Multi-Currency Card Now Available in US

A debit card that facilitates automatic transfers between different currencies recently launched in the United States.

The TransferWise debit card can send and receive money from 22 currencies. Also, it can send money to an additional 27 currencies as a local transfer with no foreign fees.

“TransferWise is working to remove some of the financial barriers keeping people from traveling, living, and working across borders,” said CEO Kristo Käärmann.

Countries where consumers can send and receive money through TransferWise include Australia, Brazil, Canada, Hong Kong, Japan, New Zealand, and Singapore. Countries where users can only send currencies through local transfer include China, Egypt, Pakistan, South Korea, Sri Lanka, and the United Arab Emirates.

Consumers can sync the cards to other services like Apple Pay, Google Pay, or Samsung Pay. Co-founder Taavet Hinrikus told TechCrunch that the card enables a consumer to “act like a millionaire” while traveling.

TransferWise charges users between 0.45 percent and 3 percent to convert currencies. It also charges 0.2 percent for adding money.

“The U.S. will probably be our biggest market very soon,” Hinrikus said. “I think there is lots of potential.”

TransferWise launched in the United Kingdom in 2011 as a nonbank payment service and is now Europe’s most valued fintech startup.

Image by Pexels.

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