Wise (TransferWise) Debit Card Review - Pros & Cons
ฝัง
- เผยแพร่เมื่อ 17 ส.ค. 2021
- Get personalized advice about tax, asset protection, offshore banking, residency, and citizenships:
calendly.com/michael-rosmer?m...
You can visit our website for more information about us: offshorecitizen.net
Wise, formerly known as TransferWise offers an interesting tool - their debit card.
If you want to apply for one you can do it directly from their website, on this link:
wise.com
Should you have a Wise borderless account and their debit card? Absolutely yes!
You shouldn't count on it as your only banking solution, but you should certainly have it as one option.
Wise offers super easy transfers all over the world, it will also make currency conversion less hassle.
This brings us to their debit card. It is especially good if you travel a lot, because of mentioned currency conversions.
This card is attached to your different currency Wise accounts and depending on which currencies you hold it will automatically pull funds from the account associated with that currency. If you don't hold money in the currency that you're paying in it will automatically convert with fair conversion rates.
Wise application is quite good and easy to use.
If you want to withdraw cash Wise card is certainly not the best option. You have 200 pounds per month without fees, and after that, you'll be paying 2% in fees which is quite high. This is one of the biggest downsides of the Wise card.
Another downside is that it's not available everywhere. You can't get a Wise card in many countries around the world. However, if you're in the EU you're good to go.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
Feel free to join our community!
Don’t forget to subscribe to our channel
/ @offshorecitizen
Start watching as from 4:47, that's when video focuses on the unique attributes of the card
Thanks a lot. That saved my time. I was 2 minutes in and still not talking about the card! LoL
Thank you!
:-)
Straight to the matter! Thank you!
motor mouth.
Congrats on 20K+ subs. I remember when it was 1k. Always valuable content. Thanks!
Thank you very much, Anthony! Your support is truly appreciated.
Any suggestions for our channel?
Great content as always Michael.
What is the difference between transfer wise and Caxton please?
Are you Armin Van Buuren's Brother? Look alike
Best channel I discovered this month! Keep it up!!
Welcome aboard!
Thank you for the video!
I have a question.
What happens if I open an account and I am planning to relocate from Canada to another place in which the card is not available yet?
So, I open an account and they ask where is your country of residence? I setup my account as Canadian with phone number and info.
Then, couple of weeks or a month later I move to México and stop being Canadian resident for fiscal purposes.
What will happen with my account, contact information, address and deposits?
Hope you can help me with the questions!
Thank you for the channel!
Update: it's now available in Canada
How would you rate Transferwise vs. Revolut Mike, both their cards and for wire transfers?
Thanks for sharing your video. I m travelling to Turkey and I live in Australia I m not sure if I do daily purchases like groceries, foods,transport and other expenses if I use this is there any fees at all I mean fees for wise or even Turkish eftops. Also when I try to check the fees for amount under 500 aud no charges and shows the guarantee rate but for more than that no guarantee rate and will charge some money. The last thing is really important it's says arrive in your account in 10 minutes is that true even for large amounts? Thanks
You mentioned credit cards that have no foreign transaction fees. But what exchange rate would they typically give you? I have a Capital One card that has no foreign transaction fees, but I am just curious if the give you an unfavorable exchange rate that makes the Wise care preferable ?
What’s a good option if I want to send large sums of cash?
Which offers better mid market rates, Wise or Charles Schwab for international wire transfer?
I ordered the wise card can i use it in Brazil atm machines when i go there.
Thank you so much. Very helpful
Does the card have a monthly fee?
Can I use the wise debit card to fund my wise app?
Can I transfer money from my NEXO account to my WISE card account?
how do you link a wise checking account to paypal ? its not in the list and when i select other banks, then it gives me a error ... i got wise so that i could link it to paypal ..
If you're a Canadian resident, you can't have the card. But what about having the card and using it in Canada? Does it work there?
I have some money in the US that I left with a friend of mine to cover some stateside expenses for me that never materialized. I'm in the UK now and would like to receive the funds back. Since I currently have neither a US nor UK bank acct presently I thought an online prepaid MC or Visa might be one option. She could initiate the card, create the balance maybe $3000 and I could access it grom the UK. Btw WU refused to do it!! Maybe Remitly, Revolut or Wise? Ideas appreciated.
