TransferWise Platinum Mastercard Reviews and Comparison - Seedly
 
TransferWise Platinum Mastercard
4.1
7 reviews
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bank account

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credit card

foreign currency

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exchange rate

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local bank

currency exchange

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  • Transferred Sing dollars from POSB to TransferWise account. Registered the TransferWise card with US retailer and tried to buy items. But the transaction was rejected. The US retailer’s message was : “The credit card was declined by the card issuer. Use a different card for payment or contact the card issuer for more information.” Received email from TransferWise that either the CVV (that’s the 3 numbers on the signature strip) or expiry date was wrong. But retry several times and the transaction still could not be executed. Feedback to TransferWise and waiting for assistance.
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  • Received the card after seeing it on instagram ,Physically Unique card and cool color, was able to transfer small sums to friends abroad
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    [[ Change log moved to bottom for readability ]] 1. Got email about rollout of debit mastercard in SG start of the month. Took slightly more than 1.5 weeks from acceptance to participate to getting physical card. 2. Inward funding a little slow as no (fee free) credit card topup (as is the case for YouTrip or Revolut). Can do paynow/bank transfer (TAT varies, had topups recognized in 3 minutes but other times, took about ~30 minutes to recognize) or debit/credit card topup which is recognized instantly but with a noticeable fee (2.65/2.8% of amount). On moving funds outward side, Transferwise integrates with local funds transfer/settlement systems where possible (eg for AU, use BSB codes but for UK, use Sort Code to identify banks). The benefit is that transfers are basically as fast as domestic transfers. For example, for SGD, TW disimburse funds using the domestic "FAST" transfer system for outward payments and funds are available essentially instantly after transaction instruction is given. For major currencies (USD/EUR/GBP), TW does fallback to SWIFT for those with specialized needs where the local payments system does not support (eg remittance of USD to an account in Singapore). In particular, an interesting use case discussed in the recent meet up was taking advantage of TW's good FX rates without the overseas remittance, so sending SGD from local bank account multi-currency account, coverting to USD and then sending the USD back to the local MCA and thereby avoiding the heavy markups local banks charge on currency changes. Definitely something to look into if you are doing investment in foreign currencies. 2a. Also nice feature for those who are topping up for EUR/USD/AUD/GBP - there is "virtual" local bank account details; so you can top up via a funds transfer from other bank accounts. For those planning business and investments activities, its helpful that the account is in your own name and TW allows downloads of statements as proof if needed (important as there may be restrictions on transfers between third party accounts as a anti-money laundering measure for certain transactions). 3. Usage is fine for local purchases and I have yet to do overseas transaction 4. Note cannot use for ATM here so no withdrawals and haven't managed to find one that supports PIN change. 5. Did a comparison of FX rates (after fees) on a moderate sized nominal amount, converting 9k AUD to SGD. Transferwise rate was middle of the pack and approx 45 basis points away from the best provider (Revolut - but note their service has limits so may not scale to larger amounts) and fairly similar to Currency Fair, another institution based out of UK. 6. Did have difficulties navigating the app/website and was looking to get help/support and found that while TW offer quite an extensive FAQ/help-guide, if you do have a need to speak to a live person, then you get a phone number to call... IN THE UK (!) So a little bit of a downer, can't really get live support without an international phone call (contrast with Revolut, same for a call but they do have live chat) 7. Also, as part of the Transferwise meetup session (props to Seedly for organizing!), had the pleasure of open Q&A with the TW overseas staff from Product Marketing and Operations who shared some insights on Transferwise's intentions going forward. Right now, Transferwise and Revolut are both hot FinTech names that have made a splash by rolling out similar products in SG. However, TW is focused on "helping people move their money and spending it", so the firm is putting most energy into about making the core remittance function (moving) and debit card function (spending) as customer friendly and economical as possible. This is in contrast to Revolut where having started with remittances, they are now moving into deposit accounts and other areas (stock trading, cyptocurrencies (!?!)). So while their capabilities may not be best in class (eg TAT on funds transfers is quite poor), they can do a bit of everything. Overall, looks like Transferwise doing a good job on their stated intention and the core functions do work well and solid product on top of their existing currency transfer offering. [[ Updates: 5 Nov - para 2- updated debit/credit card topup fee for new charge level - its quite high! 29 Oct - para 6 - Added details about help channel - no local live contact accessible locally 17 Oct - para 2, 7 - Added in detail about local clearing, virtual accounts and other pieces from meet up on 15th. 10 Oct - para 5 - Added info about comparison with Revolut/Currencyfair. tldr - its the middle of pack 8 Oct - para 2 - Added info about TAT for transfer out - its fast! 7 Oct - para 2 - Adding info about local bank account details ]]
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    Kenneth Lou
    Kenneth Lou

    23 Sep 2019

    Interesting review! You are one of the first few to get this in Singapore, if Im not wrong..
    Kelly Trinh
    Kelly Trinh

