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TransferWise's borderless account and card.
TransferWiseTransferWise rolling out its "borderless" account and debit card to 1,000 customers.Full rollout coming later in the year.
LONDON — TransferWise is quietly launching its new "borderless" accounts and linked debit card to just 1,000 consumers on Tuesday. software restoran
TransferWise first announced the "borderless" account, which lets people hold up to 28 currencies through one account, last May.
It followed on from a similar product launched
by rival international currency exchange WorldFirst.
TransferWise's new account is linked to a debit card that lets people spend
in local currency around the world on one card. BI first reported on TransferWise's plans to launch a debit card in 2016.
The new consumer product brings TransferWise into competition with Revolut, the fast-growing London startup that also lets people hold multiple currencies through one account and spend it through a pre-paid debit card.
Both Transferwise and Revolut are backed by venture capital firm Index Ventures.
TransferWise chairman and cofounder Taavet Hinrikus said in a statement: "The borderless account is a game changer for anyone living or working between countries. Opening a bank account abroad is incredibly difficult without a local proof of address, but the borderless account can be opened in minutes. For expats, second homeowners, freelancers, sole traders and more the borderless account is invaluable.