Wise card vs OneSmart: A Full Comparison on Features and Fees 2024
If you’re looking for easy ways to hold and spend foreign currencies when you travel, you may have heard of the Wise card and the Air New Zealand OneSmart card. Wise cards and accounts let you hold, send, spend and exchange 40+ currencies, while OneSmart is a prepaid card which supports 9 major currencies for spending and withdrawal, and which offers rewards as you spend. But which is best between the Wise card vs the OneSmart card?
This guide walks through everything you need to know about the features, fees, pros and cons of both the Wise card and the OneSmart card to help you choose the right one for you.
Key points:
- You can hold and exchange 40+ currencies with Wise, while OneSmart supports 9 currencies for holding and exchange
- Both Wise and OneSmart cards are issued on major card networks and can be used globally
- Wise converts currencies with the mid-market rate and fees from 0.43%, OneSmart includes a markup in the exchange rate used, which is a percentage charge
- Wise and OneSmart cards can be used for some free ATM withdrawals every month, before charges begin
- When you spend overseas on your OneSmart card you can earn Air New Zealand AirPoints Dollars at the rate of one Dollar per 100 NZD spent
The Wise card vs the OneSmart card card in New Zealand: Side by side
Throughout this guide we’ll look in detail at how the Wise card and the OneSmart card work. First, let’s get an overview of some of the key features side by side as a comparison:
| Feature | Wise | OneSmart |
|---|---|---|
| Card type | International debit card | International prepaid card |
| Network | Either Mastercard or Visa | Mastercard |
| Service availability | Available in most countries globally | Available for Air New Zealand AirPoints programme members, with a New Zealand residential address |
| Annual/monthly fees | None | None |
| Multi-currency account | Hold and convert more than 40 currencies
Receive payments with local details, available in 10 currencies |
Hold and convert 9 currencies |
| Spending overseas | Free to spend a currency you hold, conversion fee from 0.43% for other currencies | Free to spend a currency you hold
Fees apply when you top up your account, and exchange rates include a markup |
| Exchange rate | Mid-market rate | Air new Zealand rate, which will include a markup |
| ATM use | Some free ATM withdrawals monthly before fees begin | Some free ATM withdrawals monthly before fees begin |
So, to summarise:
- The Wise Card is a debit card issued on either Visa or Mastercard – the OneSmart card is a Mastercard prepaid card
- The Wise Card is available in most countries globally – the OneSmart card is available to Air New Zealand AirPoints programme members who live in New Zealand
- There’s no annual or monthly fee for either Wise or OneSmart
- There’s no foreign transaction fee with Wise, and currency conversion costs start from 0.43%. With OneSmart, the exchange rate used to convert funds to the required currency will include a markup
- Wise multi-currency accounts support 40+ currencies – OneSmart offers an account which can hold and convert 9 currencies
- Wise uses the mid-market exchange rate to convert currencies – the OneSmart exchange rate includes a markup – a percentage fee added to the rate used
- Wise and OneSmart both allow customers to make some no-fee ATM withdrawals monthly
Pros and cons
| Wise | OneSmart |
|---|---|
| ✅ 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 |
✅ Hold and exchange NZD and 8 major foreign currencies
✅ No fee to get your card in the first place ✅ Earn AirPoints Dollars on overseas spending ✅ Free to spend a currency you hold ✅ No ongoing fees
|
| ❌ One time card order fee of 14 NZD applies ❌ Currency conversion costs from 0.43% |
❌ 1.5% top up fee applies
❌ Exchange rates include a markup |
Wise card vs OneSmart card: The Verdict
The Wise card and the OneSmart card can both be secure and easy ways to spend and make withdrawals overseas. Both have their own advantages and disadvantages. Wise accounts can be more flexible, with a broader selection of supported currencies, and ways to send and receive international payments. OneSmart on the other hand will allow you to earn Air New Zealand AirPoints Dollars when you spend abroad.
Wise and OneSmart also differ on exchange rates. Wise currency exchange uses the mid-market rate with fees from 0.43%, while OneSmart rates include a variable markup which is rolled into the rate applied. You’ll be able to check the OneSmart rates for your currency before you convert money, but as the fee isn’t split out it can be a bit harder to spot.
This guide looks in more detail at how both the Wise debit card and the OneSmart card work, so you can decide if either suits you.
How do they work?
You can register a Wise account online or in the Wise app, and get verified by uploading images for your ID and address document. To join OneSmart you’ll first need to be a registered member of the Air New Zealand AirPoints programme. Once you’ve signed up to this you can order your OneSmart card online and upload a couple of ID documents for verification purposes.
With both Wise and OneSmart, your card is mailed to you after you’ve registered.
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.
OneSmart card limits
With a OneSmart card you can make daily cash withdrawals up to the currency equivalent of 3,000 NZD. Some ATMs may have their own limits which can be lower than this. You can hold up to a maximum of 100,000 NZD in your card balance at any given time.
