Wise Card for Travelling to Aussie

Juju123 on 17/06/2023 - 09:08
Last edited 17/06/2023 - 10:28 by 1 other user

Hi all, I'm a bit late to the party, flying to Aussie next Saturday but haven't got my wise card organised.

I've signed up for a wise account this morning, but will I need a physical card to travel with me? If so, will I be able to receive the physical card before I travel?

If I have NZD in the account, and would like to convert some to AUD, will the conversion be instant? I.e. I don't have to wait overnight for this to happen? The deposit of NZD seems to take overnight to happen?

I've read some comments in this forum, but is that better to do POLI payment rather than credit card payment to avoid cash advance fees?

Thank you all.

General Discussion Australia Debit Card Wise Card

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  • Japo32 on 19/06/2023 - 17:02
    +3

    Side note:
    If you have an ANZ account here in NZ with a debit card, you can withdraw AUD through an ANZ ATM in Oz without a transaction fee, just the exchange rate difference and 1.3% currency conversion fee.
    If you withdraw through another bank there will be an additional fee.
    Westpac has the same policy.

    e.g. I tried withdrawing from a CommBank atm and it was asking for an additional AUD7.50 to process the transaction.

    • SparksCollide on 22/06/2023 - 21:47

      Thanks, this is something I might consider if I go next year. Why does it need to be a debit card for withdrawing at ATMs though?

      • Alan6984 on 22/06/2023 - 22:18
        +1

        It doesn't - you can make a cash withdrawal using a credit card, but you will almost certainly get hit with a cash advance fee if you do.

        • sunshinenz on 23/06/2023 - 07:13

          It doesn't have to be a debit card but you'd better withdraw it from a cheque account. (I have my cheque account loaded on my credit card.)

  • patwobbly on 22/06/2023 - 08:56
    +3

    I've seen a couple of people saying don't bother converting yourself just let wise auto convert when using the card. This is true but to me one of the best features about wise is you can convert currencies whenever you like. In other words, you can convert when the exchange rate is good and spend when it might not be so good. If you plan ahead well then you can save a lot in this alone especially for a big trip.

    But you say, but I can't be bothered looking at exchange rates everyday. Sure. Wise have a feature called "auto convert". You set an NZD amount you want to convert from or a foreign amount you want to convert to, and then you set a desired exchange rate. When the exchange rate reaches the value you set the conversion will happen automatically.

    Having said the above, I usually don't bother pre exchange AUD as the fluctuations usually are not too much. But for longer trips to say US Japan or UK/Europe it might be worthwhile.

    • justaddwater on 22/06/2023 - 09:26

      this is true. if you know you're going to spend 5k aussie, just set up an auto convert for this much

    • Japo32 on 23/06/2023 - 10:01

      wow I didn't know about that autoconvert feature. It's a similar feature to most platforms when buying stocks - set a desired price and amount to buy.
      Wise = winning

  • jackvdbuk on 17/06/2023 - 09:56
    +1

    Youll need the card to activate it.

    You can pay with any balance currency i. E nzd when in aud. You can also convert nzd to aud balances

    Remember to always pay in AUD if prompted on the card machine.

    Poli is not recommended by any banks. I personally just bank transfer which is free. I would recommend doing this a few days prior to account for processing

    • Juju123 on 17/06/2023 - 11:36

      Thank you, good to know!

    • season on 18/06/2023 - 23:00

      Hi, how did you activate the wise card in NZ before travelling overseas? Is it just to make a first payment using Chip and PIN at any NZ shop who accepts credit option?

      • Alan6984 on 19/06/2023 - 00:04

        It was a while ago, so I might be wrong, but I'm pretty sure I put mine in an ATM and requested a balance or something.

        I imagine using it for a purchase at a store within NZ would also work though.

      • ace310 on 19/06/2023 - 06:42

        Yes. Any transaction in a store should be fine. That's what I did few years back. Used it at countdown.

