TransferWise Borderless Account Review

Company Information:

TransferWise is an online money transfer service that supports sending money to 71 countries, sending money from 43 countries, and operates in 49 different currencies. It prides itself on low foreign transaction fees when compared to traditional banks.

Now, with their Borderless Account, they’re helping expats, freelancers, and international travelers manage their money. This Transferwise account allows you to live and work in different countries with a single account, acting as multiple local accounts. 

Pros & Cons


  • Get paid like a local even if you don’t have a local address
  • Save money on international transfers by receiving the actual exchange rate that you’ll find on Google and low currency conversion fees
  • The app is easy to use
  • Spending in any country is easy and the Borderless Account automatically converts to the local currency using the lowest possible fee
  • Free ATM withdrawals up to $350 every 30 days
  • No annual fee
  • Free Mastercard debit card
  • Hold, manage, and send money in over 50 currencies


  • No options for digital cards so you’ll have to wait until your physical card arrives to start spending
  • Identity verification may take up to 7 days
  • Although TransferWise can perform transfers in dozens of countries, the Borderless Account only gives you accounts with local details in 6 currencies: Euro, British Pound, US Dollar, Australian Dollar, New Zealand Dollar, and Polish Zloty
  • Not yet capable of handling bill payments or direct debits

Who is it for?

The TransferWise Borderless Account is perfect for expats living and working in another country, freelancers who have international clients, and frequent international travelers who often spend in multiple currencies. 

This is the process of opening an N26 bank account:

The on-boarding process is completed within minutes and it doesn’t require a local address or visiting a branch. To open a TransferWise Borderless Account, simply verify your identity and receive a free debit card in the mail. 

The identity verification process can take up to 7 business days and it’s important that you have some sort of ID on hand to submit to Transferwise. For Business accounts, you’ll also need to supply some business details and proof of address so be sure to have that on hand as well.

Accounts & Pricing

With Transferwise’s Borderless Account, you can open either a Personal or Business account. Both are free to activate and each comes with their respective Mastercard debit cards. When you open a Business account, you’ll automatically receive a Personal account as well making it easier to manage personal and business expenses. 

Both Personal and Business accounts have no annual fees. Fees only apply for international transfers but are completed at competitively low rates.

Key Features:

The most brilliant feature of a TransferWise Borderless Account is that you can hold various local bank accounts. This means someone in Australia can hold a local Australian account with a BSB number and account number while simultaneously holding a local US account with a routing number and account number.

It’s all within the Borderless Account and it means that you can send and receive money in various countries like a local. 

Bottom Line

With more and more people working as freelancers and living abroad, TransferWise seemed to find the solution for people who needed multiple bank accounts in multiple currencies. With the Borderless Account, you can invoice, pay, and spend like a local, even if you’re physically halfway around the world. 

Low transfer fees and free Mastercard debit cards make it a no-brainer for expats who live in various countries throughout the year and travelers who want to avoid huge bank fees while spending overseas. 

It’s especially beneficial for those who frequent the six countries that allow for local bank details but it’s also great if you’re planning a trip to one of the 50+ countries on the currency list.

However, since the best part about this mobile bank is that you get local details in various countries, if you don’t reside, work with, or travel to the six countries on the list, it might not be as exciting to you.


  • Regulated By the FCA
  • Need to upload your ID documents in order to verify your account
  • Convert currencies in seconds
  • Easy-to-use app
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