British money-transfer firm TransferWise has launched Borderless account, which will allow businesses to have a local bank account in up to 15 countries without having to set foot there.
The new online banking account is aimed at businesses, sole traders and freelancers who need to conduct business across borders and in multiple currencies.
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The account is currently available in the UK and Europe but will be launched for US businesses beginning in June this year, the company said.
TransferWise, which has already taken away a major portion of the international money transfer business from the traditional lenders, said that it will also introduce a corresponding debit card.
TransferWise CEO and co-founder Taavet Hinrikus said: “We’re building one of the few new global financial services brands that are coming out now. We started out with international money transfer; first for consumers and then businesses. Creating the Borderless account is the next step.
“With the unique platform we’ve built, we’re looking forward to creating a new kind of financial services for the future. The infrastructure we’ve built can help people do more than just transfer money. It can help them manage their international finances completely differently, giving them more freedom and control.”
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