Wise Debit Card Review: All You Need to Know 2024

Wise launched in 2011 with a mission to challenge the banks and make transacting internationally cheaper, faster, and easier - with no hidden charges or sneaky exchange rate hikes.

Wise offers a range of products including instant low fee international payments, multi-currency accounts, and Wise international debit cards for personal and business customers.

This Wise debit card review covers all you need to know about the Wise card features, fees, availability and more.

Quick summary

There’s an in-depth Wise debit card review coming up - first let's look at the key features, pros and cons of the Wise debit card for personal or business users.

Wise card features

• Hold and exchange 40+ currencies in your Wise account

• Spend in 150+ countries, withdraw at 2.3 million ATMs

• Convert currencies in your account with the mid-market exchange rate and low fees

• Virtual cards available instantly

• View and manage your account in the Wise app

• Freeze and unfreeze your physical card and virtual cards instantly

• Wise is regulated in Canada by FINTRAC, and the Autorité des marchés financiers

The Wise card offers flexible ways to hold and spend in a broad selection of currencies, making it a great option for anyone who travels frequently, shops online with international retailers, or lives and works overseas. You’ll be able to hold 40+ currencies, and spend with the mid-market exchange rate in 150+ countries - plus your Wise account comes with easy ways to send international payments to 160+ countries, and to receive money in 9 currencies with local bank details.

Who is the Wise debit card for?

The Wise debit card is available in Canada for both personal and business customers, which means it can be a great way for lots of people to manage their money conveniently - and cut transaction costs at the same time. The Wise debit card is great for:

• Travellers looking to make contactless or mobile payments

• Anyone on holiday who wants to withdraw cash cheaply from local ATMs

• People who love to shop online with international retailers

• Anyone who wants a low cost, secure account with both virtual and physical cards

• Entrepreneurs who need to spend in foreign currencies

• Business owners who want to offer international debit cards to team members to manage spending and expenses

What is a Wise card?

The Wise card is a debit card - not a credit card - that’s linked to a Wise multi-currency account. It’s great for spending and making cash withdrawals, online, at home and abroad - and best of all, you’ll get currency conversion using the real mid-market exchange rate whenever you choose to spend in a foreign currency.

• Make payments and withdrawals in 200+ countries

• Use 2.3 million ATMs for withdrawals, all around the world

• Top up in the currency you prefer and check your account balances at a glance in the app

• Switch currencies with the real exchange rate and low, transparent fees

• Spend any currency you hold in the account for free

• Auto convert feature makes sure you always pay the lowest possible fee when spending currencies you don’t hold in your account

• Instant transaction notifications for security

• Get instant access to 3 virtual cards

• Freeze and unfreeze your card whenever you need to

• Debit card - making it easier to manage your budget without running up debts or incurring credit charges

Can I get the Wise debit card in Canada?

Yes. You can get the Wise debit card in Canada for yourself or your business. You’ll just need to register a Wise account online or in the Wise app, by filling in your personal information and uploading some documents for verification. We’ll look at how to open a Wise account and order your Wise card in more detail, later.

Is the Wise card a good option?

Wise is intent on revolutionising the way people and businesses transact internationally, to make it cheaper, faster and more convenient compared to traditional banks. The Wise card is a great addition to Wise’s suite of products, offering easy ways to spend in person, on the move, and online, and make ATM withdrawals, with the real exchange rate and low, transparent fees.

• It’s free to open a Wise personal account - there’s a small one time fee for business customers

• Wise cards in Canada are free to order and come with some fee free ATM withdrawals every month

• You can spend with your Wise card in 150+ countries, and get a digital card for security when shopping online

In short, the Wise card offers easy ways to spend in person, on the move, and online, and make ATM withdrawals, with the mid-market exchange rate and low, transparent fees. That can make it good for lots of customers looking to transact in foreign currencies.

Can I use the Wise card abroad?

Yes. The Wise card is specifically created to make your life easier when travelling abroad. All you’ll need to do is create a Wise account and order your linked card for free, to start making payments and withdrawals.

Make ATM withdrawals at home and abroad, anywhere your card network is supported Tap to make contactless payments in merchants Use your physical or virtual card to spend online internationally Add your card to your favourite mobile wallet for on the go payments

We’ll also cover how you can use your Wise card abroad in more detail later on.

How to withdraw money with the Wise card

You can make a cash withdrawal with your Wise card at ATMs which support your card network - Visa or MasterCard.

