TransferWise has become a leading international payments provider and its borderless account is like a multi-currency account, but packed with a few additional handy features. You’ll receive local bank account details for receiving money in EUR, AUD, USD and GBP. It’s the equivalent of having a local account in the countries that use those currencies.
Plus, this account can hold 28 currencies all while charging no account fees. Read on to learn more about its key features and benefits.
Features of the borderless account
This account is ideal for businesses and sole traders who often need to send and receive international payments. Here are some of its key features.
28 currencies supported
This multi-currency account allows you to hold money in up to 28 global currencies and send money to over 50 countries worldwide. You can choose to transfer back to AUD when the rate is favourable.
Comes with 4 sets of bank account details
Not only does this account support 28 currencies, but you also receive bank account details for EUR, AUD, GBP and USD. It’s like having a local account in each of those markets.
Receive money for free
Because you have bank details for the 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
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.
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.
Top up your account for free
You can add money to your account for free via a bank transfer. If you top up your account by debit or credit card, there are fees applied.
- You can hold up to 28 currencies
- Receive 4 sets of international bank details
- Get the real exchange rate with no commissions charged
- No account fees, setup fees or fees to receive money
- Not all currencies supported yet
- No linked debit card 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 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).
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.