TransferWise have launched a new debit card, which they say is 11 times cheaper than the banks

One of the more unfavourable parts about going on holiday is having to deal with transaction fees and unfavourable exchange rate markups. 

But not anymore. 

In a first of its kind, international money transfer (IMT) specialist TransferWise have today launched a debit card for Australian and New Zealand customers which features, you guessed it, zero transaction fees and no sneaky exchange rate markups. 

It’s called the TransferWise Platinum Debit Mastercard which, according to TransferWise, is 11 times cheaper than many popular bank travel debit and prepaid cards and offers significant savings for card holders who spend in New Zealand, the UK, the US and Europe. 

The TransferWise Platinum debit Mastercard is also available for businesses. 

“As of today, exorbitant, non-transparent fees on international transactions are a thing of the past. TransferWise’s aim is to bring fairness into the finance sector and we’ve designed an innovative, smart debit card packed with lots of features, so you can enjoy more of your own money whether you’re going overseas on a holiday, are an expat, a digital nomad or using it for business,” said TransferWise CEO and co-founder, Kristo Käärmann. 

Travellers will be able to spend in over 40 currencies at the real exchange rate and won’t be charged any subscription, signup or monthly maintenance fees. 

And if you’re someone who likes to keep to a tight budget while away, you’ll be able to set spending limits, get real time notifications for every transaction and freeze or unfreeze your card instantly through the TransferWise app. 

And since the debit card is an extension of the TransferWise multi-currency account, Aussies can spend like a local in many places around the globe. 

Saving Aussies a bundle one card at a time 

According to research from Capital Economics, in 2018 alone Aussies lost a whopping $2.14 billion to overseas card transaction fees, card ownership fees, overseas ATM withdrawal fees and hidden exchange rate markups. 

And to make matters worse, bank-issued travel and prepaid card cost Aussies a whopping $188 million alone. 

“Aussies are known the world-over for being prolific travellers. Working and living overseas is a right of passage for many, so we think it’s unfair that your bank punishes you simply for wanting to spend your own money abroad,” said Käärmann. 

The kind of innovation that can only come from a winner 

While the new TransferWise Platinum Debit Mastercard may have captured the hearts of travellers, expats and businesses alike, earlier this year the IMT specialist also caught the eye of our expert judges for its IMT service. 

Transferwise received a 2019 Mozo Experts Choice International Money Transfer Award for offering bank-beating exchange rates and minimal fees. 

So if you want to find out more about TransferWise and their Mozo Experts Choice win, you can head on over to our winners list page or see how their new debit card compares to other travel money cards in the market.