      • bigcheese on 19/06/2023 - 06:59

        Yes - Chip & pin transaction or a balance enquiry at an ATM is enough to activate.

  • bigcheese on 17/06/2023 - 09:57
    +1

    Did you choose express delivery of your card? This costs extra but should get it to you in time, otherwise I would say it would be a stretch to get it in a week.

    You can use the virtual cards straight away which means you could add it to your phone and do contactless transactions but you won’t be able to physically withdraw cash without the card.

    In terms of converting currency as long as you have money already in the Wise account then the conversion will happen straight away. As you mentioned deposits into the account from your existing bank account are not instant.

    I wouldn’t add money to your account from another credit card as that is definitely a cash advance with the associated fees.

    • Juju123 on 17/06/2023 - 11:39

      Thanks, I haven't asked for the physical card, as no point asking for one if it won't arrive by Friday. I'll bring some cash and use the virtual card if this is acceptable by the stores.

      • kyogui on 20/06/2023 - 13:10
        +1

        We were in AU during Easter and i paid for everything using wise, i just use Poli to transfer to wise, yes it's not recommended by the banks but i have 2 factor authentication which i have to approve any sign in from my banking app so that makes it secure. Poli is instant, and once you have balance in your NZD you can but don't have to convert to AUD as wise will use any balance you have and will auto convert, it's the same rate as if you convert yourself and it's also instant. I took out $200 case and i had to use it on my last day because everything even markets all have eftpos machines, but there's a surcharge at a lot of places if you choose to pay by wise/credit card.

      • Alan6984 on 17/06/2023 - 11:46

        Pretty sure you can't use the virtual cards in a store - I've never tried, but I can't see how that would work, as they are really intended for use online.

        • ace310 on 17/06/2023 - 18:34
          +3

          Yes. You can. Easily add virtual card to apple pay or Google pay.

          Only caveat is merchant/store should have paywave or contactless payment. In case you have to swipe then it won't work obviously.

        • bigcheese on 17/06/2023 - 11:51
          +2

          You definitely can.
          All virtual cards can be assigned to Apple Pay or Google Pay which can then be used for a contactless payment.

          I used this last year when my physical Wise card was lost in Oz. I blocked the physical card and then used the virtual card to buy things. Really useful function.

      • sunshinenz on 17/06/2023 - 19:33
        -1

        Don't bring cash from NZ. And no point bothering with a Wise card. Just bring your NZ credit card for most purchases, and your NZ debit card to withdraw AUD cash at an ATM over there for cash spending. Check to see which Aussie bank ATM is best for withdrawing cash from your NZ debit card.

        • L3tstaxth1s on 18/06/2023 - 08:46

          Why no bother with wise? I use mine when visiting AU as it has better FX conversion rates

          • sunshinenz on 18/06/2023 - 10:58

            @L3tstaxth1s: Conversion fee is 2-2.5% on credit cards, if you get 1-2% back via rewards, then the net fee is not so bad. Plus you can spend the money on credit instead of having to pay up front like with Wise.

        • kyogui on 20/06/2023 - 13:11

          Your NZ bank will charge you extra for paying using foreign currency and that's the whole point of wise, unless you are not spending then doesn't matter.

          • LupinS on 22/06/2023 - 16:10

            @kyogui: Wise also charge you.

            Based on my quick calculations I'm better off using my Credit Card and withdrawih from Aus ATMs within my network.

            Exchange rate and currency conversion fee difference is minimal, my bank charges nothing extra above this (I dont need another membership, or card, or anything else), I don't actually pay for it on the credit card for month, I get all my credit card bonuses (like insurance, price guarantee, etc), and I'm not leave cash sitting in an account where its doing nothing.

            • kyogui on 22/06/2023 - 16:32

              @LupinS: Exchange rates between Banks and Wise isn't minimum and banks ALWAYS charge extra, what bank do you use and i'll find the fee for you.

