Fintech

Transferwise Launches First Travel Debit Card That Uses Same Exchange Rates Found On Google

Everyone loves travelling, but what we love a little less is the currency management that comes with it.

Exchange rates at money changers always leave you feeling like you’ve made a loss, and on top of that you’re always wondering if you brought enough cash to last you the entire trip as well.

If you’ve ever felt that way, then fintech company Transferwise’s new debit card might be worth looking into.

Made available in Singapore today (15th October), this marks the card’s debut in Asia after successful launches in the US, UK, Europe, Australia and New Zealand.

To date, customers worldwide have made US$10 billion in deposits, and hold US$1.5 billion in current deposits with the company.

“Singaporeans are avid travellers, but banks have not provided an affordable, transparent card option for spending abroad, either to individuals or businesses,” TransferWise’s head of APAC Card Product Surendra Chaplot said in a press release.

“The TransferWise card is here to solve a real problem which costs Singaporeans over one billion dollars in hard-earned money every year.”

According to an independent survey, the average household loses $650 in bank and processing fees. / Image Credit: Vulcan Post

So how does the card work, exactly?

Well, it basically functions like a standard MasterCard debit card, but according to TransferWise the card is the first one in Asia use to the same exchange rate that’s found on Google, which is 6 times cheaper than the current Singapore market average.

The card also comes with a multi-currency account that can store and convert money in over 40 currencies, which pretty much eliminates the need to visit a money changer ever again.

And in the event that you do need to draw money, there are no card charges for the first $350. This refreshes every 30 days, which should be enough for most travellers who go for the occasional holiday.

If this all sounds too good to be true, here’s the best part — the Transferwise card is 100% free to sign up, with no hidden fees whatsoever.

All you have to do is head to the TransferWise website, verify your identity via Singpass or providing some documentation, and you’ll receive your card in the mail in a few days, no strings attached.

“TransferWise’s mission is money without borders — instant, convenient, transparent and eventually free,” said Head of APAC and Middle East Expansion Venkatesh Saha said.

“Even though our Singapore card is six times cheaper than the market average, we will stay focused on further reducing our conversation rates to as close as zero as possible.”

Feature Image Credit: Vulcan Post

 

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