You’d be crazy not to open a borderless account

KateLeave a comment

If you’re an expat or avid traveler like me, you’ll be familiar with the hassles of juggling multiple currencies and working out how to get the best exchange rates and minimize transaction fees. You may be using PayPal so people can pay you in multiple currencies, or maybe you’ve found a card with low or no withdrawal fees. Up until now, I’ve been using my US Capital One account when I travel – no foreign transaction fees, and free international ATM withdrawals. Unfortunately, even that has become a hassle for me, because I can’t use the US app on my UK phone to check my balance, nor can I log onto the website, because their two-factor authentication uses either the app (which I can’t access) or a US phone number (which I don’t have).

It’s definitely a slog.

Then I stumbled upon the TransferWise borderless account. I’ve been using TransferWise for a few years now to transfer money from the UK to the US, and it’s saved me hundreds of pounds on fees, while converting at the current exchange rate. I like the company, and their customer service is stellar. This borderless account is next-level amazing though. Here are some of the benefits:

  • You automatically get bank account details (account number, SWIFT/Sort/IBAN/etc. codes) in USD, GBP, EUR, and AUD – meaning anyone can transfer money to you in any of those four currencies.
  • You receive a debit card (MasterCard) with a chip and contactless, which can be used globally. It functions just like a regular debit card, and you can withdraw up to £200 per month from an ATM with no fees.
  • You can “hold” money in 40 different currencies. Most importantly for me, I can hold USD, GBP, EUR, and AED (Dirhams). So, for example, if I’m planning a trip to Dubai and want some dirhams, I just use the TransferWise app to convert GBP to AED at the current exchange rate. I can then use my above-mentioned debit card to pay for things in Dubai in AED.

I haven’t used it yet (I just set up my account today), but I’ve done some research and it definitely seems to be the real deal. While I don’t think it will replace my “traditional” bank accounts anytime soon, I’m excited to start using it when I travel. Not only does it drastically reduce complexity, but by ring-fencing travel money, I’ll be able to more easily monitor my spending and stay within my budget.

Check it out – and if you decide to sign up and use this link, you’ll get to transfer £500 for free.

Leave a comment