We're more global than ever, and the same goes for our money. We travel internationally more frequently, work or go to school abroad, move to different countries and receive or send money back home. Our money needs to keep up with how fluid our lives are. Unfortunately, most banks or currency exchange shops are still living in the dark ages, making it hard for us to easily move money around with us.
That's why I wanted to discuss how we can all be wiser with our money with Ankita DMello, Principal Product Manager at Wise. I've personally been using Wise for years for a few different reasons. It started with my business, as I work with contractors from different countries and wanted a seamless and low-fee way to pay them. Then, I started using it for travel. Instead of relying solely on my credit cards and being charged a foreign transaction fee plus a marked-up exchange rate, I now load up my Wise card with funds (which works similarly to a debit card) so I can pay for things in that country's local currency for a much lower fee and the mid-market exchange rate, which is the fairest exchange rate out there.
In this episode, we explore different scenarios in which you may not even realize you're paying high fees or aren't getting the best exchange rate, some common misconceptions about exchanging currency, current trends Wise is seeing with its customers' use of the platform, and the importance of being strategic with the financial tools available so you can reduce the fees you pay and keep more money for more important things.
📖 CHAPTERS
00:00 Introduction
01:34 Guest Background
04:38 Understanding Wise's Mission and Services
07:41 Exploring Wise's Currency Management
10:32 Using Wise for Travel and Spending Abroad
13:36 Comparing Wise with Credit Cards
16:31 Wise for International Students and Immigrants
19:34 Security and Trust in Wise
22:45 Common Misconceptions about Currency Exchange
25:22 Trends and Insights from Wise's Data
28:33 Conclusion and Resources for Wise Users
📌 RESOURCES I MENTIONED
Learn more about https://wise.com/
Listen to Ep. 373 about borderless banking with Brigit Carroll, Policy Lead, North America at Wise https://jessicamoorhouse.com/podcast/ep-373-brigit-carroll/
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Show notes & transcript https://jessicamoorhouse.com/408
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