Upsiders can access the same transfer capabilities as Wise customers—without leaving the Up app. This means Upsiders can transfer Australian dollars into more than 40 currencies.

Murali Akella, who was the head of banking and global partnerships for Wise at the time, said that “by plugging into our API, Up just became the fastest and cheapest to use in Australia for international payments” when the partnership was made public.

“In fact, Australians staying with traditional providers could end up paying between 5-8 times more than Up customers, who will have a seamless, low-cost [Wise] experience without leaving the Up app,” he said.

Wise charges its customers using a mid-market exchange rate, which is the midpoint of what banks are willing to buy and sell for a currency. Ultimately, it’s the rate the market normally sets, rather than it being an exchange rate determined independently by Wise (which other travel card companies do).

However, when spending in an international currency on your Up bank card, you will be subject to the Mastercard rate and will face currency conversion charges. This is because with Up, you can only hold money in Australian dollars, rather than multiple currencies as you can with Wise (and other travel cards).

Technically, therefore, an Up Travel Card isn’t actually a travel card. It is a debit card you can use overseas, subject to the Mastercard rates and conversion fees. However there is no charge for international ATM withdrawals, which is a great perk.