TransferWise to Open ‘Borderless’ Accounts and Debit Cards

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British money transfer TransferWise will officially launch its “borderless” account product this year, complete with linked debit cards, the company announced.

The “borderless” service allows customers to use just the one account to hold up to 28 currencies, TransferWise said. The accompanying debit cards allow users to spend in their local currency across the globe, effectively bringing the company into competition with other U.K. fintechs like Revolut.

While the “borderless” service has been rolled out to various countries including Canada, users did not have a physical debit card for purchases.

TransferWise will first release the debit cards to 1,000 of its customers today, as reported by BusinessInsider, before officially launching the product later on in the year.

Read more at BusinessInsider and Reuters.

Learn more about money transfer and U.K. fintech at Bank Innovation 2018 in San Francisco on March 5-6. Request your invitation here.

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