Question on Wise Card and Spending AUD in Australia

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!

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Comments

  • +1

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

    • 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

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

    • 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

      • 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.

  • 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.

    • 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?

      • +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.

    • 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?

      • 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.

        • 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

          • @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.

            • @LupinS: Even through a bank?

              • @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?

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

                  • @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.

                • @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.

            • @LupinS: Were you using a bank ATM?

            • @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.

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

  • +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.

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

    • 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.

  • 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…).

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

    • Even here now as well I've noticed lately.

      • 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.

  • 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?

    • +1

      Yes, that's what it did for us

      • Good to know thanks

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