Wise Travel Card Review ✈️ (better than... 🤫)

Demi Zhuang
21 Oct 202311:48

TLDRThis video script offers a comprehensive comparison of the Wise multicurrency debit card with other options like Instagram Amaze, Utrip, and Trust Bank. The focus is on the benefits of using Wise for international transactions, including better exchange rates and the ability to load multiple currencies in advance. The script also discusses fees associated with the Wise card, ATM withdrawals, and how to top up the card. Additionally, it mentions a promotional offer from Mumu Singapore for earning higher interest on idle cash and the ease of using Wise in South Korea, where contactless payments are widely accepted.

Takeaways

  • 📌 The video compares various multi-currency cards, highlighting Wise as a top choice due to better exchange rates.
  • 💳 Wise is a debit card and platform that allows users to load and exchange supported currencies in advance, offering better rates than other services like Utrip and Trust Bank.
  • 🔒 Security and convenience are emphasized as Wise supports Korean Won and Japanese Yen, enabling users to lock in rates and make transactions without excessive fees.
  • 💰 The video provides a detailed comparison of exchange rates between Wise, Utrip, and Trust Bank, showing that Wise often provides higher rates even after accounting for fees.
  • 🌐 The presenter shares personal experience using Wise on Jeju Island, demonstrating practical applications and benefits of the card for travelers.
  • 🏦 The video explains the fees associated with Wise, including a one-time card issuance fee and ATM withdrawal fees, with strategies to minimize costs.
  • 💵 Tips for using Wise for ATM withdrawals overseas are given, including selecting the correct transaction type and finding compatible ATMs.
  • 📈 The presenter mentions a limited-time promotional offer from Mumu Singapore, which provides high interest rates for a short period on deposits.
  • 🎁 The video includes a referral link for the Mumu Singapore offer, allowing viewers to take advantage of the promotion and earn additional rewards.
  • 📱 The Wise debit card can be added to Apple Pay for convenience, allowing contactless payments in countries like South Korea that widely accept such payments.
  • 🌍 For travelers to South Korea, the video suggests relying on the Wise debit card for transactions instead of changing money in advance at local money changers for better rates.

Q & A

  • What is the main topic of the video?

    -The main topic of the video is to share information about Wise (previously known as TransferWise), compare it with other multicurrency cards, and explain why Wise is considered better.

  • Why is Instagram Amaze not compared in the video?

    -Instagram Amaze is not compared because the rates offered are always going to be worth off due to their foreign currency spread, despite the ability to earn miles and cash back depending on the credit cards paired with it.

  • What are the key features of the Wise platform?

    -Wise is a debit card and a platform that allows users to change currencies in advance if they are supported, or load up a base currency like SGD and spend overseas.

  • Which currencies can be locked in advance on the Wise platform?

    -South Korean Won (KRW) and Japanese Yen (JPY) are among the supported currencies that can be locked in advance on the Wise platform.

  • How does the exchange rate on Wise compare with Utrip for Korean Won (KRW)?

    -The exchange rate on Wise is better than Utrip. For example, the user got 971 KRW for 1 SGD on Wise, compared to 96660 KRW on Utrip at the same time.

  • What is the ranking of multicurrency cards based on the video?

    -Based on the video, Wise comes first, followed by Utrip, and then Trust Bank.

  • How much is the one-time fee for the Wise debit card?

    -The one-time fee for the Wise debit card is SGD $88.50.

  • What are the conditions for free ATM withdrawals with Wise?

    -Wise offers free ATM withdrawals up to twice per month, for amounts up to SGD $350.

  • How can the Wise debit card be topped up?

    -The Wise debit card can be topped up via bank transfer, PayNow, or other methods with associated fees depending on the chosen method.

  • What additional feature can the Wise debit card be used for in South Korea?

    -The Wise debit card can be added to Apple Pay for contactless payments, as South Korea widely accepts card payments.

  • What is the promotion offered by Mumu Singapore mentioned in the video?

    -Mumu Singapore is offering a promotion with 5.8% guaranteed returns for the first 30 days on deposits up to SGD $80,000 in either the SGD Full-on Cash Fund or the USD Money Market Fund.

Outlines

00:00

🌍 Wise vs. Other Multicurrency Cards: An In-depth Comparison

This segment introduces Wise, a multicurrency debit card and platform, and compares it to other similar services like Utrip, Trust Bank, and Instagram Amaze. The video host, having moved to Jeju Island, shares personal experiences with Wise, emphasizing its superior currency conversion rates, particularly with the South Korean Won. A notable point is Wise's ability to lock in exchange rates in advance for supported currencies, a feature not available with Utrip for certain currencies. The comparison extends to specific currency transactions, demonstrating Wise's advantageous rates even after accounting for fees. The segment wraps up by discussing ATM withdrawal strategies across different platforms, highlighting Wise's cost-effectiveness and practicality for travelers.

05:01

💸 Maximizing Returns with Mumu Singapore's Promotion

The video introduces a limited-time promotion by Mumu Singapore, offering an enticing 5.8% per annum guaranteed return for the first 30 days on deposits into either SGD or USD funds. Viewers are guided on how to maximize their sign-up rewards, potentially totaling SGD $750, by following specific deposit and transaction instructions. This promotion aims to encourage viewers to invest idle cash wisely, leveraging high returns and additional benefits such as Tesla fractional shares for fulfilling certain criteria. Detailed steps and conditions for participating in the promotion are thoroughly explained, emphasizing the timeliness and benefits of this opportunity.

