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OneSmart vs Wise Debit Card - Which Travel Money Card is best for you?

We compare both Travel Money Cards, looking at fees, features, security and ease of use to help you save money when travelling.
Updated 20 October 2023
Summary:
  • The Air New Zealand OneSmart Card is widely held by many New Zealanders but our view is that the exchange rates are around 3% to 4% lower than what Wise offers per our research. OneSmart also charges a pesky $1/month fee to use the card, which we find to be most unnecessary. While cardholders earn 1 Airpoints Dollar per NZ$100 spent on their OneSmart card, we believe the extra costs and lower exchange rates don't compensate for this benefit.
  • Savvy travellers are increasingly aware that Wise offers far better exchange rates than OneSmart. Wise's business model eliminates the fees and margins associated with exchanging currencies, something we argue the OneSmart Card makes a lot of money from.
  • As a result, we believe Wise is far simpler to use, has much better exchange rates and integrates to Apple Pay and Google Pay should you want a backup.
  • When you're travelling, we believe flexibility, value for money and ease of use are what matter most.  Wise is 100% online and behind billions of dollars of daily transactions.
  • The OneSmart Card, on the other hand, is smaller, can't offer the leading exchange rates Wise can, and, somewhat frustratingly, charges a monthly fee.

To help you understand the differences between the cards, our review covers:
Advertising disclosure: We may receive payment if you sign up for a card via MoneyHub - please read our advertising policy for more details.
MoneyHub Founder Christopher Walsh shares his views on OneSmart and Wise:
"I'm a big fan of Airpoints for its flexibility and earning opportunities, but I find Air New Zealand's OneSmart card a poor performer. It's very easy to get the card but you're never going to get the best exchange rates (compared to Wise) and there's the most unnecessary $1/month fee which is more annoying than anything".

"The OneSmart Card takes up to four weeks to arrive (vs Wise which is instant if you use the digital card, and 2-4 working days for delivery in person). While you'll earn 1 Air New Zealand Airpoints Dollar per $100 spent, you pay for it with lousy exchange rates when compared to Wise per our research.

"I still expect people to order the OneSmart Card - that's their decision and they may prefer a brand they know (Air New Zealand) over Wise. However, they will likely lose money and have an inferior travel money card as a result. As the video explains, any comparison you make will always show the Wise debit card giving you more forex for your NZD. This means everything you buy overseas will be cheaper".

"In the video below, I discuss the two cards in detail:"
MoneyHub Founder Christopher Walsh

Our Top-Rated Travel Money Card - The Wise Debit Card

We like the Wise Debit Card because it lets you:
  1. Get the best exchange rates out of any card on the market in New Zealand
  2. Spend abroad without hidden fees, and have an app that lets you track all your spending
  3. Convert and hold 54 currencies (and Wise uses the real exchange rate to convert, unlike OneSmart's far inferior rate).
  4. Go 'cardless' by connecting your Wise card to Google Pay
  5. Order the card with a low one-off $14 card issue fee

Our view:
  • The Wise Debit Card doesn't have any tricky fees, and it is years ahead of all the other traditional travel money cards, especially the OneSmart Card.
  • You will convert at the best exchange rates and pay very low fees on each transaction. Best of all, it's easy to use and doesn't confuse you as traditional travel money cards can. It also gets rave reviews from our readers.
  • We don't have much time for the rest of the travel money cards available and the OneSmart Card is not a "runner up" to the Wise card given its fees and rates.

Three Must-Know OneSmart vs Wise Facts - Fees, Rates and Other Key Differences

Both cards, OneSmart and Wise, are Multi-currency prepaid cards

This means you can load several currencies onto either card, which is helpful if you visit multiple countries. So, for example, you could have AU$500, £1,000 and €1,000 stored on one card in different 'wallets'. Then, when you top the card up, you can lock in the exchange rate or leave a balance in NZD and move it into a currency when you need it.

Know This: The Wise card allows you to keep money in a NZD wallet, and if you don't have enough in a foreign currency, the balance will be taken from your NZD wallet at the current exchange rate. This is flexible if you're making a short trip or don't want to commit to an exchange rate in advance. The fees for this are minimal for this.

