Sailing Wisely: The Real Strategy
How to use Wise to save on every major expense while cruising
How to use Wise to save on every major expense while cruising
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:
Your Wise card balance is already in Australian Dollars, Thai Baht, Euros, or whatever you need. No conversion happens at point of sale.
Location: Gold Coast, Australia
Expense: Annual haul-out, antifouling, and repairs = $4,000 AUD
| AUD needed: | $4,000 |
| Bank exchange rate markup: | 3-5% worse than real rate |
| Foreign transaction fee: | 3% |
| True USD cost: | ~$2,880 USD |
| 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 |
That's 5% back in your cruising kitty—enough for a week of provisioning!
Planning to spend time in Australia? Thailand? Mediterranean? Look ahead at your cruising route.
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.
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!
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.
When you pay for things in that country, your Wise card automatically uses that currency balance.
Zero conversion fees. Zero markup. You've already converted at the best rate.
Your Wise account can hold 50+ currencies simultaneously. Keep balances in all the regions you're cruising:
No fees to hold these balances. Convert more as needed.
Wise supports 50+ currencies, but not everything. You won't find:
Don't worry—Wise still saves you money, but you need a different tactic.
When you need cash in a currency Wise doesn't hold:
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!
The French Pacific Franc (XPF) is pegged to the Euro at a fixed rate: 1 EUR = 119.33 XPF
Strategy:
Real savings example:
Need 50,000 XPF for a week of expenses in Tahiti:
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.
Convert larger amounts when:
Keep flexibility by:
Example: US boat planning 2 years in Asia-Pacific
As they move through regions, they spend down each currency and convert more when rates are good.
Many cruisers find that having multiple options for managing money internationally gives them more flexibility and control over their cruising budget.