Wise Cash Withdrawal: Costs and Limits
Sending money overseas has never been easier thanks to Wise, formerly Transferwise, a banking platform. It’s a digital platform that simplifies sending money overseas in a safe and affordable way.
So, how does Wise work? Does it allow ATM withdrawal? How much does it cost? Let’s explore all this together.
Withdrawing Cash From Wise
There is the option to withdraw cash from Wise, formerly TransferWise if you have a Wise account. Wise account is a method designed to send and receive money in different currencies.
Wise is great for travelers, digital nomads, and freelancers who provide services to several countries or even people who live outside their place of origin. So if you’re using Wise Debit Card, cash withdrawal is possible.
Fees To Withdraw Cash From Wise
You can use your Wise card like any other bank card and withdraw money at ATMs around the world. The fees will depend on your card has been issued.
Wise Cards that were issued in Europe and the UK: You can withdraw money for free twice a month. The condition is that the total amount is under £200/€200. Once you exceed this limit, Wise charges £0.50/€0.50 per transaction. This is a fixed fee. If you withdraw £200/€200 in one month, Wise will charge you 1.75 percent on top of that.
Wise Cards that have been produced in Australia, New Zealand, or Singapore: You can withdraw money for free twice a month. The condition is that the total amount is under 350 AUD/NZD/SGD. But after that, the charge is 1.50 per transaction. This is a fixed fee. If you withdraw over 350 AUD/NZD/SGD in one month, the charge is 1.75 percent on top of that.
If you got your debit card in Singapore, you’re not allowed to make ATM withdrawals in Singapore. However, you can use your Wise card to make payments in Singapore and around the world, and withdraw cash from ATMs overseas.
Wise Cards that were issued in Japan: You can withdraw cash for free twice a month on the condition that the total amount is under 30,000 Japanese yen. Above this limit, you’ll be charged 70 JPY per transaction. This is fixed. If you withdraw 30,000 JPY in one month, the charge is 1.75 percent on top of that.
With cards produced in Japan, you can withdraw money from ATMs overseas. You can also use your card at the following ATMs in Japan: AEON, Family Mart E-net, Viewcard, Daily Yamazaki.
Wise Cards that were issued in the US: You can withdraw cash for free twice a month, on the condition that the total amount is under $100. Once this limit exceeds, Wise will charge you $1.50 per transaction. This is a fixed fee as with the previous countries. If you withdraw over $100 in one month, the charge is 2 percent on top of that.
Please keep in mind that Wise can change these rules from time to time. Check its website carefully before you start using your card.
Countries Where Wise Card Doesn’t Work
Note that the Wise debit card does not work in several countries in a situation of war or economic embargos, such as Afghanistan, Burundi, Chad, Congo and Democratic Republic of Congo, North Korea, Cuba, Eritrea, Yemen, Iran, Iraq, Libya, Central African Republic, Somalia, Sudan and South Sudan, Syria, Palestinian Territories, and Venezuela.
In addition to these, if your card was issued in the United States, it will also not work in the following countries; Belarus, Bolivia, Cambodia, Ivory Coast, Ethiopia, Kenya, Lebanon, Myanmar (Burma), Nepal, Niger, Nigeria, Pakistan, Paraguay, São Tomé and Príncipe, Sri Lanka, Tajikistan, Tanzania, Turkmenistan, Uganda, Vietnam, and Zambia.
How To Withdraw Cash From Wise
Insert your card
Normally, when inserting, the machines pull the card and return it at the end. Some ATMs offer the option of starting the process using only the fingerprint, pressing the finger on the indicated reader. Also, check the language options and choose what you understand best.
Enter your password or enter your fingerprint
Enter your account password. Some ATMs only ask for the first 4 digits of a 6-number password, so you need to check the number of blank fields to be filled in on the screen. Or just enter your fingerprint again if asked.
The Process
When you are at an ATM, select the withdrawal using the local currency of the country where you are located. Wise itself will do the currency conversion, but beware as some ATMs may charge a new currency conversion fee, which can range from 6 percent to 13 percent.
So, be aware of these messages that may appear during TransferWise withdrawal, so you already know how to proceed:
- “Continue with conversion” or “Continue without conversion”?
Choose : “Continue without conversion” - Debit in your original currency, or debit in your local currency?
Choice : Debit in local currency (e.g choose Euro if you’re in Italy, France or any other Eurozone country) - “Let us make the conversion — yes or no”?
Choose : “No” - “Confirm exchange rate — yes or no”?
Choose : “No”
When you decline the ATM conversion, Wise will make the conversion. As long as you’ve got that currency in your Wise account, no charges will be incurred.
If that currency isn’t available in your account, Wise will make the conversion with the lowest fees.
Checking Your Wise Withdrawal Limits
Another tip is to check how much you can still withdraw for free, as after exceeding the limit you will pay an extra fee. For that:
- Access the Account tab in the Wise app;
- Choose the Manage Card option;
- Select the View limits option;
- Click on ATM withdrawals;
- You will also be able to check when no-fee withdrawals will become available to you again.
For the time being, you can’t check your balance at ATMs, but you can do this on the app. Just enter the Wise app, where all information is accessible. Note that this is only possible through the app, not the website.
Conclusion
Wise is a great platform for those who are tired of paying lefty fees on traditional banks and other payment transfer platforms. If you’re a frequent traveler and make international transfers, you can try Wise. If you need more insights, read our Wise Review.