This episode of the More Money Podcast was made in partnership with Wise, a universal account you can use to send, spend or receive money internationally with no hidden fees. To learn more and to make an account, visit Wise.com.
We’re more global than ever, and the same goes for our money. We travel internationally more frequently, work or go to school abroad, move to different countries and receive or send money back home. Our money needs to keep up with how fluid our lives are. Unfortunately, most banks or currency exchange shops are still living in the dark ages, making it hard for us to easily move money around with us.
That’s why I wanted to discuss how we can all be wiser with our money with Ankita DMello, Principal Product Manager at Wise. I’ve personally been using Wise for years for a few different reasons. It started with my business, as I work with contractors from different countries and wanted a seamless and low-fee way to pay them. Then, I started using it for travel. Instead of relying solely on my credit cards and being charged a foreign transaction fee plus a marked-up exchange rate, I now load up my Wise card with funds (which works similarly to a debit card) so I can pay for things in that country’s local currency for a much lower fee and the mid-market exchange rate, which is the fairest exchange rate out there.
In this episode, we explore different scenarios in which you may not even realize you’re paying high fees or aren’t getting the best exchange rate, some common misconceptions about exchanging currency, current trends Wise is seeing with its customers’ use of the platform, and the importance of being strategic with the financial tools available so you can reduce the fees you pay and keep more money for more important things.
Timestamps
- 00:00 Introduction
- 01:34 Guest Background
- 04:38 Understanding Wise’s Mission and Services
- 07:41 Exploring Wise’s Currency Management
- 10:32 Using Wise for Travel and Spending Abroad
- 13:36 Comparing Wise with Credit Cards
- 16:31 Wise for International Students and Immigrants
- 19:34 Security and Trust in Wise
- 22:45 Common Misconceptions about Currency Exchange
- 25:22 Trends and Insights from Wise’s Data
- 28:33 Conclusion and Resources for Wise Users
Takeaways
- Wise helps customers send and manage money across borders.
- The company focuses on transparency regarding fees and exchange rates.
- Wise offers accounts in over 80 currencies for easy management.
- Using Wise can save money on international transactions compared to traditional banks.
- Travelers can benefit from Wise’s competitive exchange rates and low fees.
- Wise is particularly useful for international students and immigrants.
- Security measures are in place to protect users’ funds and educate them about scams.
- The speed of transactions with Wise can be instant or take up to a day.
- Understanding exchange rates is crucial for getting the best value when transferring money.
- Wise’s growth has been driven by the increasing demand for borderless financial solutions.
Things I Mentioned in the Episode
- Learn more about Wise.com
- Listen to Ep. 373 about borderless banking with Brigit Carroll, Policy Lead, North America at Wise
- I’m giving away copies of all the books featured in this season of the podcast! To enter, visit jessicamoorhouse.com/contests
- My free resource library, where you can find budget spreadsheets & more!
- Apply to enroll in my investing course Wealth Building Blueprint for Canadians
- Register for the next cohort of my Budgeting Together Accountability Group
- Check out my shop!
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Transcript
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