Question on Wise Card and Spending AUD in Australia

Lc3rn on 15/07/2023 - 15:27
Last edited 15/07/2023 - 15:52 by 1 other user

I've looked through a post here but can't seem to find the answer: https://www.cheapies.nz/node/41208

I added some NZD funds into AUD in preparation for a trip to Australia. Paid the lowest fee for bank transfer.

I assumed that once the money had cleared into AUD spending in Australia will be fee-free and like using a local debit card? I think I may have this wrong; when I go to My Card section it shows all funds in an NZD amount.

Does this mean I'm going to get charged a conversion fee every time I make a purchase using the card in Australia?
If so, what's the point of loading any other currency to your account if it's all going to be converted via NZD for purchases?

Thanks!

General Discussion Australia Wise Card

Related Stores

Wise (Formerly Transferwise)
Wise (Formerly Transferwise)

Comments

  • nachos on 15/07/2023 - 16:23
    +1

    i think you can load a currency based on todays rate, otherwise just add nz dollars and it converts on the day.

    • Meridian on 17/07/2023 - 18:33

      You load it in NZD and then choose when you can convert it to AUD if you want to try to score better rates or just leave it NZD and it will do it in realtime at whatever rate it is at that time, but unless you doing large amounts I find it doesnt move around a massive amount to be that worried.

      You pay/lose more in the very common surcharges for using the card that a lot more brazen than in NZ

  • ace310 on 15/07/2023 - 16:36

    Why do you say paid lowest bank transfer fees? Transfer to wise bank account is free from your local bank account in nzd currency.

    • c3rn on 15/07/2023 - 21:32

      Sorry I mean when I wanted to buy AUD I could pay by credit card straight away for a higher fee compared to bank transfer which was a lower fee

      • coach on 16/07/2023 - 15:21

        You’re meant to deposit NZD and convert to AUD inside Wise or keep it as NZD and do auto-conversions whenever you’re spending.

  • bigcheese on 15/07/2023 - 16:42

    Once your money is converted to AUD you won't pay any further fees in Australia. Your assumption is correct that it will be like using a local debit card.
    As mentioned by @nachos you can just leave it in NZD and it will covert automatically as needed.
    You will only get charged another conversion fee if you then transfer it back to NZD.

    In the 'Card' section of the App it shows the value of all your currencies in the value of NZD as if they have been converted right now. This is just to give you an approximate value of your total balance.
    If you to to the 'Home' screen you will see all your currencies and balances and this is where you should see any AUD funds you are holding.

    • c3rn on 15/07/2023 - 21:34

      Great, thank you. I have about $20 in NZD plus a bit of AUD I purchased… When spending in Australia will it use the AUD balance before taking my NZD?

      • ace310 on 15/07/2023 - 21:38
        +2

        Yes. It takes the currency which you are paying for first. So aud first and then nzd.

        Eg. Had $20 Aud and some nzd in wise. Bought some stuff on Amazon in Aud. It took $20 first and remaining from nzd.

    • L3tstaxth1s on 24/08/2023 - 15:51

      If I've converted NZD to AUD on Wise for an upcoming AU trip, and I want to do the 2 free monthly ATM withdrawals on the ground in AU, I'm assuming that the bank/Wise will by default take the cash from the AUD converted account first rather than converting any NZD cash balances?

      • bigcheese on 24/08/2023 - 15:58

        Yes. Wise will take from your local currency first if you have a balance.
        Remember Wise will convert any currency you have as you need it so I find it easier just to leave it all in NZD and let it convert as you need it.
        That way you don't get stuck converting back to NZD for any unused currency you might have when you come to use it here.

        • L3tstaxth1s on 24/08/2023 - 16:06

          I've converted some NZD to AUD on a per diem basis for the trip just to cover the possibility that the rate goes down whilst I'm there, and dear wifey wants physical AUD cash for the kids play money so will ATM withdraw what I have already converted when over there. If I have any left over then I will just use for my eventual Amazon AU purchases ;) Thanks Bigcheese

          • LupinS on 25/08/2023 - 01:19

            @L3tstaxth1s: Beware - while Wises might give you free ATM withdrawals, the cheapest local ATM fee I've found (and I'm there right now) is $5 per transaction (and more). Making it pointless to use.

