What Do International Travelers Need to Know About the TransferWise Debit Card?

The TransferWise debit Mastercard comes with the Borderless Account. This multi-currency account gives travelers an easy and cost-effective way to access their money in different parts of the world. Using the TransferWise debit card globally comes with no foreign transaction fees. As of now, TransferWise offers the Mastercard for its customers in the U.S., Europe, and Australia.

TransferWise Borderless Account

The TransferWise Borderless Account lets you hold funds in up to 40 currencies. You may use funds in your account to transfer money to more than 50 countries. When you convert between balances of different currencies, the company applies the existing interbank/mid-market rate.

The Borderless Account also gives you bank account details in currencies of different countries, which gives you the ability to bank like a local. You may use these bank details to receive direct deposits. The currency-specific accounts come in:

  • U.S. Dollar (USD) – U.S. account number and routing/ABA number
  • Great British Pound (GBP) – British account number and sort code
  • Euro (EUR) – European IBAN and SWIFT/BIC
  • Australian Dollar (AUD) – Australian account number and BSB code
  • New Zealand Dollar (NZD) – New Zealand account number

TransferWise Debit Card

You may use the TransferWise debit card anywhere you see the Mastercard logo and you can use it with Google Pay too. When you use this card to pay in a foreign currency, you benefit by getting the real exchange rate, with no markups. You pay a nominal conversion fee, which typically varies from 0.35% to 3%.

You pay no foreign transaction fees, as you commonly need to with most debit and credit cards. Depending on which country you register from, you get fee-free ATM withdrawals of up to U.S. $250/£200/AU $350 per month. You may freeze and unfreeze your card easily. Read more on the Borderless account service features in the iCompareFX TransferWise review.

Which Currencies Can You Hold?

TransferWise gives travelers little to worry about when it comes to getting poor exchange rates or paying steep fees by letting them hold funds and transact in multiple currencies. When making a payment in a foreign country, the card automatically detects if you have enough money in the matching currency’s balance. If not, it uses your home currency and automatically converts using the existing exchange rate.

The currencies in which you may hold balances include:

  • Argentine Peso
  • Australian Dollar
  • Bangladeshi Taka
  • British Pound
  • Bulgarian Lev
  • Canadian Dollar
  • Chilean Peso
  • Chinese Yuan
  • Croatian Kuna
  • Czech Koruna
  • Danish Krone
  • Egyptian Pound
  • Euro
  • Georgian Lari
  • Hong Kong Dollar
  • Hungarian Forint
  • Indian Rupee
  • Indonesian Rupiah
  • Israeli Shekel
  • Japanese Yen
  • Kenyan Shilling
  • Malaysian Ringgit
  • Mexican Peso
  • Moroccan Dirham
  • Nepalese Rupee
  • New Zealand Dollar
  • Nigerian Naira
  • Norwegian Krone
  • Pakistani Rupee
  • Peruvian Sol
  • Philippine Peso
  • Polish Zloty
  • Romanian Leu
  • Russian Ruble
  • Singapore Dollar
  • South African Rand
  • South Korean Won
  • Sri Lankan Rupee
  • Swedish Krona
  • Swiss Franc
  • Thai Baht
  • Turkish Lira
  • Ukrainian Hryvnia
  • United Arab Emirates Dirham
  • U.S. Dollar
  • Vietnamese Dong

Is TransferWise Safe?

While TransferWise is not a bank, it is registered with regulatory bodies in different countries.

  • In the U.S., it is registered with the Financial Crimes Enforcement Network (FinCEN)
  • In some U.S. states, its services are offered by Community Federal Savings Bank
  • In the UK, it is registered with the Financial Conduct Authority (FCA)
  • In Australia, it is authorized by the Australian Securities & Investments Commission (ASIC)

Conclusion

If you are a frequent traveler, you might benefit by getting the TransferWise Mastercard that comes with the Borderless account. While the card gives you easy access to your money just about anywhere in the world, you also benefit by getting existing interbank rates and paying low fees.

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