Benefits of the Personal Account

A Wise, formerly TransferWise, borderless account allows you to manage finances in multiple currencies. Certainly I generated sizable costs from bank transaction rates and additional fees before using one. The following information summarises the benefits of Wise borderless, accurate at the time of writing in July 2020.

Sign up to Wise Borderless to start moving money more cost effectively:

• It’s easy to setup and receive money instantly with your own international bank details (currently AUD, NZD, EUR, GBP, SGP and USD).
• There are no hidden fees in your transactions and no annual or monthly subscription fees to the account.
• Convert and send funds instantly between 50+ currencies, at low and transparent conversion fees – between 0.35% and 1% commission.
• They use the real mid-market exchange rate* in all transactions. Compare this with your bank, which generally stings you with an unfair exchange rate (see my example below).
• You can hold balances in 50+ currencies. See the list of the 50+ currencies here.

*The real exchange rate is the mid-point between the buy and sell rates on the global currency markets and constantly fluctuates.

**Further, this post contains affiliate links as Jeffo Blogs is partnered with Wise. Therefore, should you sign up using these, I earn a small commission (no added cost or inconvenience for you).

Wise Borderless Debit Mastercard

The Wise Debit MasterCard acts as a personal bank card for AUD, EUR, GBP and USD currencies. Major advantages of the Wise debit card include:

• Free ATM withdrawals up to £200 a month.
• Free to convert money into the local currency that you want to pay with (convert by debit, credit card or bank transfer).
• Pay in any currency and Wise automatically convert the currency in your account with the lowest conversion fee.

Meanwhile, find out everything you need to know about the debit card here: Debit Card from Wise – A solution to crippling exchange rates.

Comparison with personal bank, Barclays

Completely free transfers are a myth yet banks and exchange providers often set unfavourable rates, meaning you pay over the odds. To demonstrate the difference between Wise and Barclays, I’ve included example transactions with respective fees:

Additionally, see the live Wise Price change checker which shows you the total fee and how it is calculated.

• Send £250 to euros – with Wise the fee is £1.54, with Barclays the fee is £7.89.
• Spend £250 on debit card in EUR – with Wise the fee is 83p, with Barclays the fee is £15.66.
• Withdraw £250 per month cash in EUR – with Wise the fee is £1.76, with Barclays the fee is £17.14.
• Receive AUD, NZD, EUR, GBP, PLN and USD into your Wise account free. This is not applicable with Barclays.

Create a borderless account through Wise here

How does Wise Borderless keep your money safe?

Wise is an authorised Electronic Money Institution independently regulated by the Financial Conduct Authority in the UK, an operation which moves up to £2 billion every month. The Wise Debit MasterCard is issued by Wise Ltd under license by Mastercard International Inc.

Common Types of Wise User 

• ‘Digital Nomads’ and Freelancers (convert payments from one currency to another).
• Business people (connect with local bank accounts to manage business in many countries). Note: there is a separate Borderless account for business purposes.
• Online teachers (paid in foreign currency).
• Expats living abroad.
• International students (often require an account in advance for bill payments, memberships and rent).
• Foreign home owners.
• Overseas contractors.
• Online sellers.

Conclusions from Experience

Being a freelancer in Thailand, I receive income in various currencies from certain sources. The Wise Borderless account has become a personal necessity which I highly recommend. Likewise, the safeness, speed and convenience of transactions are central factors in choosing them as my preferred provider. I first used Wise to transfer funds between AUD and GBP whilst living in Australia in 2016. Once I started online projects including Online English Teaching in Thailand, the account became even more beneficial in making savings. I currently use Wise to receive and transfer between AUD, USD, GBP and THB, as well as spending in my local currency, Thai Baht.