So Transferwise debits money from your current back account, converts the currency to any foreign currency, and deposits it into that country’s local account.
The fees are much lower than banks because they have no physical locations as an overhead.
But I don’t know if its a poor service or a scam. I’ve seen articles online saying it’s a great service, but all of them seem sponsored by transferwise. A google search does not mention this being a scam either.
Let me know if you’ve had any experience with this!
Updates: It is Transferwise. Also, I can’t justify getting a card with no foreign transaction fees, because those cards are about CAD$120 a year. I'd have to use thousands of dollars abroad to make it worth it.