              • sunshinenz on 22/06/2023 - 20:57

                @kyogui: My bank BNZ charges 2.25% forex conversion fee. My credit card gives 2.5% rewards, so what do I lose by using it compared with using Wise?

  • ThatKiwiFella on 17/06/2023 - 11:19

    I used to frequent Australia and lived there for a year

    I only ever used by NZ Debit card. The exchange rate is fine and the fees are pretty minimal

    • Juju123 on 17/06/2023 - 11:40

      Thanks, I've never owned a NZ debit card, only have credit card and eftpos cards.

      • mdsl32 on 17/06/2023 - 13:04
        +1

        Used credit cards there no problem occasionally you will get pinged with a overseas card fee but you will get that with the wise card too as its registered in Singapore.
        Plus the purchase protection and points if you have one of those cards.

        You can use a eftpos card to withdraw funds from most atms

      • Alan6984 on 17/06/2023 - 11:46

        EFTPOS is a term used somewhat incorrectly in NZ, as it really encompasses credit cards too (also being 'Electronic Funds Transfer at the Point Of Sale), but when a Kiwi says, 'EFTPOS' they generally really mean a debit card, so I suspect you might actually have a debit card, which means the funds come out of your bank account, as opposed to building up a liability (which is generally how a credit card works unless you pre-pay by putting funds into the credit card account).

        For the most part, overseas, EFTPOS is more correctly used as a generic term covering both debit and credit cards, and some other payment forms, such as Google Pay etc.

  • Madao on 17/06/2023 - 12:43

    For info Revolut has just launched in NZ too, similar to Wize. Ive not compared fees/costs to see which may be a better option

    • Alan6984 on 17/06/2023 - 15:50
      +2

      Is there any advantage to having a Revolut account if you already have a Wise account?

      Do they do anything that Wise doesn't, or anything better (say)?

      • Madao on 18/06/2023 - 07:55

        Haven’t delved in to the detail but depending how much physical cash you want to take from an ATM while abroad it’s another $350 of fee free withdrawals on top of the same limit you get from Wize

        • bigcheese on 18/06/2023 - 08:57

          That’s not quite right.
          Both cards allow up to $350 NZ equivalent to be withdrawn without fee from an ATM (up to two withdrawals in the month with Wise otherwise it’s $1.50)

          For amounts over $350, Wise charges $1,50 per withdrawal and 1.75% of the amount.
          Revolut charges 2% of the value of the ATM withdrawal according to the fee schedule.

    • mdsl32 on 17/06/2023 - 13:07

      Have they? no invite yet put my name down years ago

      • Madao on 17/06/2023 - 15:07

        Yep, got an email 2 days ago and signed up yesterday.

    • bigcheese on 17/06/2023 - 13:51

      Has it launched here yet?
      I know it was meant to commence a couple of months ago but their website still says ‘Join the Waitlist’ for NZ
      https://www.revolut.com/en-NZ

      • Madao on 17/06/2023 - 15:07

        Yep, got an email 2 days ago and signed up yesterday.

        • mdsl32 on 17/06/2023 - 15:26

          ah must be staggered

        • bigcheese on 17/06/2023 - 15:44

          That’s good. Be interesting to see how it compares.
          Looks pretty similar in regards to fees
          Card appears to be free but a $9.99 delivery fee whereas Wise is $14 with free standard delivery.

          • Madao on 17/06/2023 - 16:53

            @bigcheese: Have ordered a card, its a free card and free delivery (express delivery option is available for a hefty $33.99 fee). Looking at the UK Revolut site they do fancy metal cards and subscriptions with benefits but it looks like NZ has launched with just a basic plan and card option

            • ace310 on 17/06/2023 - 18:41

              @Madao: I can see 3 plans, standard, premium and metal.

