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Wise Debit Card Review - Our Favourite Travel Money Card (and more)

We review the first debit card in New Zealand to make spending in foreign currencies significantly cheaper, and outline the costs, pros and cons.
Updated 7 October 2024

Know This First:
  1. If you're planning to spend money overseas, using a travel money card, credit card or bank-issued debit card have been the most popular methods.
  2. With every transaction using these cards, cardholders have been hit with foreign currency conversion fees, ATM withdrawal fees and/or a bunch of other fees.
  3. The Wise debit card has shaken things up by offering never-seen-before features - rock bottom overseas currency conversion fees, free ATM withdrawals (up to NZ$350/month), an app to track and manage your money, and even foreign bank account setup.
  4. Our review outlines the pros and cons of the Wise debit card to help determine if the is card right for you.

Summary of the Wise Debit Card:
  • The Wise debit card is easy to sign up to and packed with features. We see it as very similar to a travel money card, but cheaper in seemingly every sense.
  • There is a one-off $14 charge to issue the Wise debit card - this covers postage and account setup. After you pay the $14, there is no further ongoing charge (i.e. when the card renews). Despite the upfront fee, we consider the ongoing savings to be considerable, especially when compared to a travel money card.
  • Right now, most banks charge between 2% and 2.8% of your purchase price in 'overseas currency conversion' fees when using a debit card. This means if you spend NZ$100 overseas, your bank charges you $2.10 to $2.80 on top of that. It is these fees that soon add up.
  • The Wise debit card offers a much better deal. You'll pay between 0.35% and 2.85% in overseas currency conversion fees. For popular currencies such as AUD, GBP, USD and EUR, you'll pay around 0.35%. Additionally, you can withdraw up to NZ$350 free every 30 days from ATMs around the world free of charge.
  • ​The Wise debit card is available to all New Zealand customers. It also offers a free New Zealand bank account number. You can also open up accounts in other currencies (USD, AUD, GBP, EUR etc) to store money if you want to lock in an exchange rate.

This guide has been prepared to present the pros, cons and everything you need to know about the features offered. We cover:
Advertising Disclaimer: MoneyHub may earn a referral bonus for anyone that’s approved through some of the below links. Our research and findings are independent of any bank, credit card issuer, or product manufacturer/service provider, and have not been endorsed by any of these entities. Please see our Advertising Policy for more details about how we make money.

MoneyHub Founder Christopher Walsh shares his views about the Wise Debit Card:

When making a foreign currency purchase, incurring the hefty and pesky bank charges have always annoyed me, mainly because they're an absolute rip-off.  The Wise Debit Card puts the power back with the customer. Following our extensive research into travel money cards, it leads with the best FX rates and lowest fees. We're pleased to confirm Wise is our Favourite Travel Money Card 2023.

Disclaimer - I am a Wise customer. I use my Wise card often because it's so easy and have introduced many friends to it as well. It has a great app, the lowest fees on offer, and the flexibility of the foreign bank accounts makes it a comprehensive solution. I explain how to top up the card and convert currencies in this video. It's also secure, flexible and transparent, and puts you in control of your money.

No bank competes with its speed, cost and transaction security, and it's great to have the Wise card available in New Zealand.
MoneyHub Founder
Christopher Walsh
Related Guide: Wise Debit Card vs Travelex Money Card

MoneyHub Founder Christopher Walsh explains the positive user reviews and media opinion of the Wise Debit Card in the video below:

How to Get the Wise Debit Card: You Can Order the Wise Debit Card in Seconds:

Signing up is straightforward, but there are some personal verification steps to complete. We outline the process below:
  1. Sign up for a Wise borderless account. You'll need to select a currency, and the most appropriate is likely to be the New Zealand Dollar. You can add more currencies afterwards. Wise then verifies the information, which can take 1-3 business days. 
  2. Order your Wise card. Right now, there is no delivery charge, and the estimated delivery time is around three weeks. 
  3. Activate your Wise card. Once you receive your card, you will need to activate it. You'll also need to memorise your PIN. Once done, your card is good to use. You can download the Wise app and add money.

