Guide to Upcoming Increases in Annual Fees for HSBC Credit Cards in Australia
HSBC Australia is raising annual fees on several credit cards from March 2025. Learn about the changes and discover the cost of overseas transactions with HSBC.
When you travel abroad, the best way to save on some of the fees that come with using your card abroad is finding a provider that specialises in these sorts of transactions.
This article will compare two different card providers, Revolut and Wise. You’ll learn who these companies are, what type of cards they offer and some of the features that you’ll get with either provider.
💸 Hold over 40 currencies in your account and spend at the mid-market exchange rate with the Wise Debit card while abroad. |
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Learn more about the
Wise Account and card
You may have heard of them, you may have not, but Wise and Revolut are both international fintech companies that offer online financial services to their customers. Let’s introduce you to both providers in more detail.
Revolut was launched in 2015 in Lithuania and has now grown to have over 30 million personal users worldwide. It expanded its operations to Australia in 2019.¹
A Revolut card is a debit card that connects to one of the three tiered plans starting from a Standard plan, a Premium plan or the Metal plan. You can choose which card you want when you make a Revolut account online.²
Wise, formerly known as TransferWise was launched in 2011 and has over 10 million customers worldwide.³ Wise launched in Australia in 2016.
The Wise card is a debit card issued by Visa. To get a Wise card, you need to open a Wise Account first online. You can then choose to order your card then and there or at a later time.⁴
Now that you know how to get either card, let’s compare all the fees that you may incur depending on which plan you choose with Revolut, or if you go with the Wise debit card.
Fee | Revolut Standard⁵ | Revolut Premium⁶ | Revolut Metal⁷ | Wise⁸ ¹⁶ |
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Ordering or delivery fee | Free to order but: Standard delivery of $9.99 per card Express delivery of $33.99 per card | Express delivery included in subscription fee | Express delivery included in subscription fee | $10 to order with standard delivery included Optional express delivery of $16 |
Monthly maintenance fee | $0 | $9.99 per month $99 paid annually | $24.99 per month | $0 |
Add money | From Australian issued debit cards: $0 From AUD bank account: $0 Fees apply for other methods | From Australian issued debit cards: $0 From AUD bank account: $0 Fees apply for other methods | From Australian issued debit cards: $0 From AUD bank account: $0 Fees apply for other methods | From AUD bank account: Free PayID: Free Other methods fee may apply⁹ |
Replacement card | $24.99 per card | $24.99 per card | $79.99 per card | $6 |
ATM Withdrawals | Up to $350 or 5 free withdrawals per month $1.50 or 2% of withdrawal amount thereafter | Up to $700 free withdrawals per month $1.50 or 2% of withdrawal amount thereafter | Free up to $1400 per billing cycle $1.50 or 2% (whichever is larger) of withdrawal amount thereafter | 2 free withdrawals each month up to $350 $1.50 per withdrawal + 1.75% for amounts over $350 per month. Note:Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks |
As seen on 9th July 2023
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
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Here we’ll share what the main card features are from both companies in the Australian market.
Revolut Card² | Wise Card⁴ ¹⁶ |
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No matter the plan, you can:
| With a Wise card, you can:
|
As seen on 9th July 2023
These features are solely based on the cards. You’ll find the Revolut account and Wise account comes with extra features and benefits as well.
Read more: Revolut vs Wise (ex. Wise). Which is for you? |
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When you use a debit or credit card overseas, you’ll need to access some for exchange rate. Sometimes added fees or margins can be incorporated into the available exchange rate depending on the provider. Let’s see what rate Revolut and Wise use when using your card overseas.
Revolut¹⁰ | Wise |
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Interbank rate during the week Interbank + 1% fee on weekends¹¹ | Mid-market rate |
As seen on 10 July 2023
Sometimes using your card abroad can come with some caveats or hidden fees, especially when withdrawing or spending your cash.
When you use your Revolut card overseas, you may incur extra fees if you go over your currency exchange or free ATM withdrawal allowances which vary per plan. You may also be charged extra fees from different ATM providers.¹⁰
When you are using your Wise card overseas, Wise recommends choosing to pay in the foreign currency when you need to pay. When you do this, you’ll be accessing the mid-market rate that Wise uses on conversions.
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
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Here are the supported currencies that you may be able to send, receive, hold, convert and spend with your card.
Revolut | Wise⁴ ¹⁶ |
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Main AUD denominated account | Get local account details in 10 currencies including: AUD, USD, NZD, GBP, EUR, SGD, RON, CAD, HUF, TRY |
Send, convert and hold money in 25 currencies: USD, GBP, EUR, CAD, NZD, INR, PHP. TRY, IDR, LKR, JPY, THB, VND, KRW, MYR, HKD, ZAR, BRL. NPR, COP. AED, PLN, HUF, EGP, CLP, SEK, SAR, CZK. CHF, MXN, DKK, NOK, ILS, QAR, PEN, RON¹² | Send, convert and hold in these 40+ currencies |
Spend in 150+ countries² | Spend in 150+ countries |
As seen on 10 July 2023
Although we’ve covered quite a bit of detail here about each card provider, let’s break down the pros and cons of each card option in the table below.
Revolut | Wise ¹⁶ | |
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Pros |
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Cons |
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It is always important that you keep your card safe, but let’s see how Revolut and Wise keep your money safe.
Revolut is authorised by ASIC and holds an Australian Financial Services Licence (AFSL). Money deposited into a Revolut account is protected and guaranteed by a licenced bank in Australia, not including their cryptocurrency or commodity products. There are security features embedded in the Revolut app to protect your money and card.²
In Australia, Wise is regulated by ASIC, APRA and is an Authorised Deposit Taking institution. Wise also holds an AFSL Licence and safeguards their customers' money by keeping it separate from their operational funds. There are also security and anti-fraud features incorporated into the Wise app.
Reviews are a great way to see how other consumers rate a product. Here is the latest Trustpilot AU rating for Revolut and Wise.
Revolut reviews¹⁴ | Wise reviews¹⁵ |
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Revolut has a 4.3 star rating based on 135,798 reviews Trustpilot AU which is rated as excellent. 75% of reviews have a 5-star rating. | Wise has a 4.3 star rating based on 193,377 reviews on Trustpilot AU which is rated as excellent. 83% of reviews have a 5 star rating. |
As seen on 9th July 2023
Here is how you can make contact with Wise or Revolut.
Revolut AU | Wise |
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Through live in-app support | Multilingual customer support online, through in-app chat |
Navigating the Help Centre | Going through the FAQ section and Help centre online |
See all the contact options here | See how else to contact Wise here |
As you can see, both the Revolut card and the Wise card offer convenience and low fees when spending your cash abroad. Revolut offers their customers more options and features when it comes to their subscription plans and cards, whereas Wise keeps it simple with a one time ordering fee.
Depending on how much you’ll be spending, sending, receiving or holding foreign currencies will lead you to choosing the provider that suits your needs. If you are looking for an account that does come with local account details in multiple major currencies, you can register for a Wise account in just minutes.
Join over 16 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.
Register your Wise account in minutes 🚀
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
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Sources:
Sources checked on: 10 July 2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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