I love to travel, but one of the things I don’t like is having to deal with exchanging money. It’s hard to know where to get the best rate, having to waiting in line at the bank and having to carry cash.
Also, using your credit or debit card outside Canada can be confusing when you are being asked to use Canadian dollar or other currencies, not to mention hidden fees in the exchange rate. In my research for travelling abroad and retiring early to Spain, I found many people recommend using Wise can make the process much easier and more affordable.
I decided to give Wise a try last year when I went to Barcelona. It was super easy to sign up and from the 50 currencies available, I was able to create Canadian and Euro accounts easily. The Wise app is super easy to use and you can get free virtual cards to add to your Google or Apple Pay. I also orderd a physical debit card that arrived in the mail a few days later.
It was super easy to to transfer money to Wise from my bank account. I just used an Interac e-Transfer and within a few minute the money was in my account. I then used the app to watch for when I might get the best exchange rate and when I did I instantly exchanged Canadian dollars for Euros. I got a much better rate than I would have at one of the big banks or withdrawing cash once I got to Europe.
Once I got to Spain, it was super easy to use my Wise virtual card with Google Pay. In restaurants, shops and to purchase transit fares. Since it’s Visa debit, I was also able to use it as a payment method for Uber.
Because I had Euros in my account, that was the currency all my transactions were in. If you don’t have the local currency, they’ll convert other currencies for you automatically at a great rate. I also really liked that every time I used it the app send a notice and let me know how much was remaining in my account.
Because not all places take cards, I was able to use my Wise debit card to withdraw some Euros. I really like that I can take out up to the equivalent of 350 Canadian in cash a month for free and there are low fees on withdrawals after that.
Since that trip, I have always used Wise for exchanging money, taking out cash and paying on vacation. If you’re planning a trip abroad, consider using Wise for your currency exchange and payment needs.
Photo by Ibrahim Boran on Unsplash
