Does Wise charge a fee?

Wise Fees: My Personal Lowdown (And How to Avoid Them!)

Okay, let’s talk Wise, specifically the dreaded “F” word: Fees. I’ve been rocking with Wise (formerly TransferWise) for a few years now, and overall, I’m a big fan. It’s a lifesaver when I’m travelling or needing to send money internationally. But let’s be real, nobody likes hidden charges, so understanding the Wise fee structure is crucial.

So, does Wise charge a fee? The answer, like most things in life, is a resounding “it depends.”

The really good news is that using your Wise card with money you already have loaded in the correct currency is generally free. That’s the golden rule! For example, if I’m in Paris and I’ve got Euros loaded onto my card, swiping away feels like pure magic – no extra charges, just the price of that delicious croissant. This feature alone has saved me a fortune compared to using my regular bank card, which would tack on hefty foreign transaction fees.

But, and this is a big but, things get a little murkier when you need to convert currencies. This is where the conversion fees come in. If you’re spending in a currency you don’t already hold in your Wise account, they’ll need to convert the money, and they’ll take a cut for that. The fee percentage varies depending on the currencies involved, but you can always see the exact amount upfront, which I appreciate. I remember one time I impulsively bought something in USD while only having Euros in my account. The conversion fee wasn’t huge, but it was enough to make me kick myself for not planning ahead! Lesson learned: always convert in advance.

Speaking of planning ahead, I also had to pay a small fee to actually get the Wise card in the first place. It wasn’t exorbitant, something like £5 (I think!), but it’s worth mentioning. Think of it as a small investment in your financial freedom.

Then there are ATMs. Wise offers a certain amount of free ATM withdrawals per month, which is fantastic for those “cash-is-king” situations. I find this particularly useful when I’m in smaller towns where card payments aren’t always accepted. However, once you exceed that limit (usually around £200/month, depending on your location), you’ll start incurring fees. I actually learned this the hard way on a trip to Iceland. I got caught up in the moment, withdrawing cash for everything, and ended up paying a hefty fee. Ouch! Now I always check the Wise app to see how close I am to my limit.

Here’s a breakdown to summarise my experiences:

• Free: Spending money you already hold in the correct currency.
• Fees Apply:
  • Currency conversions.
  • Ordering the Wise card itself.
  • ATM withdrawals exceeding the free monthly limit (check your app for your specific limit).

My verdict? Wise is fantastic for international travel and transactions, but you need to be smart about managing your currencies and ATM withdrawals to avoid unnecessary fees. Planning ahead and converting currencies in advance can save you a significant amount of money. And hey, who doesn’t love saving money? So, learn the rules, play the game, and enjoy the benefits!

#Charges #Fees #Wise