Usually, bank accounts only work properly in one country and one currency. Using bank accounts internationally is possible, but rather expensive. Now there is a solution suitable for many. Wise has launched its borderless bank account that promises to work across countries without charging international transfer fees.
The advantages of the Borderless account:
- Ability to hold balances in currencies that you can use later, so you don’t have to worry about losing money due to the exchange rate.
- As of the year 2017, there are currently 15 currencies that you may keep in your Wise Borderless Bank Account. They are: British pound, Euro, US dollar, Australian dollar, New Zealand dollar, Japanese yen, HK dollar, Singapore dollar, Canadian dollar, Swiss franc, Polish zloty, Hungarian forint, Swedish krona, Norwegian krone, Danish krone.
- You’re only charged a fee when you move money from one currency to another
- There are no setup or monthly fees
- The account comes with the same high level of security, encryption, and protection that is standard with Wise’s other services
The disadvantages of a Borderless account:
- No debit card facility yet
- All your money is with one currency provider
- There is a small charge to make external payments
- You may incur additional fees if you wish to add money to your account with a credit card
- the Borderless account is only available for businesses, freelancers, and sole traders
- Wise Borderless bank account does not have FDIC or FSCS insurance
If you already have a Wise account, it’s extremely easy to create a Borderless Account. If you don’t have it yet, you can sign up to one on the Wise website. You will need to provide proof of address and proof of identify.
Your Wise account will be opened in your default currency, but you can then add other currencies and countries as you need to. When you do that, Wise provides you with a unique sort code, routing number and account number for that bank account.
