What is the TransferWise borderless account?
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.
What are the benefits of a TransferWise account?
- Low-cost international money transfer – up to eight times cheaper compared to a bank.
- You can hold your money in more than 40 currencies and receive payments in GBP, EUR, USD and AUD with zero receiving fees.
- Get local bank details for GBP, EUR, USD and AUD instantly, without needing a local proof of address in those countries.
- Apply for a contactless debit card for stress-free spending in any currency, at the real exchange rate.
- It’s free to open a TransferWise borderless account – and the entire process is done online.
- There’s no minimum balance and no cost to order a TransferWise debit Mastercard.
- Switch between currencies for a low fee – between 0.35pc and 2pc of the transaction amount.
- Always get the real mid-market exchange rate for currency conversions – the one you’d find on Google, with no markup added.
- Your money is safe with TransferWise. The business is independently regulated by the Financial Conduct Authority (FCA) in the UK, and trusted by more than three million customers globally.
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.
Borderless account fees
Here’s all you need to know about the TransferWise multicurrency borderless account fees:
How do you setup an Borderless account?
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.
TransferWise borderless account for businesses
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.
Is the money safe in the TransferWise borderless account?
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.
How to open a borderless account
Ready to see how much you could save using a TransferWise borderless account? Here’s what you’ll need to do:
- Create your account. There’s no fee, but you might need to provide some documents to verify your identity to keep your account safe.
- Select a currency. Set up balances in any of dozens of currencies, with just one click.
- Add money to your account. Top up your account via debit card or bank transfer, or give your account details to anyone who wants to make an international payment to you.
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.