Transferwise Borderless Account Cheaper and Better than Others

Transferwise Borderless Account Cheaper and Better than Others

Transferwise Borderless Account is by far the best alternative to an overseas bank account. It’s approximately 4 to 8 times cheaper and twice as fast when it comes to receiving or sending money internationally.

Currently it is the best option if you have a business and are getting paid or need to pay suppliers in foreign currencies. Perfect for freelancers and digital nomads, as you open bank accounts in popular currencies in a matter of a few clicks. Hold over 50 currencies in 1 account and save on foreign exchange fees.

Get your own local bank account details and get paid in local currencies.

US Dollar – your own Routing (ABA) Number and Account Number
British Pound – your own Sort Code and Account Number
EURO – your own Account Number, SWIFT/BIC and IBAN details
New Zealand Dollar – your own Account Number
Australian Dollar – your own Account Number with BSB code
Hungarian Forint – your own Account Number
Singapore Dollar – your own Account Number
Romanian Leu – your own SWIFT/BIC and IBAN

What is a Transferwise Borderless Account

Transferwise is a money-transferring platform where you can set up an account to receive or transfer money to other countries. Essentially, Transferwise is the online version of a multi-currency banking program. With Transferwise borderless we can receive local bank numbers and bank details in US Dollars, Euro, Australian Dollars, New Zealand Dollars, Hungarian Forints, Romanian Leu and Singaporean Dollars. It’s like having a local bank account in one of the above listed countries. We can receive and send local transfers in a local price, without expensive conversion rates and international money transfers. Additionally we can hold money in 50+ currencies and transfer money to 80+ countries.

We believe that Transferwise Bordeless Account is a leader when it comes to sending and receiving money internationally. At a much cheaper rate than a standard multi-currency bank account. Opening a Transferwise Borderless Account is very easy and can save a lot of money in the long haul.

Transferring money through Borderless will greatly cut down the fees of wiring money internationally. Most banks have high fees for overseas money-wiring, and very often they include hidden fees for international transfers. Transferwise fees are very low, comparatively. But more importantly, Transferwise is upfront and honest about what they are charging. You don’t need to worry about an extra fee that is slipping into the transfer without being disclosed.

Compare the fees when transferring and withdrawing money overseas.

Transferwise compare to Australian banks

Compared to Australian banks Transferwise is approximately 7x cheaper!

Transferwise compare to US banks - 4 times cheaper

Compared to US banks Transferwise is approximately 4x cheaper

Transferwise compare to UK banks

Transferwise compared to UK banks when spending £250 in Euros

How Does Transferwise Borderless Work?

You can start now by filling out the account application here. Once the profile has been filled out you will need to upload a proof of your ID and a selfie to get your Transferwise Borderless bank account details. Once uploaded and verified you can instantly get up to 5 bank account numbers in the previously mentioned countries. After that you can start receiving and transferring money either locally or internationally. The whole process is very straight forward and fast.

Transferwise Fees

It’s completely free to open your Transferwise Borderless account.

Transferwise fees

It’s also completely free to have any of the 8 bank account details!

Transferwise fees
  • There is a fee of 7.50$ for receiving US dollars

Based on our research Transferwise offers the best deal when it comes to international bank transactions and currency conversions. They are very transparent about the fees being charged. You can use their fees using the Transferwise online calculator.

Once the account holder has typed in an amount to send in the chosen currency, Transferwise will automatically convert the money to show how much the recipient will be receiving. Transferwise will also display the fees that the account holder will be paying for the transfer, based on percentages.

One unique factor about Transferwise is that the percentage for their fees gets lower the more money that is spent. While many banks and money-transferring systems raise the fees along with the prices, Transferwise does the opposite.

There are also no weekly, monthly, or yearly fees to add up over time. The lack of recurring fees is a huge plus to many people interested in signing up with Transferwise.

Who Should Use a Transferwise Borderless Account?

This account can be used by anyone. It’s completely free to open and there are no maintenance fees. It’s currently the best banking solutions for: freelancers, online entrepreneurs, digital nomads and business with international transactions. Having a way to easily convert, transfer and receive money in different countries is a huge advantage.

