Wise vs Up Travel Card: 2024 Guide
Wise is a global provider of multi-currency account and card services, as well as fast, low cost international transfers. Up is backed by Bendigo Bank and offers convenient global spending with the Up card, with low overall costs. But which is best?
This guide walks through how they both work and how they compare, on card services and international transfers.
Summary: Wise offers multi-currency accounts which can hold 40+ currencies, and receive payments conveniently in 19 currencies, with cards for spending in 150+ countries. Up accounts hold AUD only but can be used globally wherever Mastercard is accepted. You can send international payments with both Wise and Up, to 160+ countries with low, transparent fees and the mid-market exchange rate.
Wise Vs Up Travel Card: side by side
As we’ll see, Wise and Up offer many similar features – but they’re not exactly the same. Let’s start with an overview of Wise vs Up Travel Card side by side, looking at available features.
| Feature | Wise | Up Travel Card |
|---|---|---|
| Service availability | Online and in app – available in most countries globally | Online and in app – available to residents of Australia only |
| Multi-currency account | Hold and convert more than 40 currencies – for personal and business customers | N |
| Debit card | Y | Y |
| Spend with debit card | Free to spend a currency you hold, conversion fee from 0.33% for other currencies | N/A |
| Local account details for receiving payment | Y – available in 19 currencies | N |
| Send money to | More than 160 countries | More than 160 countries – in partnership with Wise |
| Transfer fee | From 0.33% | From 0.33% |
| Transfer speed | Over 60% of payments are instant, 90% arrive in 24 hours | Over 60% of payments are instant, 90% arrive in 24 hours |
| Exchange rates | Mid-market rate | Mid-market rate |
| Joint accounts | N | Y |
| Regulated | Y | Y |
| Open a business account | Y | N |
So, to summarise:
- Wise is available in app and online, in most countries globally – Up Travel Card is for residents of Australia only
- Wise offers international accounts for personal and business customers – Up Travel Card has accounts for personal customers only
- Wise and Up Travel Card both have debit cards for global spending in most countries around the world
- Wise supports more currencies for holding and exchange
- Up Travel Card uses the Mastercard exchange rate when you spend overseas – Wise currency exchange uses the mid-market rate with fees from 0.33% –
- Up Travel Card offers international payments in partnership with Wise so the costs, rates and delivery times are similar for each provider
- Up Travel Card has joint accounts, Wise does not
The important bits
When choosing a provider for international transactions, fees, safety and speed matter. Here’s a comparison of Wise vs Up Travel Card on the key features which may help you decide which is right for you:
| Wise | Up Travel Card | |
|---|---|---|
| Rates | Mid-market exchange rate | Mastercard exchange rate |
| Fees | Free to spend currencies you hold with your Wise card
No monthly charges
Transaction fees apply – from 0.33% for currency exchange and international transfers |
No foreign transaction fee
No monthly charges
Transaction fees apply – from 0.33% for currency exchange and international transfers |
| Speed | 60% instant, 90% same day | 60% instant, 90% same day |
| Service | Desktop browser and mobile app | Desktop browser and mobile app |
| Safety | Fully regulated and licensed | Fully regulated and licensed |
| Reviews (TrustPilot) | 4.3, Excellent, 220,000+ reviews | Not active on TrustPilot |
To summarise:
- Rates: Wise uses the mid-market rate, whereas Up Travel Card uses the Mastercard rate for overseas card spending
- Fees: Wise accounts have no monthly fees, with currency exchange and transfer from 0.33%; Up Travel Card has ongoing fees and offers international transfers through Wise using the same fee structure
- Speed: Wise transfers sent directly or through Up may arrive instantly, and 90% arrive in 24 hours
- Service: Both providers have online and in-app service
- Safetly: Both providers are fully regulated and licensed
- Reviews: Wise has an Excellent rating on Trustpilot from 220,000+ reviews, Up Travel Card isn’t active onTrustpilot and only has very limited reviews
Read more about the Wise travel card here 
Pros and cons
| Wise | Up |
|---|---|
| ✅Multi-currency accounts to hold 40+ currencies ✅ Payments to 160+ countries ✅ Local receiving account details for 19 currencies ✅ Payment cards for use in 150+ countries ✅ Mid-market exchange rates |
✅ No cost to get your Up Travel Card ✅ Currency exchange uses the mid-market exchange rate ✅ Make local payments to friends and family ✅ Backed by a major Australian bank ✅ Low cost international payments available in partnership with Wise |
| ❌ Some service fees apply ❌ No physical location for face to face services |
❌ No multi-currency holding feature ❌ Interest applies if you overdraw your account |
The verdict: Which is better: Wise or Up Travel Card?
