TransferWise Announces New Consumer Card Fee

TransferWise just announced a new consumer card fee. It’s an important pricing change coming up from 6th May 2020 onwards that will impact UK/EU personal users and Rest of World consumer users such as US, AUS, and SG from 20th May 2020 onwards.

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Consumer Card Fee

For new TransferWise debit cards, they will start charging consumers a fixed, one-time card fee. This will be a one-time £5/ €6 fee for personal customers aka consumers from the United Kingdom and the European Union for instance.

This fee covers costs associated with creating your card – such as identity verification, the cost of producing your card, customer service and delivery charges. Please note that this is a one-time fee only for ordering the physical card. If you do not want a card, you will not be charged for opening a TransferWise account or for the multi-currency details.

TransferWise is a multi-currency account that allows you to save money when you spend, send, receive, or convert currencies around the world. It’s like having a single online account for multiple countries – so you can manage your money like a local account without the hassle of opening a bank account abroad and without the outrageous fees that banks charge for exchanging or converting currencies. It’s free to open an account with no monthly fees or hidden charges, but with low, transparent fees for currency conversion. As mentioned above, there is a one-off fee of £5 for ordering a debit card if you wish to use one.

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