What type of cards are they?
The Wise card is a debit card issued on either the Visa or Mastercard network. The OneSmart Card is a Mastercard prepaid debit card.
Are Wise and OneSmart cards available in New Zealand?
Yes. The Wise card is available in New Zealand, and in most countries globally. The OneSmart card is available for members of the Air New Zealand AirPoints programme, who must also be aged over 16 and resident in New Zealand.
Wise card vs OneSmart card: Fees
Here’s a quick summary of the costs with the Wise card vs the OneSmart :
| Service | Wise fee | OneSmart fee |
|---|---|---|
| Ongoing fees | No ongoing fees | No ongoing fees |
| Card order fee | 14 NZD | None |
| Top up fee | Fees may apply depending on payment type – free options are available | 1.5% |
| 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
Exchange rates include a variable markup which is rolled into the rate applied |
| ATM fee | 2 withdrawals to the value of 350 NZD/month free, then 1.5 NZD + 1.75% | 3 withdrawals a month free, then fees apply, which vary by currency – around the equivalent of 3 NZD |
Fees correct at time of writing – 7th March 2024
Which card is cheaper?
Wise doesn’t have any ongoing fees, nor does OneSmart, but the service and transaction fees can vary quite a bit. Ultimately, which is cheaper for you might just depend on the type of transactions you make frequently.
There are a couple of important differences between how Wise and OneSmart charge. Firstly, there’s a fixed 1.5% fee when you top up OneSmart, while Wise offers some ways to add money without paying a fee, by using local bank account details. Secondly, the way Wise and OneSmart set their exchange rates is a bit different.
With Wise, currency conversion uses the mid-market exchange rate with fees which are split out from the rate for transparency, and which vary by currency starting from 0.43%. OneSmart exchange rates can be found in the app – but they include a markup which isn’t split out from the rate, making it a bit harder to see what you’re paying for conversion.
Overall, the fees used by Wise can be more transparent, and easier to understand – but ultimately which card is better for you depends on personal preference.
Are Wise and OneSmart cards safe to use?
Yes. Both Wise and OneSmart are reputable and trusted providers, which are regulated by a range of global bodies.
Ease of use
Creating an account: Both Wise and OneSmart allow online and in app applications.
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 OneSmart 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 OneSmart 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 OneSmart card to make withdrawals of up to the equivalent of 3,000 NZD a day
Can I use the Wise and OneSmart cards abroad?
Yes. Both cards are globally accepted, but it’s worth remembering that the way they convert currencies is a bit different.
You’ll be able to use your Wise card wherever the network logo is shown, in 150+ countries globally. If you don’t have the currency you need in your account, the card will automatically convert for you with the mid-market rate and a fee from 0.43%. If you don’t have the currency required in your OneSmart account, the funds are taken from your balance according to a pre-set order, and using an exchange rate which includes a markup. To see the fee you’re paying for currency conversion you’ll need to compare the OneSmart rate with the mid-market rate to calculate the markup being applied.
Supported currencies on Wise and OneSmart cards
Wise supports 40+ currencies for holding and exchange, and also allows you to receive payments with local account details in 10 currencies. OneSmart supports 9 currencies for holding and exchange.
Alternative cards
If you’re looking for an alternative to Wise and OneSmart you might want to consider the Cash Passport Platinum Mastercard. This is linked to a multi-currency account which you can use to hold 10 major currencies, and also has the advantage that you can collect your card in a physical location if you’re in a hurry and can’t wait for the mail.
Conclusion
Wise and OneSmart both offer good ways to hold and spend foreign currencies, making them ideal for travel use. Overall, the Wise account and card has a broader selection of international features, including more currencies and ways to send and receive foreign currency payments conveniently. OneSmart is a bit more limited in terms of supported currencies, but does let you earn Air New Zealand AirPoints Dollars as you spend overseas, which can be a handy way to boost your rewards if you’re already an AirPoints member.
Ultimately, whether the Wise card or the OneSmart card is best for you will depend on what you’re looking for in a card. If you’re hoping to cut the costs of currency conversion and have ways to manage your money across borders more easily, you may prefer Wise – but if it’s all about the reward points, OneSmart is more likely to be the one for you.
FAQ – Wise vs OneSmart cards
What is the difference between Wise and OneSmart cards?
The Wise card is a debit card with a multi-currency account supporting 40+ currencies, with broad international features and easy ways to send and receive payments. The OneSmart card is a Mastercard prepaid card which supports holding 9 currencies. It’s available for Air New Zealand AirPoints programme members, and lets you earn AirPoints Dollars when you spend overseas.
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 OneSmart card?
The OneSmart Card is a Mastercard prepaid card, which is offered to Air New Zealand AirPoints programme members, who are aged over 16 and who have a New Zealand residential address.
