- TransferWise rolling out its “borderless” account and debit card to 1,000 customers.
- Full rollout coming later in the year.
LONDON – TransferWise is quietly launching its new “borderless” accounts and linked debit card to just 1,000 consumers on Tuesday.
TransferWise first announced the “borderless” account, which lets people hold up to 28 currencies through one account, last May. It followed on from a similar product launched by rival international currency exchange WorldFirst.
TransferWise’s new account is linked to a debit card that lets people spend in local currency around the world on one card.BI first reported on TransferWise’s plans to launch a debit card in 2016.
The new consumer product brings TransferWise into competition with Revolut, the fast-growing London startup that also lets people hold multiple currencies through one account and spend it through a pre-paid debit card. Both Transferwise and Revolut are backed by venture capital firm Index Ventures.
TransferWise chairman and cofounder Taavet Hinrikus said in a statement: “The borderless account is a game changer for anyone living or working between countries. Opening a bank account abroad is incredibly difficult without a local proof of address, but the borderless account can be opened in minutes. For expats, second homeowners, freelancers, sole traders and more the borderless account is invaluable.
“One day anyone will be able to send and receive money, in any currency, from friends, customers or companies anywhere in the world, and spend anywhere, never worrying about the exchange rate again. That’s the vision for the borderless account. Today’s launch is a huge step towards realising that future.”
London-headquartered TransferWise was founded 2011 as a platform for people to send money internationally online. More than £1.5 billion is sent over its platform each month.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.