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Free Multi-Currency MasterCard @ TransferWise

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Free Multi-Currency MasterCard @ TransferWise
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Lmoschops on 19/08/2019 - 17:08 transferwise.com (3017 clicks)
Last edited 19/08/2019 - 19:43 by 1 other user

I posted this link on Cheapies.nz and it proved to be popular, I was checking out deals on here and noticed that no one had mentioned it here so thought I should share it with everyone on OzBargain. I'll stick with my original description (will substitute my travel destination though) and encourage you to read the comment on my original post as a few questions and answers were raised.

So, to my original description..

This isn’t a deal as such but it does look good but wasn’t sure where it should be posted if not here since essentially it will/can save you money (compared to the more common alternative options).

https://transferwise.com/au/borderless/travel

I’ve been a user of TransferWise for a long time now but it only works well if you have a local currency bank account to send/receive from so generally not helpful for holidays.

Today I noticed they now offer a MasterCard that you can move money to in local currencies, it works by providing you with a local bank account number to make transfers to via their usual method.

I’m off to Aussie New Zealand in a few weeks so have a feeling this will be helpful for that. The specific currencies they currently offer for the card are NZD, AUD, USD, GBP and EUR.

Worth checking out if you are doing any travel or perhaps buy online from any of the above countries.

Yes, there are referral codes but not chasing kudos for sign up, genuinely think this looks good.

Referral Links

Referral: random (1442)

Referrer receives £50 for every 3 signups, who must all spend at least £200 each on qualifying payments. Referee receives a discount on their first transfer, or they receive a free physical card (Keep clicking the referral randomiser until you receive the offer you want).

Financial Credit Card Foreign Exchange MasterCard

Related Stores

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closed Comments

      • Its4me on 20/08/2019 - 10:20

        Use the TransferWise card for non-ATM transactions in currencies (like THB) where Revolut charges an excess fee for the currency.

      • Shwayne on 20/08/2019 - 12:12
        +1

        Revolut does not charge any fee for transactions on a weekday with most currencies.

        Transferwise charges about 0.5% to 2% on every conversion (depending on the currency).

        That being said, you get a better deal on Thai Bhat with Transferwise.

      • jaymzrsa on 20/08/2019 - 12:44

        Just have both, doesn't cost anything and use the best one for the job.

      • ashtyn on 20/08/2019 - 15:59

        I'm intrigued by the "virtual credit card". Do you know if it works for iTunes US? Currently looking for ways to do it, without resorting to shady gift cards.

        @nightflight82 mentioned TransferWise card doesn't work with iTunes US.

    • harkoliar on 20/08/2019 - 13:25

      i just tried signing up. im like number 20,000 in the queue. is that right?

      • jstar168 on 20/08/2019 - 15:08
        +1

        Yes I was around 20000 but after a referral I jumped up to 5000, waited around 4 weeks.

  • radissimo on 19/08/2019 - 21:46

    compared to HSBC Global card?
    https://www.hsbc.com.au/accounts/products/everyday-global/

    • samehada on 20/08/2019 - 13:32

      Haven't tried yet but according to their CS agent, they use their own shocking rate instead of Visa rate.

    • hayne on 20/08/2019 - 13:56
      +1

      @radissimo I've used the HSBC Global card, it's useless. They offer you their own exchange rate. Compared to my Bankwest Plat Mastercard (fee-free and offers Mastercard rates), the HSBC card is about 3% worse consistently.

  • T-man on 19/08/2019 - 21:53
    +1

    There are many neo banks out there, Up from Bendigo is also good, 84600 and Volt are coming soon.

  • capslock janitor on 19/08/2019 - 22:00

    I’m off to Aussie

    Well I'm off to Kiwi😂

    • moschops on 20/08/2019 - 14:49

      sorry FAST and Curious (and all other Australians), will be more respectful of your countries actual name in future. :)

  • Stoffel on 19/08/2019 - 22:05

    I'm going to NZ in a few months. Pretty sure you could get around the ATM limit thing by just asking for cash out with any purchase at most retailers, or am I wrong?

    • ahly92 on 20/08/2019 - 01:45

      On a different note, make sure u get ur online visa, its effective of oct 1st

    • 4foxache on 20/08/2019 - 06:53

      ING orange gives a really good exchange rate, and rebates on foreign transaction and atm fees. Easy the best

  • [Deactivated] on 19/08/2019 - 23:34

    Is this a debit or credit card? I assume debit.

  • mrhorse on 20/08/2019 - 09:19
    +1

    Im quite curious around how they are able to accept top-up using credit card. Isn’t it a cash advance?

