• long running

Local Bank Accounts for Free in UK, USA, NZ, Poland and EUR: Free through Transferwise Borderless Account


This is a deal specifically for people / businesses receiving/spending money in foreign currency.

See this video for an explanation

We've been using the transferwise card and borderless accounts for a few months now and it works like a charm, previously you'd have to go overseas into a physical branch to open an overseas account, now you can do all this sitting at home just verifying ID with Transferwise.

It's an amazing service and bucketloads cheaper than traditional banks. you get your own Local bank details for 6 countries all sitting right here, and you can receive money in all those countries like a local would.

Transferwise is known as a way to send money overseas, but this is more of a way to receive money from Overseas in local currency and convert it to AUD cheaply in a rate almost equal to the Inter Bank Rate (Google rate)

Get local bank details.
These currencies come with your very own bank details. Anyone can use these to pay you just like they'd pay a local.

British Pound

Get your own Account Number and Sort Code.


Get your own SWIFT/BIC and IBAN details.

US Dollar

Get your own Routing (ABA) and Account Number.

Australian Dollar

Get your own BSB Code and Account Number.

New Zealand Dollar

Get your own Account Number.

Polish Zloty

Get your own Account Number.

Referral Links

Referral: random (1402)

Referrer receives £50 for every 3 signups, who must all spend at least £200 each on qualifying payments. Referee receives a discount on their first transfer, or they receive a free physical card (Keep clicking the referral randomiser until you receive the offer you want).

Related Stores



  • +9

    TransferWise also has excellent foreign exchange rates. My card of choice for travelling.

    • -2

      Why is the 1m 30s video's YouTube channel "unlisted"…?

      And… the first time I viewed that video (in VLC)…
      it seemed fuzzy - Not clear / in-focus…

      Anyone do "due diligence" on the company behind it…?


      • +5

        Unlisted is in reference to the user's/video's privacy settings. Only those with the link can view.

        • How to get local hong kong account from aus? Does hsbc do it?

          • @Bryanalves: The do show a Balance Account in HK$,
            likely as easy to open one as for CA$
            (dunno which bank they'd link it to).

            PS HSBC req's lots more info to open an account,
            in my experience.

        • Thanks

          What business doesn't want as many as possible to find / view its video(s)…?

          • -1

            @IVI: My Cous' the Accountant found this list of

            . = Reviews of Money Transfer services =
            . ==============================

            TW comes in ~5th in a field of 10, but
            you can decide if it's a fair review
            with a quick scan of each, in turn.

            Note there are 3 Tabs, based on how
            much you want to transfer

            "Advertiser Disclosure
            Top10moneytransfer.com is an independent professional comparison site that provides users with free and valuable information on leading money transfer services.

            • Top10moneytransfer.com is supported by referral fees from listed companies.

            We do not provide a listing of each and every company in the market. We do not guarantee 100% accuracy of the information. The information which appears on this site is subject to change at any time. We aim to help users make an informed choice that best suits their particular needs."

            An older video - fr YT channel The Currency Shop -
            fr 2018, B4 Aussies could get a Borderless card,
            is available here:

            0:00 / 3:29

            "TransferWise Debit Card Review | Fees, Availability & How it Works"

            45,427 views • 9 Sep 2018

            • @IVI:

              My Cous'

              Is that short for cousin? You couldn't just type one extra letter for "cousin"?

        • What'sApp's security glitch showed, that
          anyone who publishes a (What'sApp) Group
          link can expect Google to share it later

          Is that a way to trump TW's Unlisted roadblock…?

    • +3

      My card of choice for travelling.

      Says maximum ATM withdrawal is AU$350 per month, seems rather limiting for getting cash while on overseas holidays.

      Or can you withdraw more than AU$350, but they charge a fee when you do?

      Anyone know how this compares to ING or Citibank for overseas cash withdrawals? Of course you have to jump through a few hoops for free overseas withdrawals with ING, and Citi is widely known to have poor customer service, so this looks good if you can withdraw more than $350.

      • +3

        I found the answer myself. Here's what it looks like to me:

        First AU$350 (or equivalent in local currency) withdrawn at an ATM, per month, has no withdrawal charge.

        If you us an ATM to withdraw more than AU$350 (or equivalent amount in local currency) per month, the amount above AU$350 gets a 2% withdrawal charge.

        There will also be an additional conversion charge if you are withdrawing in a currency that you don't have stored in your Transferwise Borderless account. This conversion charge applies to the full amount you withdraw, there is no fee-free amount. Conversion charge looks to be about 1%, but can be different depending on the currency.

