Is the HSBC World Elite Mastercard no longer available in Canada? Here’s an alternative

For many Canadian travelers, the HSBC World Elite Mastercard was a go-to credit card for its attractive benefits and features. However, since RBC took over HSBC Canada on March 28th, 2024, the HSBC World Elite Mastercard is no longer available in Canada.¹

But don’t worry, there’s an alternative - the Wise card. In this article, we’ll explore what made the HSBC World Elite Mastercard popular among Canadian travelers, the RBC counterpart and how the Wise card offers similar benefits with added advantages.

We shall look at
The RBC equivalent of the HSBC World Elite Mastercard What the Wise Card has to offer How To get your Wise Card before you travel How to use your Wise Card abroad Managing your Wise Card while travelling

What is the RBC equivalent of the HSBC World Elite Mastercard?

The closest option to the HSBC World Elite Mastercard at RBC is the RBC Visa Infinite Avion credit card, a card promising insurance benefits among many other advantages. However, this card would come with⁷:

• annual interest rate starting at 19.99%
• annual fee of 120 CAD
• a minimum household income requirement of 100,000 CAD
• foreign currency conversion fees of 2.5% over the interbank or mid-market exchange rate

If these fees and costs seem daunting, there is an alternative without the annual fees and currency conversion fees charged by banks - the Wise card.

What does the Wise Card offer?

The Wise card is a new, innovative debit card for Canadian travelers. It's available in both physical and virtual forms, making it easy to use whether you’re traveling abroad or shopping online. You can easily load funds onto your virtual card through the Wise app and use it for online purchases in the local currency when you make a purchase abroad - online or in person.

The Wise card offers a unique advantage over most travel cards - it uses the mid-market exchange rate when you make purchases in foreign currencies. This exchange rate is what you often see on Google. This means you’ll save on hefty conversion fees typically charged by credit cards.

Use your money where it matters most with Wise 💱

As a Canadian tourist abroad, you’ll also appreciate that the Wise card has no monthly or annual fees. This means you’ll only be charged for what you use, making it a cost-effective option compared to most credit cards.

Additionally, with the Wise card, there are no fees for the first two monthly withdrawals (up to 350 CAD) when using your physical card at ATMs abroad. This makes it ideal for accessing cash while traveling without incurring high fees. You can also use Google or Apple Pay before you have a physical card, making it super convenient.

Wise will not charge you for these withdrawals but some additional charges may occur from independent ATM networks.

Speaking of fees, Wise keeps them low with free card ordering for Canadians, no subscription fees, a free digital card, and a free card replacement after expiration. Replacing your card at any other time is a minimal 5 CAD fee.²

It’s important to note that the Wise card is a debit card, not a credit card. This means you’ll need to have funds available in your account before using it for purchases or ATM withdrawals. However, this also means there are no credit checks or interest charges.

How to get your Wise Card before you travel

The Wise card is available in most major countries, including Canada, the UK, the US, Australia, New Zealand, Singapore, Malaysia, Japan, Brazil, and Switzerland. You can check here to see whether your home country is eligible for the Wise card.

Getting a Wise card is simple, but first, you must set up a Wise account to have your funds in the currency of your choice. Here’s how:

1. Register online in minutes

Register with Wise online, or by downloading the handy Wise app. Look for the Register button, click it, and enter your email address. To make it even easier, you can also sign up using a Google, Facebook or Apple account.

You may be asked for:

• Your passport (photo page only)
• Your national ID card (both sides)
• Your driver's license (both sides)

Wise will check your details, like your name and address. They will also verify your ID and confirm the purpose of the account.

2. Add your money to your Wise account

Once your Wise account has been verified, you can add money to your Wise account via

• Bank transfer
• Credit or Debit Card
• Direct deposit

Here's how you can add money to your Wise account :

1. If you’re on the home page, click on “Add Money”. If you’re looking at a balance or jar you can also click on the same and then click “Add”.
2. You can now choose the amount you’d like to add and the currency you would like to hold your money in.
3. Select how you would like to add this money and follow the upcoming instructions.
4. You will then be shown how much it would cost you to convert your money to the local currency you wish to spend in. Alternatively, you can always choose to hold Canadian dollars first.
5. Confirm this and you’ve set up your multi-currency account!

Adding money from a credit/debit card or a wire transfer would incur some fees. To avoid these fees, you could use bank transfers to fund your travel budget.

Now that your account is set up, here's how to get and activate your Wise card

1. Click on the Card tab and you’ll see an option to order the card.
2. You may be asked to add money to your balance. Follow the prompts to ensure you have adequate funds for your account.
3. Once everything looks right, Wise will ship the new card to you using standard delivery (you can also speed up your card order).
4. After receiving your card, most users can activate it using a Chip and PIN payment (US and Japanese residents will receive an activation code instead). You can learn more about activating your card here.³

Are you already abroad? You can get the virtual Wise card in a few clicks with these steps.

How to use your Wise Card abroad

Once activated, you can use your Wise card abroad for in-person purchases and cash withdrawals, or for contactless and mobile payments through services like Apple Pay wherever supported internationally.⁵

That’s right - it’s easy to get started with the Wise card wherever you are.

To maximize the value of your Wise card when traveling, here are some tips:

1. Use ATMs that are part of the Global ATM Alliance: As a Wise cardholder, you can withdraw cash for free from over 50,000 ATMs worldwide that are part of the Global ATM Alliance. This means no foreign transaction fees or ATM withdrawal fees.
2. Use your card for point-of-sale transactions: When making purchases abroad, always choose to pay with your Wise card with money converted to the local currency beforehand. This way, you’ll avoid conversion fees and enjoy the mid-market exchange rate.
3. Avoid account funding transaction fees: Unlike the HSBC World Elite Mastercard, the Wise card does not have any monthly or annual fees. However, there is a small fee for funding your Wise account with a credit card, SWIFT or wire transfers. To avoid this fee, fund your account using a bank transfer instead.
4. Avoid card replacement fees: If you lose your Wise card while traveling, don’t worry about paying high replacement fees like with the HSBC World Elite Mastercard. Simply order a new card through the app for only 5 CAD. However, if you keep track of your card, you should be able to avoid even this minimal fee.

Managing your Wise Card while travelling

The Wise card is a great option for Canadian travelers who want to stay on top of their spending while abroad. With the mobile app, you can easily track your expenses and manage your account in real-time. This makes it easier to stick to your budget and avoid overspending.

When using your Wise card internationally, it’s important to take some safety precautions. Keep your PIN secure and never share it with anyone. Additionally, notify Wise customer service if you plan on traveling outside of Canada so they can monitor any suspicious activity on your account.

In case of loss or theft of the card while abroad, contact Wise customer service immediately and they will assist you in canceling the card and issuing a replacement. It’s always a good idea to have a backup card or cash while traveling, just for emergencies.

To sum it up

While the HSBC World Elite Mastercard may no longer be available in Canada, the Wise card offers a competitive alternative for Canadian travelers. With no conversion fees and pay-as-you-go pricing, it allows you to enjoy the mid-market exchange rate when traveling without any monthly or annual fees.

To learn more about the Wise card and other travel cards, visit our articles on the BMO Prepaid Travel Mastercard and Canada’s top 5 credit cards for international travelers.

Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.

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Sources:

1. HSBC Canada
2. Wise
3. Wise
4. Wise
5. Wise
6. RBC - Visa Infinite Avion Credit Card
7. RBC Visa Infinite Avion fees and costs

Sources verified on 29 April 2024