Even if the account is not being used for business purposes, a Borderless account can still transfer funds to overseas family members, friends and be used for online purchases. It’s truly an innovative way to bank, easy to use with a great and handy smartphone app.

Added Benefits of Transferwise Borderless

Transferwise Debit Mastercard

One of the largest benefits of a a Transferwise Borderless account is the Mastercard that comes with it. This is a perfect solution for travelers. You can pay without any conversion fees when traveling. Just hold a current balance in the required currency on your Transferwise account. Like we mentioned before the borderless account supports 80+ currencies making this a really great feature, even when just going for a short holiday. If you don’t have a current balance in the required currency there is a small exchange fee up to 1%. You can apply for this card if you’re a resident of one of the following countries:

Europe: United Kingdom, Gibraltar, Guernsey, Isle of Man, Jersey, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Ireland, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and Switzerland.
Asia: Singapore
Oceania: Australia and New Zealand
North America: The US (except Nevada and Hawaii)

Benefits of the Transferwise debit card:

No foreign transaction fees
No Annual fees
Spend in any currency and it will auto-convert using the best current rate and the lowest fee
2 free overseas ATM withdrawals up to 250$ each, after that there is a 2% withdrawal fee (which in our opinion is still a good deal compared to other banks)
Supports online payments, chip/pin, contact-less and magnetic strip payments
Easy card management via smartphone app

Jars

Transferwise Borderless offers a unique program called ‘Jars,’ in which one can open a small savings account. When you open a jar, you will be able to label what the account is for and what type of currency will be held in it. Open multiple jars in multiple currencies at the same time for a variety of small savings.

Once you have set up a jar, you can add to it or withdraw from it at any time. All of the funds that you add to your Borderless account will be available to you when you need it. The main benefit of holding a Jar is that you can’t accidentally spend that money using your Debit Card.

Things to Consider

Whenever it comes to handling money online, it is always smart to know exactly how the platform someone may be using works. While having a Transferwise Borderless account is a great way to transfer money, there are some things that a consumer will want to remember while using it.

Transferwise is Not a Bank

As a result, all funds must be received and sent out digitally. Borderless does not accept paper checks and cash. There is no option to deposit a check through a phone.

You will not be paid any interest on your account balance – currently with negative interest rates in traditional banks this might actually be a positive feature of Transferwise Borderless. You can not apply for a mortgage or loan through your Transferwise account.

Spending Limits

There are two different kinds of restrictions on two different kinds of accounts when it comes to spending. Luckily the caps are fairly high when it comes to making transactions with a Borderless account.

A USD currency account for personal usage has a daily transaction restriction of $250,000. Annually, the limit is $1,000,000.

For Transferwise business accounts, the cut off is much higher. Business accounts using USD currency are limited to making $3,000,000 worth of transactions in a day. The annual limit is $5,000,000.

These limits do not applly if you adds funds to your account personally. The restrictions are only valid if someone else has wired the money to them, and they have accepted it. An account holder can also move the money around within the account with no restrictions, meaning they can convert money to different currencies as often as they would like.

Alternative Suggestions

While Transferwise Borderless has many positive and innovative features, some people may be looking for something else. Paypal is another site that allows money to be transferred through different currencies. They offer features similar to those offered through Transferwise. Paypal’s transfer fees are notoriously higher.

Check out our review on how Paypal compares to Transferwise.

Our Final Thoughts

In our opinion Transferwise Borderless account is currently the best alternative to a traditional bank account. It’s very easy to setup, everything is done 100% online, offers the best available currency exchange rate, low and transparent fees – this is how banking should look like. It’s perfect as a business account and personal account. The debit Mastercard linked to a borderless account is huge advantage, hold multiple currencies on one card and pay with very small conversion or no fees at all.

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Summary
Review Date
Reviewed Item
Transferwise Borderless Account
Author Rating
51star1star1star1star1star
Software Name
Transferwise
Software Name
Web Application
Software Category
Finance