Hans pays Lotte, Lotte pays Jane, Jane pays Willi, Willi is happy again

Hans pays Lotte, Lotte pays Jane, Jane pays Willi, Willi is happy again

TransferWise has unveiled its “Borderless” account with the promise that it works like a local bank account in different countries.

The account is its plan to replace “old-fashioned” money transfers. TransferWise says local bank details in the UK, Eurozone and US are available, and other unspecified countries are on the way at some point in time.

It works simply – a user could tell an American client to pay into his/her US account. The account holder can hold money in 15 different currencies and switch funds between them instantly.

In a blog post, Taavet Hinrikus and Kristo Käärmann, TransferWise co-founders, say: “It’s hard to do business outside your home market, so we hope the Borderless account helps you feel a little more local in the places you’re not.”

It aims to make it available for everyone at a later date; but to start, it is only open for businesses and freelancers.

Arise TransferWise

This year alone TransferWise has been lively.

It will provide money transfer services to customers of UK challenger bank Starling.

In addition, residents of the US, UK, Canada, Australia and Europe can also send money and set up rate alerts using TransferWise’s chatbot, launched on the Facebook Messenger platform.

@banking
techno