By Jon Dela Cruz
TransferWise is a UK-based global remittance service provider that has been in business since 2011. It has managed to leave quite a mark in this little time, mainly by offering cost-effective and dependable solutions.
The new launched a TransferWise Borderless account goes to show how the company is making the most of evolving technology. You may register for the Borderless account as a business, a sole trader, an online seller, or a freelancer.
What You Get
After you open an account, TransferWise gives you local bank details from the U.S., the UK, and the European Union. This gives you easy means to receive payments in U.S. dollars, British pounds, and euros. (At the time of writing, the Borderless Account is available only to UK residents with more countries coming online soon)
You get to hold and manage your money in over 25 currencies, some of which include U.S. dollars, British pounds, euros, Canadian dollars, Australian dollars, Hong Kong dollars, Swiss francs, and Turkish lira. In addition, you may use your TransferWise Borderless account to transfer funds to more than 50 countries in as many currencies.
Is it Money Wise?
When you transactions involve exchange of currencies, you’ll benefit by getting mid-market rates offered by TransferWise. You pay no fees to open a Borderless account and it comes with no ongoing account keeping fees. TransferWise does not charge fees when you receive payments in currencies that match your country-specific accounts.
You’ll pay no fees when you add money to your Borderless account, unless you use a card. A nominal fee applies when you withdraw funds from your Borderless account to a bank account. You’ll need to pay currency conversion fees when moving funds between currencies in your Borderless account.
The TransferWise Borderless account aims to simplify moving funds across borders, not just by providing local banking details, but also by letting you hold and manage your money in a range of currencies. Its pocket-friendly fee structure is a plus as well.