I’m excited to share my thoughts on the Group Spending function.
This tool addresses some challenges I faced when managing shared travel expenses with my partner.
With Group Spending, we can now effortlessly track our travel budget in one account, making our trips smoother and more organised.
I’ll explore how to set up a Group Spending account, add funds, and effectively manage group finances.
While currently available only for Wise users based in New Zealand, the UK, and Switzerland, this feature enhances the convenience of using Wise for couples and friends travelling together.
Key Takeaways
- Group Spending simplifies tracking shared expenses for travel.
- Only users in specific countries can currently access this feature.
- Digital cards facilitate easy management and spending within the group.
If you’d rather watch a video, check out my YouTube video below.
Overview of Group Spending Feature
Difficulties with Shared Expenses While Travelling
Managing shared finances during trips can be challenging, especially for couples like me who want to stick to a budget.
It used to be complicated for my husband and me to keep track of our spending while travelling since we had to manage funds from separate accounts.
This often led to confusion and difficulties in reconciling our expenses.
Offering a Group Spending Solution
The group spending feature on Wise simplifies this process. It allows both of us to contribute to a single account, spend from it, and track transactions seamlessly.
The feature is currently available for users in New Zealand, Switzerland, and the UK, and it integrates easily with digital payment methods.
Each member has access to a unique digital card, making it simple to manage our shared travel expenses.
Setting Up a Group Spending Account
Starting a Group Spending Account
To initiate a group spending account, I access the Wise app and navigate to the far right tab.
Here, I select the option labelled “New,” which leads me to choices for opening a “jar” or a “balance.” For group spending, I click on the Beta option designed specifically for this purpose.
This feature supports multiple currencies and invites other Wise account holders into the group. As the group owner, I control the group finances, including adding and managing funds.
Adding Members to the Group
Once I have set up the account, I can invite members to join. I simply name my group—like “Joint Travel Account“—and choose who to invite.
They must already hold a Wise account to be added. After adding members, both the owner and group members can spend using the digital cards, which are compatible with services like Google Pay and Apple Pay.
Notifications keep everyone in the loop about funds added to the account.
Funding Your Group Account
Adding Money to the Group Spending Account
To add funds to the group spending account, I need to start from my joint spending account.
I locate the account, where I can see my current balances.
Since my Wise account is based in New Zealand, I’ll see my base currency reflected there.
- I choose the currency I want to add, for instance, USD.
- Next, I click on “Add” and select the amount I wish to transfer, such as $100.
- Once I confirm the transaction, both my husband and I receive a notification about the added funds.
This makes it straightforward to manage our shared travel budget.
Transfer from Main Wise Account
Before using the group spending account, I must transfer money from my main Wise account.
I head to my joint account and select it.
- I check how much is available in my main balance.
- I can quickly move funds into the group account by selecting the currency I want to add.
This system ensures that we have access to the shared resources while effectively tracking our expenses.
The user-friendly process helps maintain clarity in our financial dealings during travel.
Managing Group Finances
Spending from a Shared Account
I recently discovered a fantastic feature on Wise called group spending.
This is especially useful for managing shared finances with my husband while we travel. Instead of juggling multiple accounts, we can now spend directly from a single shared account.
To set this up, I navigate to the ‘New’ tab and select the option for spending with a group.
In this shared account, both of us can use digital cards compatible with services like Google Pay and Apple Pay.
As the account owner, I control all funds and can manage transactions, invite members, and handle withdrawals.
It’s structured so financial contributions come directly from our base balances without confusion over individual expenditures.
Tracking Group Expenses
Keeping track of our shared expenses is simple with this setup.
Each transaction is listed clearly, showing who spent what, making it easier to reconcile our budget at the end of our travels.
We can quickly identify who spent how much as we go through our transactions.
This system allows us to focus on managing our incidental costs—like groceries and activities—without the hassle of separate debit cards.
We still use our usual credit card for larger expenses, such as flights or accommodations.
User Interface and Experience
Navigating the Group Spending Home Screen
To access the group spending feature on Wise, I scroll to the far right of the tab where I see options like “my joint account.” I click on the “new” option to explore different functionalities.
