- 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 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.