Both Wise and Up offer low cost international spending and payments – which is best probably comes down to your personal preferences and whether or not holding a foreign currency balance is important to you.
Up accounts hold AUD only, but you can still spend with your card globally with no foreign transaction fees and the Mastercard rate. You can also get a joint account – which isn’t an option with Wise. Where Wise stands out is if you want to receive, hold and exchange currencies in your account. Wise accounts support 40+ currencies for holding and exchange and can receive payments with local account details in 19 currencies. This could be more flexible if you transact in foreign currencies frequently.
About Wise and Up
Wise: Wise is a global provider of low cost cross border transfers, multi-currency account services, debit cards and business products, founded in the UK in 2011. Wise is fully digital, offering services online and in app, with transparent fees and low overall costs.
Up: Up is an Australian digital bank backed by Bendigo Bank, which lets you add money in AUD and spend conveniently globally with your international Up travel card. Up has very few fees and uses the network exchange rate when you spend overseas.
How do they work?
As regulated providers, you’ll need to register and get verified by uploading a photo of some ID documents before you can use either Wise or Up. You can then add money to your account. Up will automatically send you a physical card for ATM use and in person spending, while with Wise you’ll need to order a card, and pay a small fee – you can then instantly access a digital card for spending.
Up doesn’t offer international payments in its own right – instead it lets customers transfer through a partnership with Wise. To make a Wise international transfer you just send the money in AUD to Wise’s local Australian account, and Wise will dispatch the transfer through its global network of local bank accounts. This process works differently to a bank wire, which means your money could arrive faster and won’t incur intermediary fees.
Wise Vs Up Travel Card fees
Wise and Up offer some similar services, as we’ve seen – but they’re not exactly the same. There are also a few variations on how fees work, although both providers are considered good value and have relatively few costs to worry about.
| Service | Wise fee | Up fee |
|---|---|---|
| Ongoing fees | No fee to open a Wise personal account, no ongoing fees | No fee |
| Card fee | 10 AUD | No fee |
| Spend currencies you hold | No fee | Not applicable – accounts support AUD only |
| Spend currencies you don’t hold | From 0.33% | Spend with the Mastercard rate |
| ATM fee | 2 withdrawals to the value of 350 AUD/month free, then 1.5 AUD + 1.75% | No Up fee at most major banks – ATM operator may add their own fee |
| Overseas transfers | From 0.33% | Arranged through Wise – fees from 0.33% |
| Receive payments with local account details | Details for 19 currencies – it’s free to receive many currencies, but there’s a 6.11 USD fee for US wires, and a 10 CAD fee to receive CAD by SWIFT | Not applicable |
| Overdraft fees | Not applicable | 11.23% p.a. |
*information correct at time of research – 25th June 2024
Wise Vs Up Travel Card: which is cheaper?
For international payments, Up offers customers the option to make payments globally with Wise.
Using a specialist service like Wise may work out cheaper than using a bank. You might find there are fewer up front costs to understand and pay – and you could get a better exchange rate compared to your bank.
To paint a picture here’s a head to head between Wise and 2 major banks, on costs for an example transfer. In this example we’re sending 1,000 AUD to someone in New Zealand. You can also check the Wise costs and get a comparison against other providers, on the Wise website.
| Sending 1,000 AUD to someone in New Zealand with: | Recipient gets: |
| Wise | 1,082.15 NZD |
| NAB | 1,060.05 NZD |
| Commbank | 1,044.35 NZD |
*information correct at time of research – 25th June 2024
As you can see, in our comparison Wise has the lowest overall cost – which means your recipient gets more in the end compared to sending your payment with our selected banks.
Wise Vs Up Travel Card exchange rates
If you have the currency you need in your Wise account there’s no fee to spend.
When you use your Wise or Up card to spend in a foreign currency, and conversion is required, the exchange rate applied matters. In this case, Wise uses the mid-market exchange rate – the same one you’ll find on Google or using a currency conversion tool. Up uses the Mastercard exchange rate which is also usually pretty fair, with no extra fee added.
As we’ve seen, for international transfers, Up customers can easily access Wise services through Up, to send money overseas. Wise uses the mid-market rate for currency exchange. All the costs you need to pay are shown separately so you can easily compare and check the total amount.
Wise Vs Up Travel Card: which is faster?
For international payments, Up customers will process their payments through Wise. Over 60% of Wise payments are instant, and 90% arrive on the same day – although the exact delivery time can depend on factors including the destination country, and the recipient’s bank processing times.
For local payments with Up, most transfers with PayID or OSKO will be more or less instant. If you send to a bank using BSB and account number your money should arrive in 1-2 days.
