TransferWise, the online peer to peer international money transfer provider, has released an invaluable new online banking service that allows customers to send money abroad and receive international payments. A Borderless Multi-Currency Account. The review and infographic below helps you understand how it works.
This new multi-currency account gives you access to unique bank account codes, a Borderless debit card (not a credit card) and routing numbers for the following currencies:
- US Dollar (USD)
- EUR (Euro)
- GBP (British Pound)
- AUD (Australian Dollar)
- NZD (New Zealand Dollar)
- PLN (Polish Zloty)
You can now receive funds from within the USA, the UK, the European Economic Area (EEA), Poland, New Zealand, and Australia (more currencies being added regularly), it’s as if you had opened a UK bank account within this country. This service is a total game changer. Firstly, TransferWise is now positioned as an outstanding Payoneer alternative or the WorldFirst World Account. But more than that. TransferWise will leverage their existing bank-fees-beating platform to offer a very low cost overhead to this solution which competes head on with your traditional bank when it comes to local currency foreign exchanges. Spending money abroad using multiple currencies and utilising atm withdrawals to do this has never been so easy.
Who Can Use the Borderless Account for Bank Transfers?
Examples of use for the TransferWise Borderless Account:
- Amazon Associates. If you are an Amazon Associates member for the Amazon USA store, you can now use TransferWise instead of Payoneer or International Bank Wire (costly) to receive your funds.
- Import / Export. You can now provide local bank details for customers or suppliers in these regions. You no longer have to request a special transfer via TransferWise Request Funds or other such solutions. This makes your payment process simple and reduces your wire fees if you are still using international wire transfers.
- International Services Business. For example, international recruitment firms can now request receipt of funds from a business named bank account. You no longer have to setup multi-currency accounts in your home country. You can use the global multi-currency account and save your customers Telegraphic Transfer (international transfer) fees and your business exorbitant currency conversion fees to you home currency.
- Transferring Money from PayPal to TransferWise or Send Money from Paypal. Transfer funds in the same foreign currency from PayPal to TransferWise Borderless currency account. Then you can use TransferWise's superior currency conversion to get better exchange rates than those on offer within PayPal.
All of these suggested uses and many more result in a low cost of working internationally and bypassing the banks large hidden and upfront fees. Joy!
The infographic below further explains TransferWise's Borderless Account and how multi-currency global accounts can save you and your business heaps on fees.