Can You Use a Credit Card on Wise?

Using a credit card on Wise for international money transfers is generally possible, providing a convenient method to fund your transactions. Wise accepts major credit card networks, allowing users to initiate payments for various transfer needs. While credit card payments are supported, understanding the associated process, fees, and limitations is important to manage your financial outlay effectively.

Initiating a Credit Card Payment on Wise

Before starting a transfer on Wise with a credit card, users should ensure they have a Wise account, the recipient’s accurate details, and their credit card information readily available. Wise supports Visa, Mastercard, and some Maestro cards for funding transfers. American Express cards are typically not accepted for these transactions.

Users begin by selecting the type of transfer they wish to make and then enter the amount they intend to send. Next, they are prompted to choose their preferred payment method, where “credit card” is an available option. After selecting credit card, the system will request the card details, including the 16-digit card number, expiry date, and security code. Completing these fields and confirming the payment will initiate the transfer, often resulting in instant processing of the payment. For security, your card must have 3D security enabled.

Understanding Associated Fees and Exchange Rates

When using a credit card on Wise, several fees impact the total cost. Wise applies its own transaction fees, which are typically higher for credit card payments compared to debit cards or direct bank transfers. These fees are transparently displayed upfront, allowing users to see the exact cost before confirming the transfer. The percentage-based fees vary depending on the currency combination and the specific amount being sent.

Beyond Wise’s charges, credit card issuers may impose additional fees. A potential “cash advance” fee is a key consideration, as some banks categorize Wise transactions funded by credit cards as cash advances due to the Merchant Category Codes (MCCs) Wise assigns, such as 4829 or 6012 for wire or money order services. Cash advances often incur higher fees and immediate interest charges from the card issuer, without a grace period.

Additionally, if the credit card used is linked to an account in a different currency than the one being sent, the card issuer might apply a foreign transaction fee or use their own exchange rate, adding to the overall cost. Wise, however, utilizes the mid-market exchange rate; their fees are separate and clearly stated. Users should contact their credit card issuer to understand policies regarding international transfers and cash advance classifications.

Credit Card Transaction Limits and Restrictions

Wise implements various limits on credit card transactions. These limits can be set on a per-transaction, daily, or monthly basis and may vary depending on the currency pair involved and the user’s region. Users can view their specific spending and withdrawal limits within the Wise app or on the website under the “Cards” or “Limits” section.

Individual credit card issuers also impose their own transaction limits, which can include daily spending caps or restrictions on certain types of international payments. A transaction might be approved by Wise but declined by the card issuer if it exceeds their internal limits.

Certain geographic and card-type restrictions may also apply; Wise may not accept prepaid cards from specific regions or credit cards issued in particular countries for certain transfer types. Some card networks may also have limitations based on local regulatory requirements. Users must confirm both Wise’s policies and their card issuer’s terms before initiating transactions.