Take a worked example. Your Wise account holds US dollars and no euros. You pay a shop that charges in euros, so Wise converts some of your dollars. Later the shop refunds the full euro price, your dollar balance stays where it was, a euro balance appears, and in your head it looks short.
This guide draws on Wise's help centre, Wise's UK personal terms (last updated 7 August 2026) and N26's support pages, read on 28 September 2026. Waiting periods, deadlines and fees change, so instead of quoting them we point to the page that carries each one.
The refund comes back in the shop's currency
Wise's article on spending in a currency you don't have says: "If you don’t have EUR in your account, we’ll convert the amount from your other available currencies and charge a conversion fee". The refund follows a separate rule. Wise's UK personal terms say: "If you receive a refund on a card payment in a supported currency, we will credit your Wise Account in that currency." So a euro refund arrives as euros, and setting it against the dollar debit compares two currencies. Compare it with the euro price on your receipt instead.
Converting the euros back to dollars is a new conversion, priced on Wise's pricing page. Whether Wise returns the conversion fee from the original purchase is something we did not find in the pages we read. For a refund in a currency Wise does not support, the terms say Wise "will first convert the amount at the current Mastercard or Visa rate to a supported currency and then credit your Wise Account", and that "We may need to activate a currency in your Wise Account in order to credit you the refund." Wise's refund article adds: "Refunds can still be sent to a cancelled or expired card. The money will be credited to your Wise account as normal."
On N26, start with the transaction screen. N26's page on paying abroad says "Mastercard’s exchange rate applies to any foreign currency payment you make with your N26 card." In the app you can check "the original amount, the exchange rate, and the markup applied to a past transaction by viewing the transaction details on the feed." Put that original amount next to the refund. The same page notes that "exchange rates are dynamic, so the transaction value can change until the final purchase amount is charged due to currency variation". Which rate N26 applies to a refund in a foreign currency is something we did not find in the pages we read.
When the refund really is smaller
Sometimes the amount is lower even in the shop's own currency. Wise's UK personal terms allow for it: "refunds from merchants may be in an amount the same or less than the amount of the corresponding debit". The terms give no reason there, and we will not supply one. Wise's refund article adds "You can also receive partial refunds" and "It’s always a good idea to check the merchant’s refund policy first, as they control when the money is sent back to you." Ask the merchant for the refund amount in writing. N26 lists "Written confirmation of refund amount" among the evidence for a refund that never arrived, and the same document shows whether a shortfall is real.
Pending or completed: check which one you have
A payment still marked pending is a different case. Wise's refund article explains: "When a payment is pending, the money is on hold but hasn't left your account. The merchant needs to release this hold, which is called a reversal". The article gives the usual time for that, longer "for payments like a security deposit, car rental booking, or an ATM withdrawal", and Wise's dispute article says "We can't start a dispute while it's pending".
Once a payment has completed, Wise says "We can't see or track the refund until it arrives", and Wise's UK terms state "Wise has no control over when a merchant sends a refund transaction". If you have waited past the period the refund article gives, contact the merchant and ask for a "proof of refund document". On N26, the chargeback FAQ sets a waiting period from the date the merchant issued the refund, after which you can start a dispute.
Disputing a Wise card payment
Wise's article on disputing a card transaction lists "You returned an item, but haven't received the promised refund" and "The amount charged was incorrect" among its situations. The order it sets out:
- Merchant first. "Contact the merchant first. You must try to resolve the issue directly with them before disputing."
- Keep the paper trail. "Keep records of all communication with the merchant (emails, chat logs), receipts, invoices, proof of return tracking, photos of faulty items, or any relevant documents."
- Pick the right option. On the transaction, the article tells you to "Choose I want a refund".
- Dispute the gap, not the whole payment. For an overcharge, explain it clearly in the details section of the form. "If the merchant issued a partial refund but you’re still owed more, you can dispute the remaining amount."
Prepare everything before you submit. Wise's article on reporting a card payment says: "We can only do this once for each payment, so it's important we make sure we have all the details they'll ask for." It also says: "If the dispute is successful, we’ll refund your money to your Wise account." Review and resolution times are on both articles.
N26's dispute reason for currency problems
N26's page on disputing a card transaction says "N26 offers a chargeback service through Mastercard." You open the transaction, select "There’s something wrong" and follow the steps; afterwards "Check progress" on the same transaction shows where the case stands. If that button has disappeared, N26 says the window for submitting a dispute in the app has passed, and the page gives its length.
The detail that matters for this guide is on N26's page about choosing a dispute reason, which states "Mastercard accepts disputes only when the reason matches the proof." One reason is "There was a problem with the currency". Under it, the page lists "You were overcharged due to a currency conversion error" and "You were not clearly informed about currency exchange options". The page adds: "Dispute only the incorrect portion — not the full amount." The evidence it lists includes an "Invoice or receipt showing amount and currency".
