Is the Wise card a bank card?
Often known as the Wise bank card, the Wise card is definitely a prepaid card available to residents of Canada and dozens of other countries. To use the cardboard, your Wise account should be funded. What makes Wise so attractive is the flexibility to carry multiple currencies. This signifies that you would potentially buy some foreign dollars when the exchange rate is in your favor after which spend them abroad if obligatory.
There aren’t any additional fees whenever you make purchases using a currency you currently have in your Wise account. However, for those who wouldn’t have the currency wherein you make a purchase order, Wise will routinely deduct the funds from the currency in your account that has the bottom conversion fees. However, for those who are making a purchase order abroad and have the choice to bill in local currency or Canadian dollars, at all times select the local currency for the very best exchange rate.
With the Wise card you may also withdraw money from ATMs abroad. Think of it as a Wise debit card because you should utilize it for purchases and ATM withdrawals. Oddly enough, you possibly can’t use the cardboard inside Canada.
The first two ATM withdrawals are free, as much as a complete of CAD$350 per calendar month. Each subsequent withdrawal will cost you $1.50 each and amounts over $350 will incur a 1.75% fee. Also note that the ATM provider may charge its own fee when withdrawing money. Wise withdrawal fees and third-party ATM fees count toward your withdrawal limits – so plan accordingly.
How long does it take to get a Wise card??
You should have a Wise account if you should apply for a Wise card. The registration process only takes a number of minutes and is totally online. Once your account is energetic, you have to so as to add funds. This is simple as there are numerous options available to you including Interac e-Transfer, direct debit out of your bank and bank transfer.
Fees apply for every charging method. Interac e-Transfer typically has the bottom fees and your money arrives in about five minutes. How much fees you pay relies on the currency and the quantity you top up.
To order your Wise Card, log in to your account and click on Wise Card within the sidebar. You will receive the physical card inside 14 days and also you can even receive a digital card which you could use immediately. While the digital option is convenient, it doesn’t help people who find themselves traveling soon and may have access to an ATM.
Advantages and downsides of the Wise card
The Wise card is a novel option that may obviously appeal to many individuals. However, it is best to weigh the professionals and cons before opening an account.