The slideshow explains steps 1-3 in more detail:

Wise vs Banks and Other Options - Who Offers the Best Deal?

We compared the Wise debit card with alternatives, as outlined in our two tests below. Our comparison tables below confirms Wise offers a better deal as it challenges established banks.

Test 1 - How much foreign currency does NZ$250 get me?

To show the difference in dollar terms from the range of options, we should how much spending NZ$250 overseas will get you from popular options offered by banks and challenger providers.

Results:
  • We found that for debit card purchases, the Wise Debit Card provides the best deal.
  • For credit card purchases, the Flight Centre Mastercard outperformed all other cards given its 0% overseas currency conversion fee.
  • ANZ offered the best bank deal with its 1.30% overseas currency conversion fee.

​Table 1 - How much foreign currency does NZ$250 get me?

Results based on exchange rates as of 7 October 2024. We used rates of 1 NZD = 0.91 AUD, 0.49 GBP, 0.56 Euro and 0.59 USD, with our guide for foreign currency conversions providing the individual card fees.
Currency Conversion Fees
Payment Method Foreign Currency Conversion Fee Australian Dollars ($) British Pounds (£) Euros (€) US Dollars ($)
TransferWise Debit Card 0.49% $227.08 £122.92 €140.00 $147.60
Flight Centre Mastercard 0.00% $230.00 £124.50 €141.67 $149.67
Q Mastercard 1.40% $226.78 £122.31 €139.44 $147.17
ANZ Credit and Debit Card 1.30% $227.01 £122.43 €139.58 $147.31
Kiwibank Credit Card 1.85% $225.75 £121.73 €138.61 $146.27
SBS Credit and Debit Card 2.00% $225.40 £121.55 €138.39 $146.03
ASB Debit & Credit Cards 2.10% $225.17 £121.43 €138.25 $145.89
BNZ Debit & Credit Cards 2.25% $224.83 £121.26 €138.03 $145.65
Kiwibank & TSB Debit Cards 2.50% $224.25 £120.96 €137.68 $145.27
Westpac Debit & Credit Cards 1.95% $225.52 £121.63 €138.47 $146.10
Co-operative Bank Debit Card 2.60% $224.02 £120.91 €137.59 $145.01
PrezzyCard 3.50% $221.95 £119.69 €136.03 $143.39
PayPal 4.50% $219.65 £118.39 €134.50 $141.93

Test 2 - How much do I pay to use an ATM overseas?

To show the difference in options, we compared the bank debit cards with Wise. We tested a cash withdrawal of AU$200, £200, €200, and US$200. 

Results:
  • We found that for debit card purchases, the Wise Debit Card provides the best deal.
  • Wise offers 0% foreign currency fees if you withdraw up to NZ$350 within a 30-day rolling period, and then a 1.75% fee of anything above that. Since COVID-19, most of the western world has moved cashless so we believe NZ$350 a month is a reasonable amount for most needs.
  • There may be fees for anyone who relies on physical cash - you can make two withdraws up to NZ$350/month in total (or the equivalent foreign currency) without any fees. However, after NZ$350, you will pay ATM fees (NZ$1.50/withdrawal) and a 1.75% commission. These fees are not charged when you use the card to pay online or in-store. For most people, physical cash is likely to be less secure, and since COVID card acceptance is near-universal.

Table 2 - How Much Do I Need to Pay to Use an ATM Overseas?

Debit Card Provider Comparison
Debit Card Provider Foreign Currency Conversion Fee ATM Withdrawal Fee (NZ$) Cost to Withdraw AU$200 (in NZD, including fees) Cost to Withdraw £200 (in NZD, including fees) Cost to Withdraw €200 (in NZD, including fees) Cost to Withdraw US$200 (in NZD, including fees)
TransferWise 0% or 1.75% (after NZ$350 withdrawn per month) $0 or $1.50 (after NZ$350 withdrawn or two withdrawals made per month) $219.78 $408.16 $355.36 $320.34
ANZ 1.30% $0 $218.56 $405.71 $352.95 $318.39
ASB 2.10% $0 $220.00 $408.16 $355.36 $320.34
BNZ 2.25% $0 $220.33 $409.59 $356.96 $321.69
Kiwibank 2.50% $6 $227.44 $421.43 $367.86 $331.03
Westpac 1.95% $3 $223.74 $414.14 $361.61 $325.15
TSB 2.50% $5 $226.56 $420.41 $366.96 $329.24
Co-operative Bank 2.50% $6.5 $227.78 $422.45 $368.75 $330.92
SBS Bank 2.00% $6.6 $226.92 $419.22 $366.25 $328.63