The same page says the reason does not apply if "you accepted Dynamic Currency Conversion (DCC) at an ATM", if "you agreed to the exchange rate", or if "you confirmed the payment using 3D Secure, Apple Pay, or Google Pay". So the currency choice made at the till counts for a lot. Wise's article on being asked to convert says "We recommend saying no, because most ATMs and card terminals will use an unfair exchange rate when converting for you." Wise's UK terms put it as "you must pick the local currency if you want the Wise rate to apply to your transaction".
Disputes that get turned down
Wise's article on declined disputes says: "If the product or service was delivered as described and you agreed to the merchant’s no-refund policy at checkout, then the transaction can’t be disputed." A forgotten subscription is out too: "If you forgot to cancel it, this isn’t considered a valid dispute." It also says Visa and Mastercard set time limits for raising disputes, and gives the usual one; after a refusal it suggests you "Contact a local consumer protection agency" if you believe the merchant acted unfairly or violated consumer rights. N26 rules out disputes "As a way to cancel an active subscription" and "For non-refundable services". Wise's UK terms keep a discretion: "we may, subject to any restrictions under applicable law, decide not to proceed with Chargebacks at our sole discretion".
Before filing, set the refund against the merchant's own figures in the shop's currency. If the two match, the shortfall you saw came from putting two currencies side by side, and the merchant has refunded the price it charged. A rate you agreed to is also one of the cases N26's page lists as outside its currency reason.
Where Wise's own articles disagree
Two Wise articles give different answers on the same points, and we are reporting both without picking one. On freezing the card, the dispute article says "For merchant disputes (when you made the transaction, but there's a problem), you usually don't need to freeze or cancel your card unless you suspect your card details have been compromised or the merchant might try to charge you again without authorisation." The article on reporting a card payment says "If it’s not fraud, but an issue with a seller, we recommend you keep your card frozen during the investigation." The two also give different figures for how long Wise's initial review takes. If Wise tells you something specific about your own case, that is the instruction to follow. N26's dispute page splits the two cases: for an unauthorized transaction, "Your card will be automatically blocked as soon as you submit the chargeback request"; for an authorized one, blocking is optional, and if you do block it, "you’ll need to pay the card replacement fee".
What we could not confirm
- Whether Wise returns the original conversion fee when a refund arrives: we did not find this in the pages we read.
- Which exchange rate N26 uses when a refund arrives in a foreign currency: we did not find this in the pages we read.
- Revolut: we could not open Revolut's help pages, which showed a security check page when we opened them, so this version does not describe Revolut.
- Visa's and Mastercard's own rules on disputes: we did not check this one. Where they come up above, it is Wise or N26 describing them.
- Whether credit cards and debit cards carry different legal protections where you live: we did not check this one.
For an account that has been restricted, as opposed to a single refund, see what to do when Wise freezes or closes your account. See also the Wise review, the N26 review, our ATM withdrawal guide, our guide to spending abroad without the card markup and our Wise vs PayPal comparison for payments by transfer rather than card.
Frequently asked questions
Why did my Wise refund arrive in euros when I paid from my dollar balance?
Because Wise credits a refund in the currency the merchant refunds, as long as Wise supports that currency. Wise’s UK personal terms say that if you receive a refund on a card payment in a supported currency, Wise will credit your account in that currency. The dollars were converted when you paid; the refund does not reverse that conversion. Compare the euro refund with the euro price on your receipt, and if you want dollars again, that is a new conversion priced on Wise’s pricing page.
Can I dispute only the missing part of a refund?
Both providers describe partial disputes. Wise’s dispute article says that if the merchant issued a partial refund but you are still owed more, you can dispute the remaining amount, and that you should explain an overcharge clearly in the details section of the form. N26’s page on dispute reasons tells you to dispute only the incorrect portion rather than the full amount. Contact the merchant first either way, and keep what they send you in writing.
Does N26 let me dispute a bad exchange rate?
N26 has a dispute reason called “There was a problem with the currency”, covering an overcharge caused by a currency conversion error and not being clearly informed about currency exchange options. It does not cover a rate you agreed to, accepting Dynamic Currency Conversion at an ATM, or a payment you confirmed with 3D Secure, Apple Pay or Google Pay. N26 asks for an invoice or receipt showing the amount and currency.
Should I freeze my card while a dispute is open?
For a dispute with a merchant, Wise’s two help articles answer this differently. Its dispute article says you usually do not need to freeze or cancel the card unless you suspect the card details have been compromised or the merchant might try to charge you again without authorisation, while its article on reporting a card payment recommends keeping the card frozen during the investigation even when the problem is a seller rather than fraud. N26 blocks the card automatically when you dispute an unauthorized transaction; for a transaction you authorized, blocking is optional and a replacement card costs a fee. Follow whatever your provider tells you in your own case.
Checked against Wise's help centre, Wise's UK personal terms and N26's support pages on 28 September 2026 · general information, not legal or financial advice. NomadRails is independent of Wise and N26 and has no affiliation or commercial relationship with either. Refund and dispute rules, time limits and fees differ by country and account type and they change, so confirm the current position on each provider's own pages and in the messages you receive about your case. See how we research and update our guides.
Section：Everyday Money Abroad