Transferwise Borderless

The TransferWise borderless account is an online account which allows you to hold money in more than 40 currencies. You can make and receive payments from your account, and if you’re a European personal user you can also get a free debit card to spend in any currency around the world.

The borderless account is great if you deal with different currencies regularly – if you travel regularly, or you live, work, study or have retired abroad. It’s also a smart option if you’re a freelancer being paid by companies outside of the UK, or a business owner making payments to suppliers that are based overseas.

Here’s all you need to know about the TransferWise multicurrency borderless account fees:

Setting up a Transferwise Borderless Account is quick and simple. You enter your details (including a phone number to get a security code sent to) and upload a photo of your ID (passport or driving license). It said it could take up to five working days to verify my identity but it worked instantly for me.

I then logged into my account and activated my USD, EUR, GBP, and AUD accounts with one click and could see the local bank details for each of them.

You can see the balances of each of these accounts in one page. If you click on USD it will show you your balance and bank details and you can click on the buttons to “Send USD”, “Add USD” or “Convert USD”. These processes take just seconds.

You can request a debit card from the Debit card page of your Borderless account.

To log in to your account securely you can either add a phone number and they will send you a security code by message or voice call when you log in or set up 2-step log-in on the Transferwise app. I recommend the app as it’s easier and you don’t have to worry if you change your phone number.

When we first used Transferwise we did end up changing our phone number (as we moved countries and changed SIMs) and couldn’t log in. I had to call Transferwise but they were very helpful and sorted it out quickly.

If you’re a Europe-based personal customer, you can apply for a Transferwise debit Mastercard linked to your multicurrency borderless account.

This smart, contactless card lets you spend anywhere in the world at the real exchange rate. It’s free to pay with any currency you hold in your account, and if you want to convert your money to a different currency, you’ll get low conversion fees and zero transaction fees.

With smart auto-conversion technology built in, it also automatically converts the balance with the lowest fee, so you never have to worry. You can use the card to make ATM withdrawals in your chosen currency, which are free up to £200 a month.

The TransferWise card will soon be available for people based elsewhere in the world – and business customers, too.

The borderless account for business is a great solution for ecommerce businesses, freelancers  and online sellers who need to make and receive frequent international payments.

You’ll get local bank account details which allow you to receive payments in major global currencies such as euros, and US and Australian dollars, free. Give these bank details to your clients and dodge the high fees associated with international payments entirely.

TransferWise isn’t a bank, but it’s authorised and independently regulated by the Financial Conduct Authority (FCA) in the UK, just as any high-street bank would be. Under FCA regulations, TransferWise holds all customer funds separately from the money used for the everyday running of the business.

That means that, in the unlikely event that TransferWise should cease to exist, all customer funds are held in a low-risk financial institution, and would be paid back from this account.

Customer safety and security are important to TransferWise – which is why more than three million customers all around the world trust TransferWise to move some £2bn in payments every month.

Ready to see how much you could save using a TransferWise borderless account? Here’s what you’ll need to do:

While banks fall short in the services they offer travellers or spend money abroad, specialists in international payments cater specifically for these customers.

If you’re sick of sneaky fees added to transactions made abroad – or if the exchange rate your bank offers for international payments isn’t good enough, try TransferWise to see if a borderless multicurrency account can help you dodge the fees and keep more of your hard-earned cash for yourself.

The Transferwise Borderless account has solved a major problem for digital nomads and freelancers like us who earn money in different currencies. It has saved us a huge amount in exchange fees and means we no longer have to deal with antiquated cheques.

If you get paid in multiple currencies I definitely recommend giving it a try—you can sign up here.

Transferwise is also useful for anyone who transfers money from one currency to another (read Transferwise detailed review here) —their fees are lower and more transparent than banks and it’s easy to use. You don’t need to sign up for Borderless to make a transfer. If you sign up here, you’ll get a free international transfer of up to £/$/€ 500.

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Read transferwise review for money transfer here.