Travelling overseas? Get your Wise account and Visa debit card to save 5x when you spend money abroad!

An independent researcher compared Wise to six other Australian banks. They found that it’s on average 5x cheaper to spend money abroad with the Wise Visa debit card. And our fees are on average 1.7x cheaper to withdraw 1,000 AUD from an ATM. There are no set up fees, monthly fees or minimum balance requirement with the Wise account. It’s also up to 7x cheaper to send money overseas.

What we researched

The research was carried out in June 2022 by an independent market research agency, Alderson Consulting, in conjunction with Wise. The data was gathered through publicly available pricing information and mid-market rate comparison data provided by Refinitiv, formerly known as Reuters.

The different fees recorded for this price comparison include:

• Cost^ of 250 AUD and 1,000 AUD point of sale (POS) transaction (this is when your card is swiped at a register or machine at a store or restaurant)
• Cost^ to withdraw 250 AUD and 1,000 AUD from an ATM abroad in another currency
• Cost# to send 250 AUD and 1,000 AUD abroad
• Monthly account fees

^With regard to the cost of spending using debit cards overseas, there may be additional costs to the consumer where the bank applies a retail margin to the rate provided by Visa or Mastercard. In the interest of fairness as it is not possible to accurately determine these costs, we only compare the charges declared by the banks in their online documentation or confirmed via social media.

#The costs collected are made up of both the foreign transaction fee and any exchange rate mark up.

Research took place on transactions from AUD to EUR, GBP, NZD and USD. The companies included in the comparison were ANZ, Citibank, CommBank, ING, NAB and Westpac.

How we did it

When comparing Wise to the propositions of the specified banks, we remove the consumer initiated advantages i.e use of currency balances or currency auto-detection. In brief, we assume that the conversion takes place at the point of transaction. This is consistently applied across all propositions, including Wise.

When comparing the cost to “Send” funds, we log in to live consumer accounts and capture the rate and fees associated with sending both 250 AUD and 1,000 AUD to the specified destinations of Germany, New Zealand, the UK and the USA. Where the fees are not included within the customer journey, we obtain via social media, confirmation of the fees directly from the banks in question before applying the fees reported. When calculating the total cost of sending funds overseas, the rate provided by the bank is compared to a “to the minute” accurate mid-market rate provided by Refinitiv, formerly Reuters. The difference between the two rates provides the % taken by the bank, also known as the retail margin. The retail margin value is then added to the fees to provide the total cost to the consumer.

For the remaining areas of comparison, “Spend”, “Withdraw”, and “Maintain”, we use information taken directly from the relevant bank’s website relating to the product in question or as guided by the bank i.e general fee documents. Where there is any question of interpretation, we obtain further clarification via social media before applying the fees reported.

Research is undertaken over 5 consecutive working days (Monday to Friday) during standard trading hours and is currently updated regularly. It is acknowledged that banks may change their propositions during that period and therefore, the published results should be considered indicative and individual experiences may differ.

What we found out

Fees to make a 250 AUD POS transaction using a debit card

On average, it’s 5x cheaper to spend 250 AUD internationally with Wise compared to the 6 banks in Australia — ANZ, Citibank, CommBank, ING, NAB and Westpac.

AUD → EUR: Wise Visa Debit Card is on average 5x cheaper

• Wise Visa Debit Card: 1.10 AUD
• ANZ Visa Debit Card: 7.50 AUD
• Citibank Debit Card: 0.00 AUD
• CommBank Debit Mastercard: 7.50 AUD
• ING Orange EveryDay Card: 7.50 AUD
• NAB Visa Debit card: 7.50 AUD
• Westpac Debit Card: 7.50 AUD

AUD → GBP: Wise Visa Debit Card is on average 5x cheaper

• Wise Visa Debit Card: 1.10 AUD
• ANZ Visa Debit Card: 7.50 AUD
• Citibank Debit Card: 0.00 AUD
• CommBank Debit Mastercard: 7.50 AUD
• ING Orange EveryDay Card: 7.50 AUD
• NAB Visa Debit card: 7.50 AUD
• Westpac Debit Card: 7.50 AUD

AUD → NZD: Wise Visa Debit Card is on average 5x cheaper

• Wise Visa Debit Card: 1.10 AUD
• ANZ Visa Debit Card: 7.50 AUD
• Citibank Debit Card: 0.00 AUD
• CommBank Debit Mastercard: 7.50 AUD
• ING Orange EveryDay Card: 7.50 AUD
• NAB Visa Debit card: 7.50 AUD
• Westpac Debit Card: 7.50 AUD

AUD → USD: Wise Visa Debit Card is on average 5x cheaper

• Wise Visa Debit Card: 1.10 AUD
• ANZ Visa Debit Card: 7.50 AUD
• Citibank Debit Card: 0.00 AUD
• CommBank Debit Mastercard: 7.50 AUD
• ING Orange EveryDay Card: 7.50 AUD
• NAB Visa Debit card: 7.50 AUD
• Westpac Debit Card: 7.50 AUD

Fees to make a 1,000 AUD POS transaction using a debit card

On average, it’s 5x cheaper to spend 1000 AUD internationally with Wise compared to the 6 banks in Australia — ANZ, Citibank, CommBank, ING, NAB and Westpac.

