Transferwise Launches Consumer “borderless” Account and Debit Card

Transferwise Launches Consumer “borderless” Account and Debit Card
10.01.2018 07:37 am

Transferwise Launches Consumer “borderless” Account and Debit Card

Foreign Exchange , Banking

Transferwise is moving another step closer to banking territory with the expansion of its “borderless” account and debit card for consumers.

The accounts can hold cash in more than 20 different currencies and will initially role out to 1,000 users following its launch last year for businesses.

The company is also launching its own debit card, with both new features expected to be widely available in the coming months.

“Our mission is to make money move without borders, and today is a major milestone on that journey,” said co-founder and chairman Taavet Hinrikus.

“Multi-currency accounts have been available from banks at extortionate prices for years, but for the first time we’re bringing true multi-country banking – with real bank details in key currencies – to anyone who needs it.”

The service comes under Transferwise’s current regulated activities with an e-money license and does not require a banking license, something it has said it does not plan to apply for. But the move is a step closer to offering banking-like services and features, such as a debit card, similar to that of other fintech startups and challenger banks.  

 

Related News

Nasdaq Launches passiveIQ(TM) for Investor Relations Professionals

Nasdaq Corporate Solutions, a business of Nasdaq, Inc., today announced... Read more »

Avaya to Ring Opening Bell, Begin Trading on the New York Stock Exchange

Avaya Holdings Corp. (NYSE:AVYA), a leading global business communications company, will ring the Opening Bell® on January 17th to celebrate the company’s listing on the New... Read more »

Nasdaq SMARTS Receives FOW Award for Best New Technology Product - Market Surveillance

Nasdaq (Nasdaq:NDAQ), the world's leading provider of market... Read more »

Saudi Stock Exchange (Tadawul) Signs Post-Trade Technology Transformation Agreement with Nasdaq

The Saudi Stock Exchange (Tadawul) and ... Read more »

Nasdaq Wins Best Clearing Technology of the Year by Risk.net

The Market Technology business of Nasdaq has won 'Best Central... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53, +44 (0) 173 261 71 47 Download Our Mobile App