As the name implies, the TransferWise borderless account is a digital account that allows customers to hold money in more than 40 currencies! It allows people to pay and receive payments from the account.
The borderless account is great for people who are constantly on the move – travelling to different countries or perhaps deal with different currencies very often. It’s also great for freelancers who get paid by companies operating out of different countries. It is also a top choice for businesses making payments to overseas suppliers.
Benefits of the borderless account
- It offers pocket-friendly money transfer services. Its services are notably cheaper than banks.
- It allows you to hold money in more than 40 currencies, and receive payments in GBP, EUR, USD, or even AUD, with 0 receiving fee.
- Allows users to apply for a debit card for stress-free shopping in any currency at the real exchange rate.
- Users can open a TransferWise borderless account without any fee, and the entire process is done online.
- There’s no minimum balance and no fee applicable for ordering a contactless TransferWise debit Mastercard.
- Switch between currencies for a minimum fee – anywhere between 0.35% to 2% of the total transaction amount.
TransferWise borderless account for businesses
The company’s borderless account for businesses is a great solution for freelancers, e-commerce businesses, and online sellers who need to make as well as receive frequent international payments. With the TransferWise borderless account, users get local bank account details with which they can make and receive payments in all major global currencies. Businesses can forward these bank details to clients and dodge the high transaction fee associated with international payments.
Is the money safe in the TransferWise borderless account?
While TransferWise isn’t a bank, it’s authorised and independently regulated by the Financial Conduct Authority (FCA) in the UK, just as any other bank in the region. Under the regulations laid down by FCA, TransferWise holds all customer funds separately from the money used for the day to day operations of the business. Hence, in an unlikely event that TransferWise should cease to exist, the customer fund would still be held in a low-risk financial institution and be paid back to individuals.
For those tired of the sneaky fees added to transactions made abroad, or perhaps looking for better rates at which to send money abroad, try TransferWise to see if the company’s borderless multicurrency account can help you.