Wise Vs Up Travel Card: international transfer limits
Whether you use Wise directly or through your Up account you can make high value international transfers with limits which can vary based on destination country. Wise limits are usually around 1 million GBP or the equivalent.
Wise Vs Up Travel Card: Payment methods
Before you can spend, you need to add money to your provider account:
With Wise you can add money with the following options:
- Bank transfer
- PayID
- Debit or credit card
With Up you can add money with the following options:
- Bank transfer
- PayID or Osko
- Deposit cash or cheques at a Post Office
Wise Vs Up Travel Card: card
Both Wise and Up offer a debit card which is linked to your digital account for local and international spending. Here’s a quick overview of the features:
| Wise Card | Up Travel Card | |
| Fee to get card | 10 AUD | None for the standard Up card |
| Digital card | Available | Available |
| Hold and spend a foreign currency | Available | Not available |
| Instant conversion to spend a currency you don’t hold | Available | Available |
| ATM fee | Up to 2 free withdrawals a month before fees | No Up fee, usually free to withdraw at major banks |
Wise vs Up Travel card: Where can you use them?
You can use your Wise card in 150+ countries globally. Cards are issued on either Visa or Mastercard and you can use them more or less wherever the network is supported. Use your Up card overseas wherever Mastercard is available.
Ease of use
- Creating an account: Create your account online or in-app with both Up Travel Card and Wise
- Making a transfer: Wise and Up Travel Card both let you add money by bank transfer (BPAY), and PayID. Wise also allows customers to pay with a card or wallet such as Apple Pay. Up lets you add cash or cheques
- Ways to send money: Send payments to your recipient’s bank account directly with both Up Travel Card and Wise; Up offers this service through a partnership with Wise so the options and fees are the same for both
- Languages: Wise offers 15 languages, plus multi-lingual support services, Up Travel Card offers services primarily in English
- Minimum & maximum amounts: Wise sending limits can vary by destination country, and based on your account type
Wise vs Up Supported currencies
Up accounts only support AUD for holding, but you can use your card more or less anywhere Mastercard is accepted globally.
Wise supports 40+ currencies for holding and exchange, Wise cards can be used in 150+ countries, and Wise lets you send payments to over 160 countries.
Wise Vs Up Travel Card customer service
Both Wise and Up offer customer support digitally in most cases.
With both Wise and Up you can open an in-app chat, or email the team if you’d prefer. Up service is primarily in English while Wise customer support is available in a selection of languages, 24/7.
Log into your account to check which is the best way to connect with customer services based on your specific issue.
Conclusion: Comparing Wise and Up Travel Card
Both Wise and Up offer good value when you transact in foreign currencies, but the way they work and the exact services available aren’t the same. Wise is a multi-currency account so you get the option to convert your balance to the currency you need in advance. You can also receive foreign currency payments to Wise conveniently with local account details in 19 currencies. Wise could be a good choice if you need to deal with multiple foreign currencies regularly, including getting paid by others.
If you want to send a payment abroad you can access similar services and fees with either, as Up international transfers are powered by Wise.
Up only supports holding AUD, but does let you spend globally with your card, with currency conversion using the Mastercard rate and no foreign transaction fee. Up could be a good bet if you want a joint account, or if you prefer to stay with a local bank backed service.
FAQ
What is the difference between Wise and Up Travel Card ?
Wise and Up Travel Card offer services which overlap, but they are somewhat different in scope. Wise accounts can hold 40+ currencies and use the mid-market rate for currency conversion when sending payments, while the Up Travel Card is AUD only, but comes with a card optimised for global use. Compare both to see which suits your specific needs.
Which is better: Wise or Up Travel Card ?
Both Up Travel Card and Wise are great options, so which is better will depend on your specific transaction. The Wise account is flexible if you need to hold, exchange, send, spend or receive foreign currency regularly. Up is a convenient travel card with low costs, but only supports AUD for balances. Compare both using this guide to see which is best for you.
Is Wise or Up Travel Card cheaper?
For card spending, Wise and Up work a little differently – it’s free to spend a currency you hold with Wise, and conversion has a low fee. Up converts currencies using the Mastercard rate with no extra charge. If you’re sending money overseas with Up, your payment is processed in partnership with Wise. So whether you use Wise or Up to send your international transfer you’ll get the mid market rate and low fees.
Is Wise or Up Travel Card faster?
For international transfers Up works in partnership with Wise. 60% of Wise payments are instant, 90% arrive on the same day. The delivery time will be the same whether you use Wise or Up.
How many currencies do Wise and Up Travel Card support?
Up Travel Card supports holding a balance in AUD only. Wise supports 40+ currencies, and lets you send payments to over 160 countries.
