TransferWise Borderless Account Review

ith a TransferWise Borderless Account, there is no need to bank with a specific country. They let you save money just like a regular bank does, but you get the ease and convenience of an online-based bank.

With three major currencies:

  • Euro
  • GBP
  • USD

Sending money abroad has never been more comfortable with TransferWise borderless account transfer that boasts an unmatched exchange rate. Sky-high fees are now a thing of the past which is why you’ll be able to confidently send money internationally knowing that your hard-earned cash won’t be going to waste. Moreover, with a fully-fledged debit card, this account also allows you to make payments and withdraw money from ATMs.

What is Transferwise?

This website has a comprehensive review of TransferWise, a leading fintech company that allows account holders to quickly and securely send money overseas, with little fuss. Several companies worldwide offer similar services to TransferWise, but few can match its level of popularity, nor the sheer number of people who use it each day. Fans of TransferWise include tech giant Facebook, which uses the service on a vast scale. Facebook even integrated TransferWise into Messenger several years ago.

Sending money through TransferWise used to be a real hassle. Not anymore. Transferring money with TransferWise takes just a few minutes; it’s so simple, you can do it straight from your mobile phone. And you can send money from any of your online bank accounts to any other bank account in 20 currencies with transparent, super-low fees.

TransferWise is the only place you can bank without paying expensive fees and crazy exchange rates. So if you use your bank to send money abroad, it’s time to make the switch. By moving your money to TransferWise, you can save up to 90% compared to banks, and it’s completely free until November 30th. This means that £300 worth of transfers will cost you just £3. If you’ve ever used your bank to send money overseas, let this be your wake-up call. Even getting an estimate with a central UK bank is likely.

What is the TransferWise Borderless Account?

The TransferWise Borderless Account allows you to hold, send, receive and manage a foreign currency account without paying any fees. Just sign up for an account and use the money in your local currency. TransferWise takes care of everything else.

The TransferWise Borderless Account is an easy way to transfer money. You can quickly transfer money from your UK bank account to any of the 33 currencies available on the TransferWise platform, as well as send money directly to 90+ countries. You will then have all the benefits of an internationally connected MasterCard® allowing usage in over 140 countries worldwide. Plus, you can hold and spend your money in 25 of those currencies, just like you would with GBP, as they are pre-loaded onto your card.

The Borderless Account Fees?

It allows you to convert money from one currency to another with zero fees. The advantages of this are that there are no fees at all. You move money around freely without worrying about any charges – TransferWise always makes sure that your transfer size does not exceed the foreign exchange margin. Combining traditional banking with the best bits of fintech, TransferWise makes transfers quicker and easier than ever before.

How to open a TransferWise Borderless Account

Opening your new TransferWise Borderless account is easy. You’ll need to answer a few simple questions about your situation and pay some money into the bank to make it ‘borderless’. Once you’ve done that, you can send your money abroad whenever you like, and we’ll sort everything out for you. It is as easy as sending an email.

You can open a TransferWise Borderless account in less than three minutes. It’s free to sign up and easy to manage your money internationally. TransferWise is a new way to send and receive money: with no fees, no mark-up on currency exchange rates, 1% maximum fee for all currency movements. You can send money from your bank account in one country to another over 100 banks, including Barclays, Santander, NatWest, RBS/Natwest, Ulster Bank Ireland and many more worldwide. Open an account now!

Transferwise Borderless accounts are perfect for managing your money wherever you are – and they’re even better if you live and work in different countries. They’re free, safe, and come with a secure debit card that gives you access to your money whenever and wherever you like. TransferWise Borderless is accepted by local stores worldwide, meaning it can become your everyday bank account wherever you go, bridging the gap between the local currency and one account in any of 26 currencies. The fees are low as well – there’s no cost when transferring from one country to another, or when receiving.

How Do I Use The TransferWise Borderless Account?

We have already discussed that you can access local account information for five different currencies through the Borderless account.

These currencies are:

  • British pounds (GBP)
  • US dollars (USD)
  • Australian dollars (AUD)
  • New Zealand dollars (NZD)
  • Euros (EUR)

Although you will use each account as a local, all of them come with benefits and some limitations. Here’s what you should do about every single one of them.

