Transferwise Borderless Account - Free International Bank Account
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Transferwise Borderless Account - Free International Bank Account

74
Found 11th Feb
Transferwise announced in early January about their new borderless account, it doesn’t look like anyone has posted it yet so I thought I would.
In a nutshell it gives you International bank details for:

Australia with account number and BSB code
Britian with account number and sort code
Europe IBAN
US with account number and routing number

Use your bank details to get paid in Australia, Eurozone, US and UK and no-one pays any fees.

On top of this you can hold up to 28 currencies in your account and switch between them in seconds.

Eventually they will release a MasterCard debit card that is free to pay in the 28 currencies and you only pay a fee for any currency conversions.

They look to be registered with the FCA too:

TransferWise is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900507, for the issuing of electronic money.
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Starling Bank, great account, no fees or charges for withdrawing overseas and it has a MasterCard which uses the international mid exchange rate.
BulldogNo12 h, 8 m ago

Starling Bank, great account, no fees or charges for withdrawing overseas …Starling Bank, great account, no fees or charges for withdrawing overseas and it has a MasterCard which uses the international mid exchange rate.


This is different. That’s good for UK citizens that travel. This is good for UK citizens that receive funds in other currencies and have businesses overseas.
74 Comments
Interesting, any set-up fees? Never got around to making a Monzo account for myself because of the £100 initial pay-in. Does this have any?
Such a good development. I have Revolut and prefer it, but they don't have Aussie yet so this is very useful. Amazing how difficult it is still to get a foreign currency account with the "High St" banks.

Heat from me.
Been using transfer wise to send money and they are really quick and use mid market price. Hoping that they will do a borderline account to hold thai currency soon rather than Stirling.
Yes they give you market rate but I'm still annoyed they take a fee at all, even though it's "only" 50p per £100. Revolut doesn't take a fee during the week (but curiously does at the weekend, so I get my currency on weekdays!)
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AzNDeals1 h, 27 m ago

Interesting, any set-up fees? Never got around to making a Monzo account …Interesting, any set-up fees? Never got around to making a Monzo account for myself because of the £100 initial pay-in. Does this have any?


No set up fees, it looks like the only fees are conversions to other currencies and withdrawing to another bank account.
zygo46 m ago

Broken link. Try THIS: …Broken link. Try THIS: https://transferwise.com/gb/borderless/?source=publicNavbar&utm_expid=32817948-186.3WiaIi8MRtC8Q8fYnKFHbQ.0&utm_referrer=https://transferwise.com/terms-of-use


Thank you, updated the link
Which currency will be better to open the account with GBP or the foreign currency you use most? Need more research
Starling Bank, great account, no fees or charges for withdrawing overseas and it has a MasterCard which uses the international mid exchange rate.
We use this account for our business for Euro payments- bargain compared with the normal high street lot!
how does this compare with revolut? better? worse?
Edited by: "xPabloz" 11th Feb
Fantastic. I use TransferWise for all my earthly transfers but wasn't aware of this. Thanks so much for the heads up
What's the next best for using GDAX and sepa payments after revolut
Thanks
BulldogNo12 h, 8 m ago

Starling Bank, great account, no fees or charges for withdrawing overseas …Starling Bank, great account, no fees or charges for withdrawing overseas and it has a MasterCard which uses the international mid exchange rate.


This is different. That’s good for UK citizens that travel. This is good for UK citizens that receive funds in other currencies and have businesses overseas.
I need to transfer from sterling to 3000 euros to bank in Romania for university fees. Any advice on the cheapest and most secure method would be appreciated. Thank you
I use these guys a lot for euro transfers. It's not just the low fees, it's the speed of transfer that impresses. Always same day but I've had some only take an hour or so. Recommended.
Their web page(s) do not say that they are party to the Financial Services Compensation Scheme, that I can find.
If they really aren't in this scheme any money you have on deposit with them would be lost if they go bust.
Edited by: "pete_l" 11th Feb
mtuk12 h, 12 m ago

This is different. That’s good for UK citizens that travel. This is good f …This is different. That’s good for UK citizens that travel. This is good for UK citizens that receive funds in other currencies and have businesses overseas.


There's a fee for converting between currencies though, so I'm not sure how this is an improvement unless you hold the money in perpetuity.

You'd want something that converts at Mastercard rate and that's it, which it seems Starling does, the only one AFAIK? I need to re-research this. They even pay interest on balances.

It won't last, they've all got to cover their costs somehow, but for the time being...
mtuk16 h, 5 m ago

This is different. That’s good for UK citizens that travel. This is good f …This is different. That’s good for UK citizens that travel. This is good for UK citizens that receive funds in other currencies and have businesses overseas.


Yes I realise that. I use both
gap307 h, 5 m ago

What's the next best for using GDAX and sepa payments after revolut



Can't use transferwise, so looks like you'll have to try another account, if you do find anything pls let me know too as i'm interested. currently only c/c's accepted but they're getting few & far between these days too.
Great one. I had once tried to setup a USD account and it was such a painful thing with high st. Banks
Can anyone suggest something similar for UK Sterling and Canadian Dollars?

