Best debit card while you are traveling
TransferWise offers a debit card that you can use while traveling. The TransferWise debit card is a convenient and cost-effective way to spend money internationally. Here's a brief overview of how it works:
1. Global currency conversion: The TransferWise debit card allows you to spend money in different currencies without any exchange rate markups. You can hold and convert money in multiple currencies within your TransferWise account.
2. Real-time exchange rates: When you make a transaction with your TransferWise debit card, the currency exchange takes place at the mid-market exchange rate, which is the same rate you'll find on platforms like Reuters or Google. This ensures that you get the fairest exchange rate possible.
3. Low fees: TransferWise aims to keep their fees transparent and low. They charge a small percentage-based fee for currency conversions and a minimal flat fee for ATM withdrawals. These fees are typically lower compared to traditional banks or other debit cards.
4. Safety and security: The TransferWise debit card includes features like contactless payments and PIN security. In case your card is lost or stolen, you can easily freeze it from within the TransferWise app to prevent any unauthorized use.
5. Easy management: You can manage your TransferWise debit card through the TransferWise mobile app or website. You can track your transactions, check balances, and control your card settings from anywhere.
When you travel with a TransferWise debit card, it can be an excellent option for accessing and spending money in different currencies without worrying about excessive fees or unfavorable exchange rates. However, it's essential to consider any specific limitations or requirements that may apply to your particular situation.