The Core Strategy: Pre-Convert, Then Spend
🎯 Here's How Wise Actually Saves You Money
The secret isn't just having a Wise account—it's using it strategically.
Instead of letting your bank or credit card convert currency at the moment of purchase (with their terrible rates and hidden fees), you:
- Transfer your home currency into your Wise account
- Watch the exchange rates in the Wise app
- Convert when rates are favorable to the local currency you need
- Spend using your Wise card in that local currency—zero conversion fees!
Your Wise card balance is already in Australian Dollars, Thai Baht, Euros, or whatever you need. No conversion happens at point of sale.
Real Example: US Boat Getting Hauled Out in Australia
đź“Ť Scenario: Major Boatyard Bill
Location: Gold Coast, Australia
Expense: Annual haul-out, antifouling, and repairs = $4,000 AUD
❌ The Expensive Way (Traditional Credit Card)
| AUD needed: |
$4,000 |
| Bank exchange rate markup: |
3-5% worse than real rate |
| Foreign transaction fee: |
3% |
| True USD cost: |
~$2,880 USD |
âś… The Wise Way (Pre-Convert Strategy)
| Watch Wise app rates |
You see USD/AUD at 1.47 (good rate!) |
| Convert $2,730 USD → $4,000 AUD |
Real mid-market rate |
| Wise conversion fee: |
0.43% = $12 USD |
| Pay boatyard with Wise card in AUD: |
$0 conversion fee (already in AUD!) |
| True USD cost: |
$2,742 USD |
đź’° YOU SAVED: $138 USD
That's 5% back in your cruising kitty—enough for a week of provisioning!
Step-by-Step: Using Wise the Right Way
1Know Where You're Going
Planning to spend time in Australia? Thailand? Mediterranean? Look ahead at your cruising route.
2Transfer Home Currency to Wise
Move money from your home bank into your Wise account. This stays in your home currency until you convert it.
Example: US cruiser transfers $5,000 USD from Bank of America to their Wise account.
3Watch the Exchange Rates
Open the Wise app and check the conversion rates. Wise shows you the real mid-market rate—the actual rate banks use between themselves.
Pro tip: Watch rates over a few days or weeks. If you see a favorable swing, that's your moment!
- USD/EUR at 0.93? Better than last week's 0.91? Convert now!
- USD/THB at 34.5? Great rate? Lock it in!
- USD/AUD at 1.48? That's strong? Convert your Australian budget!
4Convert at the Right Time
In the Wise app: Convert → Select currencies → Enter amount → Confirm
Wise charges a tiny transparent fee (usually 0.4-0.7%) and converts at the real rate.
You now have a balance in the local currency. This money sits in your Wise account ready to spend.
5Spend Using Your Wise Card
When you pay for things in that country, your Wise card automatically uses that currency balance.
- Marina fees in AUD? Your card pays from your AUD balance.
- Supermarket in Thailand? Your card uses your THB balance.
- Diesel in Europe? Your card pulls from your EUR balance.
Zero conversion fees. Zero markup. You've already converted at the best rate.
đź’ˇ Managing Multiple Currency Balances
Your Wise account can hold 50+ currencies simultaneously. Keep balances in all the regions you're cruising:
- $500 USD (home currency reserve)
- $2,000 AUD (for Australian expenses)
- €1,200 EUR (Mediterranean season)
- ฿15,000 THB (Thailand haul-out fund)
No fees to hold these balances. Convert more as needed.
What About Countries NOT on Wise's Currency List?
⚠️ When Your Destination Currency Isn't Available
Wise supports 50+ currencies, but not everything. You won't find:
- Fiji Dollar (FJD)
- Vanuatu Vatu (VUV)
- French Pacific Franc (XPF - New Caledonia, French Polynesia)
- Eastern Caribbean Dollar (XCD)
Don't worry—Wise still saves you money, but you need a different tactic.
The ATM Strategy for Unsupported Currencies
When you need cash in a currency Wise doesn't hold:
- Find an ATM in the local country
- Withdraw local currency using your Wise card
- CRITICAL: Decline dynamic currency conversion!
đźš« ALWAYS Choose "Charge in Local Currency"
The ATM will ask: "Charge in USD or local currency?"
Choose LOCAL CURRENCY!
If you choose your home currency (USD/EUR/etc), the ATM does the conversion using terrible rates (5-10% markup).
If you choose local currency, Wise does the conversion at the real mid-market rate (0.5-1% fee).
This single choice can save you $30-50 on a $500 withdrawal!
đź“Ť Example: Getting Fiji Dollars
Scenario: You're in Fiji, need 1,000 FJD for provisioning and marina fees.
At the ATM:
- Insert Wise card
- Request 1,000 FJD
- ATM asks: "Convert to USD for guarantee?"
