Wise (formerly TransferWise) is a popular international money transfer service that aims to make moving money across borders easier, faster, and cheaper. Known for its transparent fee structure and real exchange rates, Wise offers a wide range of services that are particularly helpful for expats moving to Australia. Here’s a breakdown of what they offer and why it could be a good fit for you if you’re relocating to Australia.
Wise Services Overview
International Money Transfers
Wise allows you to send money to and from over 70 countries, using real mid-market exchange rates. This is the same rate you’d see on Google, without hidden markups.
Multi-Currency Accounts
Wise provides multi-currency accounts, which means you can hold over 50 currencies and convert between them at a low cost. This is ideal if you’re an expat managing finances across different countries or still dealing with expenses back home.
Wise Debit Card
With the Wise debit card, you can pay like a local in multiple currencies, directly from your Wise account. This is convenient for everyday spending and avoids the typical foreign transaction fees charged by many banks.
Business Solutions
If you’re an expat with a business in Australia, Wise also offers business accounts, making it easier to send and receive payments internationally with lower fees and simpler currency conversions.
Why Wise is Great for Expats in Australia
International Money Transfers
Wise allows you to send money to and from over 70 countries, using real mid-market exchange rates. This is the same rate you’d see on Google, without hidden markups.
Multi-Currency Accounts
Wise provides multi-currency accounts, which means you can hold over 50 currencies and convert between them at a low cost. This is ideal if you’re an expat managing finances across different countries or still dealing with expenses back home.
Wise Debit Card
With the Wise debit card, you can pay like a local in multiple currencies, directly from your Wise account. This is convenient for everyday spending and avoids the typical foreign transaction fees charged by many banks.
Business Solutions
If you’re an expat with a business in Australia, Wise also offers business accounts, making it easier to send and receive payments internationally with lower fees and simpler currency conversions.
Wise Fees Summary
The fees for using Wise depend on the currency and type of service, but here’s a general idea:
Transfer Fee
For most transfers, Wise charges a small percentage of the transfer amount (typically around 0.35% to 1.00%) plus a fixed fee, which varies by currency.
Currency Conversion Fee
For converting currencies, Wise charges a small fee based on the amount and currency pair. This fee is much lower than traditional banks.
Debit Card Fees
The Wise debit card has a one-time issuance fee and no monthly fee. ATM withdrawals are free up to a certain limit each month, with a small percentage fee afterward.
Overall, Wise is a user-friendly and cost-effective solution for expats in Australia who want a straightforward way to manage multiple currencies and make international transfers without the hefty fees and exchange rate markups common in traditional banking.