AUD → EUR: Wise Visa Debit Card is on average 5x cheaper

• Wise Visa Debit Card: 4.40 AUD
• ANZ Visa Debit Card: 30.00 AUD
• Citibank Debit Card: 0.00 AUD
• CommBank Debit Mastercard: 30.00 AUD
• ING Orange EveryDay Card: 30.00 AUD
• NAB Visa Debit card: 30.00 AUD
• Westpac Debit Card: 30.00 AUD

AUD → GBP: Wise Visa Debit Card is on average 5x cheaper

• Wise Visa Debit Card: 4.40 AUD
• ANZ Visa Debit Card: 30.00 AUD
• Citibank Debit Card: 0.00 AUD
• CommBank Debit Mastercard: 30.00 AUD
• ING Orange EveryDay Card: 30.00 AUD
• NAB Visa Debit card: 30.00 AUD
• Westpac Debit Card: 30.00 AUD

AUD → NZD: Wise Visa Debit Card is on average 5x cheaper

• Wise Visa Debit Card: 4.40 AUD
• ANZ Visa Debit Card: 30.00 AUD
• Citibank Debit Card: 0.00 AUD
• CommBank Debit Mastercard: 30.00 AUD
• ING Orange EveryDay Card: 30.00 AUD
• NAB Visa Debit card: 30.00 AUD
• Westpac Debit Card: 30.00 AUD

AUD → USD: Wise Visa Debit Card is on average 5x cheaper

• Wise Visa Debit Card: 4.40 AUD
• ANZ Visa Debit Card: 30.00 AUD
• Citibank Debit Card: 0.00 AUD
• CommBank Debit Mastercard: 30.00 AUD
• ING Orange EveryDay Card: 30.00 AUD
• NAB Visa Debit card: 30.00 AUD
• Westpac Debit Card: 30.00 AUD

Fees to withdraw 250 AUD using a debit card every month
It’s free to withdraw 250 AUD internationally with Wise compared to the 6 banks in Australia — ANZ, Citibank, CommBank, ING, NAB and Westpac.

AUD → EUR: Free withdrawal with Wise

• Wise Visa Debit Card: 0.00 AUD
• ANZ Visa Debit Card: 12.50 AUD
• Citibank Debit Card: 0.00 AUD
• CommBank Debit Mastercard: 12.50 AUD
• ING Orange EveryDay Card: 12.50 AUD
• NAB Visa Debit card: 12.50 AUD
• Westpac Debit Card: 12.50 AUD

AUD → GBP: Free withdrawal with Wise

• Wise Visa Debit Card: 0.00 AUD
• ANZ Visa Debit Card: 12.50 AUD
• Citibank Debit Card: 0.00 AUD
• CommBank Debit Mastercard: 12.50 AUD
• ING Orange EveryDay Card: 12.50 AUD
• NAB Visa Debit card: 12.50 AUD
• Westpac Debit Card: 12.50 AUD

AUD → NZD: Free withdrawal with Wise

• Wise Visa Debit Card: 0.00 AUD
• ANZ Visa Debit Card: 12.50 AUD
• Citibank Debit Card: 0.00 AUD
• CommBank Debit Mastercard: 12.50 AUD
• ING Orange EveryDay Card: 12.50 AUD
• NAB Visa Debit card: 12.50 AUD
• Westpac Debit Card: 12.50 AUD

AUD → USD: Free withdrawal with Wise

• Wise Visa Debit Card: 0.00 AUD
• ANZ Visa Debit Card: 12.50 AUD
• Citibank Debit Card: 0.00 AUD
• CommBank Debit Mastercard: 12.50 AUD
• ING Orange EveryDay Card: 12.50 AUD
• NAB Visa Debit card: 12.50 AUD
• Westpac Debit Card: 12.50 AUD

Fees to withdraw 1,000 AUD using a debit card every month

On average, it’s 1.7x cheaper to withdraw 1,000 AUD internationally Wise compared to the 6 banks in Australia — ANZ, Citibank, CommBank, ING, NAB and WestPac.

