There are a couple of ways that you can withdraw or transfer money from your borderless account.
One option is to go to the balances tab in your account and send from any balance.
- Go to Balances in your account
- Choose a currency that you have money in, and that you’d like to send from
- Click on Send
- Enter the amount you want to send, choose a recipient and enter a reference
Another option is to make a transfer as you normally would, and choose to send from your balances at the payment step.
- Click on Send money
- Set up a transfer by going through the steps as you normally would
- At the payment step, choose the Balance transfer option
You can’t use your borderless account balances to make direct debits or bill payments for now.
Read about how much it costs to withdraw or send money from your borderless account.
Is my money protected?
The Transferwise Borderless Account is not covered under the Financial Services Compensation Scheme.
However, as it’s an authorised Electronic Money institution regulated by the Financial Conduct Authority in the UK, the firm must stick to strict rules to keep customer money safe.
This means all money is ring-fenced in a separate bank account, so if TransferWise were to go bust, you would get your money back.
How safe are purchases?
TransferWise says that payments made with the debit card are covered by Mastercard’s chargeback scheme.
Is the account good for cheap travel money?
If you’re looking for a cheaper way to spend on your holidays, the account may not be your best option.
While TransferWise offers a near-perfect exchange rate, it also charges a conversion fee.
By contrast, many specialist travel credit cards or prepaid cards charge no fees at all. And with some prepaid cards, you can also avoid an ATM fee.
For cheaper ways to spend abroad, take a look at the best travel credit cards and the best prepaid cards.
If you’d prefer to use a debit card, you need to watch out for cash and transaction fees. A number of challenger digital banks, such as Monzo and Starling, also offer fee-free spending abroad at the real mid-market rate.
You can find the cheapest deals using our guide to the best debit cards to use abroad.
Other alternatives for cheap international money transfers
Ipagoo allows you to open accounts in multiple countries and spend with a prepaid debit card.
The accounts offer free internal transfers, incoming transfers from the Single European Payment Area (SEPA) and three free international transfers each month.
But, each account you open and each prepaid debit card you hold will attract a monthly fee and there are additional fees for actions like cash withdrawals.
With Revolut, you can open a UK and European account that comes with a prepaid debit card, which allows you get £200/€200 of free cash withdrawals globally per month. You can also transfer 25 currencies at the real exchange rate.
Premium customers also get access to disposable virtual cards