Can I pay with this card in Costa Rica on vacation in the souvenir shop or on the beach restaurant for my drink with the maximum profitable conversion exchange rate ?
Constructive feedback: Please turn the volume up for your videos. Im sure other people must be bringing this up too.
Due appreciation: Loving all the content so far! Amazing value without a shred of doubt. Im a fan!
Thanks for the feedback and your support.
Any video suggestions?
I did speak to them yesterday and apparently they can deliver the card to someone in the accepted countries...but I'll update you when I do this.
What do you mean with not crypto friendly? 9:00
From a UK perspective, been travelling/working for a few months now since being vaccinated and use Wise as my spending account other than in a few exceptions where their currency exchange fee is as high as banks (eg Ukraine). I think it’s actually a good idea, at least from a UK perspective, to have a Wise account if your are an expat, digital nomad or long-term backpacker as your home bank could decide you are breaking their T&Cs if you are abroad for most of the year. But I’ve do use other fintechs as well and keep most of my money in accounts with deposit protection. I am also a citizen of another country and use my Wise account as my “bridge” account between my accounts in the two countries. Thanks for the video.
Hey, do you essentially use it as a debit card in the supermarket, cafe, shop etc in many different countries?
its not high as Ukraine what you on about
i am going to have to send payment to a SE Asia country from Canada - as far as WISE is concerned I have read if it is going (Charter?) BANK to BANK there is no problem, then I can move the money into the freelancers accounts myself online. I was not aware of the debit card - being Canadian it was not available to me.
Are you planning to try it out?
Hi Michael, Im from Canada. So, if I become a resident of one of the supported countries I can get the card?
Yes, absolutely
Is wise card good for buying cryptocurrency on binance for example? Also would I be able to sell the cryptocurrency and load back to wise card?
No. They will close your account.
only FCA and Europe regulated crypto exchanges wise do accept just message them and they will tell you
Can the card buy bitcoin?
Good reassurance about this card. Currently having trouble ordering a card in Australia and have contacted tech support. Have to wait 1 or more days for a reply mmmmm
You should be able to have it shipped all over
Even if you can't get it in a specific country, can you still use it as a debit card in those countries? Just found your channel today - impressed with the content.
Your card won’t work in these countries:
Afghanistan, Burundi, Central African Republic, Chad, Congo and DR of Congo, Cuba, Eritrea, Iran, Iraq, Libya, North Korea, Palestinian Territories, Somalia, Sudan and South Sudan, Syria, Venezuela, and Yemen.
If your card was issued in the US, it also won’t work in these countries:
Belarus, Bolivia, Cambodia, Côte d’lvoire, Ethiopia, Kenya, Lebanon, Myanmar (Burma), Nepal, Niger, Nigeria, Pakistan, Paraguay, Sao Tome and Principe, Sri Lanka, Tajikistan, Tanzania, Turkmenistan, Uganda, Vietnam, and Zambia.
Thanks for the support! Anything else you'd like to see?
@@OffshoreCitizen I know you cater to a worldwide audience, but I would really like to see things about collecting US Social Security living overseas, covering countries with Totalization Agreements and what that means, and how renouncing US citizenship when living overseas affects Social Security, including the effect on a US citizen renouncing on a non-US citizen spousal survivor benefits (in Totalization countries.) That's probably multiple segments, but I think many US people would find them interesting, and I apologize in advance to the folks from other countries.
Thanks for this content - in this day and age it is a much-needed resource - some of the other channels can be a tad flakey.
They asked me for my social security number when i tried to open Wise account. Should i give them my social security number or is it some kind of joke ?
Will they deliver a replacement if you're 'away' from your home base - for example if the ATM eats the card?
Good question. My guess is that would be a hassle too.
You do not need to be a registered resident for transferwise to send you their card. They will send it to the adress you declare as home provided it' s in the countries they serve. Revolut requires a residency card in case you are not a citizen in the country you declare as home adress.
