Traveling to Latin America or Europe soon, or planning to relocate? Then you’re probably considering which everyday bank card to use for your foreign financial transactions. You’re in the right place!
This detailed guide will unravel why the Wise Travel Debit Card stands out as the Best Travel Money Card for Latin America and Europe. And why Wise is the best choice for travelers, expats and digital nomads working around the globe.
The best bank card for travelers, expats and digital nomads in Latin America and Europe
Wise Travel Debit Card: A Comprehensive Overview
Wise, formerly known as TransferWise, has rapidly carved out a niche for itself in the realm of digital banking. With a user base of over 16 million customers globally, who collectively transfer over $11.5 billion monthly, Wise has revolutionized the way we handle international money transfers.
With Wise, you can open a digital bank account in minutes, that lets you make international transfers at the mid-market rate (the real exchange rate). It’s a fintech company that functions like a bank, offering market-rate transfers with incredibly low fees.
But what makes Wise truly stand out is its multi-currency account and the accompanying debit card. If like me you earn money in different currencies to the country you live in, the bank fees every time you withdraw cash or ‘tap and go’ with your Apple or Android device can cost you a small fortune. But with Wise, those fees don’t exist.
With Wise you can send, receive, store and use your money in over 40 currencies and make fee free transactions at the (real) mid-market exchange rate in over 160 countries. Which is why I switched from a Citibank Global Currency Account to Wise.
The Power of the Multi-Currency Account
One of the most appealing features of Wise is the multi-currency account. With this account, you can hold up to 40 currencies and spend like a local when traveling or relocating abroad.
The multi-currency account gives you local bank details in ten different currencies including USD, CAD, GBP, EUR, AUD, NZD, SGD (Singapore dollars), TRY (Turkish lira), RON (Romanian lei) and HUF (Hungarian Forint). This means you can receive money like a local and then transfer and hold that money in 40+ different currencies.
The Wise Debit Card
The Wise debit card comes as a perfect companion for the Wise multi-currency account. It’s available for users in over 160 countries including the UK, Europe (EEA), USA, Canada, Australia, New Zealand, Singapore and Japan. The card lets you enjoy benefits like:
- Low conversion fees and no transaction fees for multiple currencies
- Free ATM withdrawals with limits
- Automatically convert your currencies at the mid-market rate
- Use anywhere Visa (or Mastercard) is accepted
- In-store contactless ‘tap and go’ payments (including Apple Pay, Google Pay, Android Pay)
In essence, the Wise debit card gives you access to manage your money better if you live, work, travel or do business overseas.
Why Wise is the Best Travel Money Card For Latin America & Europe
Money Transfers at Mid-Market Rates
One of the reasons why Wise is the best bank card for Colombia and what I myself use here, is its provision of mid-market exchange rates for all overseas payments and transfers. Wise isn’t just the best card for digital nomads and expats living in Latin America or Europe. It’s the best card for anybody spending money in a currency other than the currency they’re paid in.
Unlike traditional banks that charge a foreign transaction fee, a currency exchange fee and an exchange commission fee, Wise only charges a minimal fee for the transaction. With Wise, you save about 80% compared to traditional banks.
Wise will tell you the transaction fee before you convert your currency. So there won’t be any surprise charges, unlike traditional banks.
Local and International Spending
Whether you’re working from a cafe in Bogotá or backpacking across Europe, the Wise card allows you to pay in local currency with minimal fees. You can spend money on their debit card in over 160+ countries at the real exchange rate, saving tons in fees.
ATM Withdrawals
With Wise, you can withdraw from over 3 million ATMs worldwide for free up to a specific limit depending on where your card is issued. After reaching your ATM withdrawal limit, you’ll have to pay a fee of 1.5% to 2%, depending on your home country. Even so, you will still be saving money compared to a traditional bank – even with the fee.
Yet I haven’t ordered a physical card and I don’t bother withdrawing cash from my Wise account. Wise works with Apple Pay and all other major platforms, allowing me to simply tap my mobile phone on the terminal to pay. If I need cash, I use Western Union linked to my Wise account.
Superior Customer Service
Wise stands out for its excellent customer service. You can contact Wise through phone, email or live chat through the Wise app. The customer support team is responsive and efficient, resolving issues promptly and courteously.
