Digital cards, virtual cards or internet cards - all interchangeable terms to describe a new way to pay that has replaced the need to carry around your physical bank card. Many banks are beginning to offer digital card options to their customers, making in-store or online payments even more convenient.
National Australia Bank or NAB, as it is more commonly known as, is no exception, having their own version of a digital card accessibility. This article will go through what exactly NAB offers in this space and introduce you to Wise, an alternative which has even more on offer in terms of digital cards.
| 💸 Hold over 40 currencies in your account, generate multiple virtual cards and spend at the real exchange rate at home or while abroad. |
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Learn more about the
Wise Digital Cards
A digital card is a digital representation of a debit or credit card that is stored on a smart device and has payment capabilities.
There are two types of digital cards that banks may offer to their customers. The types of digital cards are as follows:
Both types can be used either by being added to your own digital wallet on your device or through a mobile banking application.
NAB offers its customers a digital version of any eligible physical cards they have and payments are made via NAB pay and Apple pay only.² This allows you to start spending before the physical card arrives.
However, when you add your NAB card to a digital wallet, a unique card number is generated for added security and privacy, so that your actual card number is never stored or provided to merchants.¹ This is a form of user generated digital card, but it requires you to use a digital paying wallet.
| Read more: NAB International Transfers. All you need to know |
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NAB pay is part of the NAB app and allows customers to make quick and easy contactless payments via an eligible Android device linking directly with your existing NAB Visa debit card.²
Apple pay is the alternative for IOS devices and works as a digital wallet and payment system where a digital version of your NAB card is stored to make contactless payments or in app payments that state a “Buy with Apple pay” option.³
Other than getting to leave your actual card at home, there are several other benefits of using NAB pay and Apple Pay. These include:²
You can manage your NAB cards via the NAB app. Once logged in, set up can begin from clicking the “My Cards” option on the bottom menu bar for both options.
From “My cards,” you will be taken through several prompts. These cover⁴:
From “My cards,” you will be taken through several prompts. They will cover⁵:
Once activated, customers can pay by placing the back of their phones against a “tap and pay” payment terminal. Both systems require a working Near Field Communication (NFC) chip in order to process successful contactless purchases when tapping a device.⁶
Now that we have gone over what NAB offers in terms of digital cards, let’s do a comparison of features and fees using the standard Visa debit card offered by NAB with Wise who also offer their customers digital cards.
| Features and Fees | NAB² | Wise |
|---|---|---|
| Physical Card order fee | No fee | 10 AUD |
| Digital card order fee | Not Available | Free |
| Monthly card maintenance fee | None | None |
| Can create multiple cards with new details/Deleted | No (except you use a digital wallet) | Yes — Have up to 3 virtual cards at a time |
| International payments fee % for spending 100 AUD in GBP | 3% fee on any foreign currency transactions | 0.44% feeFor example, when spending 100 AUD in GBP, you will only be charged 0.44 AUD cents to make the conversion. See our spend calculator here |
| Exchange rate used for international transactions | NAB FX rate (includes a margin)⁷ | Mid-market rate |
As mentioned, pin free payments can be made for payments up to $100 AUD. For payments above this, a pin will be requested.¹
If you need to contact NAB bank, you can contact them by⁶:
When it comes to digital cards, Wise offers all main types of digital cards to its customers.
You’ll be able to get the physical Wise debit card with its virtual pair that can be added to a digital wallet. You’ll be able to create up to 3 brand new Wise virtual card, a completely separate digital card from your physical card and can be used for any purchase or payment in security and privacy.
In order to get and use a Wise virtual card, all you need to do is to sign up to a Wise multi-currency account and reside in an eligible region for a Wise debit card.
With this account, you’ll be able to make cheap and easy local and international purchases using the mid market conversion rate. You will also be able to hold and convert over 40 currencies, while being able to use your card in 150+ countries worldwide.
Register your Wise account in minutes 🚀
Sources:
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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