Transferwise is a money transfer service. Founded in 2011, it was developed by a pair of Estonian men splitting their working time between Estonia and the UK; financial consultant Kristo Käärmann and Taavet Hinrikus, Skype’s first employee.
Based primarily in the UK, Transferwise has additional offices in Tallinn, Singapore and New York. The company’s primary focus is to provide people who need to make international money transfers with a low-cost, efficient means to do so.
Transferwise supports more than 750 currencies and offers multi-currency accounts.
The company began offering a bank account, the Borderless account, in May 2017. Initially aimed at just businesses and freelancers, the account is now available to a wider customer base. A multi-currency debit card, offered via Mastercard, was launched in January 2018 for EU customers and later, those in the United States. More countries will be added later this year.
Transferwise Products and Services
Transferwise allows customers to link a bank account to their account via an app and add payees in order to transfer money.
The Borderless account gives customers international bank details, allowing them to receive money from more than 30 countries without paying a penny in fees. These customers get a British account number and sort code, plus Australian, European, US and New Zealand account details.
Borderless accounts can hold more than 40 currencies and switch between them almost instantly, spending at the real exchange rate. Customers can also withdraw funds at ATM machines, up to £200 in 30 days.