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TransferWise to offer borderless foreign currency business accounts

Tuesday 23 May 2017 | 11:03 AM CET

London-based startup TransferWise offers foreign currency accounts for small businesses to make and receive payments in more than 15 currencies.

Small businesses will have the option to activate a unique account with routing numbers for the US, the UK and the rest of Europe. This means that merchants will be able to get paid and process transactions as if they were a local company.

The new account allows TransferWise users to keep balances in more than 15 currencies. The money can be converted at real-time values, with smaller conversion fees and rate fluctuations.

The company said that the new service will be available to US businesses in June, 2017. The startup has also unveiled plans to launch a debit card connected to the new account for both businesses and consumers.

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