Wise (formerly TransferWise) is an Australian-registered financial service that lets you hold, send, and spend money in 40+ currencies at the mid-market exchange rate — the rate you see on Google, with no markup. For Australians paying 2–3% foreign transaction fees on a standard bank card overseas, Wise can save hundreds of dollars per trip.
This review covers what Wise actually costs for Australians, how it compares to the Latitude 28° Global Platinum (the other main no-fee travel card), and exactly when to use each.
What Is the Wise Card?
The Wise card is a Mastercard debit card linked to a Wise multi-currency account. You load AUD into the account, convert to your destination currency at the mid-market rate, and spend or withdraw using the card. Available to Australians via wise.com/au — a one-time AUD $10 card fee, then free to hold and use.
Wise Fees for Australians — The Honest Breakdown
| Fee Type | Wise Cost | Standard AU Bank Card |
|---|---|---|
| Foreign transaction fee | 0% | 2–3% per transaction |
| Currency conversion | 0.35–2% (varies by currency) | 3–4% markup over mid-market |
| ATM withdrawals | Free up to AUD $350/month, then 1.75% | $5 flat fee + 2–3% margin |
| Annual card fee | $0 (one-time $10 card fee) | $0–$450 |
| Inactivity fee | $0 | Varies |
Wise Exchange Rates — What Mid-Market Actually Means
The mid-market rate is the midpoint between buy and sell rates on global currency markets — the rate shown on Google, XE.com, and Reuters. Banks and currency exchange booths charge you a rate 2–4% worse than mid-market and keep the difference as profit.
Wise charges a small conversion fee (0.35% for popular currencies like USD, EUR, JPY — up to 2% for exotic currencies) but converts at the actual mid-market rate. The total cost is almost always lower than a bank card or airport exchange.
Real example: Converting AUD $1,000 to Japanese Yen:
- Standard bank card: you receive approximately ¥88,000 (3% markup)
- Wise: you receive approximately ¥90,700 (0.5% fee)
- Difference: ¥2,700 — approximately AUD $27 saved on one conversion
Wise vs Latitude 28° — Which Should Australians Use?
| Wise Card | Latitude 28° Global Platinum | |
|---|---|---|
| Card type | Debit (prepaid) | Credit card |
| Annual fee | $0 (one-time $10) | $0 |
| FX fee on purchases | 0.35–2% conversion fee | 0% — no FX fee |
| Exchange rate | Mid-market (best available) | Mastercard rate (very competitive) |
| ATM withdrawals | Free to AUD $350/month, 1.75% after | Cash advance — interest from day one |
| Hotel/car hire deposits | Not ideal (debit card) | Yes — credit card accepted |
| Purchase protection | Limited (debit) | Yes (credit card) |
| Best for | ATM withdrawals, cash countries | All purchases, hotel check-in |
The answer for most Australians: use both. The Latitude 28° for all purchases (zero FX fees, credit card accepted everywhere), and Wise for ATM withdrawals when you need local cash. This two-card strategy costs nothing and eliminates almost all overseas money fees. See our full Latitude 28° review.
How Much Data Does Japan Use?
On a 14-day Japan trip spending AUD $5,000:
- Standard bank card (3% FX): AUD $150 in fees
- Wise for all spending: approximately AUD $25–40 in conversion fees
- Latitude 28° for purchases + Wise for ATM: approximately AUD $5–15 total
Setting Up Wise for Australians
- Go to wise.com/au and create an account (Australian passport or driver's licence for verification)
- Order the physical Wise card — one-time AUD $10 fee, delivered in 7–10 business days
- Add AUD to your Wise account via bank transfer (free)
- Convert AUD to your destination currency before departure — lock in the mid-market rate
- Use the card at ATMs and for purchases at destination
Order your Wise card at least 2 weeks before departure to ensure delivery.
Wise for Sending Money Internationally
Beyond the travel card, Wise is also Australia's most popular service for international money transfers — sending AUD to family overseas, paying foreign invoices, or receiving income from overseas clients. The mid-market rate and low fees make it significantly cheaper than bank wire transfers (which typically charge AUD $15–30 flat fee plus 3–5% FX markup).
Our Verdict
Wise is genuinely excellent for Australians — particularly for ATM withdrawals overseas and international money transfers. The mid-market exchange rate and free monthly ATM allowance make it the best option for cash countries like Japan, Bali, and Thailand. For purchases, the Latitude 28° (zero FX fees, credit card) is slightly more cost-effective and offers better purchase protection. Use both for the optimal overseas money setup.
Frequently Asked Questions
Is Wise safe for Australians?
Yes — Wise is registered with AUSTRAC in Australia and holds an Australian Financial Services Licence. It's used by millions of Australians for international transfers and travel spending. Your funds are held in segregated accounts, not lent out like a bank.
Is Wise better than the Latitude 28° for Australians?
Different tools for different purposes. Wise is better for ATM withdrawals (free up to $350/month) and international transfers. Latitude 28° is better for purchases (zero FX fees, credit card for hotel deposits and car hire). Most experienced Australian travellers use both.
How long does Wise card delivery take in Australia?
Typically 7–14 business days for standard delivery. Order at least 2 weeks before your departure date. Express delivery is not currently available in Australia.