Using Wise and Revolut Advice

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  Sickman on 28/08/2024 - 07:24

  +1

  I just spent 2 months in Europe and just used my Wise digital card in my google wallet on my phone for pretty much everything. I only did one $200 atm withdrawl to have some cash when needed.

  • 

    ScoobyNZ on 28/08/2024 - 13:41

    I was going to use this same method for my tip to Australia in 2 weeks time

  • 

    Bill on 29/08/2024 - 13:25

    Perfect. That's what I plan to do as well. Is there anything to be aware of if you only have your phone to pay for things? And how much cash should I carry around generally?

    • 

      Sickman on 01/09/2024 - 11:14

      I did put a limit on my Wise card in my Google Wallet so got it got refused at paywave so I used a physical card until I updated my limit :)
      Using Wise card helped heaps in recording spending especially if you adding to Splitwise to split group trip expenses.
      I think my partner and I both only had 150Euro cash each for 2months and then I had to try to use up my 100 Euro cash in last couple of days.

      Petrol stations will put an automatic 150? Euro payment pending on your Wise card and update to correct amount a few minutes after you have filled you campervan up. A physical card might be handy at some petrol station, most automatic machines in Europe have language options. Download Google Translate language packets for the languages you will use for offline use, very handy.

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  coach on 28/08/2024 - 23:27

  Some countries prefer cash over card payments and if you're planning on having a local card anyways for cash withdrawal, you don't need a physical Wise card, you don't even need a Wise account for transfers. I generally found Wise has much better rates than Revolut and make sure you are reachable by your bank, usually email is enough for verification and login attempts.

  • 

    kfr23 on 29/08/2024 - 00:14

    Revolut is free for up to $2000 a month converted though? Therefore up until that limit it's better than Wise?

    • 

      Alan6984 on 29/08/2024 - 13:32

      Revolut is free for up to $2000 a month converted though? Therefore up until that limit it's better than Wise?

      It would depend on the actual cross-rates they have?

    • 

      coach on 29/08/2024 - 14:29

      It depends, just double check with both how much EUR you get for any given NZD, even though Revolut has fee-free transfers it might end up costing more due to exchange rates. Through spread is how all fee-free money exchange places and fee-free trading platforms make their money.

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  abuch47 on 29/08/2024 - 16:27

  I needed wise for NZ as they give you a NZ account number for wage payments. For overseas I just use my Aus bank account (UP) which has no transfer costs and a very competitive exchange rate. Is there any NZ bank that has no costs and is similar?

  Revolut has weird exchange times as business hours only and the only thing I dislike about Wise is the fees to send money to friends.

  • 

    Alan6984 on 29/08/2024 - 21:21

    .. the only thing I dislike about Wise is the fees to send money to friends.

    You can just transfer funds from your bank (probably most common countries) into your friend's Wise account (they would have to add a bank account in that currency first though) - no fees that way (at least not from any of the banks I use in NZ, and pretty sure none from UK banks either).

    • 

      abuch47 on 31/08/2024 - 17:59

      Nice, so probably a good idea to get a NZ bank as backpackers instead of just Wise. Any that you recommend with like no fees and a decent savings rate?

      • 

        Alan6984 on 01/09/2024 - 22:33

        Nice, so probably a good idea to get a NZ bank as backpackers instead of just Wise. Any that you recommend with like no fees and a decent savings rate?

        Am I understanding you correctly, that you are from somewhere overseas, and will be 'back-packing' around NZ?

        If so, not sure what the purpose of trying to open an NZ bank account (in addition to the NZ bank account in Wise - as distinct from just having an NZD 'wallet' in Wise) would be?

        Opening a bank account in NZ is not a trivial matter any more (at least with a party that you don't already have an account with), due to the AML regulations now in place.

        • 

          abuch47 on 03/09/2024 - 19:31

          @Alan6984: Purely to make it easier here in NZ as sometimes it's been an issue with wages, cash transfer etc. Also we are working holiday makers so we do make some money and I guess we could capitalise on the savings interest. Either way with wise or a bank account I will have to transfer the money when we leave and pay exchange. I do not have a wise physical card either and am just lucky my Aus bank is global fee free and a very competitive exchange, only sucks if I need cash because the ATMs charge eg $7 NZD out the front of pak'n'save

          • 

            Alan6984 on 03/09/2024 - 23:00

            +1

            @abuch47:

            Purely to make it easier here in NZ as sometimes it's been an issue with wages, cash transfer etc. Also we are working holiday makers so we do make some money and I guess we could capitalise on the savings interest. Either way with wise or a bank account I will have to transfer the money when we leave and pay exchange. I do not have a wise physical card either and am just lucky my Aus bank is global fee free and a very competitive exchange, only sucks if I need cash because the ATMs charge eg $7 NZD out the front of pak'n'save

            If you think its worth the hassle, then my suggestion would be to open an NZ account while you are at home, rather than trying to do it in NZ - it might prove much easier, as you can be attested by your own bank there.

            To avoid making it more complicated than necessary, choose whatever bank your own bank (at home) uses as their correspondent bank in NZ.

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  Juju123 on 29/08/2024 - 22:45

  Is there a way to get the physical wise card for free?

  • 

    Detruire on 03/09/2024 - 23:03

    A free card is one of the referral bonuses - the other being a free transfer of up to $900NZ. Check out the referral links here if you want a referral.

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  ScoobyNZ on 13/09/2024 - 20:58

  I'm in Australia atm and have been using the Wise card, both contactless and Chip / PIN no problem. However any ATM withdrawal was wanting to charge me between $4 and $7.50 depending on the bank, but I think this is a bank charge as opposed to a Wise charge.

  Also, pretty much everywhere adds on the Credit Card surcharge when you use contactless, but again, this would be the same regardless of what card you use.

  And I don't know if this is a Sydney / NSW thing or an overall Aussie thing, but using the card to tap on / off the public transport, is awesome. Not having to get an Opal card, is one less thing to have to worry about.

  I haven't bothered about using the card on the phone, as i always have my wallet / card with me anyway.

  • 

    Bill on 17/09/2024 - 12:10

    Been travelling for over 2 weeks now and haven't used a card or cash once (save for a few coins on a bus ride). I don't even carry my cards with me anymore.