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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; for sending payments to other accounts or receiving 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.

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