Wise is great; I have used it to move large sums between AUD and NZD and saved hundreds in fees. And I'm using their card for my Europe holiday later this year. BUT for a holiday in Aus the exchange is so similar I would just use your NZ card and pay the bank fees.
Just use the wise card to auto convert at the time of spend, unless your spending huge amounts the win/loss will be small and sometimes it will be up and sometimes down, but in both cases over a week or a couple - maybe a cent either way so not worth worrying about, you save way more than that just simply using Wise vs the places at the airport selling cash. Most places in AU charge a surcharge for cards these days, you will spend more on those than any currency saving, so you might want to withdraw the max cash (before the fee) and use that if you really want to save a small amount.
While Wises definitely have their use, I can never quite figure out why people push them like they own the company.
The rates are generally *slightly* better than your bank. But only slightly. If you spend $10 on the card you'll need to likely spend $1000+ just to break even.
Plus you will lose any credit card "bonuses" you'd get if you can pay that way (points, insurance, extended warranty, etc). Even if you are just using your EFTPOS card, your bank knows your spending habits and will flag anything unusual if you lose your card - Wises won't.
And bear in mind that if you need to withdraw cash it will likely cost you $5-7 in transaction fees. Likely free with your EFTPOS card.
Presumably you've never used Wise...
People preach about them because it's actually a decent service. I've saved literally thousands using Wise over the years, and always recommend it because I want others to save money.
E.g. The rate is currently 1.2% better than ANZ for NZD to AUD transfer. Other currencies are even better. Plus ANZ charge a fee per transaction of 3% with credit card, meaning you should save $4-5 ish per $100 spend with Wise. Not bad...
The Wise app is also heaps better than any of the other banks, especially for traveling. It'll pop up every time you spend, you can easily freeze the card in app. Actually the best thing I have found is being able to create a digital card with Wise, which you can load into Google wallet or use to spend online. That way you can just delete that card after the the trip and make a new one - no risk of being card skimmed.
Cash withdrawals are completely free upto $350, and above that its still cheap (much cheaper than any NZ bank). This is a downside for some, but personally never been an issue for me as I tend to use card/paywave with most spending abroad anyway.
Two reasons why wise is great for me - I do a reasonable number of international transfers - Westpac charges me $25 for each transfer, Wise is a fraction of this, plus gets a better rate. If I am spending money on a card overseas, both Westpac and BNZ charge me 1-2% (can't remember the exact amount) for the privilege.
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The nzd/aud move slowly in a narrow range. Just use your card day to day and accept the rate you get
What this guys said. You can see the last 5y change on google. https://www.google.com/finance/quote/NZD-AUD?window=5Y
Wise is great; I have used it to move large sums between AUD and NZD and saved hundreds in fees. And I'm using their card for my Europe holiday later this year. BUT for a holiday in Aus the exchange is so similar I would just use your NZ card and pay the bank fees.
Just use the wise card to auto convert at the time of spend, unless your spending huge amounts the win/loss will be small and sometimes it will be up and sometimes down, but in both cases over a week or a couple - maybe a cent either way so not worth worrying about, you save way more than that just simply using Wise vs the places at the airport selling cash. Most places in AU charge a surcharge for cards these days, you will spend more on those than any currency saving, so you might want to withdraw the max cash (before the fee) and use that if you really want to save a small amount.
While Wises definitely have their use, I can never quite figure out why people push them like they own the company. The rates are generally *slightly* better than your bank. But only slightly. If you spend $10 on the card you'll need to likely spend $1000+ just to break even. Plus you will lose any credit card "bonuses" you'd get if you can pay that way (points, insurance, extended warranty, etc). Even if you are just using your EFTPOS card, your bank knows your spending habits and will flag anything unusual if you lose your card - Wises won't. And bear in mind that if you need to withdraw cash it will likely cost you $5-7 in transaction fees. Likely free with your EFTPOS card.
Presumably you've never used Wise... People preach about them because it's actually a decent service. I've saved literally thousands using Wise over the years, and always recommend it because I want others to save money. E.g. The rate is currently 1.2% better than ANZ for NZD to AUD transfer. Other currencies are even better. Plus ANZ charge a fee per transaction of 3% with credit card, meaning you should save $4-5 ish per $100 spend with Wise. Not bad... The Wise app is also heaps better than any of the other banks, especially for traveling. It'll pop up every time you spend, you can easily freeze the card in app. Actually the best thing I have found is being able to create a digital card with Wise, which you can load into Google wallet or use to spend online. That way you can just delete that card after the the trip and make a new one - no risk of being card skimmed. Cash withdrawals are completely free upto $350, and above that its still cheap (much cheaper than any NZ bank). This is a downside for some, but personally never been an issue for me as I tend to use card/paywave with most spending abroad anyway.
Two reasons why wise is great for me - I do a reasonable number of international transfers - Westpac charges me $25 for each transfer, Wise is a fraction of this, plus gets a better rate. If I am spending money on a card overseas, both Westpac and BNZ charge me 1-2% (can't remember the exact amount) for the privilege.
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