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TransferWise to cross new border with multi-currency account

Reuters  |  LONDON 

By Emma RumneyLONDON (Reuters) - Money transfer company TransferWise said on Tuesday it is launching a low-cost "borderless" account and debit card in the first quarter of this year, in its latest bid to win customers by undercutting the foreign exchange fees charged by banks.Users will be able to hold and convert 28 currencies at the real exchange rate with the account, TransferWise said.Fees to convert funds into foreign currency, send them overseas or withdraw cash abroad have amounted to billions of dollars in income for banks globally, but critics say services are slow and often contain ...

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First Published: Tue, January 09 2018. 05:48 IST