The TransferWise Borderless account is a global electronic money account that allows users to send, receive, and hold money in 40 different currencies. While it lacks many of a traditional bank account features, it gives users local bank account details without requiring a local address. It could be ideal for businesses, frequent travelers, and those living abroad.
Launched in 2011, TransferWise has quickly become a globally-recognized and trusted transfer solution. It is licensed and regulated by the official financial authorities like FCA in the UK.
Official video from TransferWise youtube channel:
How to open TransferWise Borderless account
Opening a TransferWise Borderless account is free for both personal and business customers, and can all be done online in a few minutes using your email address. You can choose your default currency during sign up. Verification of your ID will take up to two days.
According to the TransferWise website, independent research has shown that it works out on average eight times cheaper to transfer money via a TransferWise Borderless account than the rates leading banks offer in the UK.
Adding funds to a TransferWise Borderless account has to be done online using a TransferWise account, electronic bank transfer, or international wire. There is no method for adding funds over the phone or by cash.
To get cash from your account you must either use a TransferWise card and an ATM, or transfer the funds to another bank account to withdraw cash at a regular bank branch counter.
UK, US, and EEA account holders can get a free TransferWise borderless account debit card, enabling fee-free cash withdrawals of up to $250 a month from ATMs worldwide. The Transfer card can be used anywhere you see that MasterCard is accepted.
Transferwise Borderless account USPs
Transferwise Borderless account comes with several features that help it stand out from another challenger banks currently on the market.
First, operating in 40 different currencies means you can make your business or travel plans a truly global operation with little fuss.
You can also get a local bank account for transferring GBP, USD, EUR, and AUD, and there’s no requirement to have a proof of address local to these countries.
With a TransferWise Borderless account, you can get a contactless debit card which allows for spending in any currency, at the real exchange rate, eschewing the normal fuss of changing currencies on the move.
There’s also the ability to connect up to five different regular bank accounts to a TransferWise Borderless account to move money between them easily.
The TransferWise account has many features that international travelers will find useful. Including the huge number of currencies you can easily use and switch between, the advantage of always using the real exchange rate, saving you money. And the TransferWise debit card comes with an account and can be used anywhere in the world.
- There are no extra fees for transferring money, and no monthly subscription to pay, just a flat fee to pay for currency exchange.
- You can hold up to forty different currencies with one account.
- Your account can be used in countries around the world.
- There is a conversion fee charged when paying for something in a different currency with your debit card.
The Transferwise Borderless account aims to make international payments cheap and straightforward, and has included several features to make it so. The Borderless account provides a great new financial service to freelancers, travelers, and those living abroad.
Other useful information is in the TransferWise review.
TransferWise borderless account FAQ
It is an account with Electronic Money Institution, which allows having a balance in more than 40 currencies. It offers fast, low fees money transfers. TransferWise borderless accounts also come with a free debit MasterCard.
It can be opened 100% online via transferwise.com website or mobile application. Signing up takes minutes, and account verification may take up to 2 days.
TransferWise matches strict criteria to be regulated as Electronic Money Institution by FCA in the UK and other jurisdictions it operates.