Wise Travel Card NZ Review – Read this before getting a Wise Card

Summary:

The Wise Travel Card in NZ stands out for its highly competitive exchange rates, outperforming other travel money cards significantly. Unlike alternatives like the Travelex Card, which support only about 10 currencies, the Wise Card allows access to over 40 currencies, offering greater flexibility for international travelers.

Our research shows that while the Wise card comes with a one-time fee of $14 NZD, the savings on exchange rates quickly offset this cost, especially on larger exchanges, making it a cost-effective option for frequent travelers and those handling multiple currencies. In most cases the savings on exchange rate on your first trip would be enough to cover the one-time fee charged.

You can find out more about the Wise Travel Card on the Wise website.

What is a Wise Travel Card?

The Wise Travel Card, also known as the Wise Travel Card, is a prepaid card that enables users to load funds and transact in multiple currencies, making it convenient for both international travel and foreign purchases from home. It’s a secure way to manage your money across different countries. Issued by Wise PLC, a global money transfer company founded in London in 2011, the card is backed by one of the world’s fastest-growing tech companies known for its innovative approach to global finance.

About Wise

Wise PLC, formerly known as TransferWise, is a prominent global money transfer service based in London, UK. In the fiscal year ending March 31, 2024, Wise facilitated the transfer of £118.5 billion (equivalent to $246 billion NZD) worldwide. The company achieved a revenue of £1.05 billion ($2.18 billion NZD) and a profit of £354.6 million ($736.5 million NZD).

Recognised as one of the fastest-growing technology firms globally, Wise PLC is traded on the London Stock Exchange under the ticker symbol WISE. In 2023, Wise handled approximately 5% of all international money transfers, highlighting its significant role in the industry. Founded in 2011 by Kristo Käärmann and Taavet Hinrikus, Wise originated from Käärmann’s dissatisfaction with the high fees associated with sending money to his native Estonia.

Visit the Wise website for more information.

Review of Wise Travel Card NZ

Our review of the Wise Card below compares some of the key features such as the exchange rate and fees against other competitors in the New Zealand market but also highlights some of the standout features of the Wise Travel Card.

Exchange rate comparison: Wise Card vs Other Cards

To provide a clear comparison, the table below outlines the exchange rates offered by various Travel Money Cards in NZ, including the Wise Card. This data was collected on 4th September 2024, and demonstrates how $1,000 NZD would convert into both USD and GBP across the different cards.

Our investigation shows that the Wise Travel Card offers the best exchange rate of all the Travel Cards we compared in New Zealand. See below for more details how the exchange rate compared.

For an updated exchange rate from Wise visit the Wise website.

Wise Card Fees vs Other Travel Cards

Each Travel Money Card has a unique fee structure, so we’ve highlighted the key fees to help you compare them against the Wise Card.

Wise Travel Card:

Listed below are the main fees associated with the Wise Card, based on current information.

Travelex Money Card Fees:

Listed below are the main fees associated with the Travelex Money Card, based on current information.

Cash Passport Card Fees:

Listed below are the main fees associated with the Cash Passport Card, based on current information.

Westpac Global Currrency Card Fees:

Listed below are the main fees associated with the Westpac Global Currrency Card, based on current information.

Air NZ OneSmart Travel Card Fees:

Listed below are the main fees associated with the Air NZ OneSmart Travel Card, based on current information.

Additional Fees to Consider

Be mindful that some travel cards, like the Travelex Money Card, may charge an account closure fee. Travelex also has a monthly inactivity fee if your card remains unused for over 12 months. Additionally, certain cards may impose higher fees for cash withdrawals in New Zealand. Currently the Wise card does not charge any of these extra fees.

Avoid the Hassle of Currency Conversion

One of the advantages of using the Wise Card is that it eliminates the need to pre-convert funds into foreign currencies before spending or withdrawing abroad. Many travel cards, such as the Travelex Money Card, charge additional fees when spending or withdrawing in a currency that isn’t preloaded on the card (Travelex, for instance, applies a 4% fee in such cases). Moreover, if you preload foreign currencies onto your card, you may face unfavorable conversion rates when exchanging any leftover funds back to your local currency after your travels.

With the Wise Debit Card, you keep your money in your local currency until you need it, converting at the real-time rate only when you make a transaction in a foreign currency. This approach eliminates the worry of dealing with leftover foreign currencies and additional conversion fees once you return home.

More Currency Options

The Wise Travel Card stands out by offering conversion into over 40 currencies, providing a much wider range compared to cards like Travelex, CashPassport, Westpac Global Currency, and OneSmart Card, which each offer 10 or fewer currencies. This extensive selection makes Wise particularly advantageous for travel to regions such as South East Asia, South America, and Africa, where traditional travel cards with limited currency options may fall short.

Send and Receive Foreign Currency with Ease

The Wise Debit Card offers the convenience of receiving foreign currency directly into a multi-currency account linked to the Wise card, which can be especially useful for frequent travelers. Additionally, it allows you to send money internationally using your Wise account.

Potential Drawbacks of the Wise Card

While the Wise Travel Card offers many benefits, there are a few drawbacks to consider. For instance, there is a one-off fee of $14 NZD for obtaining a new debit card, which is not a common charge among many other travel card providers. Although this card is offset by the lower exchange rate it is worth noting if you only intend to use your card to exchange less that $1,000 NZD. The Wise Card also only allows 2 free ATM withdrawals per month of up to $350 NZD per month and after that it charges 1.75% per withdrawal plus $1.5 NZD.

Conclusion:

The Wise Travel Card is an excellent choice for travelers, offering access to over 40 currencies and some of the best exchange rates available in New Zealand. It allows you to maintain your funds in New Zealand dollars while withdrawing in foreign currencies, adding to its convenience.

Some drawbacks of the Wise Card include that it comes with a one-time fee of $14 for a new card. Additionally, if you exceed the free ATM withdrawal limit per month, there is a charge of 1.75% plus $1.50 NZD for each additional ATM transaction.

Despite these fees, the Wise Travel Card stands out for its highly competitive exchange rates, low currency conversion costs, and extensive currency options. We consider it the top travel card in New Zealand today, though we would welcome the removal of the initial card fee.

For more details or to find out how to apply for a Wise Card, you can visit their website.

For more information and tips to help you choose the best credit card in NZ, visit our website Credit Cards Compare.