    24 Sep 2019

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    Thanks dude - have relatives o/s so using remittance services quite a lot and had waitlisted for the Transferwise card ages ago. Coincidentally Revolut rollout happening concurrently and just posted review on initial thoughts...
  • I am a Malaysian working in Singapore. Hence it is common for me to exchange my SGD to MYR. Occasionally, I change to other currency when I am on holiday. Throughout my experience of changing SGD to MYR and other currency. I have personally list down a few points that are important to me. 1) Convenience In digital era, I tend to convert them digitally rather than conventional currency exchange shop as it is fast, easy to compare, save queue time and most importantly security and safety. That is why TransferWise suit my needs! 2) Rate and fee In the same day or time, I compare a few ways of changing SGD 1000 to MYR. I have 4 options as per below: a) change at conventional shop at 1 SGD to MYR 3.02. (MYR 3020) b) use remittance service with fee of SGD 10 at better rate MYR 3.03 (MYR 2999.7) c) use TransferWise at fee of SGD 8 but better rate MYR 3.05 (MYR 3025.6) d) use CIMB SG, rate is MYR 3.015 (MYR 3015) Winner is TransferWise, good rate, low fee and top security and convenience. 3) TransferWise offer 40 types of popular currency, that is amazing and very useful 4) Exchange rate alert is very useful for me. As I use a lot of MYR, I don't mind to exchange more MYR when the rate is attractive. With the alert, it help me save money too! 5) With the new debit cards, you are entitled for 5 bank account in 5 different country, that is very cool too. It make you save money and easier if you have transaction over that country no matter it is business or leisure. 6) With comparison chart standby give you peace in mind to ensure that you always get the best rate. Because different amount of exchange also affect the choice available. Hence this chart is useful no matter your amount is low or high to guarantee you always execute the best option 7) Last buy not least, referral reward. For every 3 active referral (transfer of SGD 250), you get SGD 100. That is very good reward as you can refer to your friends with confidence and high successful rate, mainly TransferWise give a lot of advantage to the user that deal with multicurrency. As the world getting smaller and more international, I believe everyone should get one of TransferWise debit card with no doubt!! Hence, referral is kind of easy money :)
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  • I see Transferwise as the Google/Android of Foreign Currency Exchange and Revolut as Apple. The reason being that Transferwise is very engineering based which is good for techies whereas Revolut focuses on being sleek and easy to use. Not going to try and discuss both here but hope that frames my review of Transferwise. 1. I appreciate that Transferwise is upfront about comparing its rates to others and admitting if it's not the best. Their focus on helping people transfer money with the lowest cost is like Google's "Do not evil" motto, simple and effective. 2. Another thing I find better is that it doesn't have a money transfer limit which Revolut has. Although 9k is a bit much for some, those who trade or buy from overseas brokerages often will find this a relief. And yes, Transferwise bank account details can be used for some overseas brokerages. 3. One cool thing is that unlike Revolut which has "wallets", Transferwise actually opens bank accounts for you overseas in some places! 4. Although Transferwise does not now have digital cards, it's something that they are working towards. I like that they are quite receptive to feedback almost in a nerdy/geeky sorta way (they only have 1 marketing guy for 100 engineers). 5. Lastly, it's a bit hard to measure but just visiting their office, I get a Google-ish vibe and feel that they will last long. I appreciate that they went from 1% fees to 0.1% and are challenging themselves to make it 0.01% or less in the future. I really like how they are upfront about fees and time as well =)
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  • Updated on 17 Oct 2019
    Hi all, I was introduced to TransferWise two to three months back, I mainly use it for transfer funds cross borders. Just last month, I registered as their "beta tester" for debit card and got approved about 2 week later or so only. SO , honestly, I have not use physically the TW debit card yet! 1. The APP UI is simple to use and straightforward. e.g. Adding foreign banks details is simple and straightforward. No rocket science 😉 2. The thing which i like about TW , is you can create virtual foreign bank account (USD, AUD, EUR, GBP, NZ, Polish), which you can set it up to receive funds. This can be quite useful, if u need it. 😉 3. You can set up other foreign currencies (but with no bank account details). This is pretty useful too, if you are planning a trip oversea, e.g. Thailand, you can setup a THAI BAHT account. You can then top up your TW account with SGD and then do a exchange to BAHT!. and Trust me! You wouldnt need to hunt in-country for the best money exchanger giving you the best rates! Simply because, TW offer you VERY competitive FOREX rates! and you can use use the debit card , tap and pay or just sign it off! 😉 4. On above point, unlike credit card, on top of the FOREX rate, there is an additional fee. So it fee on fees! (But i do understand therea a bank with no fee on foreign country usage.) But of course, if you use a MILES cards, you can clock some MILES on foreign spendings . Else, cashback credit cards, you can get some cashback. So it up to individuals though. As on this point, it would be useful for those who arent eligible for a credit card. (Hence I will still give it a thumbs up) 😉 5. (still) On above points, you do not have to exchange with loads of foreign currencies, which potiential you might misplace or being rob overseas (touch wood). In this case, you can just topup the TW debit card and you can "freeze" the card, if you lost it! 😉 6. It bring us to the next point, within the TW APP, you can view the card details, and retrieve the pin. (But currently, we are not able to change the card pin number using the app. and locally the Banks ATM doesnt support TW debit card to change card pin. I hope TW can possibly add this function in their APP or work with local bank ATM (idk maybe ATM5? ) so this is a 😣 7. To top up your TW account is also simple and theres many choices to do so, e.g. , Interbank Transfer, credit/debit card (but u will incurr a few percent of addition charge) 😉 8. I had done EUR fund transfers, there is a TW fee ,It will show you a comparsion with other banks transfer fee . it has the lowest!😉 9. Within the APP, you can view and/or download monthly statement im PDF or CSV formats.😉 In conclusion, 8x😉 VS 1x😣 . There is just many good things about TransferWise , and Im begining to wonder how existing money exchangers will survive .
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  • Updated on 16 Oct 2019
    From a UI and UX perspective, app was easy to use. Spending via the Transferwise Mastercard was also seamless. Upon making a purchase with the card, a notification pops up on the app almost instantly to acknowledge a recent purchase made. Topup to SGD balance was near-instant via Paynow. If topup via other means like credit/debit card, a transaction fee will apply. This is one aspect which Transferwise pales in comparison to Youtrip and Revolut, where fees are waived for topup via credit/debit card. When it comes to FX, the ability to receive 5 foreign currencies through a bank account with details was a huge plus point. One does not need to go through the hassle of opening a bank account in Europe, UK, New Zealand, Australia and U.S. because Transferwise lets you receive these currencies with a respective local bank account in your name. I understand that more currencies/countries will be supported in the future. Don't ask me how this is done but I like to believe its magic. Performing FX within the app is also simple and transparent where fees and exchange rate breakdown is shown in a clear and concise manner. Rates are generally quite competitive and competitors' rates are also displayed alongside Revolut's rates to convince users that Transferwise is the way to go when it comes to FX. Withdrawing balances from Transferwise is also a seamless process, although some fees would be incurred. Withdrawing to a bank account on Revolut does not incur any fees. This is another aspect that Transferwise pales in comparison to Revolut. Another thing I noticed is that Transferwise supports more currencies, especially in the Asia Pacific region which may be more useful for Singaporeans travelling nearby. Some of these currencies include VND, CNY, INR(Indian Rupee), IDR(Indonesia Rupiah), MYR. Other asian currencies like THB, JPY, HKD are available on both Revolut and Transferwise. Overall, Transferwise proves to be a fuss-free, full-featured multi-currency card that has several advantages over Revolut but also lose out in some aspect. Really boils down to which features you can take advantage of to determine which is the one for you. One thing for sure that Transferwise trumps over is Youtrip, which remains a basic one-way multi-currency card where funds can go in but the only way to get it out is by spending because there is no withdrawal function.
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About TransferWise Platinum Mastercard
OperationsTransferWise is a remittance company that strives to help its customers transfer money across borders at the lowest possible cost.
TypeMobile App with a physical debit Mastercard
Currencies SupportedYou can spend on your TransferWise Platinum debit Mastercard in 150+ currencies around the world. Similarly, you can hold and manage in your TransferWise account in 40+ countries for free.
FeesNo annuals fees with low conversion fees