Beware of the OneSmart Card: If you do the same thing with OneSmart, you'll pay a 2.50% fee for using your NZD to pay for a foreign currency purchase. You'll also get an exchange rate that will, as our research indicates, be lower than that offered by Wise. This together with a $1 'monthly fee' makes the OneSmart Card far less competitive and arguably an expensive travel money card.

What exchange rate do you get? It differs between cards

This is very important to distinguish between the two cards. OneSmart uses rates that are 2% to 4% lower than Wise's rates per our research. The differences can be significant and add up the more you spend. Wise uses the interbank rate and adds a small commission, around 0.35%, and you can see how much currency you'll get at any time by visiting their website and using the currency tool.

What fees and charges do you pay? OneSmart and Wise have very different fees.

1. OneSmart has an ongoing $1/month fee which we think is unnecessary, inflexible and uncompetitive. We're also not fans of the 2.50% currency conversion fee which is partly responsible for the exchange rates being lower than those offered by Wise.

Withdrawing money? If you take money out at an ATM, we like that there's three free withdrawals per month and then a fee of around NZ$3 to NZ$4 depending on what currency you're withdrawing.

2. Wise, by comparison, is far more straightforward and has a one-off $14 card application fee with no ongoing monthly or annual fees. This is charged when you order the card and covers the costs of posting it to you. All subsequent renewals are free, so you only pay this fee once. After that, you can load 1 cent or up to a million dollars for free via your bank account (or pay a surcharge to use a debit or credit card). There are no closure fees, inactivity fees or penalty currency conversion fees. The card is yours for life and will be reissued for free when it expires.

Pro Tip: Wise is far simpler to use, and you don't need to lock in the exchange rate when you travel. You can keep your money in NZD and be charged whatever the FX rate is during your purchases. This avoids the need to think about what the NZD will do or face the 2.50% conversion fee charged by OneSmart to process any payments you make in a foreign currency without the currency loaded into your OneSmart wallet.

OneSmart vs Wise Comparison Table

The table below shows the differences between the cards. However, it's hard to see how this makes a difference until you load money onto a card.

The video below explains how you'll pay much more using OneSmart when compared to the Wise Debit Card.
Card Name
Number of currencies
What exchange rate will you get?
Card issue fee
Load fees
OneSmart
8 + NZD
OneSmart's own rates (which are unspecified beyond the website FX tool)
Free
Free (but cardholders pay the OneSmart FX rate which is below-market)
Wise Debit Card
50+
Interbank rate + around 0.35%
$14
Free (bank transfers)

Topping up $1,000 into EUR, USD, AUD and GBP - OneSmart vs Wise

  • The video below shows you how much foreign currency you will get with NZ$1,000. The results show a significant difference in how much money each card gives you, with Wise having the clear advantage.
  • Try it yourself now for whatever currency you need using the OneSmart and the Wise tool. All prices are live.
  • The differences add up and this is the main reason why we favour Wise over OneSmart. You're paying less for exactly the same thing - foreign currency in an easy-to-access card.
  • We found that the difference is anywhere between 2% and around 5%, meaning Wise 'charges' a lot less for foreign currencies than OneSmart.

OneSmart vs Wise - Pros and Cons

OneSmart

Pros:
  • Widely accepted around the world
  • Can lock in an exchange rate in advance for eight foreign currencies
  • Three free ATM withdrawals per month
  • One Airpoints Dollar earned per NZ$100 spent on the card.

Cons:
  • Poor value exchange rates (compared to Wise and even many credit cards and debit cards).
  • $1/month fee to use the card.

More details: OneSmart Travel Money Card
Wise Travel Money Card

Pros:
  • Widely accepted around the world
  • Can lock in an exchange rate in advance for 50+ currencies.
  • Best exchange rates without an ongoing monthly fee (as charged by OneSmart).
  • You can load NZD into 50+ currencies or keep it in NZD and spend as you go
  • An innovative app that live-feeds all purchases lets you freeze/unfreeze the card and top up from your bank account or card.
  • Connects to GooglePay and Apple Pay.
  • Top up as little as 1 cent

Cons:
  • None that we can identify.