          • mpc on 17/06/2023 - 22:58

            @bigcheese: Am surprised they've got this out of hours additional charge of 1%

            An exchange will be outside of exchange market hours if it is made between Friday 5pm (New York time) and Sunday 6pm (New York time), which is a U.S. based time zone. For reference only, without taking into account daylight savings, the equivalent time period in NZ is approximately Saturday 11am (NZDT) to Monday 12pm (NZDT).

    • L3tstaxth1s on 18/06/2023 - 08:48

      Is it a Visa or MC card?

  • papap072013 on 17/06/2023 - 20:25

    My partner and I are both with Wise and just travelled to Aussie few weeks ago.
    My NZ Wise account number is under BNZ and my partner is under ANZ (looking into the first 6 digit)
    When I did the trnasfer, it went in about 1-2 hours after I made the transfer even during weekends
    My partner’s experience is different, did a transfer during weekend but only reflected during weekday(Tuesday, because Monday was holiday)
    Best to try it with small amount when transferring especially on weekends

    • Juju123 on 17/06/2023 - 21:24

      Thanks. Did you use a physical card or a virtual card?

      • papap072013 on 17/06/2023 - 22:40
        +1

        Used physical card, but as with most merchants accept paywave, as long as your virtual card is in your Apple or Google wallet, they should work in theory.
        Out of topic though, most of the merchants do apply surcharge if paying by card around 1-2% which includes debit card
        And was surprised that on weekend, most of the cafe and restaurants charge surcharge just like here but only in holidays

  • doxx on 19/06/2023 - 13:21

    create a virtual visa card and load that card on your apple or android phone for paywave.

  • CrashAndBurn on 19/06/2023 - 14:50

    Sorry to hijack this thread but am on a similar boat but going to the US. Rates are better with Wise which is great. But what happens if I don't use up all the funds I exchange, can I get it back to NZD? For instance if I bought 2,000 USD then come back with 200 left over and since it will be awhile before I go back to US, I don't want it sitting there doing nothing.

    • bigcheese on 19/06/2023 - 14:57

      Yes you can.
      Just convert the USD back to NZD in the app or website, the reverse of what you did when you converted to USD from NZD.
      You will pay a conversion fee again that's all.

    • ace310 on 19/06/2023 - 15:11

      Why would you convert it to USD. Leave it in NZD on wise account. Wise automatically converts it to local currency, that way you don't spend on the conversion rate for the unused funds.

      Also, you can transfer it back to your bank account once you are back. I think there is a very small fixed charge of $1-$2, but don't recall currently.

      • CrashAndBurn on 19/06/2023 - 15:24

        Oh did not know this. Could be an option. Now do you know if I really need to order a physical card as am not sure nor have I ever withdraw from an ATM using a digital one.

        • bigcheese on 19/06/2023 - 15:39

          The digital cards are fine for online transactions or contactless payments when linked to Apple Pay or Google Pay on your phone.
          If you want to withdraw cash from an ATM, either in NZ or overseas then you need to have the physical Wise card.
          You also need the card if the merchant does not have a contactless option for payment.
          I would order the physical card - it's only a one off $14 and then you have the option to withdraw from an ATM should you choose, as long as you have time for the card to arrive prior to your trip.

          • ace310 on 19/06/2023 - 15:43

            @bigcheese: Don't you need to order physical card to activate virtual cards? Atleast that was the case 2 years back when I got mine.

            • bigcheese on 19/06/2023 - 15:55

              @ace310: You can definitely use the virtual card straight away before any physical card arrives.
              However, I'm not sure if you need to have at least placed an order for the physical card before you can use the virtual card.
              To play it safe I would just order the physical card. It's always handy to have and you may be right about needing to order it first.

              • ace310 on 19/06/2023 - 16:00

                @bigcheese: Yes, to activate virtual cards you need to order physical card

                • Alan6984 on 19/06/2023 - 21:26

                  @ace310: That was my experience. Immediately after I had ordered the physical card online, the virtual cards became available.