AUD → EUR: Wise Visa Debit Card is on average 1.7x cheaper

• Wise Visa Debit Card: 15.78 AUD
• ANZ Visa Debit Card: 35.00 AUD
• Citibank Debit Card: 0.00 AUD
• CommBank Debit Mastercard: 35.00 AUD
• ING Orange EveryDay Card: 35.00 AUD
• NAB Visa Debit card: 35.00 AUD
• Westpac Debit Card: 35.00 AUD

AUD → GBP: Wise Visa Debit Card is on average 1.7x cheaper

• Wise Visa Debit Card: 15.78 AUD
• ANZ Visa Debit Card: 35.00 AUD
• Citibank Debit Card: 0.00 AUD
• CommBank Debit Mastercard: 35.00 AUD
• ING Orange EveryDay Card: 35.00 AUD
• NAB Visa Debit card: 35.00 AUD
• Westpac Debit Card: 35.00 AUD

AUD → NZD: Wise Visa Debit Card is on average 1.7x cheaper

• Wise Visa Debit Card: 15.78 AUD
• ANZ Visa Debit Card: 35.00 AUD
• Citibank Debit Card: 0.00 AUD
• CommBank Debit Mastercard: 35.00 AUD
• ING Orange EveryDay Card: 35.00 AUD
• NAB Visa Debit card: 35.00 AUD
• Westpac Debit Card: 35.00 AUD

AUD → USD: Wise Visa Debit Card is on average 1.7x cheaper

• Wise Visa Debit Card: 15.78 AUD
• ANZ Visa Debit Card: 35.00 AUD
• Citibank Debit Card: 0.00 AUD
• CommBank Debit Mastercard: 35.00 AUD
• ING Orange EveryDay Card: 35.00 AUD
• NAB Visa Debit card: 35.00 AUD
• Westpac Debit Card: 35.00 AUD

Fees to send 250 AUD using Wise

On average, it’s 7x cheaper to send money internationally with Wise compared to the 6 banks in Australia — ANZ, Citibank, CommBank, ING, NAB and Westpac.

AUD → EUR: Wise is on average 7x cheaper

• Wise upfront fee: 1.64 AUD
• Wise exchange rate mark up: 0.02 AUD
• Average bank upfront fee: 7.00 AUD
• Average bank exchange rate mark up: 8.19 AUD

AUD → GBP: Wise is on average 6x cheaper

• Wise upfront fee: 1.78 AUD
• Wise exchange rate mark up: 0.03 AUD
• Average bank upfront fee: 7.00 AUD
• Average bank exchange rate mark up: 8.21 AUD

AUD → NZD: Wise is on average 7x cheaper

• Wise upfront fee: 1.93 AUD
• Wise exchange rate mark up: 0.01 AUD
• Average bank upfront fee: 7.00 AUD
• Average bank exchange rate mark up: 7.90 AUD

AUD → USD: Wise is on average 6x cheaper

• Wise upfront fee: 1.90 AUD
• Wise exchange rate mark up: 0.00 AUD
• Average bank upfront fee: 7.00 AUD
• Average bank exchange rate mark up: 8.17 AUD

Fees to send 1,000 AUD using Wise

On average, it’s 6x cheaper to send money internationally with Wise compared to the 6 banks in Australia — ANZ, Citibank, CommBank, ING, NAB and Westpac.

AUD → EUR: Wise is on average 6x cheaper

• Wise upfront fee: 5.00 AUD
• Wise exchange rate mark up: 0.09 AUD
• Average bank upfront fee: 7.00 AUD
• Average bank exchange rate mark up: 32.77 AUD

AUD → GBP: Wise is on average 6x cheaper

• Wise upfront fee: 5.14 AUD
• Wise exchange rate mark up: 0.10 AUD
• Average bank upfront fee: 7.00 AUD
• Average bank exchange rate mark up: 32.89 AUD

AUD → NZD: Wise is on average 6x cheaper

• Wise upfront fee: 5.37 AUD
• Wise exchange rate mark up: 0.04 AUD
• Average bank upfront fee: 7.00 AUD
• Average bank exchange rate mark up: 31.60 AUD

AUD → USD: Wise is on average 6x cheaper

• Wise upfront fee: 5.26 AUD
• Wise exchange rate mark up: 0.00 AUD
• Average bank upfront fee: 7.00 AUD
• Average bank exchange rate mark up: 32.73 AUD

Monthly account fees

• Wise Multi-Currency Account: 0.00 AUD
• ANZ Access Advantage Account: 5.00 AUD
• Citi Global Currency Account: 0.00 AUD
• Comm Bank Smart Access Account: 4.00 AUD
• ING Orange EveryDay Account: 0.00 AUD
• NAB Classic Account: 0.00 AUD
• Westpac Choice Account: 5.00 AUD

Thinking of using Wise? Check out our product disclosure statement first. This advice has been prepared without taking account of your individual objectives, financial situation or needs. Before acting on the advice, you should consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. The registered address for Wise Australia Pty Ltd (ACN 616 463 855) is care of Mazars Melbourne Pty Ltd, Level 15, 390 St Kilda Road, Melbourne, 3004, Australia. Wise Payments Limited is registered at 6th Floor, TEA Building, 56 Shoreditch High Street, London, E1 6JJ, United Kingdom and is the parent company of Wise Australia Pty Ltd. Wise Australia Pty Ltd holds an Australian Financial Services licence (AFSL) number 513764 and is a Purchased Payment Facility (PPF) provider authorised by the Australian Prudential Regulation Authority (APRA).