TransferWise saves Aussies $2.6m in debit and credit card fees

Digital money transfer specialist TransferWise has launched a new campaign urging Aussies to look at what they’re spending on hidden bank fees.

Since launching its TransferWise Platinum Debit Mastercard a year ago, customers have saved $2.6 million in fees while shopping online with overseas retailers and on international travel (prior to the pandemic), compared to using a debit or credit card.

A study of 1,000 consumers found over one third (35%) knew they could be charged lower fees with a different card provider but wouldn’t change their spending habits.

Almost 60% of shoppers claimed to know which fees their bank was charging, but when pressed to describe what these fees were, 60% answered incorrectly.

Over half of consumers simply refused to online shop with international retailers to avoid transaction fees entirely, and 61% of consumers weren’t even fully aware of currency conversion fees when spending overseas.

Tim Cameron, TransferWise Australia Country Manager, said getting the most out of our finances was more important than ever. “We may not be travelling right now, but Aussies still face significant fees when purchasing from international websites,” Mr Cameron said.

“Whether it’s a new pair of shoes from your favourite UK retailer, or a Bintang in Bali, each transaction adds up and we want every Australian to be aware of exactly what they’re paying for.”

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Source: TransferWise saves Aussies $2.6m in debit and credit card fees