Travel overseas often? There’s now a debit card claiming to charge fees six times lower than everybody else – and it’ll even allow you to withdraw money overseas for free.
Both businesses and consumers can get the card, which has already been launched in the UK, Europe, US, Australia and New Zealand.
Singapore, this one’s for you! 🎉🇸🇬You can now order your TransferWise Platinum Debit MasterCard – and start saving up to *7x as much* every time you go abroad!
Posted by TransferWise on Monday, 14 October 2019
It comes with the ability to store money in different currencies, and acts as the equivalent of a local bank account in the five aforementioned countries.
Users get Mastercard benefits, and can withdraw up to S$350 every 30 days at any ATM in the world that accepts Mastercard.
TransferWise claims it is the first debit card in Asia to use the real exchange rate, which is the rate that pops up when you Google a currency conversion.
Fees are 0.67 per cent of every transaction (or 0.44 per cent for conversions to US, UK, Europe, Hong Kong and Australian currency) – compared to the market average of 4 per cent, the company said.
Unlike other cards, TransferWise said it does not charge sign-up fees, annual fees, or dormancy fees.
It added that it is working to make money-changing free for customers.
TransferWise’s APAC head for card products, Surendra Chaplot, said banks and card providers usually hid their fees in marked-up exchange rates.
“When you book a flight or a room, the airline or hotel tells you how much you are charged. But when you spend your card overseas, banks somehow believe they have the right to hide what they charge,” he added.
“This may have been acceptable in another century or decade, but consumers in an age of transparency should and will reject it,” he said.
TransferWise said the average Singaporean household spends S$650 a year on foreign exchange fees alone.