TransferWise, the international money transfer company, has chosen Wirecard as its debit card issuer for its borderless account users.
In 2017, TransferWise launched its borderless account, allowing users to access bank details digitally across the world in real-time. Now, TransferWise will be launching a debit card to accompany the account and Wirecard will issue them.
The debit card was privately launched in January to around one thousand existing TransferWise customers, with a full public rollout planned for later in 2018.
Previously only available to businesses, now TransferWise’s wider customer base can hold and convert 28 currencies at the real exchange rate, with local bank details for the UK, US, Australia and Europe. This means that customers can send, spend and save money anywhere they are with zero fees as if they lived there.
Jeremy Buttner, borderless banking lead at TransferWise, stated: “Our mission is to make money move without borders, and the borderless debit card is a vital step in bringing that mission to a wider audience. Wirecard is helping us to take the product, and its benefits, to markets that badly need the service more quickly than we’d have been able to otherwise.”
Tom Jennings, managing director at Wirecard, added: “TransferWise was looking to extend their borderless account by adding a multi-currency debit card. This card will allow customers to access their borderless account around the world without any hidden charge.
“We are delighted to be working with TransferWise, a leading FinTech in the industry. It is a unique product and we see this as being a very successful partnership even for the future.”