The Hack Expats Use To Bank Overseas

How do expats, digital nomads, and online business owners manage their money overseas? With a Wise international account, you can send, spend, and receive money in more than 40 currencies WITHOUT having to open an offshore bank account.

In this video, I explain the many ways you can use Wise and how it works, from sending a transfer abroad to exchanging foreign currency, getting a debit card, and withdrawing from ATMs.

Have questions about how to use Wise? Comment below!

My Favorite Travel Gear: ✈️

Living Abroad: 🌍

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Chapters:
00:00 Intro
00:26 Offshore Banking Solution
1:09 What is Wise?
1:39 Opening a Bank Account Abroad
2:32 Benefits of Wise
3:05 International Money Transfers
3:30 Fair Exchange Rates
4:38 How I Use Wise
5:12 Low Fees
5:33 Debit Card Features
6:31 Withdrawing from ATMs
7:24 Is Your Money Safe?
8:19 Interest Rates
8:45 Free Account

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👱🏻‍♀️ About: Kristin Wilson is the author of Digital Nomads For Dummies, the host of Badass Digital Nomads Podcast, and known as Traveling with Kristin on YouTube. She's traveled to more than 60 countries and has been helping people move overseas since 2005.

PS: This video is for entertainment purposes only and is not consulting or advice. Video descriptions may contain affiliate or refer-a-friend links for products I use and recommend. Thanks for supporting the channel!

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#wise #offshorebanking #moneytransfer

[Silvercp]

Beware: Wise is NOT insured like your typical bank. Some easy solution/s are another type of headache/s! It's a tech company acting like a bank, yet beware of the lack of protection to their application user/s. 😊

[WaltMagnado]

I'm an accountant. We use Wise to transfer and pay folks all over the globe at a fair price every single day. Never had an issue so far in the last say 4 years or so.

[Chuum]

Wise is a nice option, but I'd recommend still having other ways to transfer as well. If Wise, or other such services, decide to suddenly put a 'freeze' on your service, it may take a while to clear up those 'unforeseen issues'. Always have a couple backup options, just in case. Especially if traveling to parts where internet service isn't as reliable, or their banking systems aren't very 'digital friendly'.

[toddsharp]

Got Wise from a previous suggestion you made in another video. I've been using it for two years in Portugal, Spain, Germany, Canada, UK and US without issue. I set it up in Apple pay and when traveling rarely ever have to take my card out of my wallet. It's been great.

[scottman]

Great video! I used Wise for the first time last year to transfer money to my friend over in Germany, and it worked very well. I really like how useful it is around the world!

[tonysomewhere]

I was in Brazil for 2 months and I used their card for almost everything including open air markets. No problems at all! FYI, I do have a bank acct and card in that country. Go figure.

[SeanOHanlon]

I understand the benefits of using Wise. What I don't understand is why anyone would close their Panamanian bank account. It's literally unassailable from any foreign judgements.

[gilliantracy]

Thanks for this Kristin. Many expats here in France recommended Wise to me before I moved here. I just made my first transfer to my AirBnB host from my wise checking to his bank account and it really could not have been easier. The transfer was immediate! I haven't gotten the card yet but may. I like that they pay much more interest than US banks. Only negative thing I've heard about them from expats is rather poor customer service. Haven't had to use that yet and hope I won't need to.

[mukkins]

I use Wise have been traveling in Europe for 2.5 years and it has been an incredible tool. you said it cheaper, (exchange rates are accurate!) faster easier. I use the card almost every day. I paid my rent and when traveling accommodations, food grocery store-everything I get cash from atm's no fee!

[X--Ripper]

Wise charges you $4.50 for every $1, 000 dollars you convert to the British pound, so you’re paying almost .5% for $1.000. So it would be $45.00 per $10, 000 transferred. I don’t like giving away money, but perhaps it’s unavoidable to avoid fees for expats. I guess 1/2% isn’t too bad.

[gprufino]

Bank accounts in the US are FDIC insured up to 250k. What is Wise's insurance limit Kristin?

[johntyandersen]

I agree 100%, Wise has saved us no end of hassle compared to our banks its so easy to use. Rates are great too.

[MikeB-qxmh]

Been using Wise for transfers overseas for years ( very happy with the service 😊) but just got the cards based on your recommendation

[DanielFernandez-jvjx]

Thank you for this detailed information. I have to comment that I have seen several YT videos complaining of Wise freezing their accounts and having much trouble and time to undo this.

[shawnm]

App shares data though. Too many apps like that now. Would rather do things through a browser (with vpn) or in person at brick and mortar location.

[timlinator]

I'm a dual EU/US citizen who travels internationally a lot and absolutely love WISE.

[PZFLY]

Not sure of the advantages here unless one is paying people internationally in various currencies. I mean Amex and Discover can be used for travel with no exchange fees. Most US banks are set up so account holders can send or transfer money back and forth.

[peterpritzl]

I love WISE, but if possible, I prefer to use CC's with no foreign transaction fees, because I get 3x miles for travel expenses, and I travel exclusively on miles. I was amazed, that even on some remote island in Indonesia, no problem using a CC, and I still have lots left on my WISE debit card, which is just so practical. Used it in Japan, Indonesia, Germany and the US this summer, never a problem. Only once there was a hiccup, sending funds from the US to Germany, and it took 6 days. Usually it's same day.

[Aidan_Au]

Thank you Kristin for talking about Wise! I hope that you can do a podcast or a video of you talking to people working in Wise. That'd help people make up their mind to open a Wise account

[cindyk]

I have heard of several people who use Wise and really like it. Thank you for bringing this to our attention.