                  The physical card turned up a week or so later.

              • Juju123 on 16/07/2023 - 08:01

                @bigcheese: FYI I didnt order a physical card but I could use my virtual card straight away

            • Juju123 on 16/07/2023 - 08:03

              @ace310: Not anymore. I didn't order a physical card but I could use my virtual card straight away

              • ace310 on 16/07/2023 - 08:38

                @Juju123: That's good. So its changed now. Did you still pay one time fee of $14 or something or was it free?

                • Juju123 on 17/07/2023 - 07:11

                  @ace310: It's free, I didn't pay anything

                  • Alan6984 on 17/07/2023 - 08:59

                    @Juju123: That's a significant improvement on when I joined up for sure - even more compelling now that it was then, and the $14 fee to get the card (and more importantly for me, access to virtual cards) was something I didn't even think twice about.

                    Not sure why anyone wouldn't join Wise at this point.

                    • bigcheese on 17/07/2023 - 09:07

                      @Alan6984: That’s right - why wouldn’t you join!

                      I presume it will still cost $14 if you get the physical card but nice to know you can use the digital cards without cost.

                      • Alan6984 on 17/07/2023 - 09:53

                        @bigcheese:

                        I presume it will still cost $14 if you get the physical card but nice to know you can use the digital cards without cost.

                        Not sure, but I suspect you are correct, and personally I only paid the $14 to get access to the virtual cards. Don't think I've ever use the physical card, apart from getting a balance in an ATM which was required to 'activate' the card in the first place.

                        Nice to have the option though.

    • kyogui on 20/06/2023 - 13:16

      If you load money onto your wise account before travel then it really doens't matter if you convert or not, wise will auto convert from your NZD balance to USD when you make a purchase and the rate is the same as if you convert at the time. It only make sense if you load up months prior and converted at a better exchange rate.

  • Martz5 on 17/07/2023 - 09:58

    Sorry just trying to get my head around foreign exchange rates and fees for ATM withdrawals and need your help please.
    Looking to withdraw JPY from an overseas ATM.
    The example i've used is for $1000 NZD converted to JPY.

    Using the wise spending conversion calculator i get the following
    1,000 NZD
    - 4.68 NZD Our fee
    = 995.32 NZD Amount we’ll convert
    × 88.3517 Rate
    To
    87,939 JPY
    Our fee
    4.68 NZD
    Variable fee
    4.68 NZD (0.47%)

    But since it's more than $350NZD, there's an additional fee of 1.75% of the amount over 350 NZD - this equals $11.375 (based off $650)
    Does that mean using Wise i'd effectively pay $1011.375 NZD to get 87,939 JPY cash from an overseas ATM?

    • bigcheese on 17/07/2023 - 10:13
      +1

      Not sure if you will also be charged the $1.50 fee for the withdrawal since it is over the free limit, even though it is only one withdrawal.
      Other than that your numbers look correct to me but I don't know for sure either.

    • Alan6984 on 17/07/2023 - 10:16
      +1

      If you have time and / or it is feasible, you could potentially stagger the transactions to be across two months (or whatever the correct period is, and without knowing if that means calendar months, or any consecutive N number of days).

      Might not work that way for you though if you are there on a two week trip (say).

      • Meridian on 22/12/2023 - 12:31
        +1

        Yes this works, I was in Bali in August from the 28th till the 6th Sept - and the withdrawal fee is based on Calendar months - so I got 2 free in that period

  • Martz5 on 22/12/2023 - 11:59

    Does anyone know if you’re able to filter out transactions easily to identify which ones were paid using the ‘physical’ card vs ‘virtual’ card?

    • bigcheese on 22/12/2023 - 12:11
      +1

      There is a function to run reports / statements and you can export it as a PDF or CSV file.
      One of the reported fields is card number (last four digits) so pretty easy to identify transactions made using the physical card.

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