Global tech company Wise has unveiled a range of new features to help Aussies calm the travel money chaos.
This comes as new research by Wise reveals the challenges of overseas spending, with more than two-thirds (67%) of Aussies reporting financial anxiety during their most recent overseas trip.
Nearly half (46%) of Aussie travellers admitted to arguing with someone about travel-related money and almost a third (30%) experienced someone failing to pay their fair share on a trip.
Parents travelling with children under 18 also feel more stressed than those without, with three-quarters (75%) reporting spending anxieties on their recent trip.
To help combat these challenges, Wise is introducing additional features that include:
- Wise cards for Young Explorers: parents can now create physical cards for their 6-17 year-olds (or digital cards from age 13) accompanied by a child-friendly version of the app. Kids have freedom to use their cards online, in-store and at ATMs, but parents have full control of card funding and the ability to set spending limits. Young Explorers cards can also be viewed by two adults at once, so both parents can see what their kids are up to.
- Manage shared purchases with Group Spending: customers can create a shared balance with up to nine other Wise account holders for expenses such as meals, transport and group activities. The central account holder remains the owner of the money, but each person gets a virtual card linked to the group and can track spending in one place – perfect for avoiding travel tension.
- Ensure everyone pays their fair share with Bill Split: travellers can now avoid the need to juggle multiple cards when paying bills too, even in a foreign currency. Users can pay on their Wise card, open the transaction, divide the payment across a group in their chosen currency, then request to be paid back.
- Get paid from Aussie bank accounts via PayID: customers can now link a mobile number or email address to their Wise account as a PayID. This enables seamless, instant payments from Australian banks to their Wise Account, without the need to juggle BSBs and account numbers when chasing your mates.
“Aussies love travel, but we’ve all experienced the stress of navigating different currencies, being overcharged by hidden fees and keeping tabs on spending with friends and family,” said Tristan Dakin, Australia and New Zealand Country Manager at Wise.
“With these new features, we’re taking convenience to the next level, helping travellers to spend less time worrying about money and more time enjoying their trip.”
