Global Travel Media » Blog Archive » TransferWise launches two debit cards in Australia for travellers, freelancers, expats and businesses

Home » Business News » Currently Reading:

TransferWise launches two debit cards in Australia for travellers, freelancers, expats and businesses

August 15, 2019 Business News No Comments Email Email

TransferWise, the technology company that moves money internationally, is releasing a first-of-a-kind debit card in Australia and New Zealand today, allowing millions to spend anywhere in the world – with zero transaction fees and no sneaky exchange rate markups.First launched in the UK and EU in 2018, the card has seen 15 million transactions have already been made on the TransferWise debit card around the world. TransferWise’s Aussie and Kiwi customers will receive a “Platinum” version of the debit card, as well as the simultaneous launch of a dedicated business debit card.

Independent research conducted by Alderson Consulting (Bristol) Ltd., showed the TransferWise Platinum debit Mastercard® is on average 11x cheaper than most popular travel debit and prepaid cards, offering significant savings when spending in New Zealand, the UK, US, and Europe. (See Editor’s Notes for price comparison).

For example, spending $1000 in New Zealand could cost you anywhere between $34 to $76 with your bank issued card, with TransferWise it would cost $8. A family holidaying in Europe stands to lose up to $244 in fees when spending $5000, whereas with TransferWise, it would cost them only $56.

The card is an extension of the TransferWise account — the world’s first multi-country account giving you your own bank account details in the UK, US, Eurozone, Australia and New Zealand with a click of a button. Over the past year, customers have deposited more than $10 billion in their TransferWise accounts. Key features of the account and new debit card include:

● Free to get, free to use: no monthly subscription fees, no sign-up fees, no monthly maintenance fees and no transaction fees
● Spend at the real exchange rate (the one you see on Google) with no sneaky exchange rate markups
● Withdraw up to A$350 every 30 days for free at any ATM in the world
● Hold and convert over 40 currencies instantly
● Secure: set spending limits, freeze/unfreeze the card instantly in the app and get real-time notifications for every transaction
● Smart money-saving technology: automatically chooses the currency that offers the best conversion rate
● Bank like a local anywhere in the world: Get international bank details for the UK, the US, Eurozone, Australia and New Zealand instantly— account numbers are unique to the holder. Use them to send and receive money in those currencies TransferWise’s personal and business card holders in Australia and New Zealand will also enjoy additional Mastercard benefits at no extra cost as part of the Platinum debit scheme:

1. E-commerce Protection: for online purchases up to US$200
2. Mastercard Airport Concierge: a 15% discount on Meet & Greet services available at over 700 airports around the world, regardless of which class you fly. Services include being fast-tracked through immigration, assistance with baggage on departure, or a chauffeured luxury vehicle upon arrival
3. Mastercard Global Health & Travel: access to healthcare and wellness packages from renowned hospitals and centres in APAC
4. Mastercard Priceless Cities: access to exclusive deals and experiences, in over 40 countries around the world offering discounts on hotel stays, restaurant bookings, spa treatments, and more
Independent research conducted by Capital Economics, revealed Australians lost a staggering $2.14 billion in 2018 alone on overseas card transaction fees, card ownership fees, overseas ATM withdrawal fees and hidden exchange rate markups when using an Australian debit, or prepaid travel card overseas.

In the last five years, transaction fees on travel and prepaid cards have more than doubled from $70m to $174m, and when it comes to exchange rate markups, bank-issued travel cards and prepaid cards are the worst offenders compared to other payment methods, costing Aussies $188 million last year alone.

The TransferWise Platinum debit Mastercard® is designed to stop the rip-off. “Aussies are known the world-over for being prolific travellers. Working and living overseas is a right of passage for many, so we think it’s unfair that your bank punishes you simply for wanting to spend your own money abroad”, Kristo Käärmann, CEO and co-founder, TransferWise said.

“As of today, exorbitant, non-transparent fees on international transactions are a thing of the past. TransferWise’s aim is to bring fairness into the finance sector and we’ve designed an innovative, smart debit card packed with lots of features, so you can enjoy more of your own money whether you’re going overseas on a holiday, are an expat, a digital nomad or using it for business.”

“We’ve made it incredibly cheap and transparent to spend money internationally with ourcar d, even if you don’t have the right currency. If you have the balance of the currency for the country you’re in, it will simply deduct the amount from that. If you don’t have any of the domestic currency, the card will automatically convert the currency for you at the same rate you see on Google.”

“We’re looking forward to Australians using our card all over the world and it won’t be long before our customers in Singapore get the card so they too can save.”

Comment on this Article:

Time limit is exhausted. Please reload CAPTCHA.

Platinium Partnership


Elite Partnership Sponsors


Premier Partnership Sponsors


Official Media Event Partner


Global travel media endorses the following travel Publication