UK-based money transfer company TransferWise has selected Wirecard, internet technology and financial services provider, to issue a debit card to serve alongside its digital borderless account.
Last year, TransferWise introduced its borderless account to help users digitally find bank details immediately across the globe.
By the end of this year, Wirecard will use a debit card for all users to accompany the borderless account.
In January this year, Wirecard privately issued the debit card to around 1,000 existing TransferWise customers.
The borderless account is claimed to be the first platform to provide true multi-country banking to anyone who is in requirement.
Earlier available only to businesses, TransferWise’s customer base can now use the facility to hold and convert 28 currencies at the real exchange rate, with local bank details for the UK, US, Australia and Europe.
The service helps anyone to send, spend and save money like a local, in addition to getting paid across the globe with zero fees.
At present, two million people are using TransferWise to transfer over £1.5 billion every month, helping to save more than £2m per day.
TransferWise borderless banking lead Jeremy Buttner said: “Our mission is to make money move without borders, and the borderless debit card is a vital step in bringing that mission to a wider audience.
“Wirecard is helping us to take the product, and its benefits, to markets that badly need the service more quickly than we’d have been able to otherwise.”
Wirecard managing director Tom Jennings said: “TransferWise was looking to extend their borderless account by adding a multi-currency debit card. This card will allow customers to access their borderless account around the world without any hidden charges.”
With over 34,000 customers from various industries, Wirecard helps companies to accept electronic payments from all sales channels.
Wirecard offers companies with an end-to-end infrastructure, including the requisite issuing licences for card and account products.
Image: Wirecard issues cards to accompany TransferWise's worldwide banking account. Photo: courtesy of Wirecard AG.