10:04

🏦 Wise Debit Card: A Comprehensive Guide for Overseas Use

This final section provides a thorough guide on using the Wise debit card for overseas transactions and ATM withdrawals, particularly focusing on South Korea. It covers the ordering process, fees for ATM withdrawals, and strategies for minimizing costs while maximizing convenience. The video illustrates a practical demonstration of withdrawing money overseas with Wise and compares the process with other platforms like Utrip and Trust Bank. Additionally, the segment walks viewers through topping up the Wise account and converting currencies in advance using the Wise app, showcasing its user-friendly interface and efficiency. Lastly, the host shares a personal tip for travelers to South Korea, emphasizing the Wise card's reliability and cost-effectiveness, and concludes by inviting viewers to use a referral link to enjoy fee-free transfers, assuring them that the video is not sponsored but aimed at genuinely aiding viewers.

Mindmap

Keywords

💡Wise

Wise is a debit card and platform that allows users to hold and exchange multiple currencies. In the video, the user discusses the benefits of using Wise for overseas spending, highlighting its competitive exchange rates and low fees compared to other multi-currency cards. The platform's ability to lock in rates in advance is a key feature mentioned, which can be advantageous for travelers looking to manage their currency exchange costs effectively.

💡Multi-currency cards

Multi-currency cards are financial tools that enable users to hold and spend in various currencies without the need for currency conversion at the time of transaction. The video compares different multi-currency cards, such as Wise, Utrip, and Trust Bank, focusing on their exchange rates, fees, and supported currencies. The comparison aims to help viewers understand which card offers the best value for international spending.

💡Exchange rates

Exchange rates refer to the value of one currency for the purpose of conversion into another. In the context of the video, the user emphasizes the importance of favorable exchange rates when using multi-currency cards, as they directly impact the cost of overseas transactions. The user provides examples of how Wise offers better exchange rates compared to Utrip and Trust Bank, which can result in significant savings for travelers.

💡Fees

Fees are the charges associated with using financial services, such as multi-currency cards. The video discusses various fees related to the use of Wise, Utrip, and Trust Bank cards, including one-time card issuance fees, ATM withdrawal fees, and currency conversion fees. Understanding these fees is crucial for users to make informed decisions about which card to use for international transactions.

💡ATM withdrawals

ATM withdrawals refer to the process of taking out cash from an ATM using a debit or credit card. The video provides a detailed guide on how to use the Wise debit card for ATM withdrawals overseas, including selecting the correct withdrawal option and inputting the PIN. It also compares the fees associated with ATM withdrawals using different multi-currency cards, advising viewers on how to minimize costs.

💡Top-ups

Top-ups are the actions of adding more funds to a prepaid financial account, such as a multi-currency card. In the video, the user explains the process of topping up the Wise platform with Singapore Dollars (SGD) and other supported currencies. The user also compares the costs of top-ups via different methods, such as bank transfer and mobile payment platforms, to help viewers choose the most cost-effective option.

💡Currency conversion

Currency conversion is the process of changing one currency into another. The video highlights the importance of understanding currency conversion rates and fees when using multi-currency cards for international transactions. The user demonstrates how the Wise platform allows for advanced currency conversion at competitive rates, which can be beneficial for travelers who want to lock in favorable exchange rates before their trips.

💡International spending

International spending refers to the use of financial services and currency outside one's home country. The video's main theme revolves around the efficient management of international spending through the use of multi-currency cards, with a focus on Wise. The user shares personal experiences and provides practical advice on how to minimize costs and maximize the value of one's currency when spending abroad.

💡Utrip

Utrip is another multi-currency card platform mentioned in the video for comparison purposes. The user compares Utrip's features, such as supported currencies, exchange rates, and fees, with those of Wise and Trust Bank. The comparison aims to help viewers understand the advantages and disadvantages of using Utrip for international transactions and how it ranks against other options.

💡Trust Bank

Trust Bank is a digital bank mentioned in the video as part of the comparison with other multi-currency card platforms. The user discusses Trust Bank's features, including its exchange rates and ATM withdrawal policies, to provide viewers with a comprehensive understanding of its suitability for international spending. The comparison with Wise and Utrip helps viewers make informed decisions about which platform best meets their needs.

💡Referral program

A referral program is a marketing strategy that encourages existing customers to recommend a product or service to others, usually offering incentives for successful referrals. In the video, the user mentions the Wise referral program as a way for viewers to support the channel by signing up through the provided link. This is a common practice among content creators to grow their audience and provide additional value to their viewers.

Highlights

Introduction to the Wise platform and its comparison with multicurrency cards.

Explanation of why Instagram Amaze is not compared due to high foreign currency spread.

Comparison of Wise with Utrip, highlighting the advantages of Wise in terms of rates and supported currencies.

Personal experience with using Wise on Jeju Island and the better rates observed.

Discussion on the fees involved with the Wise platform and how it still offers better rates even after accounting for these fees.

Comparison of Japanese Yen conversion rates between Utrip and Wise, showing that Wise offers better rates.

Ranking of multicurrency cards with Wise coming first, followed by Utrip and then Trust Bank.

Explanation of how to use the Wise platform for overseas travel to get the best rates.

Details on ATM withdrawals using the Wise debit card and comparison with Utrip and Trust Bank.

Demonstration of withdrawing money overseas using the Wise debit card.

Instructions on how to top up the Wise app with supported currencies.

Advantages of adding the Wise debit card to Apple Pay for travel to countries like South Korea.

Comparison of rates on the Wise app versus money changers in Singapore.

Offer for new users to Wise with fee-free transfers up to an amount of SGD $900.

Invitation for viewers to reach out with questions or comments.

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