How to save with Wise while studying abroad

Wise has multi-currency accounts with linked payment cards, which can be used to hold, send, spend and receive dozens of currencies. That can make them a great choice for international students, frequent travelers and anyone headed overseas to work, live or learn.

Wondering: Will using Wise while studying abroad save me money? This guide has you covered, with all you need to know about Wise features and fees and how they can help cut the costs of currency conversion.

What are the main costs of studying abroad?

If you’re a US student heading overseas for a semester, or to complete an entire course of study, there will be some costs involved.

Some of these may be obvious - like flights and tuition fees - but there may also be some unexpected extras so you’ll need to do some thorough research based on where you’re heading, before you fix your budget.

The costs of studying abroad vary but can include:

Flights to and from your destination - including for vacations back home Costs of visas and any other entry permits needed Tuition fees, costs of books and any other associated study fees Accommodation and transport in your new home Day to day costs of living, which may be quite different to the US Costs of medical and travel insurance which may be required Currency conversion and overseas transaction fees when spending in foreign currencies

How to save with Wise while studying abroad: step by step

Wise offers accounts and cards which are optimized for international use. Here’s how you could save with Wise when you’re an international student.

Step 1: get a Wise account and card

Open a Wise account online or in the app, with no fee, and order your Wise card for a one time charge of 9 USD. There are no ongoing fees associated with your account, and no minimum balance requirements, so once you have your account up and running you can use it as much or as little as you like.

When it’s time to spend or send a payment overseas you can add money to Wise in USD, and then convert to the currency you need for your payment or withdrawal, using the mid-market rate and low fees from 0.42%. There’s no foreign transaction fee when you pay for things abroad with your Wise card, either.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

Step 2: know the fees you'll have to deal with

The costs you pay as an international student may be a bit different to those you’d pay at home. Here’s a look at how Wise can help.

Sending money to pay tuition

Send money from USD to 160 countries in 40+ currencies with Wise. You can set up your transfer to pay tuition fees online or in the Wise app, and then pay with a local USD ACH or wire, or with your credit or debit card. Your USD will be converted to the currency you need with the mid-market rate, with low fees from 0.42%*.

Spending fees

Spend any currency you have in your account, using your Wise card, for free. If you don’t have the currency you need for your destination you can either convert in advance and hold a balance in that currency in your account, to spend for free in future - or just let the card convert at the time of payment. You get the mid-market rate and Wise’s low fees, in either case.

Withdrawing cash

Use your Wise card to make 2 withdrawals, up to 100 USD in value for free every month - then pay a low Wise ATM fee of 1.5 USD + 2%.

If you hold a balance in the currency you’re withdrawing there’s no conversion fee - and if you don’t, Wise uses the mid-market rate and low fees from 0.42%*.

There’s no foreign transaction fee and no cash advance fee, making this a cost effective way to get your cash overseas.

​​Note: Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks

Exchange rates

Wise uses the mid-market exchange rate for currency conversion when you send, spend or exchange.

There’s no fee hidden in the rate used to switch one currency to another - all the fees are split out for transparency and to make it easy for you to compare the costs against other providers.

Step 3: keep an eye out for DCC

When you’re abroad and spending or making a withdrawal with your Wise card you might be asked if you’d prefer to pay in dollars instead of the local currency wherever you’re studying. Say no, to avoid the extra costs involved with DCC (dynamic currency conversion).

DCC is where the merchant or ATM picks the rate and fees used for currency conversion instead of your bank or card issuer - this is a very expensive choice. Pay in the local currency and let your Wise card handle the conversion with the mid-market rate and the lowest available fee*.

Step 4: make the most of your Wise account

Want more? Here are a few other things you can do with Wise when you’re an international student.

Track your spending with Insights

You can view your spending with Wise instantly in the Wise app - and use the handy Insights tool to look at what you’ve spent by category or time period, to help you budget better.

Use Insights to dig deep into your spending and make sure you’re making the most of your money.

Opt in for the Wise interest feature

Check out the Wise interest feature which allows eligible customers to boost their balance in USD, GBP and EUR by receiving annual percentage yield (APY) (APY subject to change, certain limitations apply — see Program Agreement for more information)

Note: the interest feature is not currently available in Alaska and New York

Keep your money in Jars

Need to budget for a special occasion? Use Wise Jars to set aside money which you can’t then accidentally spend with your card.

Just set up a Jar and give it a name, add money when you want to - and when it’s time to spend it you can move it back to your main Wise account for simple spending, or to make a payment.

Bottom line: will using Wise while studying abroad save you money?

Wise accounts have no ongoing fees or minimum balance requirements - and their powerful international features can be perfect for international students looking for ways to cut the costs of converting currencies and spending overseas.

Open a Wise Account, get a Wise card, and start to spend, send, hold, exchange and receive the currencies you need - with the mid-market rate and low, transparent fees.