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Topic: Transfer Wise Debit Card  (Read 762 times)

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Transfer Wise Debit Card
« on: November 16, 2020, 08:13:34 PM »
Has anyone used this? Last time I was in Amsterdam several places only accepted cards, and I think this will start to happen more and more.  Using my UK or US debit card incurred a fee every time - the Transferwise debit card looks like you can pay in Euros and avoid these fees.

Any experience anyone?

A


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Re: Transfer Wise Debit Card
« Reply #1 on: November 16, 2020, 10:47:34 PM »
I'll be interested to hear others' experiences with Transferwise, but in the meantime, there are other options for cards with no foreign transaction fees. A couple that I know of are the Virgin Money current account (and debit card--also no fees on cash withdrawals overseas https://uk.virginmoney.com/current-accounts/pca/rates-fees-charges), and also if you're not opposed to credit cards, Halifax Clarity is one. Revolut is another option similar to Transferwise that you could explore. I haven't used the card for purchases, but have had good experience with exchanging and transferring money.
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Re: Transfer Wise Debit Card
« Reply #2 on: November 17, 2020, 12:02:16 AM »
If I understand it correctly, you can use it with their "Multi Currency" account. So let's say I'm headed to Amsterdam - I put $ or pounds into the multi currency account, transfer it to Euros, then use the card spending Euros. If there are Euros in your account it uses that otherwise it will pull from a different account you specify. I just haven't used it yet...

I wonder how this works with FBars? That will be fun...

A
« Last Edit: November 17, 2020, 03:18:00 AM by Art »


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Re: Transfer Wise Debit Card
« Reply #3 on: November 17, 2020, 08:13:22 AM »
I've used Revolut for years and it works great for paying in other countries.  Treat it just as any other debit card or withdraw money from an ATM with no fees.  Maybe %5 of the time it won't work for some obscure technical reason. 
My tax lawyer advised me to declare it on my FBAR and I did.


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Re: Transfer Wise Debit Card
« Reply #4 on: November 17, 2020, 10:30:45 PM »
Interesting - do you keep balances in different currencies or just one main currency and it converts every time you use it? The Transferwise card uses mid market rate I think which I doubt can be beaten. Yesterday for example I got just over $1.32 for a pound - everywhere else seems to be 1.28 or less.

Cheers

A


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Re: Transfer Wise Debit Card
« Reply #5 on: December 22, 2020, 07:32:02 PM »
I’ve used my TransferWise debit card extensively in both the US and Europe.  I’ve never had a problem.


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Transfer Wise Debit Card
« Reply #6 on: December 29, 2020, 12:21:02 PM »
I love my TransferWise debit card. I got it before my last US/Canada trip (last Christmas). You deposit money in whatever currency you want. It is stored in separate currency 'pots' you can top up any time. If you forget to top one up and use it in that country, it pulls from the pot with the best exchange rate.
There is an app which makes it easy to move money back and forth.
It's not FSCS protected like UK banks/building societies, so if they go bust, you lose the money. So I only top up when I'm traveling. I always have the card on me with roughly £100 as an emergency card if something happens to my debit card.
Oh, and each pot gives you bank details for that country- so people in that country can transfer money to you.


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« Last Edit: December 29, 2020, 02:36:28 PM by LeAnneA »


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Re: Transfer Wise Debit Card
« Reply #7 on: December 29, 2020, 01:49:43 PM »
I love my TransferWise debit card. I got it before my last US/Canada trip (last Christmas). You deposit money in whatever currency you want. It is stored in deprecate currency 'pots' you can top up any time. If you forget to top one up and use it in that country, it pulls from the pot with the best exchange rate.
There is an app which makes it easy to move money back and forth.
It's not FSCS protected like UK banks/building societies, so if they go bust, you lose the money. So I only top up when I'm traveling. I always have the card on me with roughly £100 as an emergency card if something happens to my debit card.
Oh, and each pot gives you bank details for that country- so people in that country can transfer money to you.