Wise vs. Competitors
Wise isn’t the only multi-currency or travel money card out there. However, it stands out when compared with major competitors. Here’s a comparison of Wise with high-street banks, Revolut and N26:
| Wise | High-street banks | Revolut | N26 | |
|---|---|---|---|---|
| Availability | UK, Europe (EEA), USA, Australia, New Zealand, Singapore, and Japan | Country-specific (unless they have branches abroad) | UK, EEA, Australia, and Singapore | EEA and the US |
| Hold multiple currencies | Yes (40+ currencies) | No | Yes (30 currencies) | No (account in the currency of the country of registration) |
| Fees | Card issue fee, ATM withdrawal fee (over the country-specific limit), card replacement fee, and currency conversion fee | 2-3% currency conversion fees + 1.5-2% convenience fees while traveling abroad | Tiered membership plan charges, ATM withdrawal fees (over the rolling monthly limit), card delivery, and currency conversion fee | Tiered membership plan charges, ATM withdrawal fees for both domestic and international withdrawals (8 free withdrawals with the highest plan), currency conversion charges |
| Bank license | Not a bank, but regulated as a bank in their major countries of operation | Country-specific | Banking license in 10 European countries | N26 is licensed as a bank in Europe. In the US, they partner with Axos bank to provide FDIC-insured accounts |
In summary, the Wise card with a linked multi-currency account is a simple, convenient and inexpensive option when compared to competitors. It’s more affordable, supports more currencies and offers better availability.
How to Start Using Wise
To start enjoying the benefits of the Best Travel Money Card for digital nomads, expats and travelers, follow these simple steps:
- Go to the Wise sign-up page
- Create an account using your email and a secure password
- Verify your email by clicking the link sent by Wise
- Verify your identity using a valid ID (passport or drivers licence)
Once you’ve signed up online, download the Wise app. It’s easy to use and lets you manage your account and make payments and transfers from your phone.
The whole process to sign up and verify my identity took me less than 2 minutes. With Wise, it’s that easy to open a borderless bank account. Wise is available at www.wise.com
How I Use My Own Wise Account
I’m a ‘digital nomad’ working online and I move back and forth between my residences in Bogotá Colombia and Buenos Aires Argentina. I earn money in USD, Euro and AUD. But I spend money in ARS, COP, USD and Euro.
When I’m home in Bogotá or Buenos Aires, I spend money in ARS, COP and USD. When I travel through Europe in the summer, my transactions are all in Euro.
Now, for transactions in Colombia or Europe, Wise is perfect and beats all traditional banks with their borderless banking, mid-market rates and fee-free transactions. But I’d never use Wise for ‘tap and go’ transactions or to get cash from an ATM in Argentina.
The reason being, the mid-market rate in Argentina is the Government exchange rate and not the real ‘Dolar Blue’ rate. As I write this article the ‘Dolar Official’ is 274:1 on the USD and the ‘Dolar Blue’ is 544:1 on the USD. Using Wise for ‘tap and go payments’ in Argentina wouldn’t be a ‘wise’ move, as you’d be paying twice as much for everything.
Instead, in countries like Argentina I receive money into my Wise account. But I have my Wise account linked to my Western Union account and I get cash from Western Union. That way I can collect payments in foreign currencies fee-free and spend cash at the best possible rate in Buenos Aires.
Before discovering Wise, working as a ‘digital nomad’ I was receiving a bunch of different currencies into my Citibank Global Currency Account and into my Australian bank account.
Citibank was taking its cut via the exchange rate they were giving me. And my Australian bank, well, it was taking a cut of the exchange rate and hitting me with currency conversion fees, overseas transaction fees and account maintenance fees.
All of those fees and charges were before I actually used any of the money I was receiving! Now, with Wise, all those fees and charges are gone.
Final Verdict on Wise
The Wise Travel Debit Card is undoubtedly the best travel money card for Latin America and Europe. With its low fees, real mid-market exchange rates, multi-currency account and top-notch customer service, Wise offers an unparalleled banking experience for travelers, digital nomads and expats.
Whether you’re an expat living in Colombia or an adventurous traveler backpacking across South America or Europe, the Wise card is a financial companion you can trust. With Wise in your pocket, you have the freedom to make the most of your travels.
So, are you ready to make Wise your travel companion? Sign up for a free account now.
Enjoy your journey with the best travel money card available!
Safe travels!
