UK-based money transfer service TransferWise has officially introduced its borderless multi-country bank account and debit card that will enable the customers manage their money across various countries.
Initially, the company rolled out the service for a limited section of its customers in January this year.
The service will allow the customer residing in the EU or UK to open a free account with instant local bank details for the UK, US, Australia and Europe, while the debit card will enable them to carry out transactions within the UK and the European Economic Area.
The customers can use the borderless account to manage money while staying abroad without paying any fees and under real exchange rates.
TransferWise said that the service will allow customers to hold and convert their money in more than 40 global currencies by paying a low upfront fee of around 0.35% to 1%.
TransferWise was founded in 2011by Estonians Taavet Hinrikus and Kristo Käärmann.
With this service, the bank aims to provide the benefits of international banking to everyone irrespective of their individual bank balance.