TransferWise launched its debit MasterCard for online account holders a few months ago. The card, that was first teased just months earlier, allows millions of consumers in over 40 different countries to quickly spend abroad in more than 30 different currencies. There are currently over 15 thousand transactions made on UK and EU TransferWise debit cards so far. This makes it one of the most popular prepaid credit cards worldwide. A quick look at the official website shows there are even more ways you can spend money:
The benefits of a traditional bank account are getting harder to find as time goes by. International banking has been popular for many years, but in recent years the costs associated with doing so have become increasingly more expensive. Transferwise debit MasterCard eliminates these costs completely by not charging an exchange rate fee, international transaction fees, or ATM fees. In addition, there are no foreign transaction fees when making purchases or withdrawing money from your account.
Some may be put off by these fees and exchange rate fees, worried that their current bank details may not be accepted at any other Australian financial institution. Thankfully, you will not need to worry about these kinds of issues when you transfer your money to a Transferwise debit MasterCard. The card is designed to make it easy to access your bank details at any Australian financial institution.
To make spending in Australia easier, the transferwise debit mastercard is also designed to make the process of receiving money much easier too. It allows you to spend right from your bank account. The service does require you to provide a small fee upfront. This fee is a one-off payment that charges you once, and never again. If you wish to change the amount of money that you want to transfer, you simply select the option to do so. There are also no fees associated with adding other people to your personal account to make a payment.
There are many ways that you can use your Transferwise debit MasterCard. You can make purchases online using the MasterCard application, or use it to make Internet payments. You can even transfer funds to an international ATM, if you have one in Australia. Transferwise's Internet payment method charges nothing for its application. If you prefer to pay bills with a traditional bank, you can easily add your bank details to your account, and use the same payment method.
If you transfer money abroad using Transferwise, you are likely to receive better exchange rates. All major banks are using the same calculation method to determine the mid-market rate. This is because they all agree that the best way to become financially independent is to offer their customers a choice between bank and no bank. Customers are more likely to use a bank that offers them a competitive and reliable service. If you are able to use a high-street or offshore bank, then you can be confident that the transfer methods used will be consistently the same, making it easier to compare rates and choose your provider.
One of the unique features that the Transferwise debit card allows you to use when you transfer money abroad is the ability to switch between currencies. Apple Pay is the only debit card in the world that allows you to do this. This means that regardless of where you are sending the money, the correct conversion will be used to make your payment. You will also find that you don't need a visa to send money abroad with this app. If you need a visa, you can still send it using the card.
There are some fees associated with using the debit card to transfer money abroad. If you are transferring large amounts, you may find that you pay up to 15% in fees to use Apple Pay or other online banking services to make transfers. If you use a bank, the fees will usually be taken out of the transferred funds, although this can vary depending on the bank. For some companies, fees can even be waived altogether if you have an excellent credit rating. However, most of these fees will only apply if you are sending large sums of money and only if you have a valid bank account with a decent balance.