Money transfer innovators TransferWise introduce a borderless account, with real time debit payments.
Last week, global money transfer company TransferWise announced the launch of the first truly multi-country/multi-currency “borderless” account. This e-money account gives users local bank details for the UK, US, Australia and EU—and lets them hold and convert up to 28 different currencies. It’s like having a local bank account in multiple countries, without needing to set foot in them. Powered by CARTA’s processing platform, accounts now come with a Mastercard debit card that makes payments not only possible but truly borderless.
Modern professionals are rarely in one place anymore and traditional banking hasn’t kept up with our mobility. If you work for a global company, study abroad, keep a second home across borders, or call yourself a digital nomad, you’ve been subject to steep exchange rates and unexpected bank fees each time you transfer funds or make international payments.
This borderless account responds to that new reality—and true to TransferWise’s growing reputation, it’s consumer focused, making international banking simple and accessible at last. It allows real-time money exchange at optimal rates, with transparent reduced fees.
TransferWise originally launched the account in 2017 without a debit card—users could only use funds if transferred into another existing bank account. Now with CARTA’s debit card, users can spend funds like a local, instantly. Thanks to “intelligent currency routing,” TransferWise automatically exchanges funds in a way that is cheapest for the user.
For an untethered generation of professionals who consistently receive and spend money across borders there’s nothing that compares—and having a physical card to use wherever Mastercard is accepted opens up previously closed-loop platforms.
This is a model of the future for banking, and we’re proud to play a part in it.
If you have a payment innovation to bring to life, CARTA can support your vision. Talk to us about making it happen.