About TransferWise

TransferWise started off as a remittance company that strives to help its customers transfer money across borders at the lowest possible cost. Today, it has progressed to venture into multi-currencies as well.

TransferWise Platinum Mastercard's Features

  • Zero Foreign Transaction Fees - No annual fees and low currency conversion fees
  • Free ATM withdrawals worldwide - Free cash withdrawals up to S$350 every 30 days
  • Spend in 150+ currencies all around the world
  • Conversion to 40+ currencies including Malaysia and Thai Baht.
  • Enjoy 10% off on your next trip when paying using TransferWise card on Agoda.com

How To Get A TransferWise Platinum Mastercard?

- Sign up for your TransferWise account online or download the app to apply for the free card (takes 2-3 days to be delivered)

- Upon arrival, activate the card either online or via the app to get your PIN. (This PIN will not change and it is private to you only)

- To activate contactless, you can buy something with the chip and pin

Summary of TransferWise Account Pricing

  • Creation of account: Free
  • TransferWise Platinum Debit Mastercard: Free
  • Hold 40+ Currency balances: Free
  • Receive money in EUR, USD, GBP, AUD & NZD: Free
  • Convert EUR, USD, GBP, AUD & NZD: 0.44% - 0.47%
  • Spend in rare currencies: 0.35% - 2.2%
  • ATM withdrawals up to S$350/30 days: Free

TransferWise Contact Info

You can contact TransferWise here.