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If you’re travelling abroad, you may be looking for an international card that saves you money on exchange rates and conversion fees. There are many different options available to you, including the 28 Degrees card from Latitude or the Wise (ex. TransferWise) debit card, each offering different features and benefits.
In this article, we’ll explore both of these options, delving into what these two companies do, the main features of each card, and a comparison of conversion fees and exchange rates to help you determine which card is right for you.
|💸 Hold over 40 currencies in your account and spend at the mid-market exchange rate with the Wise Debit card while abroad.|
Let’s take a quick look at these two companies to give you a better understanding of their backgrounds.
Latitude is a finance business in Australia that provide services regarding digital payments.¹
They provide services to 2.4 million people and offer services including credit cards, finance, personal loans, buy now pay later options, and credit insurance.¹
The Latitude 28 Degrees Global Platinum Mastercard is a travel card that is promoted to customers travelling in other countries that are looking to save money on international transaction fees.²
The card is a credit card and can be applied for online via the Latitude website.²
Wise (previously known as TransferWise) is a company specialising in international payments, providing services including international payment transfers and multi-currency accounts.
They provide services to Australian customers and businesses and are used world-wide by those looking for more affordable ways to send/receive money internationally.
The Wise debit card allows you to spend money in over 40 currencies with low conversion fees and no transaction fees.
It’s available to customers with a Wise account in the UK, US, Australia, New Zealand, Singapore, Japan, Switzerland, and EEA, Malaysia, Canada, Brazil and can be ordered online in 5 minutes.
Take a look at the below table to understand the main features of each card:
|28 Degrees Card¹||Wise Card ⁶|
| || |
As seen on 11 July 2023
Below is a comparison of the fees required when using a 28 Degrees card and a Wise card:
|Fee||28 Degrees¹||Wise ⁶|
|Application Fee||None||$10 AU|
|ATM Fees||3% or $4 AU (whichever is higher)|| |
|International Transaction Fees||None||None|
|Currency Conversion Fees||None||Conversion fees charged at the mid-market rate.|
|Interest rate on cash advances||29.99% P.A²||N/A|
|Payment Handling Fee|| ||N/A|
|Paper Statements||$2.50 AU²||N/A|
|Late fee||$35 AU²||N/A|
As seen on 11 July 2023
Here is a table showing the exchange rates used by 28 Degrees and Wise when you pay with either of these cards abroad or in a foreign currency:
|The exchange rate is calculated daily by Mastercard International. Transactions will initially be converted into US dollars before being converted to Australian dollars.³||Exchange rate charged at the mid-market rate.|
As seen on 13 July 2023
|Read more: What's the exchange rate of the 28 degrees card?|
We’ve included below some specific details to be aware of when spending or withdrawing money abroad using the 28 Degrees card and the Wise card.
If you’re using a 28 Degrees card when travelling abroad, you’ll incur no international transaction fees or currency conversion fees when spending online or in-store.¹
However, as this card is a credit card there are interest fees to bear in mind, with 26.99% P.A. interest on purchases and 29.99% P.A. interest on cash advances. You will receive an interest-free period of 55 days when applying for the card.²
For withdrawing money abroad, you will be required to pay 3% on cash withdrawals or $4 AU (whichever is higher).¹
When spending money abroad with a Wise card, it’s recommended that you select to pay in the foreign currency you need to pay in. This ensures that Wise carries out the conversion at the mid-market rate, therefore saving you money on conversion fees.⁶
When it comes to withdrawing money abroad the following fees apply (please note that third-party ATM fees may be applicable):
- 2 or less withdrawals per month - Free on $350 AU per month or under, 1.75% of the amount over $350 AU
- 3 or more withdrawals - $1.5 withdrawal on $350 AU per month or under, $1.5 AU + 1.75% of the amount over $350 AU
Note:Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks
Below is a list of supported currencies for the 28 Degrees card and the Wise card:
|Mastercard is accepted globally excluding the following countries³: ||GDP, CAD, USD, AUD, HUF, PHP, AED, IDR, PLN, ARS, INR, RON, BWP, JPY, SEK, BGN, KES, SGD, CHF, KRW, THB, CLP, LKR, TRY, CNY, MAD, TZS, CRC, MXN, UAH, CSK, MYR, UGX, DKK, NGN, UYU, EGP, NOK, VND, GEL, NPR, XOF, GHS, NZD, ZAR, HKD, EUR, ZMW|
As seen on 13 July 2023
Here are a list of pros and cons for the 28 Degrees card and the Wise card:
|Pros|| || |
|Cons|| || |
We’ve included below some information about card safety that is relevant to these two cards/companies:
As the 28 Degrees card is a Mastercard, it is not linked to any of your other accounts which prevents your other money from being at risk if fraud were to occur.
It also offers protection with the $0 AU liability guarantee from Mastercard.⁴
Wise is regulated by ASIC, and holds an Australian Financial Services Licence (AFSL), AFS Licence number is 513764. Wise is also authorised by Australian Prudential Regulation Authority (APRA) as an authorised deposit taking institution.
On top of this, Wise has dedicated compliance teams and systems working around the clock to keep our customers’ money safe.
A 2-step verification process is also in place to provide extra security. The systems for 2-step verification include the following options:
- Receiving a code by text/phone call
- Receiving a notification in the Wise app on a trusted device
- Entering a code from an authenticator app.
Take a look at the below table to view some review profiles for each of these cards:
|28 Degrees reviews||Wise reviews|
|Trustpilot reviews: 1.9 13 reviews:||Trustpilot reviews: 4.3 192,563 reviews|
|Product Review AU: 3.7/5 1,843 reviews||Capterra: 4.5/5 36 reviews|
As seen on 13 July 2023
You can use the information listed below if you need to contact either of these companies:
| || |
In summary, the 28 Degrees Global Platinum Mastercard is a good option for you if you’re looking for a card with no international transaction fees or currency conversion fees when travelling abroad.
The Wise card may suit you better if you’re to spend money that you’ve stored in different currencies within an existing Wise Account, and benefit from 2 or less free cash withdrawals under $350 AU per month. Ultimately the best choice for you is the card that better fits your needs.
You can register for a Wise Account in minutes and apply for a Wise card to spend this money in over 150+ countries at the mid-market rate. You can store your money in over 40 currencies with a Wise Account and start saving money on your conversion fees.
Join over 16 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.
- About Us - Latitude 28 Degrees Global Credit Card
- Home Page - Latitude 28 Degrees Global Credit Card
- FAQs - Latitude 28 Degrees Global Credit Card
- Your Guide To Safe Online Shopping - Latitude 28 Degrees Global Credit
- Multi-Currency Account - Wise
Sources checked on: 11 July 2023
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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