        Here's where I got the info from:
        https://transferwise.com/gb/pricing/?tab=borderless-convert (select "Borderless Account" at the top)

    • +6

      ING is a better choice of card for travelling; interbank rate, no additional fees, foreign ATM fees refunded.

      • +1

        How are you sure it's the interbank rate?

        • Fair point; I'm not, and AFAIK there's not way to tell for sure. The "interbank rate" is a floating rate and so it's constantly changing. Certainly there's no % cut added to the rate they offer, and looking at the actual rates I have been charged it certainly appears to be better than the rates offered by any transfer service (HiFX, OFX, and Transferwise are ones I've used and compared with in the past), and taking in to account the additional value of the refunded ATM fees (which range from $0 up to $totally_insane) it's a pretty clear win.

          I believe CUA is also offering the fee free + international ATM refund on their every day account now too - https://www.cua.com.au/everyday-banking/everyday-accounts

          • +2

            @ely: It's not the interbank rate, it's the visa rate - which is generally worse. You can get the rate on the visa website.


            Probably still better than TransferWise though.

            • +1

              @callum9999: Yeah, true. I have observed it to be better than Transferwise, but it's close enough that it's hard to tell (and therefore that it's probably not a big deal either way) - the ATM refund seals the deal.

              In terms of the other transfer companies I've used, OFX and HiFX (seems to have been bought by xe.com) were both worse than Transferwise until I called them up and said I had lots to transfer and that I was comparing rates. Both put me on somewhat better rates that were then better than Transferwise, with HiFX being the best for the pairs I was interested in (AUD/NZD, AUD/THB).

              Getting money back out of Thailand was a massive pain; exchanging locally at Super Rich exchange (insane rates, literally better than the mid market rates available online to buy AUD) and flying with cash in a bag was the best (but stressful) option.

          • +1

            @ely: Yeah cool! Nice to have your comparisons

            I also felt the ING rate was not much worse than the exchange rate on Google when I traveled to Europe.

    • Can one have BOTH:

      • a Business card AND

      • a Personal card…

      If so, are fees any different between the two?

      I trust there'd be No Fee to transfer between them…?


  • is a tax file number needed?

    will overseas tax offices e.g. Poland try and tax me?

    • +1

      I opened a business account and ABN was needed, maybe someone else can confirm.

      But all income would be considered taxable if you are a "resident" for tax purposes.

      • Dunno how one would earn income here…

        Reward offered to any one you get to sign up
        is ONE free transfer / transaction.

        I guess a currency windfall could eat up any
        savings (vs other, more costly transfer co'c)

        Any1 earning $$ in this system…?

        Oh, which Aussie bank does the BSB map to…?

        • Dunno how one would earn income here…

          Depends on what you're selling, it's more of a deal for businesses / people with foreign income. or if someone wants to move forex back to AUs

    • +1

      No, TransferWise does NOT report to any tax authority, yet.

      At this time we are not reporting this information to HMRC or any other tax authority.

  • +6

    From my limited knowledge, Australia’s ATO will want to tax any overseas income if you live here. Maybe someone with better knowledge than I can confirm.

    • +5

      Australia’s ATO will want to tax any overseas income if you live here.

      yes> if you are a "resident" for tax purposes.

      • Yes, if you are a resident of Australia

    • +6

      If you're an Australian resident for tax purposes, you have to declare all income you earned both in Australia and internationally on your Australian tax return (even if you've already paid tax on it overseas). A foreign income tax offset is generally available to reduce the Australian tax on the same income.

      Residency tests

      • I have a question about it - if you own a holiday property overseas and it generates rental income for you in that country. You keep that income in that other country and submit tax return there and also pay your due taxes in that country.
        Note income never gets in Australia, it is earned, taxed and let overseas - Does it also need to be in my Australia tax return?

        • +3

          Comment directly above yours answers that question (yes)

        • yes: iirc the ato looks at what tax you paid overseas, and taxes you the difference if less than what you'd pay here

        • I answer this indirectly deeper in the thread, but my reading of the tax agreement between Aus and the UK makes me think the answer - for income from physical property - is that no tax is payable in the country of residence. Tax will need to be paid in the country in which the property exists.

          Article 6 of the agreement is the one to read.

          If I'm correct, which I might well not be!! :)

          Edit: just realised you didn't say your place is in the UK. You'd need to check if there's an agreement in place for wherever your place is and, if there is, are what it says. I don't know if the agreements are all the same or not. I doubt it.

    • +1

      And yes. When you try to open an account in another country which has agreement, they will ask for the residency and tax status. And will register your TFN overseas, and that is where ATO will be notified.