            • ace310 on 25/08/2023 - 08:15

              @LupinS: Even through a bank?

              • bigcheese on 25/08/2023 - 08:41

                @ace310: I didn’t think the bank ATM’s charged last time I was there either -Westpac, ANZ, etc.
                Third party ATM’s definitely yes although that was $2 AUD when my wife went just a few months back to Sydney.

                @LupinS where are you in Oz?

                • L3tstaxth1s on 25/08/2023 - 09:00

                  @bigcheese: So I should withdraw from a bank ATM only to avoid the fees on the first 2 free ones?

                  • bigcheese on 25/08/2023 - 09:11

                    @L3tstaxth1s: Third party ATM’s are always the most expensive so avoid those if you can.

                    I didn’t think you were charged for bank ATM withdrawals with Wise but don’t take my word on that - I very rarely use them so may well be wrong based on what @LupinS has said.

                • ace310 on 25/08/2023 - 10:18

                  @bigcheese: Yes. Exactly my thoughts. I have used Bank ATM once in Singapore without any charge. 3rd party ATM's are always expensive. I won't even trust them to make a withdrawal. God knows what kind of card readers & cameras are in that ATM.

                  First hand experience as have worked in a Dairy store in US awhile back. Had ATM there, and owner used to handle most of it without any sort of regulations as such.

            • L3tstaxth1s on 25/08/2023 - 08:59

              @LupinS: Were you using a bank ATM?

            • sunshinenz on 25/08/2023 - 13:04

              @LupinS: I think bank ATMs are free only if you use cards from other Aus banks (eg. using an NAB card at a Commonwealth bank ATM). Fees are likely to still apply to Wise cards. And yes ATM fees are usually $5 now.

  • Martz5 on 15/07/2023 - 17:26

    You can also use this calculator to work out the current exchange value + wise fees

  • sunshinenz on 15/07/2023 - 20:25
    +1

    Many places in Australia (e.g. hotels, restaurants etc, it's far more common than in NZ) have a credit card surcharge so you'll still get charged that fee, just as you would when you use a Au-issued credit card.

    • c3rn on 15/07/2023 - 21:34

      Yep that's unavoidable but I'm thinking more about day to day retail spending

    • Juju123 on 16/07/2023 - 08:05

      Yeah we used cash a lot when dining out in Aussie, a lot of small restaurant give you 5% discount if pay by cash, or charged 2% if you pay by credit card.

  • 2A3Q on 16/07/2023 - 13:49

    You can convert some of your NZD balance to AUD (at the stated Fx rate and fee) and from there any spending in Australia will be deducted from AUD balance first without fee (but note there could be surcharge from the places where you are shopping). When you have 0 AUD balance, then deduction will occur on the next currency with positive balance (https://wise.com/help/articles/2935778/what-if-i-spend-money…).

  • kyogui on 19/07/2023 - 14:13

    Just be aware you will be spending as a credit card and surcharge will apply at many shops and restaurants

    • L3tstaxth1s on 19/07/2023 - 14:44

      Even here now as well I've noticed lately.

      • kyogui on 19/07/2023 - 15:06

        Agreed, many smaller retailers used to accept CC are adding surcharges. But at least here you can choose to pay by eftpos, different story in AU using wise card.

  • L3tstaxth1s on 24/08/2023 - 15:51

    If I've converted NZD to AUD on Wise for an upcoming AU trip, and I want to do the 2 free monthly ATM withdrawals on the ground in AU, I'm assuming that the bank/Wise will by default take the cash from the AUD converted account rather than converting any NZD cash balances?

    • c3rn on 24/08/2023 - 16:52
      +1

      Yes, that's what it did for us

      • L3tstaxth1s on 24/08/2023 - 18:32

        Good to know thanks

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