16.01 2018

TransferWise launches virtual account and debit card for private clients

The Estonian-founded money transfer company TransferWise launches a borderless virtual account and Mastercard debit card which are meant for private clients. As of today, the first one thousand clients of TransferWise can use the new service. In the coming weeks, thousands of clients more will receive an invitation to test the debit card. The service will opened for everyone in the first quarter of 2018.

The borderless account of TransferWise is the first bank account service which allows to use supranational banking services as if the client is working on site in the target country. This service that was initially opened for companies is now also available for private clients who can keep and convert currency in the account with the actual exchange rate and have local bank requisites in Great Britain, the United States of America, Australia and Europe. In these areas, the users of TransferWise borderless account can do important bank transactions without an account in the local bank, the opening of which is complicated and expensive for non-natives in many places across the world.

Taavet Hinrikus, the CEO and co-founder of TransferWise, said that TransferWise has reached an important milestone in its journey. “The banks have offered multi-currency accounts for years, but have asked outrageous prices in many places across the world. We are the first ones to offer a truly global banking service, including bank requisites for the most used currencies for everyone who needs it,” said Hinrikus. 

Borderless account means a big change for people whose life and work are in different countries. “Opening a bank account abroad without submitting a local address is really complicated, but you can open our borderless account in just a few minutes. Such a bank account is irreplaceable for immigrants, freelancers working internationally, self-employed persons and many others,” explained Hinrikus. 

Fintech company TransferWise has more than two million clients currently and offers transfers in 750 currency routes. Thanks to the platform, TransferWise clients move more than 1.5 million euros per day, saving over 2 million euros per day when compared to traditional services.

The nine offices of TransferWise employ 900 people and the market share of the company in the European currency payment market is approximately 5%. TransferWise grew 140% last year and became profitable for the first time.

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