      And then for the interests or any dividends you received in that overseas account will be reported to ATO. And you will received a letter from ATO telling you the income you earned overseas and advised you may need to make adjustments to your tax return.


      Was just received a letter from ATO for this.

  • It could be useful for any1 doing "gig-work" w/ clients around the world.

    Would we need a Debit card for each of the listed currencies?
    (All are Fee-Free, I presume…?)

    • +1

      I believe the debit card they offer covers every currency you have in your account. If you don't have a specific currency they would charge you their (very good) conversion rate.


  • +6

    This is their normal offerings though…not really a deal.
    A damn good service though, and I have used it for around a year. Customer service has always been fast and helpful when needed.

    • If it saves any1 the annual fee of MasterCard 28 (or some other #…?)
      it's deal enough for me. ;-)

      • if it saves $0 ?? ;)

  • -4

    I was looking for something like this, when I knew the AUD vs USD height couldn't last. Had $20k I wanted to shift, buy US car parts over time.

    "Annnnd it's gone" happened, cos I never got it sorted.

    (cool story bro)

    • Always the negs on stuff like this :/
      Still a valid and useful insight and a very cool story bro

      • And no conversation, just neg. Online weirdos.

  • +2

    Would the conversion rates be better than the citibank global currency account? The fee table says citibank at the end, but I don't think that refers specifically to their global currency account

    • -2


      • How so? Have you compared rates between the two?

        • 100USD will cost 155.47AUD with the Citibank debit card or 154.34 with TransferWise right now.

          Though this will change given the visa rate doesn't seem to update as often as TransferWise.

  • +2

    Been using them since they started up and transferred around 100k without any issues to date. Purchased a camper in Germany 3 years ago and saved around $1500 with the currency conversion compared to my bank at the time. Also good to have a UK account as I was unable to open a high street bank account as they require an address in UK. Got the debit card now so can withdraw straight from borderless accounts via ATM and $250 a month no fee's.

  • Says "We don't delivery to this country" when AU address was put

    • I'm sure they do. I have 2 cards. Maybe request one after the account has opened.

  • Are there any fees to transfer to a bank in the same respective country?

    Eg you want to pay a US company, will it cost money to transfer USD out to another US bank account? Bank Of America charges $3 for this

    • +1

      It’s minimal. I forget the exact percent but any transfer I’ve ever done the fee is like $1

    • +1

      Yes, as mentioned, if you transfer to local account in same country/currency it’s about 1AUD.
      I did this recently. Had UK Pounds paid into UK Transferwise bank, then switched via TW to AUD at spot rate. Then paid about $1 to switch into my AU bank account

      • thanks!

  • +2

    Don’t forget you only get $350 to withdraw from the atm card before fees kick in.
    Still love using TransferWise though. Great rates and easy to use.

    • They don't support sending to US accounts with "for further credit" instructions. You'll need to put something in the reference and hope that some reads it.

      It's interesting to see that a lot of other countries in the world have instant transfers, it's only here where you have to wait a business day before you get the money.

      These guys have saved me a lot of money.

      • +1

        Osko in Australia, Zelle in USA are instant.

  • Thanks for the heads up. I had opened a borderless account a while ago, but back then they did not ship cards to Australia.

  • +1

    I found Revolut cheaper, faster and more convenient. Sending money overseas to another Revolut account is instant, free(!) and based on mid market currency rates. The only cost is basically the cost of currency conversion (0.5% commission on weekdays). There are also complimentary overseas ATM withrawals up to $350 per month.

  • +2

    Has anyone used this together with Payoneer? will the transfer from Payoneer account to transferwise USD account be free?

    • Would also like to know this too.

  • +2

    They're great and all, but this isn't a deal.

    • its not a deal, ive had an account with them for a while, ive used it once. it saves a few dollars on large transfers.

      • The borderless account is different to foreign money transfers, it's a relatively new service and can save bucket loads of money for the right person.

        Opening a foreign account from Australia was not even possible before.

        • Yes it was. I have one in the UK which I opened from Australia. Total PITA though.

          Been using TW for.. Hmm. Years? Never had an issue, pricing is good.

          • @kale chips suck: Ohh ok . We had as business before and needed a local USD account and that wasn't possible.

            Sorry not sure about GBP. I should have been clearer. Use was not possible

            • @dealman: Ahh. Yeah, not sure. I have a friend in Melbourne who opened a US bank account in the US in person, somehow - but that was a personal account I think.

