TransferWise launches multi-country bank account

TransferWise has launched its ‘borderless’ multi-country bank account and debit card, enabling customers to easily manage their money between countries.

Anyone living in the UK and EU can get the free account with instant local bank details for the UK, US, Australia and Europe, as if they lived there. A contactless Mastercard debit card enables spending abroad.

TransferWise says that for anyone travelling, living or working abroad the 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 funds 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.

Kristo Käärmann, CEO, TransferWise, says: “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.

“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.”