TransferWise, the online peer to peer international money transfer provider, has released an invaluable new service. A Borderless Multi-Currency Account.
This new account gives you access to unique bank account codes and routing numbers for the following currencies:
- US Dollar (USD)
- EUR (Euro)
- GBP (British Pound)
You can now receive funds from within the USA, UK and Europe as if you had opened a bank account within the national borders. This service is a total game changer. Firstly, TransferWise is now positioned as an outstanding competitor of Payoneer. But more than that. TransferWise will leverage their existing bank-fees-beating platform to offer a very low cost overhead to this solution.
Examples of use for the TransferWise Borderless Account:
- Amazon Associates. If you are an Amazon Associates member for the Amazon USA store, you can now use TransferWise instead of Payoneer or International Bank Wire (costly) to receive your funds.
- Import / Export. You can now provide local bank details for customers or suppliers in these regions. You no longer have to request a special transfer via TransferWise Request Funds or other such solutions. This makes your payment process simple and reduces your wire fees if you are still using international wire transfers.
- International Services Business. For example, international recruitment firms can now request receipt of funds from a business named bank account. You no longer have to setup multi-currency accounts in your home country. You can use the global multi-currency account and save your customers Telegraphic Transfer (international transfer) fees and your business exorbitant currency conversion fees to you home currency.
All of these suggested uses and many more result in a low cost of working internationally and bypassing the banks large hidden and upfront fees. Joy!
The infographic below further explains TransferWise’s Borderless Account and how multi-currency global accounts can save you and your business heaps on fees.