The TransferWise Debit Card is connected to the Borderless account, giving you access to 28 different currencies without the need to move money around.
When you spend money with your card, TransferWise will automatically exchange it in a way that is cheapest for you, choosing which balance is the best to convert into what you are spending 💷 🔀 💶
This makes the Bordeless account even more interesting!
Pros:Free to pay with currencies in your account
Free ATM withdrawals up to £200 / month
A small fee (between 0.35% and 1%) if you convert money
Cons:Currently available to borderless account-holders by invitation-only
I LOVE my TransferWise card.
I often buy services from a range of countries - especially software. This means I get billed in a range of currencies, which causes me extra cost when my Aussie credit card gets billed. Enter TransferWise's global card. I can deposit some USD, some EURO, some GBP and put all my SaaS / ecommerce purchases on one card.
With Borderless Accounts, you can also accept a variety of currencies - so whilst I work in Australia, I often have clients in UK and US, which means I can now easily accept payment into a 'local account' for my clients, and then reduce the transfer fees by holding those currencies until I'm ready to accept them, or pay for something locally.
Thank you TransferWise, for pushing the envelope of international life and financial arrangements.
Pros:If I'm not holding enough of the currency I'm trying to spend, Transferwise will automatically transfer from another one at the best rate!
Cons:Mobile app is still in beta, so they're working out some of the kinks.
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