Wise, formerly TransferWise, is exactly the banking tool you need when traveling. Paying while globetrotting can be challenging, but with Wise, navigating all the different currencies becomes as effortless as capturing your destinations’ sunsets on your phone. Wise has become a fantastic travel companion for adventurers around the globe. I’ve been using it since 2016 for everything from paying rent to buying farm boxes to paying for a traffic ticket. Wise makes it easy to transfer money from home to anyone, anywhere, in any currency.
*This post contains an affiliate link. I love Wise and am happy to share how to use them and why I think they are great.
Like many of life’s best inventions, Wise was born from a funny story. The founders both lived in London but were from Estonia. Taavet worked at Skype and was paid in Euros. Kristo worked for Deloitte and was paid in British Pounds. He had a mortgage back in Estonia and needed to pay it monthly, so Taavet paid it for him in Euros. They both got sick of the exchange rates from their banks. They envisioned a world where currency conversion didn’t mean losing large amounts of money in hidden fees. With Wise, they turned their vision into reality, crafting a platform that offers transparent, low-cost money transfers. It’s the perfect starting point for our journey, showing that solutions born out of travel woes can revolutionize the way we roam.
How Wise Works
Wise operates on a simple yet ingenious principle; it bypasses expensive international wire transfers by utilizing two local transfers instead of one international transaction. For example, you’re sipping a coffee in a Parisian café, organizing your next adventure, and planning to transfer euros to your tour guide in Thailand. With Wise, your euros are sent to Wise’s bank account in France, and the equivalent in Baht is sent from Wise’s Thai account to your guide. This sleight of hand not only cuts costs but ensures you get the real exchange rate.
Multi-Currency Account
For the intrepid traveler, the Wise Multi-Currency Account is a wallet that holds over fifty currencies, enabling use whenever needed. This becomes especially useful if you fly to different countries all the time. The account comes with a debit card accepted worldwide, allowing you to pay like a local wherever your wanderlust takes you. This is also great when you see currency values go down. I bought some Hungarian Forint a few years ago when their value was way down. I’m glad I did because it went back up a lot, but it’s ok because I bought it ages ago, so I made money on it, essentially. I use it to pay for car washes, shopping, and whatever we do in Budapest when we travel there a couple of times a year. I like to save money, so this is a hack I enjoy repeating, especially whenever I can get extra Euros at a lower rate.
Reduced Bank Fees
One of the greatest perks of using Wise while traveling is waving farewell to hefty bank fees for international transactions. Every penny saved on conversion fees is another penny you can spend on travel experiences. With Wise, your travel budget stretches further, making every trip a little richer in experience.
Instant Bank Transfers
Sometimes, travel throws us curveballs. Maybe you lose your wallet paragliding in the Swiss Alps, or perhaps you find that perfect yoga retreat while in Bali, but you need to book it immediately. Wise’s instant or near-instant transfers across many routes mean you’re never left in a lurch. Thanks to the swift movement of funds across continents, you can easily continue your adventure uninterrupted.
A Secure Vault on Your Money
Wise acts as a secure vault, safeguarding your funds with industry-leading technology. It’s regulated by financial authorities around the globe, ensuring your money’s safety no matter how far off the beaten path you venture. This peace of mind lets you focus on the thrill of discovery, not worry over your wallet.
My first trip on my own was to Scotland in 2006. After I graduated from university, my friend and I went to Edenborough for the Fringe Festival. We were super excited for this annual theater festival and made sure to stock up on American Express traveler’s checks because that was the safe way to travel with money back then. Now, I can just tap my phone application a couple of times to transfer money or push my card into a local ATM. Wise makes it all so much easier.
Wise is at the forefront of banking, continuously innovating to make our global explorations easier. Whether it’s adding new currencies to their platform, improving transfer speeds, or introducing cutting-edge security features, Wise is paving the way for a world where financial borders blur, making every corner of the globe within reach. As travelers, our quest is not just to see the world but to experience it in its full glory, unburdened by the mundane worries of financial logistics. Wise is more than just a financial tool; it’s a passport to a borderless world. It empowers us, too.
I also use Wise for business.
Use our affiliate link to sign up for Wise. Use Wise whenever you need a helping hand to transfer money wherever you end up in the world. Just open an account, add the bank details that you will use for access to cash, and then create a transfer to whomever you need to send money. You can also open an account for a Visa card or buy up to fifty different currencies that stay in your account as balances, all with the tap of your finger on their application. I’ve used Revolt and other sorts of accounts, but I prefer Wise. It’s so easy. If you find this useful, please subscribe to more travel technological and financial solution blogs. Have a lovely day.