More details: Wise Travel Money Card

Alternatives to Travel Money Cards

Both OneSmart and Wise offer a safe way to carry cash overseas. However, they are prepaid cards, so you can't borrow if you have an emergency, nor can you use them to hire rental cars. We have reviewed the best debit and credit cards for travel - this guide explains the best options and what you need to know.

Our view: A credit card with low (or zero) currency fees on overseas spending is arguably a sensible option for purchases made when you're travelling. However, you will need to pay off all of the balance every month to be cost-effective. We believe banks are not competitive regarding the fees charged when using a debit or credit card for a foreign currency purchase. However, there are some exceptions that this guide outlines.

Frequently Asked Questions

Are either of these Travel Money Cards cards secure?

  • Wise: The Wise card offers contactless purchases and Apple Pay and GooglePay integration (see below). If you're withdrawing money, a PIN is required. 
  • OneSmart: The OneSmart card is secured via PIN and also offers contactless payments.

Do either cards connect to GooglePay or Apple Pay?

Wise integrates to both, and the setup is very easy. Unfortunately, the OneSmart doesn't offer any integration with its New Zealand product, so you will need the physical card to make purchases. This is a risk if you lose your card during your travel - replacing one is problematic when you're overseas. Integrating into Google or Apple payment systems is a secure backup option.

Can I claim for a chargeback if something goes wrong with a purchase?

Wise had a anti-fraud support desk, OneSmart suggests cardholders call their helpline. However, for chargeback specific information, we suggest following the MasterCard or Visa chargeback scheme, which we outline here.

What happens if Mastercard (the provider of OneSmart) or Wise goes bust?

This question is reasonable given competitor (and major player) Travelex and its parent company Finablr almost went bust in early 2020 before later going into administration.

It's unlikely the OneSmart, the company behind it (EML Payment Solutions) or global giant Mastercard will discontinue operations. However, the OneSmart website doesn't offer information about this very important consideration.

Wise states that it "uses two approaches to safeguard your funds". This includes depositing the funds at banking institutions and investing them in government-backed liquid assets, primarily government bonds".

Where can I use OneSmart and Wise travel money cards?

Anywhere Visa or Mastercard is accepted - so, effectively, in millions of places worldwide. Of course, this means any ATM and website as well. 

However, there are some exceptions. For example, hotels may require a credit card (but not always) as a pre-authorisation check. Car rental agencies also usually require a credit card, so be conscious of this when planning a trip. 

Should I pay in NZD or the local currency?

Too often, 'Pay in NZD' flashes up on a card machine or ATM when you're overseas. This is called dynamic currency conversion and is usually best avoided. It always uses a lower-than-market rate to make money for the retailer and/or the card machine operator. Our guide to foreign currency exchange has more details.

What happens if my travel money card is lost or stolen?

With Wise, you can freeze the card using the app to prevent contactless payments. You can unfreeze the card if and when you find it again. If you need a new card, it will be mailed to you. 

The OneSmart website requests that anyone who has lost or had their card stolen should call their helpline.

Our Top-Rated Travel Money Card - The Wise Debit Card

We like the Wise Debit Card because it lets you:
  1. Get the best exchange rates out of any card on the market in New Zealand
  2. Spend abroad without hidden fees, and have an app that lets you track all your spending
  3. Convert and hold 54 currencies (and Wise uses the real exchange rate to convert, unlike the OneSmart Card's far inferior rate).
  4. Go 'cardless' by connecting your Wise card to Google Pay
  5. Order the card with a low one-off $14 card issue fee

Our view:
  • The Wise Debit Card doesn't have any tricky fees, and it is years ahead of all the other traditional travel money cards, with the OneSmart Card being no exception.
  • You will convert at the best exchange rates and pay very low fees on each transaction. Best of all, it's easy to use and doesn't confuse you as traditional travel money cards can. It also gets rave reviews from our readers.
  • We don't have much time for the rest of the travel money cards available and the OneSmart Card is not a "runner up" to the Wise card given its poor exchange rates.
Related guides and resources:
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