TransferWise Platinum Mastercard Reviews and Comparison - Seedly
 

TransferWise Platinum Mastercard

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Multi Currency Cards/TransferWise Platinum Mastercard

TransferWise Platinum Mastercard

None
MIN. TOP-UP
More than 40
HOLDING CURRENCIES
Free for first $350
ATM WITHDRAWAL

    TransferWise Platinum Mastercard

    None
    MIN. TOP-UP
    More than 40
    HOLDING CURRENCIES
    Free for first $350
    ATM WITHDRAWAL
Reviews (7)

3.9

7 Reviews

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bank account

account details

foreign currency

debit card

local bank

debit credit

credit card

exchange rate

usd aud

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  • Updated 2h ago

    Purchased

    TransferWise Platinum Mastercard

    <Limits> Jan 23rd - TW has hit a problem with new Payment Services Act from MAS; they are not subject to hard limit of S$5k per day and will forcibly transfer out money to external account to meet that requirement. All remittances now subject to S$30k annual limit. Basically they have hit problem with their combining of remittance service (which can need high values on one off basis) with the stored value card (which may need balance/transaction limits for safety). Probably should have managed product strategy better to avoid the clash of purposes between two offerings. Nov 20th - Dropped from 5 stars to 3 stars due to change in limit of account. Transferwise seems to be not managing growth properly. Early (Oct 10) they put in a limit of S$50k for the borderless account. Large enough for day to day and one off large transfers. Only a little more than month later they now have a limit of S$10k (too many customers with large balances meaning their total holdings exceeds MAS limits). At this level; users with large one off transactions will need more extra handling. <Onboarding> 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. <Funding> 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. Do note for foreign currency deposits there may be a SWIFT fee charged by your receiving bank. 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). <Debit Card> 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. <Rate Competitivenes> 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. <Customer Service> 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. <Overall> 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. <Changelog> 23 Jan - update on MAS requirements 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
    2 comments
    6
    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

    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...
  • Posted on 10 Nov 2019
    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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  • Posted on 23 Oct 2019
    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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  • Posted on 20 Oct 2019
    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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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.