When you use your card isn’t MasterCard responsible for doing the conversion at their own rates?
Don’t they use the mastercard rates regardless?
No, they’ll use their rates with their fees. They’ll only use MasterCard rates for currency pairs they don’t support, which will obviously end up being cheaper
Sorry for my ignorance but can someone tell me the benefit (in laymans terms) of the transferwise account and card?
Here’s my personal situation:
- I live and work in Dubai (brit)
- I want to find the easiest and cheapest way to transfer my AED to GBP and bring into my UK account (Monzo).
- I travel a lot for work - Thailand, Singapore, Malaysia and other SEA territories.
How would transferwise benefit me at all? Coming from a non-financial terminology background person
Many thanks in advance!
Transferwise supports AED but only to spend if you had previously converted some other currency to AED. There is however no way to top up/transfer AED into transferwise
So what is the benefit of Transferwise?
The major benefit is having local account details for NZD, AUD, USD, GBP and EUR. You are able to load up in those currencies and then you can convert from those currencies to pretty much any other currency in the world, which you can then spend from. You can also convert money back from say AED to all other currencies, you just cannot directly add AED to transferwise
Perfect - thanks very much for helping explain. Do you know if they have plans to introduce AED soon?
Also, trying to work out the difference between Transferwise anx Revolut?
Also it mentions ‘Real Exchange Rate’ as a benefit. What is this?
Banks and other providers often add a markup to their exchange rate while advertising low fees, which means you could be paying huge hidden charges. TransferWise transparently displays its fee upfront and deducts it before conversion. No nasty surprises. TransferWise then uses the mid-market rate, independently provided by Reuters without any markup.
New currencies are coming soon to TransferWise.
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