Transferwise: free multi-currency current account plus debit card
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Transferwise: free multi-currency current account plus debit card

24
Found 25th Apr
Work abroad or have clients overseas? Got a second home abroad? Living the expat dream? Travel frequently? Tired of paying extortionate fees to transfer cash between currencies?

If any of these apply to you, read on (in fact, read on anyway).

The borderless current account

Transferwise has launched a “borderless” multi-country, multi-currency account. And it’s free. For everyone.

Anyone living in the UK and EU will be able to get a free account with instant local bank details for the UK, US, Australia and Europe. This means if you have a company or individual in one of these countries, they can pay the relevant currency straight into your account.

If you move to one of these countries you won’t need to open a local bank account which, take it from me, can be a major hassle. So, say you went off to Australia on a working holiday, you could get your wages paid into your Transferwise account as it would provide the relevant Australian account number and BSB code (like a sort code).

Once you’ve got your account, you can hold and convert money in more than 40 global currencies meaning you can send, spend and save money like a local, as well as getting paid around the world with zero fees.

Some banks offer similar multi-currency accounts but they tend to either require you to be a high earner or hold a certain amount of cash with the bank. But Transferwise is open, and free, to everyone (no subscription, no minimum balance, no sign up fees, no cost to order a card).

Contactless debit Mastercard

If you’ve got a certain currency in your account, say Euros, when you use your debit card in the Eurozone it will automatically use your Euro balance. Easy.

If you’re out of Euros it will convert money from your sterling balance. It does this much cheaper than the banks do – converting £200 to Euros will cost about 70p but the same transaction will cost you about a tenner with most banks (they usually add on foreign spending fees plus a foreign loading charge).
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24 Comments
Or just get a Starling Bank account and pay no fees at all.
Or revolut
stujam2 m ago

Or revolut


Their customer service is SHOCKING - I'd rather pay a little extra and use transferwise (Ive been a customer of both for two years)
O
chrisnoon748 m ago

Their customer service is SHOCKING - I'd rather pay a little extra and use …Their customer service is SHOCKING - I'd rather pay a little extra and use transferwise (Ive been a customer of both for two years)


Or Both :-)
I do not understand why so cold. It is a great service!
stujam28 m ago

Or revolut


I think revolut terms have changed about lifting cash etc. I haven't used mine for a year tho.
I'll check this out
Starling is much better choice
Ash2658 m ago

Starling is much better choice


Is that the bird in Silence of the Lambs?
Do Starling and Revolut allow payments from other countries - i.e. if you're paid from a client abroad? That's the best thing about Transferwise - the local bank details for EU, US, Australia etc.
FYI you do need to top up £20 to get a debit card sent to you. I've signed up for the account however will use Revolut for now until I feel like ordering the debit card. I already use Transferwise regularly NZ - UK transfers so this account and card will be handy for future travel.
writergirl7445 m ago

Do Starling and Revolut allow payments from other countries - i.e. if …Do Starling and Revolut allow payments from other countries - i.e. if you're paid from a client abroad? That's the best thing about Transferwise - the local bank details for EU, US, Australia etc.


Although there are limitations as to where you can receive money from (and im not talking Siria, Iran etc). You cannot receive USD from Singapore/Malaysia (and quite a few others) into your borderless account
This is pretty cool. Will let me get paid easier, and cheaper, than via cheque from Amazon US.
joyf45363 h, 4 m ago

O Or Both :-)


Me too and some of the other challenger bank services.

Sadly I’ve not been impressed by any of their customer service experiences but that’s broadly inline with my experience of traditional banks as well (except for first direct who have been constantly good), but having said that with Revolut once the problem was identified it was resolved quickly.
Big_Rik2 h, 47 m ago

I think revolut terms have changed about lifting cash etc. I haven't used …I think revolut terms have changed about lifting cash etc. I haven't used mine for a year tho. I'll check this out


Yep there is a cash limit for the standard account, and the pro/paid for account has no limit (well apart from the aml limits)
Got MONZO really happy with their app and excellent exchange rates. Use it all the time when on the continent. It’s uber simple to use.
Doesn't this card only give you £200 a month ATM free withdrawals ?
Transfer deals never include China
So why is this deal +83 hot while mine:
hotukdeals.com/dea…188

was 254 cold?


Just curious. Do people here vote the deal or the OP?
gorgo201510 h, 12 m ago

So why is this deal +83 hot while …So why is this deal +83 hot while mine:https://www.hotukdeals.com/deals/transferwise-debit-card-by-invitation-only-check-your-email-2898188was 254 cold? Just curious. Do people here vote the deal or the OP?



Didn't see your deal when it was posted to be honest, I haven't voted this one either since it's not really much of a deal it is nice to be informed.


Keep in mind sometimes people don't vote, and also try not to take cold votes personally. I suspect some people see that a deal is already cold so just jump on the bandwagon as such and vote cold too.
sunkissed22 h, 6 m ago

Doesn't this card only give you £200 a month ATM free withdrawals ?



It is currently unlimited (at least for existing cardholders) but is now 'out of beta' and from 1st July will be a 2% charge
To call it a current account is perhaps misleading its a savings account with debit card.
You can receive money from everywhere but payments must either be made by bank transfer or on the card.

You CANNOT set up direct debits therefore of limited use to anyone with a second home abroad.
Asked them about some AUDs I wanted to bring to my UK account and they take 0.35% for the conversion and use a mid market exchange rate so it's not as good as it sounds on the surface
Edited by: "amavadia" 28th Apr
gorgo201525th Apr

So why is this deal +83 hot while …So why is this deal +83 hot while mine:https://www.hotukdeals.com/deals/transferwise-debit-card-by-invitation-only-check-your-email-2898188was 254 cold? Just curious. Do people here vote the deal or the OP?


Because its writer girl! This site is corrupt and people vote with emotions not what deal it is. But i've noticed that certain people will go hot while anyone els they will vote cold. The voting system is pointless. But its kept to keep slaves coming back and posting while they rake in the profits!
Don't forget £10.10 TCB
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