Since I spend almost half of the year abroad, it was important for me to find a way to reduce the costs of foreign currency withdrawals. I carefully considered all my options: using my traditional credit cards, changing currencies in Canada before my departure, using my usual debit card, and so on.
The Wise Visa debit card was an easy and compatible option for me with the most ATMs worldwide, in addition to having minimal fees on my foreign currency withdrawals. Find out how to use it and its advantages for foreign currency withdrawals.
Formerly known as Transferwise, Wise is a reliable international money transfer service that’s easy to use and very competitive in terms of fees. I have been using it for several years and have always been very satisfied with this platform.
With Wise, everything is done online. As soon as your application is complete, you can use your digital card by adding it to your digital wallet (Apple Wallet, Google Pay and others). All card details are in the application or on the website.
After creating your Wise account and depositing 30 CAD, you can go to the “Cards” tab in the left-hand menu and follow the instructions to order your Wise debit card. The card will be sent to you free of charge, unless you select priority shipping.
Once you’ve received and activated your physical card, all you have to do is add money to your Wise account, a really quick process when you link your bank account directly to your Wise account. Please note that you can simply add the money to your account in Canadian dollars, this will not prevent you from withdrawing in the currency of the country you are in.
Wise clearly shows you the transfer fees depending on the method you choose. Generally, the EFT (electronic funds transfer) method is still the most economical by far. Here we see that it costs me only 24 cents for a $100 transfer to the account.
Once the process is completed, it’s a matter of seconds before the money is added to your account (again, in my personal experience). I found this process through the app extremely useful and quick when travelling, as it allows me to instantly add funds to my Wise card whenever I come across an ATM and need to make a withdrawal.
When I need to withdraw money abroad, I always favour ATMs that come directly from the main banks in the country I’m in. Most accept withdrawals with Visa cards, so it’s also possible to use your Wise debit card.
Isolated ATMs not directly associated with a bank, such as those found in convenience stores, restaurants or on the street, are often the most expensive in terms of fees.
Once you’ve withdrawn your money, you’ll receive a notification of the amount in the currency of your Wise account (CAD for me) of the transaction. You can then click on each individual transaction in the application and access all the details of the charges levied.
So you can see in the details of each transaction that the fees are minimal, and in this way I avoid the $5 per withdrawal that my traditional bank would have charged me using my usual debit card.
Before making your withdrawal, you can find out about Wise bankcard conversion fees by going to the “Card” section of the menu, then “Travel”. Simply enter the country in question to find the conversion fee.
If we compare these fees with the 2.5% charged by traditional credit cards on each transaction, they are often much lower. In France, for example, the fee is 0.45%, while in Morocco it’s 2.07%.
Wise also informs you of the amount you can withdraw without withdrawal fees. Their app explains each fee very clearly in this section, which I recommend you explore for more tips on saving on foreign currency withdrawals.
For me, the Wise card stands out from the other options for cash withdrawals abroad :
What I appreciate most is the simplicity of the application for topping up my card and the minimal fees compared with my traditional bank. My colleague Alexandrine also uses it for all her travels.
Like all products, the Wise card has its drawbacks:
Despite these few limitations, the Wise card remains one of the best solutions for accessing your money abroad.
The only product that charges no fees for withdrawals and spending abroad is the Wealthsimple Cash Card. However, it doesn’t work in around 40 countries, including Cuba, Turkey, Nicaragua, Sri Lanka and the Philippines. Read our complete guide on this card:
When I travel, I use both solutions in a complementary way. My no-conversion-fee credit card (like the Scotiabank Passport Visa Infinite) remains my first choice for everyday purchases, allowing me to collect points and take advantage of travel insurance.
The Wise card is my essential tool for cash withdrawals at ATMs. It’s particularly handy in countries like Morocco where cash is king, or in small shops that don’t accept credit cards. With its low fees for cash withdrawals, it complements my travel strategy perfectly.
So my Wise card came in very handy during my two-month trip, as I had the peace of mind of knowing I could withdraw money anywhere at very little cost. What’s more, the Wise app makes the process simple, quick and very user-friendly. I also really like the transparency of the fees and the tips that help us to better understand foreign currency transactions.
Of course, my first choice was always to use my no-conversion fee credit card to continue earning rewards points while travelling. I mainly used the Scotiabank Passport Visa Infinite Passport card on this trip. My Wise debit card therefore served as an essential tool when my only option was to pay cash, as was often the case in Morocco.
If you travel regularly, a credit card with no conversion fees will save you a lot of money. Discover them here:
Want to know my other tips for long-term travel on a budget? I’ll share them with you here:
Yes, Wise is a FINTRAC-regulated financial institution in Canada. The application instantly blocks the card in case of loss, and all transactions are PIN-protected. What’s more, you receive real-time notification of each use. Finally, it is not possible to withdraw more funds than have been prepaid.
The card is free, but you must deposit a minimum of CAD 30 when you open your account. Conversion fees vary by country: for example, they are less than 0.50% in Europe and the U.S., 0.72% in Mexico and 1.48% in Costa Rica. When making deposits, different fees apply depending on the method chosen. These will be clearly displayed when you add funds to your card. For withdrawals, you are entitled to two free withdrawals per month up to a total of CAD 350. Beyond that, charges of CAD 1.50 per withdrawal and 1.75% on amounts over CAD 350 apply.
The Wise card cannot be used in any of the following countries: Afghanistan, Belarus, Burundi, Central African Republic, Chad, Democratic Republic of Congo, Republic of Congo, Cuba, Eritrea, Iran, Iraq, Libya, Myanmar (Burma), North Korea, Russia, Somalia, Sudan, South Sudan, Syria, Venezuela and Yemen.
The monthly limit for ATM withdrawals is CAD 7,000 (or the equivalent in foreign currency).
Prefer withdrawals from major bank ATMs and avoid small independent ones. Some banks abroad do not charge fees for withdrawals with international cards. For example, this is true for 7Bank in Japan or Multibanco in Portugal: do a Google search before you leave. To optimize your free withdrawals, plan for just one or two per month.
No, it is not possible to withdraw money in Canada with a Wise card issued in Canada. You can only withdraw cash from ATMs outside Canada when travelling.
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