{"id":247123,"date":"2025-04-19T06:39:00","date_gmt":"2025-04-19T10:39:00","guid":{"rendered":"https:\/\/milesopedia.com\/news\/card-wise-retirement-currency-and-foreign-currency\/"},"modified":"2025-06-12T13:11:30","modified_gmt":"2025-06-12T17:11:30","slug":"card-wise-withdrawal-foreign-currency","status":"publish","type":"post","link":"https:\/\/milesopedia.com\/en\/reviews\/products\/card-wise-withdrawal-foreign-currency\/","title":{"rendered":"Wise Card: How to Save on Foreign Currency Withdrawals"},"content":{"rendered":"

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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<\/a>. 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.<\/p>\n

The Wise Visa debit card<\/a> was an easy and compatible option for me with the most ATMs worldwide, in addition to having minimal fees on my foreign currency<\/a> withdrawals. Find out how to use it and its advantages for foreign currency withdrawals<\/strong>.<\/p>\n

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Formerly known as Transferwise, Wise<\/strong><\/a> is a reliable international money transfer<\/strong> 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.<\/p>\n

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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. <\/p>\n

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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<\/a>. The card will be sent to you free of charge, unless you select priority shipping. <\/p>\n

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Once you’ve received and activated your physical card, all you have to do is add money to your Wise account<\/strong>, 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.<\/p>\n

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Wise clearly shows you the transfer fees <\/strong>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.<\/p>\n

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<\/strong> whenever I come across an ATM and need to make a withdrawal.<\/p>\n

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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<\/a>. <\/p>\n

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.<\/p>\n

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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.<\/p>\n

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So you can see in the details of each transaction that the fees are minimal<\/strong>, and in this way I avoid the $5 per withdrawal that my traditional bank would have charged me using my usual debit card.<\/p>\n

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Before making your withdrawal, you can find out about Wise bankcard<\/strong> conversion fees by going to the “Card” section of the menu, then “Travel”. Simply enter the country in question to find the conversion fee.<\/p>\n

If we compare these fees with the 2.5%<\/span> charged by traditional credit cards on each transaction, they are often much lower. In France, for example, the fee is 0.45%<\/span>, while in Morocco it’s 2.07%<\/span>. <\/p>\n

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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<\/a>. <\/p>\n

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For me, the Wise card stands out from the other options for cash withdrawals abroad <\/strong>:<\/p>\n