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TransferWise Borderless Account

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Receive and convert over 40 currencies from around the world.’s rating: 4.5 / 5.0


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 per month





Minimum deposit to open


Fee$0 per month
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, 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:

  • One-time debit card fee. New and existing customers who haven’t ordered their debit card by May 20, 2020, will pay a one-time fee of $7.
  • ATM withdrawal limits. You can withdraw $250 every 30 days with no fees. If you withdraw more than $250, you’ll pay a 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 use your TransferWise debit card to make free withdrawals at any ATM in the world — 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 Fee ATMs ATM transaction fee Out-of-network ATM fee ATM fee rebates Foreign transaction fee
TransferWise Borderless
$0 per month
Free at any ATM in the world
You can withdraw $250 every 30 days with no fees
Send and receive 40+ currencies right from your phone, but with a better exchange rate and low fees.
SoFi Money
$0 per month
SoFi will reimburse ATM fees charged by other institutions when it is used at any ATM displaying the Visa, Plus, or NYCE logo.
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
Chime Spending account
$0 per month
38,000 fee-free ATMs nationwide
Get rid of fees with this mobile-first bank offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
TD Beyond Checking
$25 per month
1,900 ATMs across the country and Canada
Unlimited fee rebates when you maintain a daily balance of at least $2,500
A checking account that offers interest plus three ways to waive the monthly fee, two overdraft paybacks a year and no ATM fees with a $2,500 balance.
Zero Checking
$0 per month
Zerocard is usable anywhere Mastercard is accepted.
At the Carbon level, all ATM fees, including what the ATM owner may charge, are refunded.
A mobile banking experience consisting of an app, a credit card called Zerocard, and a checking account called Zero Checking.

Compare up to 4 providers

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


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:


  • 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:


  • 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

Watch: Our review of TransferWise’s debit card

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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