UK money transfer provider TransferWise today launched its ‘borderless’ bank account for businesses that need a multi-currency account for trading in overseas markets.
The UK-based money transfer company is set to record its first operating profit this year and claims more than one million customers. The company reportedly has more than doubled revenue in the year to March 2017, and now claims a 10% share of the overseas money transfer market in the UK.
The new account tackles the problems faced by small businesses trying to open multi-currency trading accounts with traditional banks.
TransferWise’s borderless account comes with no set up fees or monthly charges and costs nothing for receiving payments in the local currency. Currency transfers are conducted at the standard mid-market exchange rate with the usual upfront Transferwise commission charge.
The new borderless account will be launched initially in the UK and Europe followed by a global roll-out for small business and sole traders later this year. Consumer accounts, complete with a debit card, are also being tested.