TransferWise Debit Card Review 2018 | Fees, Availability & How it Works

You might have seen our video towards the end of last year about the TransferWise Borderless Account Since we made it, they officially launched their Debit Card in the UK and Europe which means those customers can now easily access whatever is in their account

In this video we're going to look at what the Debit Card is, how it works and whether it's a good product The debit card is essentially like having a local card to access your Borderless Account funds when you're overseas So you can use it to withdraw cash from ATMs or simply make purchases in shops, restaurants and any place that accepts MasterCard Now this topic can get a little bit complicated so let's use an example Let's say we have a person who is a UK resident who works as a graphic designer in Berlin and has some clients in Japan and Singapore

We'll come back to this throughout the video The card is unique for a couple of reasons Generally when you have a foreign currency account you can't easily access the funds with a card And when you look at prepaid travel cards it can be time-consuming and expensive to add money, convert between currencies and withdraw cash The TransferWise Debit Card makes all of this easier because it gives you access to what's in your account and makes it easy to convert between currencies

Going back to our example, our TransferWise customer can have local account details in Germany which lets his German clients pay him directly to his Borderless Account He can then use his Debit Card wherever he is whether that be the UK, Germany, Japan or Singapore And anywhere else he might travel! The card is really clever If he is using it in Berlin and he has Euros in his account, his purchases will be automatically deducted from that balance And if he's somewhere else without the currency he needs, say Singapore, TransferWise will efficiently convert another currency into the one he needs

Which means the card really can be used anywhere You can either log into your account and convert a certain amount of currency or TransferWise will do it automatically and convert what's needed to cover the withdrawal or the transaction Now there are some things you need to look out for when it comes to the TransferWise Debit Card You can withdraw up to £200 or the equivalent in another currency per month for free And after that you'll be charged a 2% fee on all additional withdrawals

There are also limitations for different payment methods; online payments, contactless payments and normal eftpos payments all have monthly limits which you can find on the TransferWise website Unlike having a normal bank account the Borderless Account and Debit Card don't let you deposit cash, so you have to transfer it electronically to your account Finally, there are conversion fees You'll get the best possible rate with TransferWise but the percentage fee you're charged will depend on the currencies you're converting between So just make sure you're aware of those fees as well

Basically the Debit Card is good for anyone who travels a lot So if you need to easily access money overseas, and send or receive local payments it could be a really good option This means it's great for expats, businesses or anyone who travels regularly Like most things with TransferWise we like their transparency and competitive rates and fees The Borderless Account and its Debit Card make it much easier to have a multi- currency account and access your funds when you're overseas

Remember that at the moment you can only get it if you're a UK or European customer But we'll be sure to update you when that changes As with any product, it's important to make yourself aware of all of the terms conditions and fees before you sign up but if you stay within its limits, it's a pretty helpful way to access money when you're overseas