  • DemocracyManifest on 20/08/2019 - 09:20
    +1

    Why is the referral reward so high, is there a catch?

    • g_bontch on 20/08/2019 - 11:45
      +1

      Because it is not enough to just sign up for referred friend, 3 friends have to transfer £200 each.

  • benjaminv on 20/08/2019 - 10:09

    got mine, thanks op.

  • muzzy1907 on 20/08/2019 - 13:54
    +1

    Received mine within a few days of requesting it. Nice fluro colour card.
    Haven't used it yet but converting in app to the currency I need and just using the debit card in that country sounds like a big convenience.

    Normally transferring to a local account overseas usually takes anywhere from half a day to a few days (due to public holidays etc). This way the in app transfer should be pretty quick and then you can access the funds via the card. Saves a lot of time.

  • mrvaluepack on 20/08/2019 - 14:23
    -2

    Whats the difference between this and a no international fee credit/debit card that uses visa/mastercard exchange rates?

  • obavatar on 20/08/2019 - 14:44

    Can anyone confirm this please..

    It seems any global account (the ones that do no ATM fee's both sides, no transaction fees etc) that has a Mastercard, beats Transferwise every time?

    https://transferwise.com/au
    vs
    https://www.mastercard.us/en-us/consumers/get-support/conver…

    • [Deactivated] on 20/08/2019 - 15:57
      +3

      Incorrect. The idea is you convert currency when it's favourable, or receive money from overseas (e.g. Adsense payments, or maybe you have a side gig on a webcam site…) into your Transferwise borderless account, and you incur no fees for spending it.

      • obavatar on 20/08/2019 - 16:08
        -2

        "or maybe you have a side gig on a webcam site" haha love it.
        Erm yeah that's great and everything but I think most people are expecting to use it as a normal card when overseas.
        Anyway predicting the future currency rate is a mugs game. IF you could successfully do that you'd earn millions! Probably more!
        Then saying you are a magician who could predict currency rates the planning involved in transferring it ready for a holiday and leaving it in there without interest. Not worth it.
        As for side gigs and the like, again not worth it. Because it would be the same better Mastercard rate incoming vs outgoing.
        But yeah go ahead and try to predict what currencies do and let me know how you go.

    • obavatar on 21/08/2019 - 09:53

      Why would a question asking if Mastercard's rates beat Transferwise be down voted?! A lot of sad little people on here. lol

  • BluebirdV on 20/08/2019 - 16:51
    +2

    So this is essentially a borderless bank account? Say for example I were to go on holiday to Europe and buy a campervan. Would I then be able to sell it before I leave and deposit the cash into the transferwise account? Do they have a branch in all the countries where you can make cash deposits?

    • Webber000 on 20/08/2019 - 20:33

      @davelarz
      TransferWise don't have any branches anywhere in the world. It's an online only thing. There is no way at all to pay cash in. You have to fund it by bank transfer (or credit/debit card at an additional fee).

  • dealmaker on 21/08/2019 - 00:30

    Looks pretty decent to use for currency trading.

  • plapic on 21/08/2019 - 13:32

    I have a UK cheque from 2010 which I would like to deposit. Any suggestions?

    • Webber000 on 22/08/2019 - 09:55

      @plapic
      Go back to the person/company who issued it and ask to be paid by bank transfer or a new cheque.
      In the UK a cheque won't be honoured after 6 months from issue, so one from 2010 is well out of date.
      Companies only have to keep financial records for 6 full years so you're possibly going to find they won't reissue it anyway.
      Bank transfer to your oz account will attract fees. It's up to you to decide whether its worth the hassle of getting a transferwise account for this if you don't plan to use it after.
      Your oz bank would have accepted a UK cheque and just sent it to clearing and charged a large fee and it would have taken months to clear. The issuer would probably be able to send it as a foreign bank transfer cheaper.

  • kriskea on 28/08/2019 - 21:00

    Am I missing something?

    You cannot order a card unless you're from the US?

    • IsTops on 29/08/2019 - 23:28

      You can.
      I just got mine

      • kriskea on 30/08/2019 - 20:11

        Serious? How/where did you go? Everytime I try and order it. It only has the US in the drop down?

        • IsTops on 30/08/2019 - 21:04
          +1

          I dont know what you're doing wrong but maybe this number will help: 02 8046 6244

  • aboutconfig on 16/12/2020 - 08:19

    If I have some funds in the card's us bank account, and I use the card to pay for purchase in USD, then it should come out from my usd account?

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