TransferWise has launched the first borderless multi-country bank account, allowing users to seamlessly manage their finances across countries
Anyone living in the UK and EU will be able to open the free account instantly, unlocking bank details for the UK, US, Australia and Europe. The account enables customers to receive and send money from over 30 countries.
For consumers who travel frequently or work abroad, the account enables them to manage their money between countries more easily than ever before. The card, facilitated by Mastercard boasts low conversion fees and zero transaction fees.
Some of the other benefits include:
- Free to pay with currencies in your account
- Free ATM withdrawals up to £200 ($280) a month
- Only pay a small conversion fee when you convert your money — typically between 0.35% and 1%
- Automatically convert your money at the real exchange rate
- Hold over 40 currencies in your TransferWise borderless account and switch between them in seconds.
TransferWise has stated that there is a small fixed fee of 50p to withdraw funds from your borderless account to another account in the same currency.
The company is currently inviting groups of customers with borderless accounts in the UK to order a TransferWise debit Mastercard. They will be launching the new account to everyone in the UK soon after, with other European countries on the way.
Customers can get set up a borderless account today to make sure they get an early invitation to receive the debit Mastercard.
TransferWise is independently regulated by the Financial Conduct Authority (FCA) in the UK.