise Card
In this paragraph, Helmy discusses the budgeting benefits of using the Wise Card, particularly its categorization of spending which helps users track their expenses in real-time. This feature allows for better financial management during travels. Helmy then presents the pros and cons of the Wise Card. Pros include no fees for using the card with foreign currency accounts and the user-friendly Wise app that quickly displays transaction information. However, the cons are the initial confusion some users may experience with the card's features and the potential for mistakenly depositing money into the 'jars' savings feature instead of the regular checking account. The paragraph ends with advice for potential users and a call to action to sign up for the Wise Card using the provided link, which offers a fee waiver for the first 2500 Ringgit worth of international transfers.
Mindmap
Keywords
💡Digital Nomad
💡Wise Card
💡Currency Conversion
💡Fees
💡Multi-Currency Account
💡Foreign Exchange Fee
💡ATM Withdrawal
💡App Notification
💡Budgeting
💡Jars
💡User-Friendly
Highlights
Introduction to the Wise card and its benefits for digital nomads and frequent travelers.
The Wise card provides transparency in foreign transactions, allowing users to know the exact amount they will be charged.
Wise originally designed for sending and receiving money across different currencies with transparent and low fees.
The demonstration of transferring money from Singapore dollar to Malaysian ringgit, showing the competitive exchange rate.
Explanation of the multi-currency account feature within Wise, allowing users to hold and manage multiple currencies.
The process of obtaining the Wise card, including the cost and delivery to the user's home.
Personal experience using the Wise card exclusively during a family vacation in Bali, Indonesia.
Details on how the Wise card works in conjunction with a local currency account, such as the Indonesia rupiah account.
The foreign exchange fee structure and its comparison with Google's rates, ensuring users of fair pricing.
The advantage of using the Wise card for transactions abroad, eliminating the guesswork of conversion rates and fees.
The convenience of ATM withdrawals with the Wise card, including the first 1000 Ringgit worth of withdrawal being fee-free.
The acceptance of the Wise card at most establishments, reducing the need for cash while traveling.
Real-time transaction notifications and spending categorization within the Wise app for easy budgeting.
Pros and cons of the Wise card, including its user-friendliness and potential confusion for some users.
Explanation of the 'jars' feature in Wise, acting as a non-interest bearing savings account.
Common issue of accidentally depositing money into 'jars' instead of the regular currency account, causing transaction declines.
Recommendation for travelers and digital nomads to consider obtaining a Wise card for seamless foreign transactions.
Instructions on how to sign up for a Wise account and obtain the Wise card through the provided link.
The offer of fee-free transactions for the first 2500 Ringgit worth of money sent abroad for new users who sign up through the link.