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Wise Launches Traveler- and Immigrant-Friendly Debit Card
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Chanelle Bessette is a personal finance writer at NerdWallet covering banking. She previously worked at Fortune, Forbes and the Reno Gazette-Journal. Her expertise has appeared in The New York Times, Vox and Apartment Therapy.
Carolyn Kimball Assigning Editor - Banking | Los Angeles Times, San Jose Mercury News
Carolyn has worked in newsrooms around the country as a reporter and editor. Her interests include personal finance, sci-fi novels and ridiculous Broadway musicals.
Wise (formerly TransferWise) an international money transfer service, announced this week the launch of a new Mastercard debit card alongside its foreign currency account that will make it cheaper and faster for customers to spend, send and receive money overseas. Travelers can spend on the card in any of more than 40 currencies and Wise will automatically convert the charge at the best rate from the customer’s account.
Dubbing it a “borderless account” that’s “like an international Venmo,” Wise aims to make it easier and less expensive for people to convert money quickly between currencies, especially when traveling or living abroad.
Card benefits include no foreign transaction fees, no annual or monthly fees, free ATM withdrawals up to $250 every 30 days, the ability to freeze and unfreeze your card, an app, and, for U.S. customers, Apple Pay, Google Pay and Samsung Pay capabilities.
4.20%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
4.60%Annual Percentage Yield (APY) is accurate as of 11/19/2024. APY may change at any time before or after the account is opened. Available only online.
4.50%4.50% APY for $0 to <$250k; 4.80% APY for $250k+ balance
Min. balance for APY
$0
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
4.75%*Current promotional rate; annual percentage yield (variable) is 4.25% as of 11/8/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .50% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks (www.betterment.com/cash-portfolio) conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
0.10%Advertised Annual Percentage Yield (APY) is variable and accurate as of 07/01/2024. Rates are subject to change at any time before or after account opening.
In addition to catering to travelers, the service is meant to ease financial complications for those who have moved away from their home countries, according to the company. The Wise website includes an area dedicated to the stories of immigrants to the U.S. and other countries, including narratives from company co-founders Kristo Kaarmann and Taavet Hinrikus and “Queer Eye” star Tan France.
The account converts money based on the mid-market exchange rate (the rate you’d see on sites like Google or Yahoo Finance) and charges a relatively small fee to do so. Wise also offers money transfer services to more than 70 countries.
