How do I set up a TransferWise Borderless electronic money account?

Last updated: March 28, 2018

In May 2017, TransferWise launched their multi-currency electronic money account - TransferWise borderless. You can sign up and get an account online, totally remotely. You can read about the benefits of the account in full on the TransferWise website, but here are some important features:

  • You can hold money in over 40 currencies, and convert between them at a low cost

  • You can get local account details for Australian and American Dollars, British Pounds, and Euros, meaning you can send an receive transfers in these currencies like a local

  • And in the future, you'll be able to get a business debit card for your TW borderless account (they're only available for personal customers at the moment)

To get the account, you'll need to create a TransferWise profile first, and then set up the borderless account. You'll need to go through some verification procedures, so be prepared for that. If everything goes smoothly, the account should be setup within a few hours.

And to execute your accounting and compliance, LeapIN needs to receive your TransferWise statements manually (at least once a month). Since TransferWise has no API for service providers yet, LeapIN can read TransferWise statements via exported CSV file, which you'd need to forward to us.

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