Hi, I'm Taylor. I'm from the US. And I've lived in Australia for four years. And I'm
Ben, and I'm from the UK.
I've been here just over a year and a half.
And one thing expats can all agree on is that when you move, your life doesn't stop where
you're from,
There are actually a lot of things you have to pay for like presents and gifts, and then
he builds back home. So it can be quite complicated and difficult to transfer money back the whole
time. So I actually got the TransferWise Borderless account to see if this would be a good solution
for me to move money around the world. And
I decided to wait for him to try it out and see if I wanted to use it. So give
us the lowdown Ben. Well, the TransferWise Borderless account is like most multi currency
accounts with a few different features and benefits. So the account lets you hold 40
different currencies. And this linked debit card lets you spend money in 150 countries.
I think it's really nice that we've got this green colour, it's easy to find your wallet
and they've actually created this little cut out section here for people with visual impairments
is an accessibility feature. But what really makes us different from most multi currency
accounts is that you can actually see five different bank accounts in five different
countries
Right? So I have to apply for five different accounts and keep track of all the numbers,
I thought this was a simple card, we are making a video!
One account that acts like five different bank accounts. So all in the app, you can
set up five different bank accounts in five different countries, one in the UK, US, Europe
and New Zealand. And all you do is press a button.
So is it have to be those five countries? Or can I pick my countries
Only five countries available at the moment, but I'm sure they'll be looking to expand
in the future?
Well, having a local bank account would be really helpful for me in the US because my
wife and I get paid rent there. And then we have to transfer money from our account here.
So if we could get rid of that transaction account that would be really helpful. Exactly.
So what made you take out the card in the first place?
Well, I have a few ongoing bills that came as well particularly my student loan which
I have to pay in pounds. So I've been using the the transfer wise account to switch between
pounds and Aussie dollars more easily. I do have a savings account back home but I lose
a bit of interest when I take out so I don't want to do that. I'm also using it when I
go back to the UK in January on my trip back to just load up and Aussie dollars and make
sure I got pounds to spend on
This all sounds super convenient. But what are the fees and exchange rates?
There are actually no fees to set up the account. And also the debit cards completely free as
well, most of the time when banks are transferring money in this way, but a little bit of margin
on top, just generally between one and 8%. And that's how they make their money. And
it's often quite hard to work out what that margin actually is, before you transfer the
money transfer wise offers the real exchange rate. And that's pretty much the best way
you can get it's what you see on Google when you type it in. So instead of adding a margin
on top of the exchange rate, they charge a small fee each time you change currencies,
so that ranges between naught point three 5% 2.22%. The best thing about it is that
you'll see the fee when you go to convert currencies within the app or by using the
tool on their website. As an example, if I wanted to convert $10,000 worth of Aussie
dollars into pounds in my bonus account, I get the real exchange rate and the fee will
be $46 and 78 cents
and all the Can I use charge 15 dollars is a fee, but they don't give me the real exchange
rate. So, in essence, if I transferred $10,000, I'm losing, like $100 in the country
Sounds like you should take a look. And what's my money's in pounds, I can use the account
to send pounds to friends or to spend back.
Now what about when I'm travelling? How ugly are these ATM fees?
Well, that's actually not too bad, you get the equivalent of free engine 50. Aussie dollars
for free every 30 days an ATM, there's no fees at all. And beyond that, in that first
day period, there's a 2% fee. So if I was to take out an extra thousand dollars, for
example, that'd be a $20 fee for it.
So how do I manage my currencies when I'm jumping from country to country,
So the cloud will automatically use the local currency if that's loaded up in your account.
And if you don't have it loaded in your account, it will switch money from another account.
We do have money loaded up and I'll even pick the one with the lowest possible fee.
Sounds like it would also be good for freelancers and people who make money in other countries.
Yeah, that's pretty good for people like us expats who are living abroad, need to move
money between different currencies. So do you think you might consider taking the quarter?
Well definitely seems like something that would work. I certainly wouldn't discuss it
with my wife before I do anything. It seems like a wise choice.
So there you have it. That's a TransferWise Borderless account and link debit card, really
keen to the airport. So let us know in the comments. And if you're interested in getting
the product, you can click on the link below for for review