TransferWise borderless account reaches $10 billion in deposits, brings debit Mastercard to the US

TransferWise, the technology company that moves money internationally, is bringing its borderless account and Mastercard debit card to the US one year on from experiencing rapid growth in Europe.

Over $10 billion in deposits has been held by customers in borderless accounts to date. TransferWise’s borderless debit card first launched to customers in the UK and Europe in April 2018. Since then cardholders have made more than 15 million transactions. 

The fintech firm built the world’s first account to offer true multi-country banking. The TransferWise debit Mastercard® will now let millions of people in the US easily spend overseas as if they were a local.  

Key features of the account and debit card include: 

• Real bank details for the UK, the US, Europe, Australia, and New Zealand — this means international account and routing numbers, IBAN, and sort code unique to you

• Over 40 currencies at your fingertips with no limit on how many balances you can hold,  plus low, transparent fees to convert between them with the real exchange rate 

• Smart tech that saves you money — if you swipe a card in a currency you don’t have in your account, the card knows to choose the cheapest option from your available balances

• Free to get the account — no subscription, no sign up fees, no monthly maintenance fee

• Built with security in mind — options to freeze/unfreeze your card instantly in the app and receive push notifications every time you spend

Taavet Hinrikus, co-founder and Chairman, TransferWise said: “TransferWise is removing the financial barriers keeping people from travelling, living, and working across borders. The international bank details are a key feature that truly set us apart. Our goal is to offer bank details for every country in the world through one borderless account — the world’s first global account. Since launching in Europe we’ve seen extraordinary customer take-up, with over $10 billion held in deposits so far. We’re now solving the problem for our US customers, that’s a huge moment in TransferWise’s story and very exciting.”

Independent research, commissioned by TransferWise, compared sending and spending money abroad from the TransferWise account and debit card with top US banks and PayPal. The findings revealed that the TransferWise card makes it four times cheaper to spend on their debit card and up to 12 times cheaper to send money internationally from their account.

Table 1. How much it really costs to send/spend/withdraw/receive GBP from US Dollars (transaction fees added to exchange rate markups)

*$1.62 covers the currency conversion, but there is no fee to withdraw the cash

The debit card in the US can be used by consumers, freelancers, and sole traders. A card for businesses will follow. People can sign up for a TransferWise account and order a debit card here.