TransferWise launched its borderless account in 2017, allowing anyone to get bank details digitally across the world instantly. A debit card to accompany the account will be launched for all users later in 2018, and will be issued by Wirecard.
Wirecard, the leading international specialists for digital financial technology, has been chosen by TransferWise, the international money transfer company based in London, to issue a debit card to serve alongside its digital borderless account. The debit card was privately launched in January to around one thousand existing TransferWise customers, with a full public roll out planned for later in 2018.
The borderless account will be the first platform to offer true multi-country banking to anyone who needs it. Previously available only to businesses, now TransferWise’s wider customer base can hold and convert 28 currencies at the real exchange rate, with local bank details for the UK, US, Australia and Europe. That means anyone can send, spend and save money like a local, as well as getting paid around the world with zero fees, as if they lived there. Two million people are using TransferWise at the moment to transfer over £1.5 billion every month, saving themselves over £2 million every day.
“Our mission is to make money move without borders, and the borderless debit card is a vital step in bringing that mission to a wider audience”, said Jeremy Buttner, borderless banking lead at TransferWise. “Wirecard is helping us to take the product, and its benefits, to markets that badly need the service more quickly than we’d have been able to otherwise.”
“TransferWise was looking to extend their borderless account by adding a multi-currency debit card. This card will allow customers to access their borderless account around the world without any hidden charges”, added Tom Jennings, Managing Director at Wirecard. “We are delighted to be working with TransferWise, a leading FinTech in the industry. It is a unique product and we see this as being a very successful partnership even for the future.”