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How is this different than a bank account?

Your TransferWise borderless account is an Electronic Money account. It's different from a bank account because:
  • You won’t be able to get an overdraft or loan 
  • You won’t earn interest on your account
  • Although your bank details are unique, they don't represent real bank accounts, but simply ‘addresses’ for your Electronic Money account, meaning you can receive payments much like a real bank account
  • Your money is protected and safeguarded, but not guaranteed by the Financial Services Compensation Scheme (FSCS) that you may get with a bank account.
The great thing about your TransferWise borderless account is that you can use it just like a bank account in many cases, like making payments with your TransferWise debit Mastercard® (currently available for those in EEA). You can also send payments to other accounts and receive payments from your clients or employer using the bank details attached to your borderless accounts.

The main benefit of using your TransferWise borderless account over traditional accounts is that you won’t be charged international transaction fees or outrageous exchange rates.

Your TransferWise borderless account is an Electronic Money account. You can send, receive and convert currencies all in one account. You’ll always get the real exchange rate and the lowest possible fees.

Please note: The Card is issued by TransferWise Ltd pursuant to license by Mastercard International Inc. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. TransferWise is authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900507, for the issuing of electronic money.

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