Travelling abroad is exciting, but dealing with foreign currency exchange and international transaction fees can quickly become a hassle. Many travellers rely on their regular bank cards, only to be hit with hidden charges and poor exchange rates. Others turn to currency exchange kiosks, which often offer unfavourable rates and additional fees. This is where the Wise Travel Card (formerly TransferWise) comes in—a multi-currency debit card designed for international travellers. But is it really worth getting? Let’s break down the costs of using a traditional bank card abroad, the risks of currency exchange services, and why the Wise Travel Card could be a smarter choice.
The Hidden Costs of Using Your Regular Bank Card Abroad
When you use your standard debit or credit card overseas, you’re likely facing:
1. Foreign Transaction Fees (1-3%)
Most banks charge a foreign transaction fee (typically 1-3%) on every purchase made in a foreign currency. If you spend £1,000 abroad, that’s an extra £10-£30 in fees.
2. Dynamic Currency Conversion (DCC) Scams
Some merchants or ATMs offer to charge you in your home currency instead of the local one—this is called Dynamic Currency Conversion (DCC). While it might seem convenient, the exchange rate used is often much worse than your bank’s, costing you more.
3. Poor Exchange Rates
Banks and credit card companies don’t always use the real mid-market exchange rate (the one you see on Google). Instead, they add a markup, meaning you get less for your money.
4. ATM Withdrawal Fees
Withdrawing cash abroad? Your bank may charge:
- A flat fee (e.g., £5 per withdrawal)
- A percentage fee (e.g., 3% of the withdrawal amount)
- The ATM operator’s fee (another £2-£5)
These fees add up quickly, especially if you withdraw cash frequently.
The Risks of Using Currency Exchange Bureaux
Exchanging cash at airports or local exchange bureaux might seem like a good idea, but they often come with:
1. High Markups & Hidden Fees
Exchange bureaux rarely offer fair rates. They make money by giving you less foreign currency than you should receive.
2. Security Risks
Carrying large amounts of cash makes you a target for theft. If your money is lost or stolen, it’s gone for good.
3. Inconvenience
You’ll need to find a reliable exchange service, queue up, and deal with leftover currency when you return home.
Why the Wise Travel Card Could Be a Better Option
The Wise Travel Card is a multi-currency debit card that helps you spend abroad like a local, with minimal fees. Here’s why it’s worth considering:
1. Low & Transparent Fees
- No foreign transaction fees – Spend in over 40 currencies without extra charges.
- Real mid-market exchange rate – Wise uses the actual exchange rate (the same one you see on Google or XE), with only a small conversion fee (usually 0.35%-2%).
2. Hold & Convert 40+ Currencies
Load money in GBP, EUR, USD, or other currencies and convert at the best rate whenever you need.
3. Free ATM Withdrawals (Up to a Limit)
- Free withdrawals up to £200/month (or equivalent in other currencies).
- After that, a small fee applies (1.75% per withdrawal), but it’s still cheaper than most banks.
4. No Dynamic Currency Conversion (DCC) Tricks
Since Wise automatically uses the local currency, you avoid DCC markups.
5. Secure & Easy to Use
- Freeze/unfreeze your card instantly via the app.
- No risk of carrying large amounts of cash.
Maximise Your Savings with Tengah App
For travellers who frequently visit markets or need to negotiate prices abroad, pairing your Wise Travel Card with the Tengah App ensures you never overpay. Tengah shows:
- Fair price benchmarks for taxis, tours, souvenirs and more based on real traveller data
- Bargaining guidance to help you negotiate confidently in local markets
- Global coverage across popular bargaining destinations worldwide
“After getting overcharged in Bali, I used Tengah with my Wise card and saved over £60 on souvenirs and taxis in one week!” – Sarah, frequent traveller
When Is the Wise Travel Card NOT Worth It?
While the Wise Travel Card is great for frequent travellers, it may not be necessary if:
- You rarely travel abroad.
- Your bank already offers zero foreign transaction fees (e.g., some premium credit cards).
- You’re travelling to a country where cash is king (though Wise still helps with ATM withdrawals).
Final Verdict: Is the Wise Travel Card Worth It?
✅ Yes, if you:
- Travel internationally frequently
- Want to avoid hidden bank fees
- Need to manage multiple currencies
- Visit markets where bargaining is expected
❌ No, if you:
- Rarely leave the UK
- Already have a fee-free international card
For most travellers, the Wise Travel Card is a cost-effective and hassle-free alternative to traditional bank cards and currency exchange services. Combined with tools like Tengah for price transparency, it’s a smart way to manage your travel money.
