American Express currency exchange alternative: WISE Borderless, how good is it?
American Express currency exchange alternative
As the American Express currency exchange does not exist anymore online, but only at select airport locations, it is worth finding a nearly free currency exchange service such as WISE and their BorderLess account.
Is there a free currency exchange service?
There are no free currency exchange service at all. Whenever one currency exchange service claim to be free, it is not the case. It simply means that the fee is hidden in less advantageous conversion rates than their competitors.
The currency exchange service closer to be a free currency exchange service is WISE, and they let you clearly know which fees are taken and how the conversion is handled.
Currency exchange with WISE
After having opened an account on WISE website, and opened a conversion fee free BorderLess account, it is possible to add many currencies to the online account, to which it will later be possible to send money, transfer money between currencies, and pay with the attached credit card.
Start by going in the upper left menu and find the balances option.
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There, the different currencies already available will be visible, along with their current balances.
Click on the activate a currency button to add a new currency for conversion on your BorderLess account.
There is a choice between many currencies, including British pounds, UAE dirhams, United States USD, European EUR, and many more. Select the currency with which you would like to do an exchange from another currency.
Depending on the currency selected, they might not be open for direct currency balance transfer, but only for money conversion balance topup from the other currencies already available in the WISE account.
Once done, it will be possible to send money from this currency, to add money to this online currency account, and to convert available currency balance to other currencies.
If the currency is open for direct topup, it will be possible to add credit on the currency from another currency, or from the same one.
Otherwise, it will be necessary to use the excellent nearly free currency exchange service from the WISE account.
It is even simpler to use, and will help save money on your EUR to USD currency transfer or most other combinations of currency pairs.
If you have done currency transfers with American Express, you probably paid a lot and lost money on conversion fees with each transfer. Using WISEBorderless as described, you can even earn a small percentage with transfers in currency pairs such as EUR to PLN currency transfers that have more volatility, by exchange back with automatic conversion option.
Frequently Asked Questions
- How does WISE Borderless compare to traditional currency exchange services like American Express, and what are its key benefits?
- WISE Borderless offers lower fees, real mid-market exchange rates, and the ability to hold multiple currencies. It’s beneficial for its transparency, ease of use, and cost savings compared to traditional currency exchange services.
Michel Pinson is a Travel enthusiast and Content Creator. Merging passion for education and exploration, he iscommitted to sharing knowledge and inspiring others through captivating educational content. Bringing the world closer together by empowering individuals with global expertise and a sense of wanderlust.