GBP Account

With this account, you will get:

  • An account holder name (your name on TransferWise)
  • Address
  • British account number
  • Sort code

The account accepts quicker local payments, BACS and CHAPS payments, but international wire and SWIFT transfers are not permissible. You will be able to use this account to accept payments from friends and relatives, wages, pensions, or third-party payments such as freelance or Amazon pages, but you will not be able to receive overseas payments or direct debits from outside the UK.

USD Account

The most challenging of all, the USD account is not available in all countries where Borderless sponsors it. However, if you can get your hands on one, the account includes:

  • Account holder name
  • Account number
  • Wire routing number
  • ACH routing number
  • Address

The account accepts all wire and ACH payments from most countries in Europe, Australia, New Zealand, Japan, Singapore, China, Canada, Philippines, UK, Taiwan and the United Arab Emirates, and international wire and SWIFT payments.

The account does not allow direct debits and, while not being a checking account, is structured as a checking account.

If you have not used routing numbers before you need to make sure you send the following to the payer.

An ACH routing number which is for slower transfers, and can take up to 3 business days.
A Wire routing number for a faster same-day payment can cost around $20-$30.

Make sure you should pay attention to the number you give the payer, as this can cause a refund sent back to the sender.

AUD Account

The AUD account offers you the possibility to earn cheap local payments without being a resident if you make transactions in Australia. The Borderless account will provide you with the:

  • Account holder name
  • Account number
  • BSB code
  • Address

To obtain local AUD payments, you will be able to use the account, but you cannot accept a SWIFT payment over-the-counter and cash deposits. Also, TransferWise does not accept transfers from Australian Superannuation Funds or Self-Managed Superannuation Funds.

You would also be unable to allow direct debits from outside Australia or overseas payments. However, for domestic payments and payments from marketplaces, including Amazon, you will be able to use the account.

NZD Account

The NZD Borderless account offers you a full local account, including a complete local account, similar to other accounts:

  • Address
  • Account number
  • Account holder name

You will be able to accept local bank transfers in NZD, but not international wire or SWIFT transfers, with this account. Except for the markets, the account also does not allow direct debits or overseas payments outside New Zealand.

Borderless account Restrictions

TransferWise’s Borderless accounts let your TransferWise friends send you money in over 80 currencies for a 0% fee. You can make payments in those currencies too, and it might seem strange that this account is limited in some degree apart from USD transactions.

It’s pointless to say that this comes as excellent news for someone who receives payments in various currencies and wants to save them. You will not be paying any interest, but you will have quick access to your cash and low conversion fees if you need them.

What are the USD Limitations?

Personal USD accounts have a daily transaction limit of $250,000, and an annual limit of $1,000,000.
Business USD accounts come with a daily limit of $3,000,000 and a yearly limit of $5,000,000

These restrictions, however, apply only to payments that you obtain from someone else or your ordinary USD bank account.

Is TransferWise Safe?

The FCA regulates TransferWise in the UK and ASIC in Australia. You know, the ones who regulate your bank. It uses trusted local banks to store your money. So if there’s a problem, you can rely on them to fix it. It all works seamlessly with the help of financial experts, 24/7 live chat and easy-to-understand guides.

When you make a cross-border money transfer with TransferWise, both our bank and yours work together to get the money safely to your recipient.

Safety Concerns Feature

The latest evolution of the TransferWise Borderless accounts is its Safety Concerns feature. Safety Referrals is a feature that was asked for by many people who were signing up to TransferWise, and as soon as they were given the option, they wanted confirmation that TransferWise was safe.

TransferWise Safety Concerns is a feature that allows customers to log in to their account, and check whether their concerns over cross-border transfers have been fulfilled yet. TransferWise has a transparent policy on how they process money. They allow their customers to see all the steps of how the money comes from one country and ends up in another. The new feature was created by one of the users of TransferWise who work for Facebook. The founders were not aware of this feature before he made it public because they would have implemented it themselves if they did.

Overall Verdict

Overall, I have found the TransferWise Borderless Account to be a useful product. It’s an excellent way for someone travelling between countries for work or pleasure to keep their funds at hand and totally in check. The company is efficient and transparent, which builds trust. I even respect their innovative ideas and approach to banking, despite being not necessarily better than what some of their competitors have to offer.