Interesting information, thank you for sharing.
How did you like the video?
@@OffshoreCitizen Great as usual !
Hi can you pay with that card for a drink or any purchase Thanks
Yes
Wise is now available in Canada as well.
Yes!☺
Do you plan to open an account with them?
@@OffshoreCitizen we’re looking into it. Your videos have been very helpful!
What are the wire limits?
wise.com/us/blog/international-wire-transfer-regulations
Yep not available in Canada i think it's a regulation approval issue
Unfortunately.
Do you use any similar services?
GOOD REVIEW 👍
Thank you!
What do you think of Wise?
We can now get the card in canada. FYI.
I have a usa llc and they wont gove cards for usa business accounts. Just so u all know.
Thanks for sharing that.
How did you like the video? Any suggestions?
@@OffshoreCitizen Cannot think of any suggestions. you're always good, you're smart, to the point, and very logical. You're a good channel I hope you grow
Not available in Canada...screw them! Will still use my CIBC multiple currency card
How's your experience with it?
Great info thanks but just an observation... you have a tendency of jump between topics when explaining something (who its for, what it does, how its works, the good, the bad, etc.) which makes it a bit frustrating to follow, but really value your channel and the info you share.
You're welcome and thanks for the feedback. Appreciate it.
Any video suggestions you may have for our channel?
Comparison to other challenger banks?
Will probably make some videos about it in the future👍
What do you think about this one?
Thank you,csak már érne el hozzám valami.....
You're welcome!
Anything else you'd like to see?
I guess Charles scwabb still king for atm no fees and good international bank rates.
Is Charles Schwab better rates for international wire transfer than Wise?
You are Canadian
Yes
Wise as company is good about simple use but very bad as far as offshore companies usage concern.
I had a big issue took about months to answer me imagine I had the two accounts the one personal and the second business, based on an offshore Delaware company. Am EU citizen.
I was trying to send some simple payment to someone with personal account and they wasn’t send nothing took money of course and it was something kinda freeze as long the verification on business account going on, besides the fact supposedly the one account has nothing to do with the other.
Nobody gave answer and couple of times the representative said we can not do nothing and close phone. Was some sort of silly special team which supervise this matters and I could never speak with them only to some simple representatives.
Imagine they release money to my account not to the send person after 6 months…. And still not haven’t managed to verify the business account.
p.s. for simple use is good but for business imagine having large volume invoice is ridiculous.
Wow, that's crazy. Thank you for sharing your experience.
Are you still using their services?
@@OffshoreCitizen hi I still have em imagine I have called em over 30 times cause I simply make one simple payment for one fiend on states.
They semi freeze my personal account for few bucks, and us they said cause of business verification.
And when I ask them what about if I had invoice like 100-200k$? And they couldn’t answer.
I have them but ain’t tried to make transaction I believe they will freeze again.
No not videos like this now, focus on how we can replace Malasya instead :)
Lol
We'll definitely follow the situation closely and update if anything new comes up👍
Anything else you'd like to see? Besides, Malaysia?😄
@@OffshoreCitizen am not familiar with the situation is it harder or just litle more riskier to move there ? What do you think of a small iland in carribiean can that be substitute for malasya or canary ilands ?. Is there more hacks that can be used besides the one you mention some time ago that was getting away from taxes by dtudy visa ? Thank you
Isle of Wight would be a good replacement 🤣
@@robster7012 For the palm trees?
@@ST-ff7pf Imho, these days can you count on your strategy? You might have it timed to get out of one place just in time, and then enter somewhere else. And, the second place decides to have a 14 day quarantine and maybe even a lockdown, so you can't even get in.
Mumble mumble mumble.... Having to turn the volume all way to 11 cos can't hear a damn thing you say after the excitement of "WECOME BACK" is over.
Is Elon musk your brother??
Hahahaha that would be cool
🇺🇦🇺🇦🇺🇦🇺🇦🇺🇦🇪🇺
this video was infuriating to watch. stomp rambling and spit out the information ffs
That's Good, Keep Going!