Transferwise Card

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Transferwise Card Review, Exchange Rates, Fees Calculator & User Score

  • Fees and costs: Very Good
  • Safety and reliability: Good
  • Customer satisfaction: Very Good

Advantages

  • Can hold multiple currencies
  • Easy international payments
  • Transparent and easy to understand fees

Disadvantages

  • Low ATM withdrawal limits

0 users would recommend it

0 users wouldn’t recommend it

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What is Transferwise Card?

If you have an account with Transferwise, you can order a special debit card to pay at any store or online conveniently. One of the main features is that you can hold multiple currencies on your account, which makes payments easy wherever you are. You don’t have to worry about high exchange rates. Mastercard powers the card.

How Does Transferwise Card Work?

You can order the card for free with your Transferwise “borderless” account. It works just like any other debit card and allows you to pay in stores or online. The main feature the card offers is the automatic conversion of your money at the real exchange rate if you shop overseas.

Transferwise Card Fees and Costs

It is free to issue the “borderless card” and pay with the available currencies on your Transferwise account. There is a 0.35%-2% conversion fee if you don’t have a particular currency and want to exchange it on the go. You can withdraw up to 250GBP per month from ATMs without any additional fees. After this amount, it costs you 2% of the withdrawn money. Any other exchange rates or operational fees are the same as any other Mastercard card.

Transferwise Card Limits

There are different limits for EU and US customers, and they are stated in GBP and USD. By default, you cannot pay more than 3000GBP or $1000 per day. However, you can increase the limits up to 10,000GBP per day and 30,000GBP per month. There is a limit of 1500GBP or $1000 for daily ATM withdrawals, and you can’t exceed 4000GBP or $4000 per month.

As an advantage acts the fact that Transferwise provides all of their fees transparently and limits information on their website and in the platform’s documentation.

Transferwise Card compared to other credit and debit cards

Most of the benefits come with the Transferwise borderless account, which allows you to hold multiple different currencies, which makes it cheap and convenient to make international payments as you can avoid conversion fees or unfavorable exchange rates. When it comes to the sole debit card, it has relatively low fees and good ATM limits. It shouldn’t be a problem for a regular user who wants to withdraw money from time to time. However, bigger ATM withdrawals may become quite expensive quickly.

How to use Transferwise Card?

How to sign up for the card?

After opening your borderless account on Transferwise, you can easily order the debit card for free. The whole procedure can be easily done online through their platform.

Is Transferwise Card safe and reliable?

TransferWise is an authorized Electronic Money Institution independently regulated by the Financial Conduct Authority (FCA) in the UK. Their debit card has a Mastercard license, which increases the reliability and security of the payments, as Mastercard has been one of the leading card payments provider on the market.

Final Thoughts

Transferwise Card Review

All in all, the card acts as a good extension to the already interesting offer of Transferwise borderless account. It is free to issue your card, and you can easily make any transactions for free. As an advantage acts the fact that you can hold multiple currencies, which lowers costs if you often pay in international stores or travel often. If you don’t hold a particular currency, you can still easily pay with the card. However, you will be charged a small conversion fee. Transferwise is very transparent with all of the costs, and you can easily research all of the fees, and there aren’t many of them. The company itself is quite reliable and officially registered with government financial institutions.

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