Global online payments company TransferWise has just announced the launch of its Borderless Account in Canada, offering a new way for businesses and freelancers to manage their money internationally. The fintech company also plans to offer a corresponding debit card in 2018, which will be available for businesses and consumers alike.
For those who aren’t aware, the TransferWise Borderless account is like having a local bank account in any country, without ever having to set foot there. Businesses and freelancers can get local account details for the US, Europe, the UK, and now for Canada as well. “We built TransferWise out of personal frustration. My bank was screwing me for a long time and now we’ve built a cheaper, easier solution to moving across borders,” says Kristo Kaarmann, CEO and co-founder of TransferWise.
With the Borderless account, Canadian businesses can:
- Open accounts to pay and get paid as if they were a local business in that country.
- Receive unique local account numbers for the US, Europe and the UK in seconds – Canada and others to come.
- Hold and manage balances in 27 currencies – saving money on unnecessary conversions.
- Convert money between currency balances instantly.
- Currencies include: Euro, British Pound, Australian Dollar, Canadian Dollar, Swiss Franc, Danish Krone, Hong Kong Dollar, Hungarian Forint, Japanese Yen, Norwegian Krone, New Zealand Dollar, Polish Zloty, Swedish Krona, Singapore Dollar, US Dollar, Bulgarian Lev, Czech Koruna, Croatian Kuna, Romanian Leu, United Arab Emirates Dirham, Georgian Lari, Israeli New Shekel, Mexican Peso, Peruvian Sol, Turkish Lira, Ukrainian Hryvnia and South African Rand.
- Save on maintenance fees – there are no set up fees or monthly charges and it costs nothing to receive payments.
- Avoid exchange rate mark-ups – when moving money across currencies, there’s only a small transparent fee and all transfers are made at the real mid-market exchange rate (i.e. the one you see on Google).
To learn more about the Borderless accounts, visit TransferWise.com/ca/borderless.