TransferWise Steps Toward Banking With Multicurrency Account
- Will allow businesses to keep money in 15 different currencies
- Limited account signals upstart’s ambitions to challenge banks
This article is for subscribers only.
TransferWise, one of the biggest London-based fintech startups, is introducing a new foreign exchange account in its first step into financial services beyond simple international money transfer.
The "Borderless" account, launched Tuesday, will allow small businesses -- including individual freelancers -- to hold up to 15 different currencies, while also linking to separate local bank account numbers for the U.K., U.S., and Europe. This enables customers to receive and pay funds in those locations without paying international transfer and foreign exchange fees.