Transferwise launches pilot borderless bank account program with a debit card

10 January 2018

Transferwise Transferwise, announced the introduction of its customer borderless bank account accompanied by a debit card to select users to enable them to make payments in any of its supported 28 currencies. Last year the company launched its bank account for business clients, promising to do the same for wider audience at a later date.

This pilot stage will be held before the massive rollout scheduled for the first quarter of next year. The new borderless bank account comes without signup fees and monthly charges. Customers will not have to pay any fee for performing transactions in their local currencies, but the exchange of the currencies will as usual involve normal average market rate along with upfront fee charged by Transferwise.

Taavet Hinrikus, speaking for Transferwise, noted that the borderless account is a new step forward on their way to bring convenience to customers living and working between different countries, as sometimes it is hard to open a bank account without valid address at the place of work. The borderless account will be created in a matter of minutes and will allow freelancers, expatriates, second homeowners and other people to have access to a bank account with all payment capabilities without international borders.

The company introduced its new debit card in a green color, causing displeasure on the part of German challenger bank Penta, which expressed its revolt with the explicit design resemblance between the debit card offered by Transferwise and its own card product, which is also green.

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