TransferWise to launch borderless account and debit card

TransferWise, a UK-based money transfer company, has announced the launch of its borderless account and debit card in the first quarter of 2018.

The company claims that users will be able to hold and convert 28 currencies at the real exchange rate with the account.

Until now, consumers using TransferWise could only send money overseas. Users pay into the company’s account at home, and TransferWise pays the sum out of its bank account in the recipient’s local country at the real exchange rate.

The new account also comes with a debit card that allows users around the globe to spend funds in their local currency.

The new product puts the money transfer company into competition with Revolut, a UK startup that offers a similar account. Both companies aim to secure a larger share of the remittances market by offering users a fast and low-cost way to send money overseas.