Do you need virtual cards for your online business for your employees to pay for orders? Getting a virtual card may not seem so straightforward with banks as some banks don’t offer virtual cards.
A virtual card is like a digital debit card. With Wise (previously TransferWise), you can create up to 3 virtual cards and pay for online orders instantly. Not only that, you can freeze your card, get a new card number with just a click.
You can spend online and transact safely while saving on currency exchange fee with Wise virtual cards.
Why Should You Use a Wise Virtual Card?
With the Wise virtual card, you may spend safely online, in-store, and overseas.
Here are the benefits of the Wise virtual card:
- Make online payments and keep your virtual debit card frozen after each purchase
- Low currency conversion fees and currency exchange at the mid-market rate
- Hold 50+ currencies at once, convert them in real-time using the free Wise app
- Your global virtual card number is distinct from your real card number, providing an additional layer of protection for your purchases
- At any given time, you can have up to three virtual cards and use them to track your spending by utilizing various cards for different sorts of expenses
- Using Apple Pay, Google Pay, or any virtual wallet of your choosing, shop wherever contactless payments are accepted, all at real exchange rate
- Free to all customers (except for custoemrs in the US or Japan)
After you’ve ordered your real card, you can acquire a Wise virtual card and start spending right away in the Wise app.
Customers with personal or company Wise accounts are eligible for a free Wise virtual card.
How to Create a Wise Virtual Card
A card can be obtained in three simple steps:
1. Purchase your card and fund your account.
You may create a free Wise account and order your physical card in just a few minutes. To get started, open a balance in any of the 50+ currencies available and fund your account.
2. Click ‘Get a digital card’.
The virtual card option is available in the Wise app under the heading ‘digital card.’ Move your cards to the right until you see the purple card. Select ‘Get a digital card.’ Alternatively, if you’re on the website, go to the cards tab and look for the same option. That’s all there is to it.
3. Spend easily and securely without being charged excessive costs.
Start using your virtual card immediately and take advantage of everything Wise has to offer, including minimal currency conversion costs and currency exchange at the mid-market rate.
Who Needs a Wise Digital Card?
- For those who seek an extra layer of protection while traveling overseas
- For ecommerce customers who want to be sure their financial information is safe when shopping on new sites both at home and abroad
- Virtual cards save plastic waste for environmentally minded customers!
- For ‘Where is my wallet?’ kind of people – your virtual card is stored totally online in your Wise account, making it available at all times
You get a virtual credit card to spend your money if you open a TransferWise account and upgrade it to a Borderless account.
What Is a Wise Borderless Account?
A virtual multi-currency account, the borderless account is a virtual multi-currency account. It lets you store and trade over 50 different currencies, as well as switch between them in a matter of seconds. Most crucially, it enables you to convert them to any currency you require at the true mid-market exchange rate, anytime and wherever you require it.
This means that you will pay little to no fees and that the entire procedure will be transparent.
Your Wise debit card can be linked to your borderless account. Personal account numbers can then be obtained in GBP, EUR, USD, AUD, NZD, PLN, SGD, HUF, and RON. You can receive transfers from other accounts all over the world using your account number and bank data.
Some of the benefits of having a Wise Debit MasterCard are:
- Every month, you can get up to £200 or $250 in free ATM withdrawals.
- There are no fees for payments made in the currencies of your account.
- Conversion fees range from 0.35 percent to 3 percent.
- Wide acceptance in all MasterCard-accepting locales
How To Use Your TransferWise Borderless Account
You can start receiving and sending local and international money transfers in the designated currencies after you activate your borderless account and receive your account and bank credentials.
It’s critical to recognize that a TransferWise borderless account is not the same as a traditional bank account. It’s a virtual account with some of the same capabilities as a traditional bank account.
You can send and receive money in a variety of currencies for a low fee. You will not be able to collect cash or checks, earn interest, obtain insurance, or be covered by federal deposit insurance programs.
A prepaid debit card will be available to all TransferWise borderless account holders. It is necessary to apply for it manually, although it only takes a few minutes. The debit card can then be linked to your borderless account. To use the card in person, you will need a four-digit pin code.