Recently a new banking system launched in the Southern Hemisphere: the TransferWise Borderless debit card has arrived in Australia and New Zealand. Lots of Aussies or Kiwis might be wondering what TransferWise is and how it can save them heaps of money overseas. Time for a question and answer session.
Why me? Well, I’ve been using TransferWise for a long time now. As soon as the debit card launched in Europe I’ve been using it. Not just in one country. I’ve used the Borderless debit card in lots of countries worldwide now
TransferWise Borderless debit card Q&A session
Every time I use my TransferWise Borderless debit card (you can’t miss these bright green cards) or whenever I tell people about the advantages, it intrigues them but there are also lots of questions. I guess you have some questions about TransferWise Borderless.
Here are the answers to the most asked questions about TransferWise Borderless. In Australia or New Zealand, these questions and answers will help everyone thinking about getting the TransferWise debit card.
TransferWise Borderless is the bank account plus debit card created by the people that came up with the cheap way of transferring money worldwide: TransferWise. Borderless is a basic bank account that does exactly the same as a regular checking account from traditional banks like Commonwealth, ANZ, BNZ, Westpac etc.
TransferWise Borderless comes with a debit card which is the same as your everyday debit card. Pay for groceries in shops, shop online, or withdraw money from an ATM.
TransferWise’s Borderless bank account is available in these currencies.
* American Dollar (USD)
* Australian Dollar (AUD)
* British Pound (GBP)
* European Euro (EUR)
* New Zealand Dollar (NZD)
The TransferWise debit card (which comes with the bank account) can hold up to 40 currencies worldwide. This means you will be able to pay in local currency in heaps of countries overseas. No more currency fluctuations to take into account and no more high overseas credit card fees from your bank. TransferWise Borderless will set you free.
No. TransferWise Borderless is completely different from a travel money card. With TransferWise you can deposit money for free into your Borderless account (simply transfer from your regular account or use POLI).
Then you can turn your AUD or NZD money into any of the other currencies you have activated for free on your account. There’s only a small currency switch fee charged by TransferWise, which is much lower than any bank will charge you.
The debit card that comes with TransferWise Borderless is a MasterCard debit card. MasterCard is popular and will be accepted in almost every country worldwide. Unless a particular currency isn’t supported of course.
In the USA, you’ll often see signs at motels or car rental companies saying: no debit card or prepaid accepted. You can use the TransferWise debit card at all these places as it isn’t a standard debit card.
I have used the card during a recent USA road trip at dozens of places that had a sign like that and all payments were processed without any problems.
TransferWise Borderless supports more than 40 currencies. This means you can have any of the following currencies in your account and pay like a local via the TransferWise Borderless debit card when overseas.
United Arab Emirates Dirham
Hong Kong Dollar
South Korean Won
Sri Lankan Rupee
New Zealand Dollar
South African Rand
Open your TransferWise app or go to the website (make sure you open a Borderless bank account for free first). Go to your Borderless bank account and click on “add currency”. Select the one you need from the list and presto, it has been enabled for free. Easy as.
It’s free to set up. Really? Yes really. To get TransferWise Borderless in Australia or New Zealand you apply for it online (it’s free) and within a few days the debit card will arrive, and your Borderless account is activated.
Yes. TransferWise has so many security features in place. You can add 2-factor authentication or fingerprint check on mobile. If you ever lose your debit card you can immediately block it via the TransferWise app.
TransferWise Borderless also supports 3D security, which means that when you purchase something online you’ll need to verify via the app that it’s you who’s doing the shopping.
I’ve been using the card for a while now, in lots of countries around the world, and never experienced a security issue. It is super safe.
Yes. You can use TransferWise in all the countries you have added (for free) to your account. Whether you’re paying for groceries in the USA, purchasing a public transport card in Austria, getting gifts for your family in London or buying concert tickets online, it can all be done with the TransferWise Borderless card.
The system currently supports more than 40 currencies worldwide. Therefore it is the perfect debit card for travellers and digital nomads.
See all the things you can buy with your TransferWise debit card
You can even change the PIN number that was assigned to your debit card. Can’t remember the PIN number? No worries. Just log into your TransferWise account via the app and you can view your current PIN number.
Want to change your TransferWise PIN number? That can be done via an ATM that supports this service from MasterCard (TransferWise Borderless is a debit card from MasterCard). So far, I’ve only seen this feature on ATMs in Austria.
Have you used the feature to change your TransferWise PIN number elsewhere? Please post it in the comments and I’ll update this blog post.
Anyone who’s sick and tired of the high fees regular banks or credit card companies charge you when using your debit or credit card overseas.
TransferWise Borderless is extremely useful for:
* Frequent travellers and backpackers
* Travellers going on a working holiday in Australia, New Zealand, USA, UK or Europe.
* Digital Nomads that are receiving payments in various currencies. Now you can receive and keep then all on your TransferWise Business Borderless account. Yes, there is a special Borderless version for us Digital Nomads and travelling freelancers.
That depends on what you are expecting the Borderless system to do. It can replace a basic bank account in Australia, New Zealand, the USA, Europe and the UK. And you can pay in more than 40 currencies overseas.
If you are looking for more fancy banking features like a savings account, setting up a direct debit, setting up a Superannuation in Australia etc, then you will still need to go to a traditional bank.
If all that you need is the basic bank features of receiving money, paying money and spending money (overseas) then TransferWise Borderless is the perfect solution for you.
Yes. If you want to tip restaurant staff in the USA, make sure to ask them to add it to the bill straight away. If they hand you the receipt with the total amount so you can manually add the tip it won’t work.
TransferWise is a debit card so the transaction is already closed at the original amount. Restaurant staff can’t modify it like they can when a customer pays with a regular credit card. This is also another safety feature of the Borderless debit card.
More questions about the TransferWise’s debit card?
Oops, did I forget to answer your question about the TransferWise Borderless debit card? No worries. I’m always happy to answer any question you might have. Just post it below in the comment section and I’ll reply as soon as possible. Cheers.