Global money transfer site TransferWise announced on Monday it has selected Wirecard as its debit card issuer. According to Transferwire, the debit card was privately launched in January to around one thousand existing Transferwire users, with a full public rollout planned for later this year.
TransferWise reported that the borderless account will be the first platform to offer true multi-country banking to anyone who needs it. the company also revealed:
“Previously available only to businesses, now TransferWise’s wider customer base can hold and convert 28 currencies at the real exchange rate, with local bank details for the UK, US, Australia and Europe. That means anyone can send, spend and save money like a local, as well as getting paid around the world with zero fees as if they lived there. Two million people are using TransferWise at the moment to transfer over £1.5 billion every month, saving themselves over £2 million every day.”
While sharing more details about the debit card and partnership with Wirecard, Jeremy Buttner, Borderless Banking Lead at TransferWise, stated:
“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.”
Tom Jennings, Managing Director at Wirecard, went on to add:
“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. We are delighted to be working with TransferWise, a leading FinTech in the industry. It is a unique product and we see this as being a very successful partnership even for the future.”