TransferWise Borderless account and card: features, fees and alternatives

TransferWise has launched a multi-currency account and card which lets you bank like a local. We take a look at the account's features and fees to find out if it's any good.

TransferWise has launched a multi-country account and debit card.

The Borderless account is aimed at for people who have family and friends living in other countries and entrepreneurs, sole traders and freelancers.

We take a look and see what the hubbub is all about.

What do I need to know about the TransferWise Borderless account?

Anybody who has a Borderless account and is living in the UK or the EU will be able to get instant local bank details for the UK, US, Australia and Europe. That means that you can make payments in the local currency as if it were your regular bank.

You can send, spend and save money like a local, and get paid around the world with zero fees.

On top of that, you can hold and convert money in over 40 global currencies including the Singapore Dollar, the New Zealand Dollar and Japanese Yen.

It’s free to get an account which comes with a free card, plus there are no subscriptions, minimum balances or sign-up fees to worry about.

Are there any fees involved at all?

As part of its own research, TransferWise found that people could be charged as much as £14 for spending £200 on a debit card in Europe.

Source: TransferWise

As you can see, fees for typical foreign currency transactions with TransferWise are minimal, but you will be faced with some fees for other transactions.

You’ll get the mid-market exchange rate when converting currencies, like you see on Google. However, you will be charged for conversions.

It’ll depend on what currency you convert from and to. For example, changing from pound sterling to Swiss francs incurs a 0.5% fee but if you convert to Brazilian real (BRL), you’re looking at 3.22%.

So, if you’re converting £1,000 you’ll be charged a fiver for converting to Swiss francs and £32.20 for changing to Brazilian real.

Have a look at the full table for more details.

There’s also a charge for sending money to another account or for withdrawing money. If it’s a different currency, the cost is made up of a conversion fee plus a small fixed fee to cover the cost of the transaction. Again, it varies by currency.

If it’s for the same currency you pay a small fixed fee. To give you three examples, that’s 50p for pound sterling 0.60€ for the euro and $1.30 for US dollars.

Adding money to your account using your credit or debit card could incur fees too.

Is it right for me?

If you’re a casual traveller who goes away for shorter periods of time, the right credit card or prepaid card will be a better shout for you.

For example, the Barclaycard Platinum Travel Card, the Santander Zero and the Santander All in One credit cards give you fee-free spending abroad as well as perks like interest-free purchase periods and cashback.

Prepaid cards offer competitive exchange rates, and some don’t have ATM fees.

Have a read over The best fee-free credit cards to use abroad and  The best UK prepaid cards for spending in Europe, Australia, USA, Canada, New Zealand, South Africa, Japan and more to get an idea of what’s on offer.

With debit cards, you need to keep an eye on sterling and non-sterling transaction fees. Find out more at Best debit cards to use abroad: foreign usage fees charged by Halifax, Barclays, HSBC and more