With a TransferWise Borderless Account, you can send and receive money around the world cheaply. It is a free virtual bank account. TransferWise is by far the cheapest means of transferring money between countries by avoiding bank fees. With the TransferWise Borderless Account you can also receive money, store your money and use it to make payments all over the world. The account gives you real exchange rates and has the lowest fees possible.
What is TransferWise Borderless Account?
A borderless account works in such a way it is like you have local accounts all over the world. TransferWise Borderless account supports multi-currency by allowing you to transact in over forty currencies. You can also convert currency from one currency to another using the real exchange rate at any time. Also, you can send money to a bank whenever you want to. Sending balances to a bank account comes with fixed charges and conversion fee. You can use TransferWise debit MasterCard and spend currency in your account while in any country around the world.
How to Open TransferWise Account
It is easy to open a TransferWise account. All you need is an email address and a password. Once you have signed up for a TransferWise account, follow these simple steps to activate your account. All you need to do is to log in to your account and then click o the balances tab that is located on the left-hand menu. Then click Add a balance. Then choose the desired currency and then click Open balance using the currency you have selected.
Currently, the account is offering local accounts for the following currencies only; USD, GBP, AUD, EUR and NZD. However, the company is working to ensure that local accounts are available in other countries. You can open a personal account and also a TransferWise Business. While opening an account for a business, you will first need to have a registered business.
Countries That Support TransferWise
|Countries that support TransferWise Borderless|
|TransferWise Borderless Australia|
|TransferWise Borderless Bangladesh|
|TransferWise Borderless Brazil|
|TransferWise Borderless Bulgaria|
|TransferWise Borderless Canada|
|TransferWise Borderless Chile|
|TransferWise Borderless China|
|TransferWise Borderless Colombia|
|TransferWise Borderless Croatia|
|TransferWise Borderless Czech Republic|
|TransferWise Borderless Denmark|
|TransferWise Borderless Europe (Single European Payments Area)|
|TransferWise Borderless Georgia|
|TransferWise Borderless Hong Kong|
|TransferWise Borderless Hungary|
|TransferWise Borderless India|
|TransferWise Borderless Indonesia|
|TransferWise Borderless Israel|
|TransferWise Borderless Japan|
|TransferWise Borderless Kenya|
|TransferWise Borderless Malaysia|
|TransferWise Borderless Mexico|
|TransferWise Borderless Morocco|
|TransferWise Borderless Nepal|
|TransferWise Borderless New Zealand|
|TransferWise Borderless Nigeria|
|TransferWise Borderless Norway|
|TransferWise Borderless Pakistan|
|TransferWise Borderless Peru|
|TransferWise Borderless Philippines|
|TransferWise Borderless Poland|
|TransferWise Borderless Romania|
|TransferWise Borderless Russia|
|TransferWise Borderless Singapore|
|TransferWise Borderless South Africa|
|TransferWise Borderless South Korea|
|TransferWise Borderless Sri Lanka|
|TransferWise Borderless Sweden|
|TransferWise Borderless Switzerland|
|TransferWise Borderless Thailand|
|TransferWise Borderless Turkey|
|TransferWise Borderless Ukraine|
|TransferWise Borderless United Arab Emirates|
|TransferWise Borderless United Kingdom|
|TransferWise Borderless USA|
|TransferWise Borderless Vietnam|
TransferWise Borderless Account has the lowest prices and the fastest means to send money across the world. Compared to traditional bank accounts, TransferWise is much cheaper. For people making many transfers, it is cheaper to use TransferWise. Of you accumulate the charges applied by other accounts such as PayPal; you will note that the fees are very high.
A research conducted by Consumer Intelligence showed that TransferWise Borderless Account is 12 times cheaper compared to a personal account in the US and Australia while it is 9 times cheaper in the UK. Charges for the account are transparent; hence, you don’t need to worry about spending money unknowingly. The account is however not free and you can expect the following charges.
- Sending or withdrawing money
- Toping up money in your account
- Converting currencies from one currency to another
Note that prices vary with the currency you are using. When using a debit card, you will be charged the following pries:
- 1 to 2.85 percent conversion fee while sending money to currencies that you do not have I your account
- MasterCard rates apply in case you are spending the currency that is not in your TransferWise
- A 2 percent withdrawal fee for the amount that exceeds $250 or £200 per month
TransferWise Local Bank Accounts
You can open the following local bank accounts with TransferWise in the following currencies.
- US dollars (USD)
- British Pounds (GBP)
- Australian dollars (AUD)
- New Zealand dollar (NZD)
- Euros (EUR)
Limits and Restrictions for TransferWise Account
These limits apply when you are receiving money from someone else or form a USD bank account.
- Personal USD accounts have daily transaction limits of $250,000 and an annual limit of $1,000,000.
- Business accounts have daily limits of $3,000,000 while the annual limit is $5,000,000
Due to the low fees charged by TransferWise, many people this to be too good to be true. It is essential to know that TransferWise is regulated by FCA located in the UK and ASIC in Australia. The account uses reputable banks to keep your money.
In conclusion, open a TransferWise Account and enjoy fast and cheap charges by saying goodbye to account maintenance fee and high transfer fees also, you will be able to exchange currency in real exchange rates. You will also be paid in different currencies. The beauty of TransferWise borderless Account is that it does not have any hidden fees. Make an effort to open a TransferWise Borderless Account.Open an Transferwise Borderless Account
Vincent is an experienced journalist from Kenya as well as a statistician. He has a degree in Applied Statistics with computing from the University of Eldoret.