- Select: NO / Decline / "Charge in FJD"
- Wise converts your USD balance to FJD at ~0.6% fee
- You save 4-8% vs your home bank's credit card!
Special Case: Currencies Pegged to Others
🇳🇨 New Caledonia & French Polynesia: The Euro Trick
The French Pacific Franc (XPF) is pegged to the Euro at a fixed rate: 1 EUR = 119.33 XPF
Strategy:
- Convert your home currency to Euros in your Wise account (Euros ARE supported)
- When you arrive in New Caledonia/Tahiti, use ATM to withdraw XPF
- Wise converts your EUR to XPF at the fixed pegged rate
- You avoid the expensive USD→XPF bank conversion
Real savings example:
Need 50,000 XPF for a week of expenses in Tahiti:
- Bank credit card route: USD→XPF direct = ~$475 USD (with fees/markup)
- Wise route: Convert $420 USD to €400 EUR in Wise, then ATM withdraws 50,000 XPF = ~$432 total
- Savings: $43 on just one week!
🏝️ Eastern Caribbean: Similar Strategy
Eastern Caribbean Dollar (XCD) is pegged to USD at 2.70:1. While Wise doesn't hold XCD, using Wise for ATM withdrawals still beats your home bank's rates significantly.
Common Wise Scenarios for Cruisers
âš“ Paying Marina Fees
Scenario: €800 monthly marina fee in Greece
- Watch USD/EUR rate in Wise app
- See favorable rate? Convert $850 USD → €800 EUR
- Marina charges your Wise card: €800 from your EUR balance
- Total cost: ~$865 USD (with Wise fee)
- Bank credit card would charge: ~$920 USD
- Monthly savings: $55
- Annual savings: $660 🎉
đź›’ Daily Provisioning
Scenario: Weekly grocery shop in Thailand
- You've already converted USD → THB in your Wise account
- Shopping at Tesco Lotus: 3,500 THB
- Pay with Wise card: Pulls from your THB balance
- No conversion, no fees, just the actual price
- You know exactly what you spent (check app in THB or USD)
â›˝ Fuel Dock Fills
Scenario: Diesel fill-up in Spain
- 600 liters × €1.40 = €840
- Your Wise card has EUR balance: Pays directly
- Actual cost in USD: ~$890 (at current rate you locked in)
- Credit card would charge: ~$965
- Savings on one fill: $75
🔧 Boatyard Services
Scenario: Rigging work in Cartagena, Colombia
- Colombian Peso (COP) isn't on Wise
- Boatyard wants 2,000,000 COP cash
- Use Wise card at ATM: Withdraw in COP
- Decline conversion to USD!
- Wise converts at ~0.6% fee
- Total cost: ~$505 USD
- Your bank would've charged: ~$550+ USD
- Savings: $45+
Timing Your Conversions: Advanced Tips
đź“Š When to Convert
Convert larger amounts when:
- Exchange rate hits a favorable level (check historical charts in Wise app)
- You know you'll be in a region for several months
- You have a big expense coming up (haul-out, major repairs, insurance)
- Currency news suggests your home currency is strengthening
Keep flexibility by:
- Not converting your entire balance at once
- Keeping some home currency for emergencies
- Converting in batches as you need funds
- Holding multiple currencies for your route plan
đź’ˇ Real Cruiser Approach
Example: US boat planning 2 years in Asia-Pacific
- Keep $2,000 USD reserve in Wise (emergencies, US-based payments)
- Convert $3,000 → AUD (for Australian season)
- Convert $2,500 → THB (Thailand haul-out budget)
- Convert $1,500 → NZD (New Zealand expenses)
- Keep $1,000 USD unallocated (convert as needed on the fly)
As they move through regions, they spend down each currency and convert more when rates are good.
What Wise Saves You: The Big Picture
đź’° Annual Savings Calculator
| Expense Type |
Annual Amount |
Bank/Credit Card Cost |
Wise Cost |
Savings |
| Marina/Mooring Fees |
$6,000 |
$6,420 |
$6,045 |
$375 |
| Haul-out & Maintenance |
$4,000 |
$4,280 |
$4,030 |
$250 |
| Provisioning |
$8,000 |
$8,560 |
$8,060 |
$500 |
| Fuel |
$3,000 |
$3,210 |
$3,020 |
$190 |
| Dining & Entertainment |
$4,000 |
$4,280 |
$4,030 |
$250 |
| TOTAL ANNUAL SAVINGS: |
$1,565 |
That's $1,565 back in your cruising kitty every year—enough for a new sail, electronics upgrade, or several weeks of exploring!
Considering Your Approach to Cruising Expenses?
Many cruisers find that having multiple options for managing money internationally gives them more flexibility and control over their cruising budget.