MoneyHub Founder Christopher Walsh shares his experiences with spending money overseas:

"I believe travel money cards are, for the most part, very poor products. Since COVID, some players have closed up shop and I don't see them coming back. I won't miss them - they make travel money confusing and risky.

Ongoing research and comparisons conclude that the Wise Debit Card is the cheapest option and offers a powerful app to track your spending. It also offers a far superior customer experience and service than any other travel money card, online or offline. On the other hand, the bank-issued travel money cards are uncompetitive and expensive. And the fees they charge are generally appalling.

Travel should be fun; you shouldn't spend time strategising how to 'best use' your travel money card. Wise makes it easy, and, best of all, you're getting a leading exchange rate every time you buy something. Better yet, if you decide to lock in an exchange rate, you can do this easily by moving money to 'wallets'. Otherwise, every transaction you make will be deducted from your NZD balance.

Whatever you decide to do, I am pleased to know that the thousands of MoneyHub users who have signed up for a Wise account have many positive things to say. In the video below, I outline how overseas purchases I make have been deducted in NZD but anyone can load currencies and transactions are very easy to keep track of":
MoneyHub Founder
Christopher Walsh

Wise Debit Card - Pros and Cons

To properly evaluate the Wise Debit Card, we list its pros and cons:

Pros:
  1. Minimal foreign transaction fees - you will never pay a fee for withdrawing money from an overseas ATM if you stay under NZ$350/month (banks charge as much as NZ$6 per transaction).
  2. No annual fees - There is a one-off $14 charge to issue the Wise debit card, but no fees after that for having an account.
  3. Lower currency conversion fees - banks charge 1.8% to 2.80% for debit card transactions, whereas Wise converts major currencies for around 0.50%. 
  4. Mid-Market Rate - Wise always uses the mid-market exchange rate (the one you will find on Google). In comparison, exchange rates used by banks, PayPal and travel money cards often conceal a markup. The use of mid-market rates is a major reason why using a bank is so much more expensive. 
  5. Free cash withdrawals up to NZ$350 (or NZD equivalent in foreign currencies) every 30 days
  6. Easy-to-use app - unlike Travel Money Cards and New Zealand bank debit cards, Wise's app gives instant transaction notifications on your phone. You can also freeze or unfreeze your card anytime should you misplace it.
  7. Google Pay - You can integrate the card into Google Pay to pay digitally rather than with a physical card.
  8. You can convert and store foreign currency balances in advance (like you do with a Travel Money Card). Otherwise, Wise will convert your money automatically at the real exchange rate (or mid-market rate) on your NZD balance when you make a transaction.
  9. Phone support is available - Wise picks up the phone 9:00am - 5:00pm, Monday to Friday New Zealand time.

Cons:
  1. It's not a credit card, so you will need to have all the money you need in your Wise account before making a purchase. 
  2. Replacement cards can take 2-3 weeks to arrive, although you can have them posted anywhere worldwide. You can also use integrate Wise into Google Pay so you don't need the physical debit card.

Wise Debit Card - The Bottom Line:

  • ​Wise’s  debit card delivers low, transparent fees and market-leading exchange rates. The card has been popular in Europe where it first launched.
  • The debit card is linked to a Wise account, which gives account holders bank account numbers and balances in multiple currencies.

Where it wins:
  1. We are confident that when it comes to purchasing in major foreign currencies, the service is cheaper and superior to all existing travel money cards on offer.
  2. We also believe it offers greater value than bank debit cards when making over-the-counter or online transactions in foreign currencies.
  3. In most cases, spending using a credit card is, like-for-like, more expensive than using the Wise debit card. However, there are exceptions such as the market-leading Flight Centre Mastercard.

