Foreign Currency - Mastercard vs TransferWise

Jimj40

I'm a great fan of TransferWise and use my card almost every day, especially when buying on-line in different currencies.  I was discussing the two options with a friend and he tells me that he gets a better deal just using his "ordinary" Mastercard debit card.  Is this actually the case?  I don't know what extra charges, if any, Mastercard levy to simply have an account with them; the exchange rates offered seem pretty much identical on ATM euro withdrawals from a pound account. Obviously - or so I believe - Transfer Wise offer more flexibility in terms of variety of currencies that can be held on the card/account but there are so many other facilities available these days that I'm having trouble doing even a "simple" cost comparison.

eDicky

There's no such thing as a MasterCard account, your friend has a MasterCard debit card issued by a financial institution such as a bank. Most of these involve a fee and/or exchange rate markup for non-sterling use, only if your friend has a fee-free card, such as Starling Bank or Halifax Clarity, will it cost less to use overseas than your TransferWise card in general.

Westin

+1

Similar thoughts. I wonder if the friend has a Halifax Clarity Mastercard.

jr2921

It could be a curve card, they’re through MasterCard and I use that for my overseas money and the fees are really low.

fifeken

Westin said:

+1

Similar thoughts. I wonder if the friend has a Halifax Clarity Mastercard.

OP mentions it's a debit card so not Clarity then, could be Starling.