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Go Borderless This Summer With A Currency Debit Card
This week, it was announced that European fintech unicorn TransferWise will be launching their borderless debit card in Canada, which allows users to hold multiple currencies on one card.
TransferWise’s borderless debit card has proved to be popular in the United Kingdom, allowing members to spend money at home and in other countries with lower exchange fees than traditional banks.
Borderless cards are the perfect edition to your physical wallet if you’re thinking of taking a holiday this summer and want peace of mind and to keep exchange fees down.
CEO and co-founder Kristo Kaarmann said: “When people go out of the country, they are inevitably spending mony. They’re booking hotels, they’re booking flights, often in other currencies, and that’s where banks scoop the hidden fees.”
With no transaction fees for those making purchases on the debit card in a currency held on the card and a maximum conversion fee of one per cent for currencies that have to be converted, borderless debit cards could oust traditional banks out of the currency exchange market.
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