Wise travel card review [2024]

Getting a travel money card is a smart move when you’re headed overseas.

The Wise travel card is linked to a multi-currency Wise account which can hold 40+ currencies, and lets you convert from one currency to another with the mid-market exchange rate. You can use your Wise travel card in 160+ countries, which makes this a super flexible and versatile travel card option, even for frequent travellers and those who like to get off the beaten track.

This guide covers all you need to know about how the Wise card works, with a look at key benefits and fees. We’ll also touch on a couple of popular alternatives for Malaysian travellers, the BigPay travel card and the MAE by Maybank2U travel money card, so you can compare them and see which works best for you.

Wise travel card: key features

The Wise card offers some great features which aren’t available from all Malaysian travel money card providers, including a linked account you can use to hold and exchange 40+ currencies, and local account details for up to 9 currencies, in case you also need to receive money from others in foreign currencies. However, it’s not perfect, so there are a few drawbacks to know about as well.

We’ll go through how the Wise travel money card works in detail, and look at features, fees and limits, in a moment.

First, an overview of some of the Wise travel card pros and cons:

The Wise personal multi-currency account is free to open online or in the Wise app, but you’ll then pay a 13.7 MYR  fee to get your linked card.

Your physical Wise travel card will then arrive in the mail to your registered shipping address, and you can start to use your Wise virtual card right away. Use your card online and in person, with currency exchange that offers the mid-market rate and low fees from 0.43%.

You can either top up in ringgit and switch to the currency or currencies you need in advance of travel, or just let the Wise travel card do the conversion for you at the point of payment, with the mid-market rate and the lowest available fees.

Who is the Wise travel card for?

The Wise travel card is available for personal customers in Malaysia, and your account can be entirely opened and managed online or in the Wise app. That makes it handy for a range of people:

• Frequent travellers who need to spend in any of the 160+ supported countries

• Individuals who want to hold and exchange 40+ currencies

• Anyone who likes to convert their MYR to the destination currency in advance to set their travel budget before they leave

• People paying or getting paid from overseas - for example if you have income from an overseas vacation rental, or need to pay a mortgage on your property abroad

• Online shoppers spending with international retailers

• Anyone who wants to view and manage their account and card online or in-app

What is the Wise travel card?

The Wise travel card is a convenient prepaid debit card linked to a multi-currency Wise account. You can hold 40+ currencies in your account, and top up or exchange right from your phone.

Switch your balance to the currency you need in advance, or just let the card’s auto convert feature do it for you at the point of payment, with the mid-market exchange rate and the lowest available fees every time.

Wise accounts are available for personal customers, and also offer handy extras like options to receive payments from 30+ countries via local bank details, ways to send payments to 160+ countries, and easy account management through the Wise app.

Is the Wise travel money card a multi-currency card?

Yes. The Wise account and travel money card have powerful international features which make them perfect for anyone who wants a multi-currency card and account. You can hold 40+ currencies, including a broad selection of major world currencies, and plenty of less common currency options, too. And you can spend around the world - over 170 countries are covered, with in person, online and mobile payments, and cash withdrawals as and when you need them.

Wise travel card fees & spending limits

There are a few fees and limits to consider if you’re thinking of the Wise travel card in Malaysia.

If you have a Wise Malaysia account there’s a 20,000 MYR limit to how much you can hold in your Wise account. There are also limits - for security reasons - to the value of transactions you can make, on a single transaction, daily and monthly basis.

Firstly let's look at the important limits that apply:

All information correct at the time of writing - 4th July, 2023.

As you can see, there’s a default limit per payment type, and a maximum. Your Wise account will initially be set to the default limits - but you can adjust caps anywhere up to the maximum allowed, in the Wise app.

Next, let’s walk through the Wise fees you’ll pay to receive and use your Wise travel card:

All information correct at the time of writing - 4th July, 2023. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Wise card exchange rates

Wise currency exchange uses the mid-market exchange rate, with a low and transparent fee from 0.43%. You’ll be able to see the exchange rates available in the Wise app, and double check the fees, before you switch currencies. Once you have the currency you need for spending or withdrawals in your account, there’s no Wise foreign transaction fee.

