Here’s what you need to know
TransferWise has launched the first ‘borderless’ multi-country account and debit Mastercard’ for consumers. From today anyone living in the UK and EU will be able to get a free account with instant local bank details for the UK, US, Australia and Europe as if they lived there, as well as a bright green debit card for stress-free spending abroad.
For anyone travelling, living or working abroad the borderless account means they can manage their money between countries more easily than ever before, with no sneaky fees and no exchange rate markups. Customers can hold and convert money in over 40 global currencies meaning they can send, spend and save money like a local, as well as getting paid around the world with zero fees.
New independent research, commissioned by TransferWise, compared spending and sending money abroad from the borderless account and card with four top UK high street banks. The findings reveal that the banks are leaving consumers out of pocket by adding an additional fee and taking a cut of the exchange rate.
How much it really costs to send/spend/withdraw £200 to Euros (transaction fees added to exchange rate mark-ups)
|Send £200 to EUR||70p||£5.50||£15.91||£14.45||£21.07|
|Spend £200 on debit card in EUR||70p||£11.00||£12.89||£9.95||£14.32|
|Withdraw £200 cash in EUR||Free||£12.50||£13.89||£13.95||£9.07|
Kristo Käärmann, CEO and co-founder, TransferWise said: “Multi-country banking has been the domain of big businesses and the rich for far too long. We’re on a mission to make the benefits of international banking available to everyone, no matter what their bank balance. That’s why we’re really excited to be able to bring the borderless account and debit card to our three million customers and more as of today.
“Every time people spend money on their UK debit card overseas or move money abroad with their high street bank they end up footing the bill for hidden charges and inflated exchange rates. With the borderless account people can send, spend and receive money with the real exchange rate and know exactly what the transaction is costing upfront. For freelancers and small businesses who want to attract customers worldwide, for expats, second homeowners and global nomads living between countries, the borderless account is a gamechanger.”