Money transfer company TransferWise is ready to introduce its “Borderless account”, as a private launch has already begun. According to a report from TechCrunch, this is the first time when the company offers a debit card, a move which will definitely draw further comparisons with newer fintech companies, such as Revolut.
The product is still being tested
Initially, the account will be available to just a thousand customers, while several thousand more are expected to be invited in the coming weeks. As for the full public launch, it should happen sometime in the first quarter of the year.
TransferWise’s account gives you local bank details for the United Kingdom, United States, Australia and Europe, but also lets you hold and covert 28 currencies. Basically, this services is tailored for people who need to receive and spend money abroad and want to take advantage of a low exchange rate and transparent fees.
Initially, the product was announced in May 2017, but it was available just for business users and didn’t include a debit card. Therefore, the only way to spend money from a TransferWise account was to move it to a different bank account 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 and CEO Taavet Hinrikus.
Great service for everybody working with companies abroad
Overall, the borderless account is actually a stripped-back affair and won’t replace your current account, says Mr. Hinrikus. However, if you do receive a lot of income from abroad, in a different currency, to your home bank account, then you will definitely be affected by charges and an uncompetitive exchange rate by your bank. This is where TransferWise comes in, helping you avoid all these fees and allow you to choose when and how you can do the currency exchange.
Keeping it everything as short as possible, the service allows you to receive money like a local, since you have access to a local bank account number, with a single click. And you can also spend money like a local, thanks to the addition of a TransferWise MasterCard.