The Estonian-founded, London-based money transfer company, TransferWise, has launched its borderless multi-country account for everyone and a MasterCard debit card for Europeans, enabling its customers to get local bank details for the UK, the US, Australia and Europe.
The company launched the account on 25 April and said in a statement that it allows customers to hold money in over 40 global currencies.
“For anyone travelling, living or working abroad, the borderless account and debit card means they can send, spend and save money like a local, without the sneaky fees and no exchange rate markups,” the company said.
According to TransferWise, the account is free as there are no subscription, sign-up or card fees. The borderless account customers will have local bank details in the UK, the US, Australia and Europe and when travelling, they can spend on their debit card in the correct currency while getting the actual exchange rate.
Only pay for what you use
“Only pay for the functions you use – convert money into one of the 40+ available currencies you need, and just pay TransferWise’s usual, low upfront fee 0.35-1%,” the company added.
The borderless account is available across the globe and the borderless MasterCard debit card will first be available to customers in the UK and the European Economic Area, the company said.
TransferWise was founded by Estonians Taavet Hinrikus and Kristo Käärmann in 2011, and it’s based in London, the UK.