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This prepaid travel card eliminates foreign exchange charges on your purchases abroad, though the loading fees could irk some travellers
The Wise card is a welcome addition to the services that Wise—formerly TransferWise—offers, but as you’ll quickly learn in this review, the card has a few quirks that will annoy users. That’s not to say that the Wise card is not worth having in your wallet when you travel abroad. You just need to know how the card works in order to keep your transaction fees down.
Often referred to as the Wise credit card, the Wise card is actually a prepaid card available to residents of Canada and dozens of other countries. To use the card, you must have funds loaded into your Wise account. What makes Wise appealing is that it allows you to hold multiple currencies. That means you could potentially purchase some foreign dollars when the exchange rate is in your favour and then spend it as needed when you’re abroad.
No additional fees apply when making purchases with a currency you currently hold in your Wise account. However, if you don’t hold the currency in which you’re making a purchase, Wise will automatically deduct the funds from the currency in your account with the lowest conversion fees. That said, when making a purchase abroad and given the option to be charged in the local currency or Canadian dollars, always choose the local currency for the best exchange rate.
The Wise card also allows you to withdraw money from ATMs while abroad. Think of it as a Wise debit card, since you can use it for purchases and ATM withdrawals. Oddly enough, you can’t use the card within Canada.
The first two ATM withdrawals are free, up to a cumulative value of CAD$350 per calendar month. Any additional withdrawals will cost you $1.50 each, and a 1.75% fee will be added to amounts over $350. Also, note that the ATM provider may charge its own fee when you withdraw cash. Wise withdrawal fees and third-party ATM fees count towards your withdrawal limits—so plan accordingly.
You must have a Wise account if you want to apply for a Wise card. The registration process only takes a few minutes and is done completely online. Once your account is active, you need to add funds. Doing so is simple, as you have many options including Interac e-Transfer, direct debit from your bank, and wire transfer.
Each loading method has a fee. Interac e-Transfer typically has the lowest fee, and your money will arrive in about five minutes. How much you’ll pay in fees depends on the currency and how much you’re loading.
To order your Wise card, log into your account and click on Wise Card on the side bar. The physical card will arrive within 14 days, and you also get a digital card you can use immediately. While the digital option is convenient, it won’t help people who are travelling soon and may need ATM access.
Rankings
The Wise card is a unique option that many people will naturally be attracted to. That said, you should consider the pros and cons before you open an account.
The Wise card, introduced in Canada at the end of 2021, is clearly designed to compete against cards with no foreign transaction fees. Even though Wise offers a good card, there are arguably better Canadian options. Both Wealthsimple and EQ Bank offer prepaid cards you can order if you’re an account holder.
The Wealthsimple and EQ Bank cards both have no annual fee, but what sets them apart from the Wise card is that they both use the exchange rate set by Visa, which is a bit lower than what Wise charges. Plus, Wealthsimple and EQ Bank don’t charge a fee to load funds into your account, so you’re coming out ahead right from the start. They also have no-fee ATM withdrawals.
Beyond prepaid cards, Wise is also competing with no foreign transaction fee credit cards, where competition is fierce. Even though the Scotiabank Passport Visa Infinite has an annual fee of $150, it’s often waived for the first year. In addition, you get great benefits such as six annual airport lounge passes and comprehensive travel insurance. Plus, this is a traditional credit card, so you don’t need to worry about preloading funds before departure.
Annual fee: $150
Welcome offer: Earn up to $1,100 in value in the first 12 months, including up to 35,000 bonus Scene+ points. Offer ends October 31, 2025.
Card details
| Interest rates | 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers |
| Income required | Personal income of $60,000 per year or household income of $100,000 per year |
| Credit score | 725 or higher |
| Point value | 1 Scene+ point = $0.01 when redeemed for travel on any airline or hotel (including Airbnbs). |
Although the Wise card has some quirks that will annoy people who are looking to minimize their foreign transaction fees, the card does have enough positives to justify being in your wallet. You can easily add funds, and the ability to easily hold multiple currencies is incredibly convenient. That said, there are credit cards without foreign transaction fees that come with generous benefits and rewards that may be more appealing to some.
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Thank you going to Italy this October appreciate your advice on the wise card.
I find Wise most confusing -as a matter of fact-once I take out my $30 CAD,I will never use this card again
Hi, I live in Canada. Last autumn, my son and I travelled for two weeks throughout Spain. From Barcelona, Seville, Madrid… to seaside villages along the Costa Brava and villages in Andalucia… my WISE card was always welcome.
It meant I always paid in Euros that I had pre-loaded into my WISE Euro account in the weeks before I left home, whenever the currency exchange rate from CAD to Euro was most-favourable.
Wise should be avoided at all costs, the customer service is horrific and they will NOT help you if you get scammed hiding behind the fact they are not a bank. FINTRAC won’t be able to help you either.
Might as well use a Canadian bank, they are expensive service is bad but you can raise hell in a branch if needed whilst wise will lie to you and send you sniggering emails
Wise cannot be trusted and they call themselves electronic money and not a bank. They mishandled my money transfer. They transferred to someone then said it was an technical glitch so I paid the person by another means and then they emailed me back that original was email an error and the person was actually paid so I owe them money. That person never confirmed two payments and not returned it to me so I paid him and now also owes wise. Their customer service has not been able to solve this in 2 years. They said they fixed it and next time I tried to use wise I was told I still owe them.