Money transfer company TransferWise announced the launch of a completely new product for its consumers, called borderless account. This is the first time the company offers a debit card, but it’s definitely a move expected to draw comparisons with newer upstarts, like Revolut, says TechCrunch.
Initially, TransferWise’s new service will be available just for a thousand customers, while several thousand more will be invited in the next weeks at the full public launch. A specific date wasn’t revealed, but the event is expected to happen somewhere in the first quarter of the year.
The service is limited, but we’re optimistic
Getting a bit into details, the upcoming online banking account will offer access to local bank details for the United Kingdom, United States, Australia and Europe, but will also let you hold and convert 28 currencies.
The card is targeted at people who often receive and spend money abroad and are looking forward to taking advantage of TransferWise’s transparent fees and low exchange rate.
The ‘first version’ of the product was introduced in May 2017, but it was available solely for business users, not to mention that it didn’t come with a debit card. Basically, the only way to spend money from your TransferWise account was to move it to a different bank account, at first.
“It’s a step forward for completing our vision for borderless money, where anyone anywhere in the world can spend and receive money globally without having to worry about the hassle and the exchange rate,” said co-founder Taavet Hinrikus. “I think it’s the first time that anyone has created a multi-country bank account. It did not really exist before.”
A great service, especially from overseas remote workers
Overall speaking, the borderless account won’t replace your current account, but it can easily be considered a companion one, able to fix a couple of essential problems.
Easily put, if you receive income from aboard, in a different currency than the one you’re currently using, then you will always deal with additional bank charges, at a very unfair exchange rate by your current bank.
With TransferWise’s service, you can actually receive money like a local, not to mention you get a local bank number, everything with a single click. Pretty neat solution, isn’t it?