Do you want to save money when withdrawing your cash at ATMs while abroad? Do you wish you could find a way to avoid those high bank charges when accepting international payments? Wouldn’t it be great to quickly and conveniently exchange currencies via an easy-to-use app before you travel, enabling you to pay with card and withdraw money when you arrive at your destination? Well with Wise Banking you can do all this and more! Read on to find out more on saving money when switching to Wise!
It wasn’t so long ago that international banking and currency transfers were only a concern for global financers and big businesses. These days however, we all travel more frequently, relocate abroad and manage international business affairs. Therefore it’s in our best interests to get the right deal on our money. This is where Wise can help you. Wise is an online banking platform that allows you to open an online personal or business account, pay bills, set up direct debits, accept payments, as well as helping you to save big money on currency conversions!
You may have heard of Wise - previously known as TransferWise - but perhaps you were unaware of how it could benefit you personally. We get you! With so many online banking tools out there, it's difficult to know which one to choose and it's unlikely that you're going to want to sign up to all of them. So, here are a few scenarios that explain how you would use and benefit from Wise on a day-to-day basis.
1) You are travelling abroad and don't know how much money to exchange
We've all been there. You're going on holiday and need to exchange cash into the local currency but have no idea of what prices are like there or how much you’ll spend. Unless you enjoy collecting foreign currencies or plan to visit this destination again in the future, nobody wants to have loads of leftover currency when they return home. Another similar scenario could be that you have booked a last minute trip and don't have time to go to the currency exchange or the post office. Let's say you’re based in England and have decided to have a drive over to France or get the ferry to Ireland, in which case you need Euros. This is what you’d use your Wise app and card for. All you need to do is to open a new currency (it's completely free and takes mere seconds) and then exchange your money into whatever amount or currency needed.
The best part is that if you have any money leftover after your trip, you can simply convert it back to your home currency from the app or by logging into the website dashboard on a laptop or PC. If you happen to need more money while abroad, you can transfer as much as you need as often as you like and your foreign currency is ready in your account, ready for you to use. By signing up for a Wise card you can withdraw money from an ATM or pay with card wherever you are in the world!
2) You're tired of losing money when accepting international payments
No matter whether you're accepting money from friends and family overseas or you're a business owner who accepts international payments, accepting money in other currencies can be expensive. In some cases, you might find that you lose up to half of the original mount sent, due to hefty bank charges and unfavourable exchange rates. So how can Wise help here? If you're a business owner, you might want to consider a Wise business account. If using accounting software, such as QuickBooks, you can link your QuickBooks software to your Wise business account to make accounting a smoother process. Either way, whether using a Wise personal or business account - or both – you can save lots of money and processing time by accepting international payments through Wise. To accept payments in another currency, activate that currency in your account and send the account details to the individual or company paying you. All of these details can be found easily in your account details either by logging into the app or website. Once you've received the payment, you can then transfer the amount into your local currency if you wish.
3) You're being charged a fortune to withdraw money from ATMs while abroad
It does seem quite absurd that you should have to pay so much to access your own hard-earned cash while abroad. In fact, getting your hands on your own money when overseas can be quite troublesome, especially if your bank blocks your card, believing it to be stolen. We get that this is a security precaution and we’d certainly be grateful if our cards did get stolen, it's no fun being in a foreign country without easy access to our own money. Although it's advisable to contact your bank beforehand to notify them that you'll be out of the country, why not consider using a banking service that’s specially geared up for international travel.
With Wise, you are typically allowed up to $2,000 worth of cash withdrawals from any ATM per month. After you've reached this threshold, you’ll pay just a few pence or cents to withdraw cash from any ATM in the world. So if you're tired of the crippling withdrawal and currency exchange fees you've been paying until now, Wise is sure to become your new best friend. Depending on how often you travel and how much cash you usually withdraw, you could find yourself saving enough money to cover the cost of a meal out, an excursion or even another trip! Either way, you will regret not using Wise earlier.