Transferwise Borderless accounts for international business

Borderless accounts for international business.What can you do with a borderless account? Receive money for free
Get instant bank details for GBP, EUR, and USD. And receive those currencies for free.
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Make fast international money transfers to 50+ countries. Save up to 5% compared to the banks or PayPal.
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Hold money in up to 27 currency balances – and move money between them when the rate looks good.
Money transfer company TransferWise has launched a new service that allows users to send money internationally through Facebook Inc's chat application, as competition in the digital payments landscape intensifies. Facebook and TransferWise are making it easy for users to send foreign money exchanges.
Say bye to crazy bank fees and even crazier exchange rates. The borderless account is here.Facebook Messengera uz TransferWise Bot. TransferWise is the smart, new way to send money abroad. We’ve just integrated TransferWise with Facebook Messenger. So if you’re a TransferWise customer, you can send money - and set up rate alerts - without ever leaving the comfort of Facebook’s Messenger app.

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What ordinary people think about this news:
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  • Transferwise is actually easier than paypal. You just pay the site, with a debit card. You don't even need the other person's bank details, just an email address where they can 'accept' the transfer. They input the bank numbers. Haven't used it but I do all my international transfers with Transferwise. highly recommend it, I have used it for £ to € and € to £ transfers, very quick transfers (usually next day or day after) and extremely cheap compared to what my banks charge me (which is extortionate). They should do Swiss Francs as well.
  • How pay less fees ?We have bank accounts in different countries, so we can receive the incoming transfer locally, we make the conversion using the real-market rate, and then we'll send the equivalent to the recipient from a local account in their respective country. In reality the money never travels, we do all the work behind so you pay less fees.
  • Hans-Christoph Haenlein I bank with a local credit union in Silicon Valley as I was fed up with bad service from the big banks. The only problem had been transferring money to and from the UK which still has to go via a 'real' bank. Your company has solved this problem in a brilliant way - thank you! I also like your simple no- nonsense and incredibly transparent user experience. Well done.
  • Layne Mostyn I've always carried heaps of cash and never had a problem. My experience trying to open a Schwab account was horrible. I got a no-fees bank account with someone, maybe Chase, but banking with them is really inconvenient. Transferwise is great if you have an account in the country you want to receive funds in, but I don't think you can use them on holiday
  • Emanuel VonAnkh There is no such thing as a free lunch. Don't get fucked by "no fee" bank marketing. They will always give you a terrible exchange rate! Also look at the exchange rate time frame. They usually choose the more convenient form. I.e. the time the dollar was low. You withdraw in Europe in the morning, but you may get the exchange rate at US bank closing hours...
  • Tim Redford Bank transfer from USD account to "Transferwise".. convert the money to Euro in a send to a "Monese" account. Spend freely as a mastercard within Portugal with no per transaction charges.. or if you want to be a luddite and use cash (lol) you get 3 free withdrawals a month and get the lowest conversion rate possible. I've researched for months and if you're in Europe, this is the best option. Whatever you do, don't take cash out, or buy Euros before going, you're right - disaster.
  • Jake Ballinger The reason I ask about cash is: • Street vendors/markets deal in cash • Morocco, like Mexico and many other countries, has markets and vendors that deal exclusively in cash
    Tim Redford Convenient, safe, cheap. I have yet to come across another option in groups that will save me more money. But if it exists, I'd love to hear it. I'm only as loyal as the pricetag when it comes to banks
  • Alex Butt We are from the UK and pay for as much as we can on an amex credit card, no fee and a good exchange rate. Also from chatting to some Americans who work in finance, US card companies offer incredible 'perks' over there. It sounds like you might need to shop around.
    Jake Ballinger I have a Chase Sapphire and a Capital One Quicksilver, neither of which have international fees. But they're credit cards—not debit cards. If I want cash from them, it's on credit, which means paying a huge fee (I think it's like 20%). I'm not asking about credit cards. I'm asking about debit cards because I'm interested in having some cash in the local currency, especially in Morocco.
    Alex Butt My bad, I got carried away in answering. I appreciate that, just suggesting to avoid carrying cash as much as possible. Especially in big quantities.
  • Laura Rosell I see you went to Allegheny College. Are you from Pennsylvania? See if you can open an account with PSECU (the Pennsylvania State Employees Credit Union). They reimburse a lot of ATM fees even IN the U.S. I've been nothing but happy with them. Even though I have a local (i.e., German) account, I STILL prefer PSECU's service.
  • Ivan Sotirov I use Charles Schwab. No fees when withdrawing from abroad US and they pay any ATM fees outta pocket! It's a great service. My card got demagnetized when flying from London to Sofia, Bulgaria and they send me a new one from the US in less then 48 hours. Also got an algorithm that sees where you are so if you're switching between countries in EU lets it doesn't make you put a travel notice for each country you're going to, it just assumes as long as you generally stay in that region
  • Wondering about renting apartments in European countries - deposits/rent in advance etc. Any info on the situation in different countries? I know in Spain if you are freelance you often have to pay a hefty deposit and sometimes six months rent in advance. Thanks!
  • Rick Brownlow We've been using Transferwise to pay our remote team at for the past 12m with no issues (other than the lack of support in a few countries - which I accept is an issue for those based there), to be fair to them, they are far more cost effective than all other forms of money transfer we have looked at and super quick. I guess just check whether they cover your country first.
  • A good, non-tech/freelancer friend of mine started working at Paypal recently in a non-tech role, but he was surprised when I made a comment about being really happy that Transferwise Borderless was now available to Australians since I may now be able to get rid of Paypal, not appreciating how Paypal is thought of by many that need to use it more from necessity rather than choice. I wondered if that is the prevailing view of many/most here with regards to Paypal, if their experience with the service reflects mine and other accounts online I've read of people having problems with them. What's your view(s) on Paypal, especially with the many new money transfer/payment services that are appearing more and more?
  • Aislinn O'Neill A client is in the US and pays me in GBP, she was using transferwise to send through payments and I was stunned at the fees she was being charged. I advised her to move to PayPal and she saved a fortune! I have been looking into setting up a new business account and recently came across transferwise without borders, but my clients extortionate fees have put me off. Anyone else found their fees excessive? Does the new without borders account rates differ?