Wise have a 2 options for spending money (from what I understand):
- “Free” digital card
- £7 physical card
However, to get the digital card, you must deposit £20 (this is structured as if it’s a payment) i.e. you will lend £20 to the borrower and in return Wise will repay your debt + give you a free digital card. This is ribā, no? Similar to bank referral schemes (including Wiseʼs own referral scheme where you only get the referral reward on the basis of depositing/lending).
Hence, as long as this rule is in place, this would mean I can only spend with Wise using the £7 physical card or by transferring money into a another account which I can use to spend.
Is this understanding correct, and if so, can we speak to Wise to change this for Muslim customers?
JazākAllahu Khayran.