LONDON – TransferWise quietly launches its new “Borderless” accounts and joins a debit card with only 1,000 consumers on Tuesday.
TransferWise, based in London, was founded in 2011 to send people money overseas. More than 1.5 billion pounds are sent through their platform every month.
TransferWise has for the first time announced the “Borderless” account, which allows to keep up to 28 currencies in one account until the end of May. It followed a similar product launched by international rival WorldFirst.
The new TransferWise account is linked to a debit card that allows you to pay with a card in the local currency.
The new consumer product will put TransferWise in competition with Revolut, London’s fast-growing company, which also allows multiple currencies to be in an account and issued via a prepaid debit card. Both TransferWise and Revolut are backed by venture capital firm Index Ventures.
The chairman and co-founder of TransferWise, Taavet Hinrikus, said in a statement: “The account limit changes the rules of the game for anyone living or working between countries who open a bank account abroad without any proof of local address, but the Borderless Account may open in minutes, for expats, freelancers, retailers and more, the Borderless Account is priceless.
One day somebody can send and receive money in one currency, friends, customers or companies around the world, and go anywhere without worrying about the exchange rate – this is the vision of the account without frontiers – it’s a big step to achieving this future. ”