UPDATED: September 2018, following the release of the TransferWise Debit Card in Europe and the UK.

At its core, the Borderless Account is a foreign currency account. It allows you to hold and transfer around 27 different currencies.

There are 3 things about this account that makes it different to other multi-currency accounts:

  • It allows you to open up a local bank account in Europe, the UK, USA and Australia. This is a brilliant feature. It 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.

  • UPDATE: The TransferWise Debit Card is now available in the UK and Eurozone.

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.


Learn More About the Borderless Account

Go to Site


An Introduction to the Borderless Account

The Borderless Account is a pretty radical product for a currency provider. Not content with just offering money transfers, the Borderless Account puts Transferwise squarely in competition against banks themselves. Essentially, it’s an online bank account giving you a “local” presence in the US, UK, Eurozone and Australia. Although, we hope to see it rolled 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. Furthermore, 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 for the US and Australia. Although, in April 2018 the TransferWise debit card was introduced in the UK and Europe. 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. Following this, 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. Consequently, 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.


  • 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.
  • Debit card facility is now available in the UK and Europe.
  • 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.


  • Coverage for currencies and countries is limited at present.
  • No debit card facility yet in the US and Australia.
  • 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.


The TransferWise Debit Card:

In 2018 the TransferWise Debit Card launched for UK and European customers. This card allows you to spend your Borderless Account balance in the relevant countries while reducing the fees associated with spending money internationally. This makes it perfect for frequent travellers or for international businesses, this is a very unique product. Read more about the TransferWise Debit Card here.



It's a fast, simple, low-cost way to send and receive money, together with local banking details. As a result, this innovative tool will only improve as it is introduced to more countries and currencies, and as the debit card becomes more readily available.

Learn More About the Borderless Account

Go to Site


Recommended For You

Compare Australian Banks and Money Transfer Specialists

Compare Australian Banks and Money Transfer Specialists

Find your lowest cost option. Compare Australian banks and money transfer specialists in terms of transfer times, exchange rates and fees.

Transferwise Review

Is Transferwise a better option for making international money transfers?

In this comprehensive review we explore how safe Transferwise is, how they work, and when they are best suited to your needs.

Cheaper ways to transfer money overseas

5 Cheaper Ways to Transfer Money Overseas

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…

Helping You Save Money on Currency

Buying travel money or transferring money overseas can be expensive and confusing. So how do you make the best choice and get the most out of your money?

An easy way is to use a comparison table for either international money transfers or currency exchange. These tables list and compare the banks with other large foreign exchange companies.

We’ve also put together tons of helpful videosguides and reviews that will help you make the right decision. You can work out a cheaper way of converting currency while still keeping your money safe.