Wise card vs Cash Passport: A Full Comparison on Features and Fees 2024
The Wise card and the Cash Passport Platinum Mastercard are both multi-currency cards with linked digital accounts and allow you to spend and make cash withdrawals at home and abroad easily. However, the features and fees you’ll find with Wise and Cash Passport do vary.
This guide walks through the key details you need to know about both the Wise card and the Cash Passport Platinum Mastercard so you can see if either suits your specific needs.
Key points:
- You can hold and exchange 40+ currencies in your Wise card account, while the Cash Passport card supports 10 currencies.
- Wise converts currencies with the mid-market rate and fees from 0.43%, the Cash Passport uses the Mastercard rate for conversion, with foreign transaction fees of 5.95%
- Wise offers some free ATM withdrawals monthly, the Cash Passport has a fee which varies by currency
- Wise offers more flexible international features, including ways to get paid by others in foreign currencies
Wise card vs Cash Passport [NZ]: Side by Side
This guide looks in detail at the similarities and differences between the Wise international debit card and Cash Passport Platinum Mastercard. First, let’s get an overview of some of the key features side by side as a comparison:
| Feature | Wise | Cash Passport |
|---|---|---|
| Card type | International debit card | International debit card |
| Network | Either Mastercard or Visa | Mastercard |
| Service availability | Available in most countries globally | Available for permanent residents of New Zealand |
| Annual/monthly fees | None | None |
| Multi-currency account | Hold and convert more than 40 currencies – for personal and business customers
Receive payments with local details, available in 10 currencies |
Hold and convert 10 currencies |
| Foreign transaction fee | No foreign transaction fee
Free to spend a currency you hold, conversion fee from 0.43% for other currencies |
Free to spend a currency you hold
Foreign transaction fee of 5.95% applies if you do not hold the balance required |
| Exchange rate | Mid-market rate | Mastercard rate + any applicable fee |
| ATM use | Some free ATM withdrawals monthly before fees begin | Fee varies by currency, usually around 4 NZD |
| Transfer | Send money to 160+ countries, direct to bank accounts | Send money to other Cash Passport cards only |
So, to summarise:
- The Wise card is a debit card issued on either Visa or Mastercard – the Cash Passport Platinum Mastercard is a Mastercard debit card
- The Wise card is available in most countries globally – the Cash Passport Platinum Mastercard is available for permanent residents of New Zealand only
- There’s no annual or monthly fee to pay for either Wise or Cash Passport
- There’s no foreign transaction fee with Wise, and currency conversion costs start from 0.43%. It’s free to spend a currency you hold with Cash Passport, but there’s a 5.95% foreign transaction fee if you don’t have the currency needed
- Wise offers multi-currency accounts for personal and business customers supporting 40+ currencies – Cash Passport offers an account which can hold and convert 10 currencies
- Wise uses the mid-market exchange rate to convert foreign currency payments back to NZD – Cash Passport uses the Mastercard network rate
- Wise allows customers to make some free ATM withdrawals monthly – Cash Passport has a variable fee of around 4 NZD for all withdrawals
- Wise supports transfers to bank accounts in 160+ countries – Cash Passport lets you send to other Cash Passport cards only
Pros and cons
| Wise | Cash Passport |
|---|---|
| ✅ Debit cards linked to multi-currency accounts to hold 40+ currencies ✅ Spend in 150+ countries, wherever you see the network logo ✅ Get some free ATM withdrawals monthly ✅ No ongoing fees ✅ Mid-market exchange rates |
✅ Debit cards linked to multi-currency accounts to hold 10 major currencies
✅ Spend anywhere Mastercard is accepted ✅ Mastercard Zero Liability protections in place ✅ Complimentary flight delay pass
|
| ❌ One time card order fee applies ❌ Currency conversion costs from 0.43% |
❌ 5.95% foreign transaction fee if you don’t have the required currency
❌ ATM fees apply |
Wise card vs Cash Passport card: The Verdict
The Wise debit card and the Cash Passport Mastercard both allow you to hold and spend a multi-currency balance – but which is right for you will depend on exactly what you’re looking for in a card.
Wise supports 40+ currencies and has flexible international features including ways to get paid in foreign currencies by others, and to send money to bank accounts in 160+ countries. The Cash Passport card supports 10 major currencies, and is secure for spending, with some extras like lounge access if your flight is delayed. Generally, the Wise card can be cheaper to use as there’s no foreign transaction fee to worry about, and you can make some free ATM withdrawals every month before any charge applies.
This guide looks in more detail at how both the Wise debit card and the Cash Passport Mastercard card work, so you can decide if either suits you.
How do they work?
You can order a Wise card online or in the Wise app. You can also get your Cash Passport online or in an app, as well as having the option to pick one up in person. For online applications, once your account is set up, your card will be sent to you by mail. If you’re picking up a Cash Passport in a store extra fees apply.
Wise card limits
With Wise you can spend up to 52,500 NZD monthly, and make ATM withdrawals up to 7,000 NZD. You’ll be able to adjust your limits in the Wise app if you’d rather have a lower daily or monthly limit on your card spend. There’s not usually any limit to the amount you can hold in your Wise account.