How to get a Wise travel card

To get your Wise travel card you’ll first need to open a Wise account online or in the Wise app using your email address, Facebook, Apple or Google ID. Once your account has been verified, you can top up your Wise account balance in ringgit (or one of the other 20 or so supported currencies for loading funds).

Within the Wise app you can then order your Wise card, for a one time fee of 13.7 MYR .

More information: How to get a Wise card Malaysia

What documents you’ll need

When you open your Wise account you’ll need to provide some documents for verification purposes. This is to keep your account secure and to comply with local and international law - but the whole process can be done right from your phone. You’ll be guided through what’s needed based on your account type - usually that’ll mean uploading images of:

• Your proof of ID - such as your passport

• Proof of address - like your driving licence or a utility bill

How to use the Wise travel card?

The Wise travel card is issued on major global networks like Visa and Mastercard, so it’ll be accepted in most countries around the world. Plus you can add your card - or a Wise virtual card - to Google Pay and Apple Pay for convenient mobile payments at home, online and when you travel.

How to withdraw cash with the Wise travel card?

You can use the Wise travel card to make cash withdrawals at a broad selection of ATMs around the world - just like you would your regular card. If you find you’ve forgotten your PIN, don’t worry. You can also double check this by securely logging into the Wise app and accessing your card details.

Is the card safe?

Yes. The Wise travel card is safe to use. Wise has been established since 2011 and is fully licensed and regulated for the services it provides globally. In Malaysia, Wise is licensed by Bank Negara Malaysia as a remittance, money changing and e-money issuance business.

Learn more here: Is Wise safe?

How to use the Wise travel card overseas?

You can use your Wise card for spending and making withdrawals in  160+ countries around the world. In most cases, where you can’t use your Wise card it’s as a result of global sanctions or financial regulations - there’s a list of the countries where you can’t use your Wise card over on the Wise website if you need to check.

For more information: How to use Wise card abroad

What happens when the card expires?

Once your Wise card is coming close to its expiry date you’ll be notified, and Wise will send you a new card automatically for free.

Alternatives to Wise travel card

The Wise card isn’t right for everyone. Fortunately, Malaysian customers have a selection of travel card options, including those from providers like BigPay and the MAE by Maybank2U digital wallet and card.

Here’s a quick overview of how these providers line up on some key features:

Information taken from Wise pricing page, BigPay fees, MAE by Maybank2U FAQ; correct at time of writing, 4th July 2023

Whether Wise or an alternative provider like BigPay or MAE by Maybank2U suits you best will depend a lot on your personal preferences. Wise has a very broad range of supported currencies, with low fees and mid-market currency exchange.

BigPay has its own strengths, including options to send overseas payments to select countries, and budgeting tools.

 If you’d prefer to stick with a digital account from a bank, MAE by Maybank might be the one for you. You’ll be able to access Maybank’s core services, with full service options if you step up to a standard Maybank account, plus you may access preferential exchange rates.

BigPay 

BigPay is a well known travel card brand in Malaysia and Singapore, and Malaysian BigPay customers can hold MYR for international spending, cash withdrawals and to make overseas payments. You’ll get the network exchange rate with a charge of up to 1% when you convert MYR to the currency you need for overseas spending, and there’s also an option to send money to people in 30+ countries for low, flat fees.

MAE by Maybank2U

MAE by Maybank2U is Maybank’s digital wallet and card service. MAE comes with a lot of features, including the linked physical card you can use to spend overseas with preferential exchange rates. You can also pay bills, save, budget, and even order food for home delivery through the MAE app.

Conclusion: Is the Wise travel card worth it?

The Wise travel card is a helpful option for anyone who would like to hold a multi-currency account and spend easily around the world. Because Wise supports a pretty impressive 40+ currencies, the card is super flexible, and all currency exchange uses the mid-market exchange rate with low fees from 0.43%.

Compare Wise to another card or two that are available in  the Malaysian market, like the BigPay debit card and the MAE by Maybank2U travel card, to see which suits you best.