UK-based peer-to-peer money transfer service TransferWise has launched a “borderless” bank account and debit card to 1,000 of its customers.
The service enables users to spend their cash in a choice of up to 28 foreign countries.
Announced for businesses in May 2017, the solution is now available for a limited selection of private customers before a full scale launch in Q1 2019.
There are no set-up fees or monthly charges and there is no cost for receiving payments in local currency.
TransferWise chairman and co-founder Taavet Hinrikus said: “The borderless account is a game changer for anyone living or working between countries. Opening a bank account abroad is incredibly difficult without a local proof of address, but the borderless account can be opened in minutes. For expats, second homeowners, freelancers, sole traders and more the borderless account is invaluable.”
This new move puts the company in competition with similar accounts offered by Revolut and WorldFirst. However, both TransferWise and Revolut are backed by venture capitalist firm Index Ventures.
TransferWise was founded in 2011 and £1.5bn ($2bn) is sent through its platform each month.