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Great info - thanks for that.
Dual USC/UKC living in the UK since May 2016


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Re: Transfer Wise Debit Card
« Reply #8 on: December 29, 2020, 02:39:55 PM »
I love my TransferWise debit card. I got it before my last US/Canada trip (last Christmas). You deposit money in whatever currency you want. It is stored in separate currency 'pots' you can top up any time. If you forget to top one up and use it in that country, it pulls from the pot with the best exchange rate.
There is an app which makes it easy to move money back and forth.
It's not FSCS protected like UK banks/building societies, so if they go bust, you lose the money. So I only top up when I'm traveling. I always have the card on me with roughly £100 as an emergency card if something happens to my debit card.
Oh, and each pot gives you bank details for that country- so people in that country can transfer money to you.


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I just noticed they give £75 if you get 3 people to sign up. I've got one! If anyone is thinking of signing up or transferring money please consider doing it via my link: https://transferwise.com/invite/i/leannea4


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Re: Transfer Wise Debit Card
« Reply #9 on: December 29, 2020, 02:40:57 PM »
I love my TransferWise debit card. I got it before my last US/Canada trip (last Christmas). You deposit money in whatever currency you want. It is stored in separate currency 'pots' you can top up any time. If you forget to top one up and use it in that country, it pulls from the pot with the best exchange rate.
There is an app which makes it easy to move money back and forth.
It's not FSCS protected like UK banks/building societies, so if they go bust, you lose the money. So I only top up when I'm traveling. I always have the card on me with roughly £100 as an emergency card if something happens to my debit card.
Oh, and each pot gives you bank details for that country- so people in that country can transfer money to you.

How do you deposit money?  By pulling from an associated "real" bank account?  Or can you deposit checks via an app?

(I'd happily use your link, but I already use Transferwise, so I can't give you a referral credit.  Sorry.)
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Re: Transfer Wise Debit Card
« Reply #10 on: December 29, 2020, 03:02:44 PM »
(I'd happily use your link, but I already use Transferwise, so I can't give you a referral credit.  Sorry.)

Same here.
Dual USC/UKC living in the UK since May 2016


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Re: Transfer Wise Debit Card
« Reply #11 on: December 29, 2020, 04:20:27 PM »
How do you deposit money?  By pulling from an associated "real" bank account?  Or can you deposit checks via an app?

(I'd happily use your link, but I already use Transferwise, so I can't give you a referral credit.  Sorry.)
You can either transfer in using the sort code and account number they provide you or on the app you can set up a debit card payment into the account.


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Re: Transfer Wise Debit Card
« Reply #12 on: December 30, 2020, 01:48:38 PM »
You can either transfer in using the sort code and account number they provide you or on the app you can set up a debit card payment into the account.

So you couldn't deposit a check?
9/1/2013 - "fiancée" (marriage) visa issued
4/6/2013 - married (certificate issued same-day)
5/6/2013 - FLR(M)#1 in person -- approved!
8/1/2016 - FLR(M)#2 by post -- approved!
8/5/2018 - ILR in person -- approved!
22/11/2018 - Citizenship (online, with NDRS+JCAP) -- approved!
14/12/2018 - I became a British citizen.  :)


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Re: Transfer Wise Debit Card
« Reply #13 on: January 01, 2021, 09:26:23 PM »
So you couldn't deposit a check?
Sorry, I'm not sure about that.


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Re: Transfer Wise Debit Card
« Reply #14 on: January 02, 2021, 09:58:57 PM »
Mine eventually arrived - either the first one was lost or I tossed it along with all the junk mail. I'm going to try it here in the US first. The reason I got it was more and more in Amsterdam I am noticing them not taking cash. So even for a E2 tram ride or E3 coffee I was paying E2 in fees to UK bank and getting a crappy exchange rate at that.

A


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