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TransferWise Borderless Account

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Receive and convert over 40 currencies from around the world.

This borderless account may be a good fit for businesses, traders and those living abroad. It works like a multicurrency account, seamlessly exchanging your money when you need to. TransferWise is upfront about its fees and doesn’t charge commission, but withdrawals at ATMs are limited and it doesn’t support all currencies yet.

$0

Monthly fee

0%

APY

$20

Minimum deposit to open

Details

Monthly fee$0
Minimum deposit to open$20
ATMsFree at any ATM in the world
ATM transaction fee$0
ATM fee rebatesYou can withdraw $250 every 30 days with no fees
Out-of-network ATM fee$0
Foreign transaction fee0%
New account fee$0

Expert review

Amy Stoltenberg

Review by


Amy Stoltenberg writes about lifestyle and money for finder.com, researching the best options for shopping, banking, insurance and authentic travel experiences. After studying writing and fashion at Savannah College of Art and Design, she worked designing apparel at a corporate behemoth before opting for a career with unlimited travel time. When her laptop’s closed, she can be found wandering the streets looking for happy hour and hole-in-the-wall eateries.

Expert review

TransferWise is best for travelers looking for a better currency exchange rate while traveling abroad.

However, it’s not a banking solution. It doesn’t offer branch locations, checking or savings accounts and interest rates. TransferWise account holders will need to have a checking account with another financial institution in order to use it.

What are the benefits of a borderless account with Transferwise?

TransferWise describes its borderless checking account as an international Venmo, making it a convenient way to send and receive cash in different currencies. Additionally, it’s free to receive money in EUR, USD, GBP, AUD and NZD.

Here’s what sets it apart from international banks or multicurrency accounts.

  • No extraneous fees. You won’t pay monthly maintenance fees, fees for set up or to transfer money from one account to another.
  • You can hold up to 40 currencies. From the Chilean peso to the Canadian dollar, TransferWise supports all major currencies and many smaller ones.
  • Connect up to five bank accounts. Access bank accounts in different countries and use TransferWise to send money between them.
  • Get the real exchange rate with no commissions charged. TransferWise doesn’t charge commission and charges a flat fee for each currency exchange.
  • Accepted around the world. Use your card anywhere that accepts Mastercard or Apple Pay, Google pay or Samsung Pay.

What should I look out for?

TransferWise may be cheaper for international spending than providers like Chase or Wells Fargo, but it isn’t perfect. Drawbacks include:

  • ATM withdrawal limits. You can withdraw $250 every 30 days with no fees. If you withdraw more than $250, you’ll be charged 2% on top of every transaction. Daily, you can’t withdraw more than $1,000. Monthly, the limit caps out at $4,000.
  • Conversion fee on debit card. When you use its debit card to spend in other currencies, you’ll be charged between 0.45% and 3%, depending on which currency you’re converting to.
  • Can’t pay bills directly from your account. To settle an external bill, you’ll need to transfer a balance out of your borderless account and into a bank account first.

If you prefer a traditional banking experience — with APYs and branch locations — you’ll want to keep looking. As always, consider your options when looking for an account.

TransferWise ATM network and fees

You can withdraw cash from any ATM in the world with your TransferWise debit card for free — up to $250 every 30 days. After that, you’ll be charged a 2% fee on every transaction.

When you’re at the ATM, choose the local currency. TransferWise covers the conversion at the market exchange rate, but charges a fee on top of that for the service.

The fees for currency exchange vary by country. For example, say you’re in Florence wandering the San Lorenzo leather market. There’s a fantastic bag you can’t live without — but you need €150 to buy it. Using the TransferWise debit card to withdraw $180, you’d receive the guaranteed market rate of €159.24, but will be charged an $0.81 conversion fee for the convenience.

Keep in mind that TransferWise doesn’t reimburse fees charged by each independent ATM.

Compare with other checking accounts

Name Product Monthly fee ATMs ATM transaction fee Out-of-network ATM fee ATM fee rebates Foreign transaction fee
$0
Free at any ATM in the world
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$0
You can withdraw $250 every 30 days with no fees
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Send and receive 40+ currencies right from your phone, but with a better exchange rate and low fees.
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38,000 fee-free ATMs nationwide
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Linked checking and savings accounts from a mobile-first bank that’s light on fees.
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More than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
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Two automatic rebates of ATM fees charged by other banks
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A full-service interest checking account that offers automatic rebates of ATM fees. Earn a $200 cash bonus when you add direct deposit.
$0
Free to use anywhere worldwide
$0
$0
1%
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
$25 per month
Free to use anywhere worldwide
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Chase will refund all ATM fees worldwide
0%
Get a $1000 welcome bonus when you join Sapphire Banking by January 17, 2020. Within 45 days of joining, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts (excludes any J.P. Morgan retirement accounts and CDs), and maintain the balance for at least 90 days.

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How do I open a TransferWise Borderless account?

It only takes a few minutes to open an account with TransferWise online, but verifying your identity takes about two days to process.

  1. Go to the TransferWise website and click Register in the upper right-hand corner.
  2. Enter your email address and password and click Sign up.
  3. Once you create your account, fill out your personal profile by entering details like your contact info and country of residency. Then, verify your identity and select your default currency.

Required information

Like any other financial institution, TransferWise will ask to verify your identity via photo ID. It accepts the following and may require a photo of you holding your ID:

  • Passport photo page
  • Nigerian citizens must only use a passport of a new Nigerian national card
  • Russian or Ukrainian international passports aren’t accepted, so these citizens must use a driving license or international passport
  • National ID card
  • Photo driver’s license — except New Zealand residents sending NZD

Eligibility

All US residents are eligible for a TransferWise Borderless account except residents of Hawaii or Nevada.

How do I deposit or withdraw my money?

TransferWise isn’t technically a bank, so accessing your money is a bit different. Options for managing your money include:

Deposit

  • Add money through TransferWise. Go to the Balances page and click Add currency. Indicate how much you’d like to add, select a payment method and input money accordingly.
  • Electronic bank transfer. Send an online bank transfer from a personal bank account and drop funds directly into your
    TransferWise balance.
  • International wire.TransferWise accepts international wires/SWIFTS from the following countries:

Withdrawal

  • ATMs worldwide. Though you can withdraw up to $250 for free, you’ll still be responsible for paying any ATM fees.
  • Balance transfer. TransferWise isn’t a bank. To access funds In lieu of an ATM withdrawal using the TransferWise debit card, you’ll need to send money to one of your personal bank accounts first.

What other checking options does TransferWise offer?

The borderless account is TransferWise’s main personal spending option. However, it does offer TransferWise for Business, which allows you to send and receive invoices and manage payments across multiple currencies.

TransferWise offers unique platforms for:

  • Freelancers
  • e-commerce
  • Enterprise (for-profit business)

Frequently asked questions

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