If you are planning a longer stay in Europe, being able to access your money easily is critical. Banking in Europe is very different from North America, but with the help of Wise, it is much simpler and cheaper!
Find out how you can bank like a local with a Wise card in your wallet…
The Problem
When we moved to France for a year, we needed to find a way to bank like a local. Not only did we need a bank account, but we needed a card to allow us to make purchases in Euros without the costly currency conversion fees with our Canadian cards.
In France, we found it very difficult to open a traditional bank account. One banker even recommended not opening a bank account as they are very difficult to close down after they are no longer needed.
We also realized we needed to be able to transfer money to pay for expenses. In Europe, they transfer money using an IBAN, which comes with a European bank account. In many ways, we didn’t want a local bank account, but we had to have one if we were going to manage living in France.
We also knew from past experience our local credit cards were unreliable in Europe. Sometimes bank cards wouldn’t work in cash machines and credit cards would simply come up declined with no explanation. It can be a mortifying experience! For some reason, some financial companies don’t work with North American banks. The only solution was a credit or debit card from a European bank.
The Solution
By coincidence we came across Wise when researching inexpensive ways to convert currency. Admittedly, we were shocked by how cheaply we could convert Canadian dollars to Euros at competitive rates and low fees.
Around the same time, Wise expanded their services to Canada with the availability of a Visa debit card. This card can be ordered free of charge (from Canada) and delivered to your home fairly quickly. While it is not a credit card, it allows you to access your money from your Wise account from shopkeepers and bank machines.
Tip: Add your Wise card to your wallet on your phone and you can make purchases effortlessly!
While there are fees (they are operating a business after all!), they are all transaction-based, meaning you don’t pay a flat monthly fee. For example, there are charges to convert currency, but they are still cheaper than traditional banking institutions. Cash withdrawals are free for up to 2 transactions and $350 Canadian. If you are mindful of your withdrawals, you can avoid these fees entirely!
That said, their fee structure does vary by country, so it is best to review the current information from the Wise website directly.
What’s more, Wise provides you with a coveted European bank account with an IBAN. It makes paying for expenses much simpler. For the large part, it is just like having a traditional bank.
The only downside is the inability to deposit cheques. If you are given money by cheque, it cannot be deposited electronically or by bank machine. We found ourselves stuck with a cheque we couldn’t deposit but we just asked for an electronic money transfer instead and the problem was solved.
So if you are traveling abroad, plan ahead and set up a Wise account and you will be banking like a local in no time!
Full Disclosure: We’ve provided links on this post which may pay us commission. We were not paid to endorse any products or services, but we seriously like Wise as it was a life saver! We are simply trying to cover our expenses for this website. Thank you for your support!
