TransferWise’s debit card has made sending of money abroad much more convenient for the average consumer. The debit card is more geared towards consumers that like to shop, need travel money or send cash internationally. A corporate account card is planned to roll out sometime in the near future. Further expansion is also on the horizon. This is a very promising prepaid debit card opportunity that many people should consider
Who are Transferwise?
They are an established online money transfer service read the TransferWise review here that provides an easy and simple method for anyone to transfer funds from one account to another using the TransferWise Borderless account. In addition they are effectively competing head on with traditional banks debit and credit card and undercutting their fees. They have aggressively expanded their services to many worldwide locations.
What is the TransferWise Debit Card?
What this card will offer to customers is the ability to quickly transfer money from anywhere to anywhere in just a few moments.
The main reasons why so many sign up debit card is free ATM withdrawals in most countries with no fees up to $250 in any 30-day period. Given most banks around the world charge a fee and sometimes commission for all ATM transactions, this is a huge saving.
The TransferWise debit card is accepted where MasterCard is taken which is most locations in the world.
If you do decide to convert your money into different currencies, the exchange rates used are the mid market rate.
Currently, this card is available to apply for in most European countries, the United Kingdom, USA, Australia and New Zealand.
How Much Faster is this to Transfer Money?The time difference between countries is something consumers have to accept if they regularly transfer money internationally. TransferWise offers a unique solution that not only makes it fast to transfer money, but it also makes the whole process completely hassle free.
TransferWise Debit Card Application Process?The way the process works is quite simple. You fill out an online form that gives you all your personal information and you are immediately linked with a banking account after approval. As with application of this nature, identification and other security information is required. Once you have entered your information and chosen a deposit that matches your bank account, you are all set to make money transfers in minutes.
When it comes to choosing the best deal, there are many benefits that come with having a TransferWise debit card. First of all, the card is backed by a 100% secure network. This is an extremely important feature when dealing with any online site that handles personal information. Security is of the utmost importance. This means that if you choose to pay for your services on a site that uses unsecured servers, you are putting yourself at serious risk. The site cannot claim your money until you have provided proof of funds transfer.
In terms of downsides, unfortunately, customers cannot deposit funds into ATM machines and there is no overdraft or free credit meaning, your account must have funds.