​​Where it falls short:
  1. Wise has some limitations in its functionality; none of this matters for a travel money card, but it's worth knowing that the bank account associated with your Wise debit card prohibits direct debits and there are no branches to do over-the-counter transactions. Furthermore, you won't earn interest on any balance, and there's no overdraft facility, and joint accounts are not available.
  2. While there is a free-fee limit of NZ$350 for ATM withdrawals in New Zealand or overseas (up to two withdrawals), after that is reached there is a 1.75% fee. Also, within New Zealand, the ANZ charges a $3 withdrawal fee on cash in NZD if you use a local ATM. Kiwibank, Westpac, BNZ and ASB do not charge this fee.

How to load NZD, convert and spend using a Wise card:

Claims made by Wise - Are They True?

We examine the claims made by Wise and explain the detail behind the headlines.
"Spend in any currency worldwide, receive money for free, and convert currencies with low fees".

Is it true?
  • Yes. ​The Wise debit card can be used anywhere debit cards are accepted. Conversion charges are a fraction of what banks charge for many of the same currencies (see below). 

"Say bye bye to crazy bank fees. For good".

Is it true?
  • ​In a sense, yes. The currency conversion charges to NZD from USD, EUR, GBP, AUD and other leading currencies will be around 0.35%. Banks will charge between 2.10% to 2.80%.
  • There is no annual fee for the Wise debit card, and you can make a limited number of cash withdrawals overseas without a transaction charge. Many banks charge $5 or $6 per transaction.

5 Must-Know Wise Debit Card Facts

There are fees for many transactions, so it's essential to understand how they work

The card promises a lot, but not everything is free. This helpful table below explains what's free and what costs.
Service
Wise Debit Card Fees
​Card application, issue and renewal
$14 one-off on application and issue (there are no renewal fees)
Spending currency available in your account (NZD and/or any other stored currencies)
Free of charge (foreign currencies are charged with a fee of between 0.35% to 2% of the transaction value)
​Spending currency unavailable in your account
0.35% to 2% conversion fee (most popular currencies are closer to 0.35%, i.e. AUD, USD, GBP and EUR)
ATM withdrawals
Free up to NZ$350 (or NZD equivalent) every 30 days, then 1.75% on every amount over this plus $1.50 per withdrawal. This applies to NZD withdrawals as well.

Wise offers far better value than existing Travel Money Cards

Our review of Travel Money Cards showed a range in foreign exchange rates between providers. Wise is better than this and offers the market rate, meaning your New Zealand dollars go further. 

And, like Travel Money Cards, moving NZD to a Wise account locks in a foreign exchange rate, meaning your foreign currency is fixed in advance. Best of all, there are no upfront card fees, limitations in currencies, expensive ATM fees and monthly fees.

Going on an OE? Wise will make getting paid a lot easier

  • Moving to the UK, Australia or anywhere else can, generally, be a hassle when it comes to opening up a bank account.
  • The Wise debit card, which runs from its borderless account service, gives you a bank account for the UK, Australia, the US and all EU countries.
  • It works as an all-in-one account, so if you get a job in London, you can receive GBP and store them in your GBP account, or convert them back to NZD (or any other currency). This in itself is revolutionary and a massive perk of using Wise. 
  • Once you've activated your account and selected each of the below currencies, your debit card is linked and will receive:​
  1. An Australian account number and Bank State Branch (BSB) code
  2. A UK account number and sort code
  3. A European International Bank Account Number (IBAN) which all European bank accounts have
  4. A US account number and routing number 

Banks charge between 1.80% and 2.80% in currency conversion fees; Wise is closer to 0.50% (for most currencies)

On a single transaction, the difference isn't significant. But they add up. We believe the high conversion charges are completely unnecessary. Wise charges one quarter to one fifth what the banks charge when processing the same transaction for the most common currencies.

Your money is protected per Wise's guidelines

  • Wise states that "all money in your Wise Borderless Account is stored and safeguarded securely in our bank accounts in New Zealand, Australia, the UK or USA depending on the country of residence in your profile".
  • The company also states it is supervised by the Department of Internal Affairs.
  • MoneyHub is unwilling to comment further other than to say deposits sit separate from the bank accounts used by the company for its operations, and for this reason, are less at risk if Wise had a financial issue.

