WISE | The Best Travel Card to Use?
TLDRIn this video, the host shares her experience using Wise, a financial tool for seamless currency exchange at spot rates with transparent fees. She highlights its convenience for travelers who want to avoid credit card charges and its features like instant transfers, multi-currency accounts, and auto-conversion at target rates. The host also touches on Wise's benefits for remittance and its secure digital card for online shopping, encouraging viewers to explore the platform for themselves.
Takeaways
- 🌟 The video discusses the use of Wise (formerly TransferWise) as a financial tool for travel and currency exchange.
- 💡 Wise offers a physical card that can be used for travel, providing convenience and transparency in fees.
- 🚫 The speaker clarifies that the video is not for those who prefer travel credit cards with reward points, but for those who value exchanging money at a fair rate.
- 💸 The video emphasizes the dislike for additional credit card charges (1% to 1.5%) when spending overseas.
- 🎉 The speaker has been using Wise for a couple of years and appreciates the transparency and ease of use.
- 🌐 Wise allows users to hold multiple currency accounts and convert between them at competitive rates.
- 📈 The platform provides a clear view of conversion fees and exchange rates, offering a sense of security and trust.
- 💼 The speaker values Wise for its ability to handle international transactions seamlessly, including instant bank transfers.
- 🛒 Wise offers additional features like auto-conversion at target rates, direct debits, and ATM withdrawals without transaction fees.
- 🛍️ The digital card provided by Wise can be used for online shopping, providing an extra layer of security against fraud.
- 🎁 The video encourages viewers to explore Wise on their own, using the speaker's referral link for support and potential rewards.
Q & A
What is the main topic of the video?
-The main topic of the video is about the financial service Wise, its features, and how it can be beneficial for travelers and those who deal with foreign currency exchange.
What does the video creator use Wise for?
-The video creator uses Wise for exchanging foreign currency at a spot rate with a transparent fee, avoiding additional charges like those associated with travel credit cards.
How long has the video creator been using Wise?
-The video creator has been using Wise for a couple of years, having received the physical card about two years and a half ago.
What are some of the features of Wise that the video creator highlights?
-The video creator highlights features such as seamless money transfer, the ability to hold multiple currency accounts, transparent fees, and the option to set money aside like a savings jar.
What currencies does the video creator hold in their Wise account?
-The video creator holds Korean Won, Malaysian Ringgit, Japanese Yen, Indonesian Rupiah, British Pound, Euro, Swiss Franc, Australian Dollar, United Arab Emirates Dirham, Thai Baht, and Singapore Dollar in their Wise account.
How does the video creator describe the conversion process in Wise?
-The video creator describes the conversion process as simple and transparent, with clear information on fees and exchange rates, and the ability to convert currencies at any time, including while overseas.
What is the video creator's opinion on Wise's fees?
-The video creator appreciates that Wise is very transparent about its fees, which is a significant advantage over traditional banking methods and travel credit cards.
How does the video creator use the 'Jar' feature in Wise?
-The 'Jar' feature allows the video creator to set money aside for future needs, functioning like a savings jar and providing a place to store money temporarily.
What additional features of Wise are mentioned in the video?
-Additional features mentioned include auto-conversion for targeted exchange rates, direct debits for consistent payments, ATM withdrawals without transaction fees, and online shopping with a digital card to reduce fraud risks.
How does the video creator feel about the Wise service?
-The video creator feels positively about Wise, considering it the best option for their needs and recommending it to others for its transparency, ease of use, and various features.
What is the video creator's advice for viewers interested in using Wise?
-The video creator encourages viewers to sign up and explore Wise on their own, to do research, and to take advantage of the platform to learn and manage their finances better.
Outlines
🌟 Introduction to Wise for Travelers
The speaker introduces the topic of using Wise, a financial tool for travelers. They clarify that the video is not for those who prefer travel credit cards with reward points, but for those who value exchanging foreign currency at a fair rate with transparent fees. The speaker shares their personal experience with Wise, mentioning their use of the service for various international transactions and highlighting its convenience and cost-effectiveness compared to traditional banking methods.
📈 Currency Conversion and Transparency
The speaker demonstrates how to use Wise for currency conversion, emphasizing the transparency of fees and exchange rates. They walk through the process of converting Korean won to Indonesian rupiah, explaining the step-by-step procedure and the benefits of using Wise for such transactions. The speaker also mentions additional features of Wise, such as the ability to set up automatic conversions at desired rates and the option to use the service for remittance and direct debits, showcasing its versatility for different needs.
💡 Additional Features and Personalized Experience
The speaker discusses further features of Wise, including the option to set personal preferences for currency management and the ability to use the service for online shopping with an added layer of security. They mention their own use of Wise for ATM withdrawals and the lack of transaction fees, which they found to be a significant advantage. The speaker encourages viewers to explore Wise on their own, providing a referral link for sign-ups and highlighting the rewards system for using the referral code.
Mindmap
Keywords
💡Financial
💡Travel Credit Card
💡Wise
💡Currency Exchange
💡Transparent Fee
💡Rebranding
💡Auto Conversion
💡Digital Card
💡Referral Code
💡Currency Accounts
💡Conversion Rate
Highlights
The video discusses the benefits of using Wise (formerly TransferWise) for managing foreign currency exchanges, particularly for travelers.
Wise offers a physical card that can be used while traveling, which the speaker has been using for about two years.
The card is characterized by its iconic green color, and the company has recently rebranded with a new color scheme.
Wise allows for money exchange at the spot rate with transparent fees, which is ideal for those who dislike paying additional credit card charges while overseas.
The speaker emphasizes the convenience of Wise, especially for those who frequently travel and need to manage multiple currencies.
Wise provides the option to add additional currency accounts and manage them easily through their platform.
The platform offers the ability to set money aside like a savings jar, which is referred to as a 'jar' on Wise.
Wise allows for seamless money transfers, as demonstrated by the speaker's experience of transferring money to a friend instantly.
The platform is transparent about fees and exchange rates, making it a reliable option for users.
Wise can be used for various purposes, including remittances, business transactions, and personal travel expenses.
The speaker mentions the feature of auto-conversion, which is useful for those who have specific exchange rates in mind.
Wise also offers direct debit setup for consistent payments to overseas accounts.
The platform provides the option to withdraw money from ATMs without transaction fees, which the speaker found beneficial.
Wise allows users to set personal spending limits, which can help mitigate the risk of losing money.
The speaker encourages viewers to do their own research and explore Wise's features, emphasizing the importance of personal experience and learning.
Wise offers a digital card for online shopping, providing an added layer of security against fraud.
The speaker only promotes products that they personally use and recommend, highlighting the trustworthiness of their endorsement.