Cash Passport card limits
Cash Passport cards have a variety of limits which apply to account holding balances, as well as on spending. You can spend up to 15,000 NZD a day, and make daily cash withdrawals up to 3,000 NZD. The maximum amount you can hold in your account is 75,000 NZD – this is also the total maximum load amount in a 12 month period.
What type of cards are they?
The Wise card is a debit card issued on either the Visa or Mastercard network. The Cash Passport Platinum Card is a debit card issued on the Mastercard network.
Are Wise and Cash Passport cards available in New Zealand?
Yes. The Wise Card is available in New Zealand, and in most countries globally. The Cash Passport Platinum Mastercard is available for residents of New Zealand only.
Wise card vs Cash Passport card: Fees
Here’s a quick summary of the costs with the Wise card vs the Cash Passport :
| Service | Wise fee | Cash Passport fee |
|---|---|---|
| Ongoing fees | No ongoing fees | No ongoing fees |
| Card order fee | 14 NZD | No card order fee online – in a store fees of at least 10 NZD apply |
| Spend in foreign currencies | No fee to spend a currency you hold
Currency conversion from 0.43% |
No fee to spend a currency you hold
Foreign transaction fee of 5.95% applies if you don’t have the required currency |
| ATM fee | 2 withdrawals to the value of 350 NZD/month free, then 1.5 NZD + 1.75% | Variable by currency – around 4 NZD |
Fees correct at time of writing – 5th March 2024
Which card is cheaper?
You’ll pay a one time card order fee of 14 NZD for a Wise card. It’s then free to spend any currency you hold in your account, with low cost currency conversion from 0.43% when required. You’ll also be able to make some free ATM withdrawals every month before a fee applies.
You can get the Cash Passport card online with no upfront fee, but there’s a charge if you pick one up in a store instead. ATM fees apply, which vary by currency, and there’s a 5.95% foreign transaction fee to pay if you don’t have the balance needed for spending in your account.
Overall, Wise can have fewer fees to pay, and currency conversion can cost less as you avoid any foreign transaction fee.
Are Wise and Cash Passport cards safe to use?
Yes. Both Wise and Cash Passport are reputable and trusted providers, which are safe to use. Wise is regulated by a range of global bodies, while the Cash Passport is backed by Mastercard – another globally recognised and licensed provider.
Ease of use
Creating an account: Both Wise and Cash Passport allow online applications. Cash Passports can also be collected in a store, but a fee of at least 10 NZD applies in this case
Ordering a card: Order your card online or in the provider’s app, and it’ll be delivered to you by mail
Where can be used: Use your Wise card wherever the network logo is shown, in 150+ countries globally. The Cash Passport card is issued on the Mastercard network and is also globally accepted
Replacement: Cancel your card online or in the provider’s app, and have a replacement sent to you in the mail
Visa or Mastercard: The Cash Passport card is a Mastercard, while the Wise card can be issued on either the Mastercard or Visa network
Limits: With Wise you can spend up to 52,500 NZD monthly, and make ATM withdrawals up to 7,000 NZD. You can use a Cash Passport card to make withdrawals of up to 3,000 NZD a day, and to spend up to 15,000 NZD a day
Can I use the Wise and Cash Passport cards abroad?
Yes. You’ll be able to use your Wise card wherever the network logo is shown, in 150+ countries globally. The Cash Passport card is issued on the Mastercard network and is also globally accepted.
Supported currencies on Wise and Cash Passport cards
Both Wise and Cash Passport cards can be used globally, to spend in pretty much any available currency. Wise supports 40+ currencies for holding and exchange, and also allows you to receive payments with local account details in 10 currencies. Cash Passports support 10 currencies for holding and exchange.
Alternative cards
If you’re looking for an alternative to Wise and Cash Passport you might want to consider Revolut, which has several different account plans to suit different customer needs. All Revolut accounts come with linked payment cards and multi-currency balance options, and some no fee currency conversion every month, too.
Conclusion
Both Wise and Cash Passport offer ways to hold a multi-currency balance and spend or make withdrawals globally with a linked debit card.
You can hold 40+ currencies in a Wise multi-currency account, while Cash Passport accounts can hold 10 major currencies. With Wise, currency conversion uses the mid-market rate and low fees from 0.43% – Cash Passport uses the Mastercard rate but may impose a fee of 5.95% if you don’t have the currency needed for spending in your account already.
Overall, there are fewer fees with the Wise debit card, and you don’t need to worry about foreign transaction fees as the card’s autoconvert technology switches the balance to whichever currency is needed when you pay.
FAQ – Wise vs Cash Passport cards
What is the difference between Wise and Cash Passport cards?
The Wise card is a debit card with a multi-currency account supporting 40+ currencies, while the Cash Passport Platinum card is a Mastercard debit card which has a linked account that can hold 10 major currencies. Both cards let you spend and make withdrawals overseas conveniently.
Is Wise a Visa debit card?
The Wise card is a debit card issued on either the Visa or Mastercard network. Both networks are globally accepted.
What type of card is a Cash Passport card?
The Cash Passport Platinum Card is a debit card issued on the Mastercard network.