If you’re overseas and you’re asked if you’d prefer to pay in your home currency for the withdrawal, it’s best to say no. That means you’ll get the best available exchange rate, and ultimately can mean you pay less for your travel cash.

How do Wise card fees compare for spending abroad?

Spending in foreign currencies with a Wise card could be significantly cheaper compared to using your regular bank’s debit card.

Your regular bank is likely to add a foreign transaction fee to every purchase or withdrawal you make in a different currency - this is often in the region of 3% of the cost of the transaction. Wise on the other hand uses the real exchange rate with low fees which average out at about 0.6% for most transactions. That means that you can cut your costs whenever you use a Wise debit card to shop when you travel, spend with international ecommerce stores, or make a cash withdrawal overseas.

Wise virtual card

The Wise virtual card - also known as the Wise digital card - allows you to make payments online and in stores with your phone. Simply add your virtual card to a mobile wallet like Apple Pay or Google Pay, to make contactless payments in stores and buy things online. You can have up to 3 virtual cards at any one time which can make it easier to manage your budget by assigning different spending types to different cards.

Wise virtual cards have different card details to your physical card, and can be frozen instantly whenever you’re not using them - offering a handy added layer of security. You’ll be able to start using your Wise digital card as soon as you order your physical card, with no need to wait for the physical card to be delivered.

How to replace or delete a digital card

Digital cards can be destroyed and recreated instantly, up to 3 times a day:

1. Go to Card tab

2. Slide to the digital card you want to replace

3. Select Replace card

Wise card vs other banks and providers

Let’s look at the foreign transaction fee used by Wise compared to a few other popular options in Canada:

*Correct at time of writing, 13 October 2023

How does the Wise debit card work?

The Wise international debit card is linked to a Wise multi-currency account, which lets you hold, exchange, receive and send payments in 50+ currencies. Order a linked Wise debit card to make it easier to spend and make cash withdrawals from your Wise account balance, all over the world.

It’s always free to spend currencies you hold in your account. And if you don’t have the currency you need in your account, the Wise debit card can automatically convert the amount for you from whichever available currency account has the cheapest conversion fee. That means that there’s no need to worry about converting money before travelling, because you’ll always know you’re getting the best available deal every time.

Wise card limits

Your Wise card comes with default set limits which you can change if you would like to. Daily and monthly limits apply - daily limits refresh each day at midnight, while monthly limits restart on the first day of each calendar month. If you’re not happy with the default limits it’s easy to change them to suit you - just log into your account on the Wise app or desktop site.

First, here’s a rundown of the standard Wise personal debit card limits by transaction type:

What can you do with the Wise debit card?

You can use your Wise card to spend and make withdrawals in Canada and when you're overseas. Contactless spending is supported and you can also use your physical or virtual Wise card for online shopping. Here are a few things you can do with your Wise debit card:

Spend and withdraw when you’re abroad

Use your Wise card for contactless payments and ATM withdrawals in Canada and overseas. You can either leave your money in CAD and let the card convert for you at the point of payment, or switch your balance to the currency or currencies you need in advance.

Use the same card to hold and spend 40+ currencies

Your Wise account can hold and exchange 40+ currencies, and you’ll get the mid-market rate whenever you need to switch between them.

Spend online with international retailers

You can use either your Wise physical card or your virtual card when spending online with retailers based overseas. Your card will be able to automatically convert your balance to the currency you need if you don’t already have it in your account.

Wise card fees

Here’s a rundown of all the fees you can expect to meet when ordering and using your Wise multi-currency debit card:

Wise exchange rate

Wise was created with a mission to make currency conversion cheaper and more transparent. Every time you switch currencies with Wise you’ll get the mid-market rate with no hidden markup - when you spend with your Wise debit card, convert currencies within your Wise account, or send an international payment.

This is different to banks and most other international card providers. Typically, the exchange rates you get from other providers will include a markup which is added onto the exchange rate used. That’s an extra fee, but it’s hard to spot and pushes up the prices you pay without you necessarily knowing it. To avoid this tricky fee, Wise uses the mid-market exchange rate and splits out the full costs of currency conversion for transparency. You’ll be able to see the full fees you pay when you switch currencies within your account - and if you use the card’s auto convert feature, you can be sure the transaction will be processed with the lowest fee possible.

How to get your Wise card

Here’s how to get your Wise international debit card in just a few simple steps:

• Open a Wise account online in just a few minutes

• Top up your Wise account in the currency of your choice

• Order your free Wise card

• Start spending with your digital card right away

• Your physical card will arrive in the post within 14 working days

  If you don’t already have a Wise multi-currency account it’s good to know you can register in just a few minutes using your email address, Facebook, Apple or Google ID.

