The TransferWise Borderless account comes with a linked Platinum Debit Mastercard that you can use in Australia or overseas. The account holds over 40 foreign currencies, and gives you local bank account details for NZ, the UK, the US and Europe so you can send and receive money like a local. It’s the equivalent of having a local account in the countries that use those currencies. Plus, you can exchange currencies using the real exchange rate, with no markups.
Independent research commissioned by TransferWise reveals using this card to exchange currencies, and to send or receive foreign currencies, is up to 10 times cheaper than the big banks.
Features of the TransferWise Borderless Account and TransferWise Platinum Debit Mastercard
Over 40 currencies supported
This multi-currency account allows you to hold money in over 40 global currencies, and spend in more than 150 countries. You can exchange one currency into another currency instantly using your mobile app or by logging into your account online.
Comes with 5 sets of international bank account details
Not only does this account support 40 currencies, but you also receive bank account details for Europe, The UK, New Zealand, the US as well as Australia. It’s like having a local account in each of those markets. For example, you can get paid in USD directly into your account or you can pay an invoice in GBP using your UK account details.
Linked TransferWise Debit Mastercard
This account comes with a bright green debit card that you can use in Australia as you day-to-day transaction account, and also overseas when you're travelling. The TransferWise debit cards lets you spend like a local in over 150 countries. The card will automatically use the correct currency depending on the country you're in, and if you don't have the correct currency stored on the card it'll convert the currency that offers the best exchange rate.
No foreign transaction fees when using stored currencies
When using your debit card internationally, there's no foreign transaction fees when using any of the currencies stored on the card. If you don't have a particular foreign currency stored, the card will automatically convert the currency you do have into the one you need at the best exchange rate. There's a small transaction fee to convert currencies.
Access ATMs all over the world for free
You can use the TransferWise debit card to withdraw up to AUD$350 worth of money every 30 days with no ATM withdrawal fees.
Receive money for free
Because you have bank details for AUD, EUR, USD and GBP, you can receive those currencies into the account for free. Just include the local bank details on your invoice for the currency you’ll be receiving, and the payee will simply make a local payment from their bank account.
Get the real transfer rate, no markup added
TransferWise promises the real transfer rate to its customers. That means it doesn’t charge any commissions on the exchange rate when transferring between currencies. The banks charge quite large commissions on the exchange rates they offer customers, meaning their rate is far less competitive. Instead, you'll pay a small transfer fee when exchange one currency for another.
No monthly fees
This account has no monthly account keeping fees, no setup fees and there’s no fee to receive money.
Competitive transfer fees
TransferWise charges a transfer fee when you decide to transfer your international money back into your local AUD account. The fee is very transparent and is determined by the size of the transfer. It’s much more competitive than the transfer fees charged by the banks.
- You can hold up to 40 currencies
- Linked TransferWise Platinum Debit Mastercard
- Receive 5 sets of international bank details
- Get the real exchange rate with no commissions charged
- No account fees, setup fees or fees to receive money
- Apple Pay, Google Pay and Samsung Pay not available yet
How to Apply?
If you’re keen to open a TransferWise Borderless account, you can do this online in less than 10 minutes. This account is currently available for personal use, as well as for businesses and sole traders.
Open an account.
You need to first create an account online with TransferWise, and then login.
Fill in your personal profile details. If you’re a business, you need to include your business details including your registered business name and Australian Business Number (ABN) if you're creating a business account.
Select your default currency and which currencies you’ll be using with the account.
Security and verification.
You’ll need to provide some identification documents. Once your identity is verified, your account will be opened. You'll receive the TransferWise Platinum Debit Mastercard in the mail within a few days.