In another discussion Transferwise borderless accounts were mentioned as not available yet to Australia.
Today they sent me email about its launch: https://transferwise.com/au/borderless
I don't have a use for it at the moment, but some of you might.
From reading the pricing pages, I don't think it works quite how you think. Unless I missed something, it reads to me that they do not charge to deposit, or to withdraw up to X number times per month, after which there is a 50p per withdrawal fee, as long as you're sending to an account with the same type of currency. The actual fees are in the exchange of currency, which seem to vary. And, if I did read it wrong, it says enough to me to avoid it.
Think I'll be sticking with currency fair. Though not for everyone or ever situation, it's cheaper for me, with less bullshit. Thanks anyway op.
ppp was comparing it with the normal TW transfers, not with other changers, so if you are just doing one-offs, you should shop around.
Normal: overhead = minimum fee or percentage whichever is the larger
Borderless: overhead = percentage
Conversion between currencies incurs a percentage charge in both cases. Withdrawal to a normal bank account incurs a fixed charge of 90ยข.
Essentially it allows you to batch a bunch of small deposits in the foreign currency until the threshold is reached, avoiding lots of minimum fees.
Thanks for the update! That's great news.
For the uninitiated, one of the competitive benefits is that unlike normal transferwise exchanges you can convert any amount as a percentage with no minimum. The catch is you pay 90c to cash out to a real bank account in Australia but this is handy if you receive a mixture of large and small payments frequently as a freelancer.