In this Blog, we’re going to share TransferWise Borderless Account Review. We’re going to look at how this account is different to traditional multi-currency accounts, how it benefits you and the pros and cons of using it. We’d love to hear in the comments below, how you’re currently managing currency or your thoughts if you’ve already used the Borderless Account. But for now let’s get straight into it. TransferWise is a money transfer company that lets you send money all over the world. They’re known for their really transparent fee structure and easy to use website.
The Borderless Account is essentially a multi-currency account from TransferWise, but it has additional features that makes it really good for all your international needs. Traditional multi-currency accounts allow you to hold one or more foreign currencies in an account in the country in which you live. They can generally be opened from any major bank but the fees can be really high and it can be complicated to make payments from the account, receive money into it and withdraw from it.
The Transferwise Borderless Account has three distinguishing factors that make it different.
- Firstly, the Borderless Account allows you to have local bank account details in the US, the UK, Europe and Australia. This essentially means that you can make and receive payments into the account as if you had a local bank account in those countries.
- The second thing that’s distinguishing is it’s incredibly low fee structure. There are no setup fees, no monthly fees and no fees for receiving money into the account.
- Finally, a debit card is expected to be added to the account in the US , UK, Europe and Australia. This is something we’re really excited about, no other multi-currency account allows you to have a debit card attached.
The Transferwise Borderless Account benefits anyone who makes and receives a lot of international payments. So this might mean businesses, but it can also be great for families and friends who are living in countries apart from their Home Country. You can also hold additional currencies in the Borderless Account and it’s very easy to convert between different currencies within the account itself. You will be charged fees for this and we’re going to discuss all the fees associated with the Borderless Account right now.
The Transferwise Borderless Account has an incredibly low fee structure with no setup fees, no monthly fees and no fees for receiving money into the account. There are fees for converting currency. You will be given the interbank rate but depending on the currency pair you’ll be charged anywhere from 0.35% to 2.5% and you can be charged for withdrawing money from the Borderless Account to your regular bank account. This is dependent on the country you’re in.
Like TransferWise’s money transfer service the Borderless Account is done 100% online. If you already have an account with TransferWise you can go into your account portal head to the left hand side and select balances. From here you can open a Borderless Account.
If you haven’t got an account with TransferWise you’ll need to open one first. You can open New Transferwise account here and You can claim Your First Free International Money Transfer. Make sure you have some photo ID and proof of address with you in case you need it during the process. When you open a Borderless Account it will default to the currency of the country in which you’re living. And then you can add currencies and countries as you need to. When you add a currency, TransferWise will provide you with a unique sort code or routing number and a bank account number for that account. You can then begin sending and receiving payments.
Think of using the Borderless Account as you would if you had local bank accounts in the countries in which you’re making and receiving payments. The difference being that your funds are centralized with TransferWise to receive a payment into the account, provide the details of the account to the person who’s paying you. There are no fees if you’re receiving the local currency say US dollars into your US dollar Borderless Account. You can also easily make local payments from the account. You can easily move money from your Borderless Account to your regular bank account. Just like an international money transfer with TransferWise though, keep in mind that this can take one to two business days to process and you will be charged a fee. The Borderless Account is an extremely handy product but it’s always good to be aware of both positives and negatives when it comes to something like this. The advantages are pretty clear. You have the ability to open local bank accounts in multiple countries and currencies. And you can hold additional currencies on top of this.
TransferWise is extremely secure because they’re regulated, they’re reputable and they’re reliable. The website is easy to use and the Borderless Account itself is really quick to set up. As well as TransferWise’s competitive exchange rates, they don’t charge you a fee for having a Borderless Account unless you’re transferring one currency to another.
All good news right? Well let’s also have a look at their limitations. While you can hold multiple currencies in the account you can only have local bank account details for Australia, the US, the UK and Europe. There is a small charge for making external payments from the account and if you’re adding money to your balance with a credit card, there could also be additional fees.
So, what’s our verdict? Well it really is a great product. Especially with the promise of a debit card coming soon. While the currencies and countries can seem limited at this stage, Transferwise is constantly evolving the currencies they work with in both international money transfers and the Borderless Account. So even if it can’t service you right now it’s worth keeping an eye on. like we said we would love to hear your experiences with the Borderless Account so leave any comments or questions below. And if you found this blog useful, please share it. It would really help us out. If you need more information about currency, international money transfers or exchange rates, subscribe to our Newsletter.
This was all from our side about the Transferwise Borderless account.
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