Here, I can choose to open a new balance or a jar for savings, but I select the beta option specifically for group spending.
Once I open the group spending window, it highlights that I can add multiple currencies and invite others who also have Wise accounts.
The group owner controls the funds, while both the owner and members can view transactions and make payments.
It’s straightforward to add new members and name the group, enabling an organised way to manage our shared finances while travelling.
Differentiating Between Personal and Group Expenses
The balance and the members participating in the group are clearly visible on the home screen of the group spending account.
I have personally customised my digital card’s appearance to differentiate it from my regular Wise card.
This colour distinction helps avoid confusion between personal and shared expenses.
Each transaction is itemised, indicating who made the expenditure. This setup simplifies reconciling our travel budget at the end of each month since all our expenses are centralised in one account.
Previously, managing multiple accounts made it challenging, but now tracking our incidental spending, such as groceries and transport, is much easier and more efficient.
Advantages of Collective Spending
Streamlined Financial Tracking
With the group spending feature on Wise, I can manage expenses more effectively, especially when travelling with my partner.
This solution allows us to fund our travels from a single account, simplifying the process of tracking where our money goes.
Instead of juggling multiple cards and accounts, all our spending appears together, making it much easier to see how we’re doing against our budget.
Improved Budget Reconciliation
At the end of the month, reconciling our travel expenses becomes straightforward. I can easily view every transaction made from our shared account, so there’s no confusion about payments.
By having all expenses in one place, I avoid the hassle of managing several accounts and can ensure we’re aligned on our financial goals during our travels.
Feature Availability and Limits
Supported Countries
Currently, the group spending feature is accessible for users in New Zealand, Switzerland, and the United Kingdom.
Unfortunately, users from other countries will have to wait, but I anticipate this feature will expand soon.
Digital Debit Card Constraints
The group spending feature relies exclusively on digital debit cards, which can be used with Apple Pay and Google Pay.
A traditional plastic card for ATM withdrawals is not provided, which may limit some spending options.
Group Member Limitations
A group can consist of a maximum of two members.
This makes it ideal for couples or friends who want to manage shared expenses, such as travel costs or accommodation budgets.
Each member can view transactions and spend from the shared account, but only the group owner can manage funds, send money, or alter the group settings.
Practical Usage of Group Spending
Managing Everyday Incidental Expenses
I find group spending particularly useful for managing everyday incidents while travelling.
My husband and I use it to cover costs like groceries, local transport, and activities.
We still prefer to use our credit card for larger expenses such as accommodation or flights, but this approach keeps our finances organised for day-to-day spending.
It also allows us to ensure we’re staying within our travel budget.
Integrating With Other Payment Methods
Using a group spending account integrates seamlessly with digital payment options.
I appreciate that we can add multiple currencies, and it works well with Apple Pay and Google Pay, giving us flexibility without needing physical cards.
As the group owner, I manage the account, overseeing transactions and balancing contributions, which simplifies our financial tracking as we travel.
This system is a real advantage, particularly when reconciling expenses at the end of the month.
Additional Resources
Comprehensive Review of the Wise Debit Card on Moms Money
I frequently discuss the new Group Spending feature on Wise, which greatly simplifies shared expenses when travelling. This tool allows my husband and me to manage our travel budget more effectively by using a single account for our combined spending.
Currently, this feature is offered in New Zealand, Switzerland, and the United Kingdom.
To use this feature, both users must hold a Wise account. Setting it up involves inviting other members, naming the group, and establishing a shared spending account.
When funds need to be added, I transfer money from my existing balances into our shared account. Both my husband and I receive notifications for these transactions, ensuring clarity and coordination.
The interface shows balances, transaction histories, and allows me to manage our group account easily. Each transaction is visible, making budget reconciliation straightforward at the end of the month. It’s ideal for couples or friends travelling together who wish to track shared expenses like groceries, transport, and activities, while still using separate accounts for larger costs like flights and accommodation.
Check out our full review for a detailed insight into the Wise debit card
