Since its first inception, Money has been evolving; from seashells and hides to gold and paper bills the means of converting and transferring value has always been changing.
Now, a raft of new technology firms are exploring ways to evolve again as the constraints of currency transactions look to be the next challenge to be surmounted.
One of the leaders in this evolving space of multi-currency accounts is London-based challenger Transferwise which has launched a borderless account, which CEO Taavet Hinrikus describes as “a bit like having local accounts all over the world”.
“It’s a multi-currency account that lets you keep money in 40+ currencies, and convert between them at the real exchange rate whenever you need,” Hinrikus explains.
Positioning itself as a direct competitor to traditional banking, Transferwise borderless account provides free international bank details in each currency allowing the user to receive money using those bank details for free.
With no monthly subscription fee, the only cost is a transparent fee to convert between currencies – either in the account or when spending via TransferWise debit Mastercard.
“If you spend on your debit Mastercard in a currency you don’t have, our technology chooses for conversion the balance with the lowest fee, so you never have to worry,” Hinrikus adds.
The Financial Analyst has partnered with Transferwise to offer readers a trial transfer for free and exclusive terms when you sign up for a borderless account.