Bali Great Escape
If you want to save money while traveling, the Wise Debit Card is essential. I’ve been using Wise (formerly Transferwise) for international money transfers for years, and I swear by it. The introduction of personal debit cards, alongside their business debit card, solidifies its status as the best travel debit card.
Why Wise Debit Card is Cheaper
Wise offers lower currency exchange rates than banks because they process a high volume of transactions, allowing them to use real-time foreign exchange rates without the added markup banks typically charge. This means you get more local currency (like Indonesian Rupiah) for your money compared to what banks provide.
For example, if you transfer AUD$1,000 using Wise, you’ll see a significant difference in the amount you receive compared to traditional banks like NAB or PayPal.
Sending Money from Australia to Bali
Many Australians need to send money to friends or family in Bali. To illustrate, let’s say you want to send AUD$100 to a friend’s bank account in Bali. Start by registering for a personal Wise account on a computer, then download the app for your smartphone.
Verifying your identity is quick and easy. After setting up your account, you can transfer money from your Australian bank to your new Wise account. Once you have funds in Australian Dollars, you can open an Indonesian Rupiah balance.
Now you can send IDR to your friend’s account using just their account name and number, making it easy to confirm details before transferring. You can track your transfer online and receive email notifications when it arrives.
Benefits of the Wise Travel Debit Card
When you use the Wise Debit Card, you can spend in Indonesian Rupiah without any transaction fees. For example, if you pay a restaurant bill of IDR 4,000,000, you’ll be charged the exact amount without hidden fees.
Additionally, you can withdraw cash from ATMs in Bali, avoiding the need to exchange cash at less favorable rates. Although not all ATMs accept the Wise card, many do, making it convenient to access local currency.
Currency Management Made Easy
With the Wise app, you can easily manage currency exchange. If you have leftover Rupiah at the end of your trip, you can convert it back to your home currency at competitive rates. This flexibility reduces the stress of currency exchange while traveling.
Conclusion
Saving for a holiday can be challenging, but with Wise, you can transfer money into your account and regularly exchange it into your destination currency. This strategy averages the exchange rate over time, giving you a fair rate for your trip.
Opening a Wise account is simple, and you can start with a small amount to test the waters. While anyone can sign up for Wise, the Debit Card is only available to residents of specific countries.
