TransferWise Borderless Account Review

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.

 

An Introduction to the Borderless Account


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.

Transferwise Borderless Acc


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
Kenyan Shilling    

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.

 


 

How the Borderless Account Works


Setting up a Borderless Account


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.

 

Transferwise Borderless Account Review



Using the Borderless Account

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.

 



Advantages and Disadvantages of the Borderless Account

Here are all the good and bad points.


Advantages

  • Gives you a “local” bank account in multiple countries and currencies.
  • Transferwise is a regulated, reputable, and reliable money transfer and currency exchange provider.
  • Makes opening an account with multiple currencies very quick and easy.
  • Transferwise offers competitive exchange rates, on par with some of the lowest in the industry.
  • You’re only charged a fee when you move money from one currency to another.
  • You’re charged the same as for regular Transferwise currency exchange (typically between 0.5% and 0.7% on top of the baseline exchange rate).
  • Make and send payments to multiple countries and currencies from one place.
  • There are no setup fees or monthly charges.
  • There is no charge to send or receive payments.
  • The same high levels of security, encryption, and protection as with Transferwise’s other services.


Disadvantages

  • Coverage for currencies and countries is limited at present.
  • No debit card facility yet.
  • All your money is with one currency provider.
  • There is a small charge to make external payments.
  • Adding money to the account with a credit card may incur an additional fee.
  • There are some limits on the amount of money you can receive into your Borderless Account.
  • Further details on pricing and limits are available here.

 


 

Conclusion

 

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.

 


Learn more about the Borderless Account

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