TransferWise Borderless Account
In this article:
- Is the TransferWise Borderless Account a bank account?
- What are the benefits?
- How does TransferWise keep money held in Borderless Accounts safe?
- How does the Borderless Account work?
- Am I guaranteed a TransferWise Borderless Account?
- Can I apply for an account if I didn't take up the offer during the formation process?
Is the TransferWise Borderless Account a bank account?
The TransferWise borderless account is an Electronic Money account. It’s different from a bank account because:
- You won’t be able to get an overdraft or loan
- You won’t earn interest on your account
- Although your bank details are unique, they don’t represent real bank accounts, but simply ‘addresses’ for your Electronic Money account, meaning you can receive payments much like a real bank account
- Your money is protected and safeguarded, but not guaranteed by the Financial Services Compensation Scheme (FSCS) that you may get with a bank account
What are the benefits?
The great thing about a TransferWise borderless account is that you can use it just like a bank account in many cases; such as making payments to other business accounts and receiving payments from clients using the unique bank details attached to your borderless accounts.
The main benefit of using a TransferWise borderless account over traditional overseas bank accounts is that you won’t be charged international transaction fees for receiving that currency, or inflated exchange rates when you need to convert the money.
How does TransferWise keep money held in Borderless Accounts safe?
TransferWise is an authorised Electronic Money Institution regulated by the Financial Conduct Authority (FCA) in the UK.
They’re required by law to keep your money safe by storing it in a low-risk financial institution (in Europe this is in their UK Barclays bank accounts). That means that, in the unlikely event that TransferWise became insolvent, your money would be unaffected and should be refunded to you in full.
Over 3 million of customers trust TransferWise with their money. They move over £2 billion around the world every single month, and take the safety and security of their customers’ money very seriously.
How does the Borderless Account work?
We’ll send you an email when you select TransferWise during the incorporation process. Once your company is formed, you’ll need to follow the link in the email and create a free account. This will need to be verified so you’ll need to have your company details (eg. Companies House registered number, business proof of operating address and ID) readily available for upload.
Next, select the currency account you wish to activate. You will receive unique account details for the UK, US, Eurozone and Australia. For the 40+ other currencies, you can set up currency balances with one click.
Add money into your borderless account. You can top up via debit card or bank transfer. You can either fund in the same currency or with different currency.
Once you’ve set up your borderless account you're ready to:
- Convert money between currencies in seconds whenever you need at the real exchange rate with low conversion fees.
- Send money directly from any currency in your account to pay suppliers, invoices, employees overseas and more.
- Receive money with account numbers and IBANs. Get paid like a local in AUD, EUR, GBP or USD in your account with zero receiving fees.
Am I guaranteed a TransferWise Borderless Account?
Unfortunately, access to borderless account details are not available in the following countries:
- Central African Republic
- Congo Republic
- Crimea (sub-territory)
- Democratic Republic of the Congo
- Hong Kong
- New Zealand
- North Korea
- Sevastopol (city)
- Republic of South Sudan
- Syrian Arab Republic
US states that can't get a borderless account
- Hawaii (HI)
- Louisiana (LA)
- Nevada (NV)
For more information on TransferWise, visit TranferWise's Website
Can I apply for an account if I didn't take up the offer during the formation process?
Yes, you can apply directly by following this link.