Who is the Wise Debit Card Most Suitable For?

  • Looking for a travel money card? If so, it's a good idea to consider the Wise debit card. The features are almost the same, but the fees are lower (or free), and Wise's exchange rates are much better.
  • Shop online or travelling overseas? Our view is that anyone who buys items online or in-person using a debit card that is charged in foreign currencies could benefit. Wise's debit card charges significantly lower foreign currency conversion fees compared to ALL banks. 
  • Going on an OE? Anyone going overseas to live will automatically have a bank account number for Australia, Europe, the US and the UK. This saves a lot of hassle and makes it easier to get paid and, generally, cheaper to spend. 

Wise - Frequently Asked Questions from the MoneyHub Community

Our videos on the Wise debit card have meant we've fielded some questions about how the card works and how to transfer money. To help answer the questions, this video explains explains the top ten questions below.
1. How long does the Wise card take to arrive?
The guidance says three weeks, but in our experience, it is quicker. So our suggestion is simple - if you decide you want one, order it asap to avoid any delays.

2. Do I need to convert money before I go overseas?
No - you can load the card with NZD, which will be deducted after every transaction.

3. Are you best to load the card in your home currency first and then convert it to the multiple currencies you need?
It depends; many people just load their card with their home currency, e.g. NZD (which is free), and then use the card overseas, whereby the FX rate of the day will be applied. This is a popular option as you don't need to lock in an exchange rate.

4. There is a fee if I want to convert my NZD to Euro (or any other currency). If I use it overseas, will this fee be bigger or smaller?
Wise charges a fee based on the value of the transaction, so overall, there won't be any difference. The only difference will be the exchange rate which changes all the time.  

5. Can I link the Wise debit card to my bank account? Or do you have to load the card before using it?
You will need to have a balance in your Wise account before the card works; otherwise, it has nothing to settle your purchase. The easiest way to top up the card is to add your Wise bank account number (which will be provided when you sign up for a Wise card) and transfer the amount of money you want. In New Zealand, this takes a couple of hours during a business day.

6. If, for example, I convert NZD into EUR in January and spend EUR in March, is the January exchange rate applied?
Yes - because you have bought EUR, the rate is locked in. However, this only applies to the EUR in your wallet. So if you spend all your EUR, you'll need to buy more, and the latest exchange rate will apply.

7. I need three pieces of information (Bank name, SWIFT BIC and Account number) - will Wise give me this information as part of my debit card?
Yes. When you set up an account, Wise will provide the full details for every bank account they provide you.

8. Do I need to put EUR in my wallet to spend in EUR?
No - the transaction will be approved if you have money in any currency on your Wise account, and it's enough to settle a purchase.

9. If I use the Wise debit card in the UK and I have pounds in my wallet, does it automatically choose the pounds as a default currency?
Yes, it does; Wise uses the currency you're spending first if you have that in your wallet; then, if you're short of pounds, it will fund the purchase with any other currency available.

10. Is Wise the best travel money card?
It depends on your needs; our research showed it offered the best exchange rates, and given the product is a currency card, we believe it offers the best value to anyone travelling and/or making overseas purchases.

MoneyHub Founder Christopher Walsh shares his views about the Wise Debit Card:

When making a foreign currency purchase, incurring the hefty and pesky bank charges have always annoyed me, mainly because they're an absolute rip-off.  The Wise Debit Card puts the power back with the customer. Following our extensive research into travel money cards, it leads with the best FX rates and lowest fees. We're pleased to confirm Wise is our Favourite Travel Money Card 2023.

Disclaimer - I am a Wise customer. I use my Wise card often because it's so easy and have introduced many friends to it as well. It has a great app, the lowest fees on offer, and the flexibility of the foreign bank accounts makes it a comprehensive solution. I explain how to top up the card and convert currencies in this video. It's also secure, flexible and transparent, and puts you in control of your money.

No bank competes with its speed, cost and transaction security, and it's great to have the Wise card available in New Zealand.
MoneyHub Founder
Christopher Walsh
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