Wise Has Accounts And Cards That You Can Use Across Borders

Wise, formerly known as TransferWise, is one of the most useful companies out there for sending people money in different parts of the world. With low fees, fast transfer times, and ease of use, they have become invaluable when it comes to sending money abroad. The London-based company was founded in 2011, and it is estimated that millions of people use it to send billions of dollars each month. Spurred on by competition by similar companies such as WorldFirst and Revolut, they have expanded their services over the years, and a few years back they launched “Borderless” accounts which let you hold money in dozens of currencies. Tied to these accounts are debit cards which you can use to pay in local currencies. 

,These money transfer services are really heating up, especially as remote work has opened companies up to hiring around the world. Interestingly, the venture capital firm Index Ventures backs both TransferWise and Revolut, which is also London based. Taavet Hinrikus, who co-founded and is the chairman of TransferWise, has explained the value of the direction the company chose to go in. "The account limit changes the rules of the game for anyone living or working between countries who open a bank account abroad without any proof of local address, but the Borderless Account may open in minutes, for expats, freelancers, retailers and more, the Borderless Account is priceless,” he said. Giving a vision for the future of money transfers, he explained, “One day somebody can send and receive money in one currency, friends, customers or companies around the world, and go anywhere without worrying about the exchange rate - this is the vision of the account without frontiers - it's a big step to achieving this future."