Updated 17 October 2017 following the Australian launch of the Transferwise Borderless Account.
At it's core, the Borderless Account is a foreign currency account. It allows you to hold and transfer around 27 different currencies.
There are 2 things about this account that makes it different to everything else:
It allows you to open up a local bank account in Europe, the UK, USA and Australia. It's a brilliant feature which begs the question, 'why didn't anyone do this before?'
An incredibly low fee structure the account has no set up fees, no monthly fees, and no receiving fees.
We’ll talk about the Borderless Account, find out what it is, how it could benefit you, how to set one up, and what you can do with it.
The Borderless Account is a pretty radical departure for a currency provider. Not content with just offering money transfers, the Borderless Account puts Transferwise squarely in competition against banks themselves. It’s an online bank account giving you a “local” presence in the US, UK, Eurozone and Australia, although it will be rolling out to other countries around the world soon.
The account is designed mainly for small businesses, sole traders, entrepreneurs, and freelancers who want to receive money and make payments in multiple currencies around the world. The Borderless Account is a central place where you can do that quickly and easily. You can transfer money in the account from one currency to another at the click of a button. Naturally, the currency transfers are provided at the low exchange rates Transferwise typically offers.
|British Pound||Euro||US Dollar|
|Australian Dollar||Georgian Lari||New Zealand Dollar|
|Bulgarian Lev||Hong Kong Dollar||Polish Zloty|
|Canadian Dollar||Croation Kuna||Romanian Leu|
|Swiss Franc||Hungarian Forint||Swedish Krona|
|Czech Koruna||Japanese Yen||Singapore Dollar|
|Danish Krone||Mexican Peso||Turkish Lira|
|Peruvian Sol||Norwegian Krone||Ukraunian Hryvnia|
|United Arab Emirates Dirham||Israeli Shekel||South African Rand|
Transferwise Borderless Account Lets You Hold and Manage These 27 Currencies
At the moment, the account is online only, although there are plans to introduce a Transferwise debit card. With its initial aim squarely at business owners, Transferwise is dealing with a big issue for startups and small businesses — the difficulty of opening up accounts that can receive multiple currencies. The Transferwise Borderless Account goes a long way towards solving that problem.
If you already have a Transferwise account, you can effortlessly create a Borderless Account. If you don’t have a Transferwise account, you will need to sign up as normal, with the standard ID and proof of address requirements. Accounts are opened in your default currency. You can then add other currencies and countries as you need to. When you do that, Transferwise provides you with a unique sort code / routing number and account number for that bank account. You simply use this in place of a regular bank account number to send or receive payments. Very easy.
Think of it as simply having a local bank account in the countries and currencies you need, but that centralizes all of your funds in Transferwise.
The most effective way to use the account is to provide the details to your customers and suppliers so they can demand, make, and send payments as they would with any other bank account. If you receive funds in a local currency, you don’t pay any exchange rate fees when you receive the funds, only when you choose to convert those to your native currency. That means you can wait for favourable rates before making a money transfer.
Naturally, you can transfer money between your Borderless Account and your regular account quickly and easily.
Here are all the good and bad points.
If you want a fast, simple, low-cost way to send and receive money, together with local banking details, the Borderless Account could be right for you. This innovative tool will only improve as it is introduced to more countries and currencies.
Find your lowest cost option. Compare Australian banks and money transfer specialists in terms of transfer times, exchange rates and fees.
In this comprehensive review we explore how safe Transferwise is, how they work, and when they are best suited to your needs.
Using a bank is one of the easiest ways of sending money overseas but it is also the most costly. Here are 5 cheaper alternatives...