Having already taken a significant chunk of the international money transfer market away from the major banks, London-headquartered TransferWise has its sights set on the bank account itself.
Moving beyond simply sending money from one country to another, the company is launching its “Borderless” account, a new online banking account aimed at businesses, sole traders and freelancers who need to conduct business across borders and in multiple currencies, and who want to take advantage of TransferWise’s low exchange rate when doing so.
The new service is rolling out first in the U.K. and Europe, with a “global rollout” planned for later in 2017. There are also plans to launch a version for consumers later this year, and, unsurprisingly, a TransferWise debit card. The latter is a notable omission for any product that wants to provide the functionality of a business or consumer bank account, and even potentially replace it.
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