You’ll also need to complete a verification step for security - this usually involves taking a selfie with your passport or other eligible ID document. Your account can be up and running as soon as it’s been verified - which is often instant, or at least within 24 hours of registering.

How to activate your Wise card

Once your physical card arrives in the post you’ll need to activate it. This is done simply by making a purchase using your PIN number - or if you’d prefer you can make a cash withdrawal or check your balance in an ATM. You’ll be able to find your PIN, as well as your card number and CVV code, in the Wise app at any time.

How to find your Wise card PIN

You can get your Wise card PIN any time online or in the Wise app:

1. Open the Wise app or desktop site and log in

2. If you’re on the website, go to Cards. If you’re on the app, go to Card

3. Select Show PIN

4. You may need to enter your Wise password, or use fingerprint or facial recognition, to check your PIN

   How to top up your Wise card

Your Wise debit card is linked to your Wise multi-currency account. To add funds to your Wise account you’ll need to take the following steps:

• Log into your Wise account online or in the Wise app

• Select the currency balance you want to top up

• Tap Add

• Confirm the currency you want to pay with

• Enter the amount you want to top up and select a payment method

• Check everything over, confirm and follow the prompts to complete the payment

You can also add money to your Wise account directly from your online banking service using your local bank details for eligible currencies. In Canada, that means you can top up fee free in:

• Canadian dollars

• British pounds

• Euros

• US dollars

• Australian dollars

• New Zealand dollars

• Singapore dollars

• Romanian lei

• Hungarian forint

• Turkish lira

  Log into your Wise account to see the local bank details for your preferred currency and use these to transfer money direct from your bank account in that currency.

How to freeze and unfreeze your Wise card

The easiest way to freeze or unfreeze your Wise card is in the Wise app:

1. Open the Wise app

2. Tap on Card

3. Select Freeze card

   How to replace or cancel your Wise card

You can cancel and replace your Wise card on the Wise app or online:

1. Go to Card tab

2. Tap on Replace Card

3. Choose the reason for replacing your card

4. Tap on Replacement Card

   Wise debit card for business

The Wise business debit card is currently available in the UK, EU and EEA, Canada, Singapore, Japan, Australia and New Zealand. If you’re in Canada you can expect your physical card to arrive within about 2 weeks after ordering it.

Wise business accounts come with multi-user access (MUA) which means you’ll be able to assign roles to your team members to let them access the tools they need to do their jobs, without needing to share sensitive company information. Anyone in your team assigned an employee or admin role within the Wise account will be eligible for a Wise business debit card, which they can use to spend and make cash withdrawals all around the world.

Like the Wise personal international debit card, the Wise business card offers currency exchange which uses the real mid-market exchange rate, and it’s always free to spend currencies you hold in your account. If you don’t have the currency you need, just allow the card’s auto convert feature to work its magic, and switch currencies from whichever balance incurs the lowest fee.

Where is the Wise card available?

If you have a Wise account and are a resident of any of the following countries and regions, you can apply for a Wise debit card:

• Canada

• The EU and EEA

• The UK

• British Overseas Territories and UK Crown Dependencies

• Singapore

• Malaysia

• Japan

• Australia

• New Zealand

• Brazil

Is Wise safe to use?

Yes, the Wise card is safe to use. As a company, Wise is FINTRAC regulated, and covered by regulatory bodies all over the world. That means that no matter what currencies you hold on your Wise debit card, you know your money is kept safely and in accordance with global laws and best practices.

Wise accounts have a range of security features including thorough verification processes, 2 factor authentication and a 24/7 fraud prevention protocol. Additionally, Wise debit cards can be frozen instantly in the Wise app if you’re concerned about security, with real time transaction notifications and the option to check your balance and account history in a glance in the app.

What should you do if your Wise card gets lost or stolen?

If your Wise card is lost or stolen you can instantly freeze, cancel or replace it in the Wise app.

Conclusion: is the Wise card worth it?

The Wise debit card can make life easier - and help you save money - if you travel often, shop with international ecommerce stores, or have a business and want to issue your team with international debit cards to manage spending.

Wise currency exchange always uses the real mid-market exchange rate with no markup and no hidden fees - and with the Wise debit card’s smart auto convert feature you don’t even need to switch currencies before you travel. Leave the Wise card to switch to the currencies you need, when you need them, with the lowest possible fee every time.