Heat for this posting
kas7861 h, 43 m ago

Can't use transferwise, so looks like you'll have to try another account, …Can't use transferwise, so looks like you'll have to try another account, if you do find anything pls let me know too as i'm interested. currently only c/c's accepted but they're getting few & far between these days too.


Starling bank are apparently trying to get it sorted this year...
gap3033 m ago

Starling bank are apparently trying to get it sorted this year...


Starling bank and transferwise have joined forces. Not sure how there rates are bit difficult to navigate there website any idea if they allow you to send money to countries like pakistan India like azimo revoult etc or is this differnet service.
gap3010 h, 18 m ago

What's the next best for using GDAX and sepa payments after revolut


Have you used your limit?
GrantD30 m ago

Have you used your limit?


yes
MynameisM1 h, 27 m ago

Starling bank and transferwise have joined forces. Not sure how there …Starling bank and transferwise have joined forces. Not sure how there rates are bit difficult to navigate there website any idea if they allow you to send money to countries like pakistan India like azimo revoult etc or is this differnet service.


Transferwise wont authorise payment to coinbase etc
xPabloz12 h, 25 m ago

how does this compare with revolut? better? worse?


I guess the answer is "depends". For me, I spend about half my GBP income overseas and so having it all at mid rate is important, so Revolut wins. I have my EUR account with Revolut which is really handy (eg getting my deposit back from summer house rental on France). But do need an AUD account so this TransferWise development is very useful: have now got my Aussie bank account details (10seconds after applying)! Revolut don't (yet) do AUD account.
gap301 h, 54 m ago

yes


The only thing I know of is to get a hsbc euro account and use transferwise to convert to GBP at a cost of 0.5%
Jonnyx11 h, 56 m ago

I need to transfer from sterling to 3000 euros to bank in Romania for …I need to transfer from sterling to 3000 euros to bank in Romania for university fees. Any advice on the cheapest and most secure method would be appreciated. Thank you



revolut is the best way. just enter your bank details and hit send!
Edited by: "saaya2020" 12th Feb
gap309 h, 18 m ago

Transferwise wont authorise payment to coinbase etc


I'm not sure what you mean by that.
AzNDeals11th Feb

Interesting, any set-up fees? Never got around to making a Monzo account …Interesting, any set-up fees? Never got around to making a Monzo account for myself because of the £100 initial pay-in. Does this have any?


Very shortsighted. Monzo has been the best thing to happen to my wallet in 25 years and out of the £100 initial pay in I spent the whole £100 (zero fees) and continue to top up monzo with as much or as little as I like.

TransferWise has also been brilliant. Buying stuff from abroad and being shafted by the banks transfer fees, currency exchange and the time delay are all 1980’s throwbacks that do not have a place in modern society. If I can pay someone in this country within a tap on a card machine I should be able to do the same to someone abroad. Traditional banking is dead to me because of the likes of Monzo, Atom and TransferWise.
adriandocherty23 h, 54 m ago

Yes they give you market rate but I'm still annoyed they take a fee at …Yes they give you market rate but I'm still annoyed they take a fee at all, even though it's "only" 50p per £100. Revolut doesn't take a fee during the week (but curiously does at the weekend, so I get my currency on weekdays!)


What you on about? What fee during the week? Revolut is the best and no fees whatsoever unless you go over your limits.
Jonnyx19 h, 33 m ago

I need to transfer from sterling to 3000 euros to bank in Romania for …I need to transfer from sterling to 3000 euros to bank in Romania for university fees. Any advice on the cheapest and most secure method would be appreciated. Thank you


Download revolut and sign up, top up your account through back transfer (takes a couple hours) or debit card (debit card is instant). Exchange your gbp to EUR in-app on the main screen, then click the payments button along the bottom and then the send to bank account button enter your deets and boom 💰 in a day or so by a sepa payment.
adriandocherty11th Feb

Such a good development. I have Revolut and prefer it, but they don't have …Such a good development. I have Revolut and prefer it, but they don't have Aussie yet so this is very useful. Amazing how difficult it is still to get a foreign currency account with the "High St" banks.Heat from me.


Revolut do have Aussie dollar now
MynameisM28 m ago

I'm not sure what you mean by that.


They don't allow payments for crypto

There is a lot of info on Reddit
Gakusei12 h, 16 m ago

Can anyone suggest something similar for UK Sterling and Canadian …Can anyone suggest something similar for UK Sterling and Canadian Dollars?Heat for this posting


I'd like to know this too
I can't offer an opinion on the other services being mentioned as I haven't used them (perhaps I will look in to them) but having used TransferWise borderless accounts for the last 6 or 7 months I have found them to be very good. When I've had questions the telephone support has been quick to answer and sorted things out quickly. The mobile app is nice too so I can move money around on the go.

If the currencies you need are covered by TW I would certainly consider them.
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