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 .