OneSmart vs Wise: Features, fees, exchange rate, and more

If you’re planning a trip abroad, finding the best travel money for New Zealanders can help you avoid unnecessary fees and make your money go further. Two popular options available to Kiwis are OneSmart, offered by Air New Zealand, and Wise, a global fintech company.

In this guide we’ll break down the key features, fees and what you need to know about OneSmart vs Wise, so you can decide which travel money card is best for your next trip.

What is OneSmart?

OneSmart is a reloadable travel card that’s exclusively available to New Zealanders who are Airpoints members with Air New Zealand.¹ The card can be used to pay in person or online, offering a convenient way to spend money abroad while also earning Airpoints rewards.

With a OneSmart card you can load, hold, and spend up 8 foreign currencies, as well as NZD. This includes major currencies like USD, AUD, EUR and JPY. OneSmart cards are issued by EML Payment Solutions Limited as an unsecured debt. 

This means the money you load onto a OneSmart card isn’t guaranteed by any person. It’s facilitated by Mastercard, meaning it’s accepted in most places around the globe.

What is Wise?

Launched in London in 2011, Wise offers financial services to business and personal customers around the globe. From a simple vision of making international money transfers cheaper, simpler and fairer, the company has grown to moving over 30 billion dollars each quarter.

Wise lets you hold and manage over 40+ from major ones like AUD, USD, EUR and GBP, as well as less common currencies like THB or ZAR. Plus, you can spend in 150+ at the mid-market rate with your Wise card.

OneSmart vs Wise - Main features

To help you choose the right card, let’s start by comparing the core features of OneSmart and Wise to see how their functionality stacks up for New Zealand travelers.

One of the biggest advantages of a travel money card is the ability to hold and spend foreign currencies, reducing the need for costly conversions. You want to make sure that whichever card you choose supports the local currencies where you’ll be travelling. As you can see, there’s a significant difference in the available currencies OneSmart offers, compared to Wise, which may be a factor in your decision.

Fees and charges

Fees are a critical factor when choosing a travel money card, as they can significantly impact your travel budget. Here’s a breakdown of the main fees for OneSmart vs Wise to help you decide which offers better value.

For OneSmart be aware that the foreign currency exchange fee only applies when transacting in a currency not loaded onto your account. It doesn’t apply when loading the currencies onto the card, but that’s where you need to be aware of the exchange rate and potential for mark ups.

Exchange rates

OneSmart has two exchange rates that apply.¹ 

• Their own rate, which applies when you load funds onto the card. They don’t explain where the rate comes from, so it’s best to compare it to the mid-market rate to see if there’s any hidden margin.
• The Mastercard rate, which applies when you transact in currencies not on the card, along with the 2.5% currency conversion fee.

Wise takes a simpler approach when it comes to currency conversion. Instead of adding a markup, Wise uses the mid-market exchange rate, with a small, variable conversion fee starting from 0.23% applied when you switch between currencies or spend in a currency you don’t already hold. If you already hold the local currency in your Wise, you can spend it with your Wise card for free.

Here’s how OneSmart and Wise exchange rates compared at a specific point in time:

As the table shows Wise consistently offers better rates, indicating that OneSmart’s rates include a markup. Over the course of a trip where you’re converting and spending thousands of NZD, this can add up.

Is OneSmart or Wise better in New Zealand?

Both OneSmart and Wise offer useful features for Kiwis heading overseas, but which is best depends on your needs and what you value most.

OneSmart may suit loyal Air New Zealand Airpoints members, who want to earn rewards as they spend. The ability to preload foreign currency and earn Airpoints Dollars could be appealing. That said, the card is limited to just 9 currencies and the exchange rate margins and monthly fees can add up, not to mention it’s only available to members.

Wise offers more than 40+ and access to the mid-market exchange rate, meaning greater versatility and savings. There are no hidden fees and more features, such as access to virtual cards or local account details. But, there is no rewards program for spending. 

Choosing between OneSmart & Wise

Which is better between OneSmart and Wise comes down to you.

• OneSmart may be the way to go if you’re already an Airpoints member and are keen to earn Airpoints Dollars on eligible international spending. It’s good for booking Air New Zealand flights as it doesn’t incur the card payment fee, and you can spend in major currencies like USD, AUD and JPY.
• Wise could be the better option if you like the sound of low fees, the real exchange rate and flexibility to manage 40+. It’s ideal for travellers visiting multiple countries, digital nomads, or anyone who values an easy travel money account where transparency and simplicity are key.

Ultimately, if you’re looking for a card that maximises savings and versatility for global travel, Wise is likely the better choice. If earning Airpoints rewards is a priority and your destinations align with OneSmart’s currency offerings, it could be a good fit.

🚀 Get your Wise card