              In any event, TW holding multi currencies is pretty useful 👍

              Edit: fixing vindictive text auto incorrect error…

  • -2

    So, a "friend" is about to get a $9000 pension pay out in UK (5000 pounds), and he's concerned that the ATO will notice this amount deposited into his account and tax him accordingly. The kicker is this also notifies Child Support and then increases his child support for the year.

    If he were to open an account, he could then withdraw the cash, via a card, in Aus, and the ATO wouldn't know…?

    Just seems to good to be true…and, if its too good to be true….

    Thanks peeps.

    • +3

      Can't answer your question directly but re getting taxed on it here when it's from the UK - read up on "reciprocal tax agreements".

      I think your friend would declare the income in the UK with HMRC (their ATO) where it's below the threshold to attract tax. I think that means it can't be taxed again here in Au, due to that being double taxation.

      Hopefully someone with professional expertise who actually knows will correct, clarify or confirm.

      • "im not a legal professional and this is not tax advice"
        book a flight and go pick it up in person, you can bring in up to 10k cash no questions asked.

      • +1

        I don't think ATO has any problem with double taxation. My understanding (may be out of date) is that they subtract foreign tax paid, and if it's less than you'd have paid in Aus, you pay ATO the rest. So if no tax paid in UK, I believe it would be fully taxed here.

        • I forgot to post here, but I looked it up earlier.

          Being a pension, yes, it'll be taxed in the country of residence of the recipient, rather than in the UK. From the tax agreement for Au/UK: [http://www.austlii.edu.au/cgi-bin/sinodisp/au/legis/cth/bill_em/itaab2003389/memo1.html?stem=0&synonyms=0&query=international%20tax%20agreements]

          "Article 17 – Pensions and annuities

          1.212 Pensions (including government pensions) and annuities (the term annuity as used in this Article is defined in paragraph 2) are taxable only by the country of which the recipient is a resident. The application of this Article extends to pensions and annuity payments made to dependants, for example, a widow, widower or children of the person in respect of whom the pension or annuity entitlement accrued where, upon that person’s death, such entitlement has passed to that person’s dependants. [Article 17, paragraphs 1 and 2]"

          Income from "real" property is taxed in the country where the property is located, so if it was, for example, rental income then that income would be taxed in the UK, and not taxed in AU - that's covered under article 6 of the agreement.

          So, yup, taxable in Aus. And likely reported as such by HMRC to the ATO I would think. I don't think TW are relevant here, TBH.

  • This is a standard part of the product so bit really a deal is it?

  • Has XERO integration also (business account, not sure personal).

    • Yep, sadly only Xero, but it also gives you CSV exports for other systems

  • +1

    If you are a business based in Australia but receive money in the US, would that money get double taxed though?

    • +1

      It all depends on how you set up your business structure, licensing, and accounting.

    • +1


  • Is it possible to link this card to iTunes US account?

  • Is this it? >>>. https://www.productreview.com.au/listings/transferwise

    Seems like a bad idea.

  • Would this be a wise (eg safe) method to transfer a potential large inheritance from the US to AU? Or am I better off with a traditional wire transfer?

    • This is same as banks, we've done really large amounts as well. Don't do wire transfer, the fees are horrendous,

      If you are concerned do it in smaller installments till you gain confidence

    • Yes it's safe. I know someone who used them to transfer money to buy a house from UK to Aus.
      Money taken and didn't arrive by the next day as promised. Friend chased transferwise who said it had got stuck as needed an additional check (presumably because of the amount). Money did go through 2 days later.

  • +1

    good card for small use. how ever i dont think local accounts are full featured proper local accounts as they dont offer direct debit pay bills and local free transfers without paying transferwise their cut nor do you earn any interest?

    • Yes, everything you've said is true.

      There are good for free accounts, but if you need more features, you probably need to go local currency bank

  • "this is more of a way to receive money from Overseas in local currency and convert it to AUD cheaply in a rate almost equal to the Inter Bank Rate (Google rate)"

    Does the Transferwise debit card offer a better currency conversion rate than the Bankwest Zero mastercard or 28 degrees credit card? Wondering if its a good card to use on overseas travel.

    • answered elsewhere, and answer was yes. This uses the mid-market rate, which can't be beaten.

      HOWEVER, it seems they do charge a FX fee - seems to be about 0.47% depending on currency and whether debit card transaction or converting within Transferwise accounts, or withdrawing in foreign currency

      https://transferwise.com/au/borderless/#/pricing says 0.35%-2.22%

      You can test here: https://transferwise.com/au/pricing/borderless

      So I'm thinking it probably isn't as cheap as Citibank Plus or 28 Degrees??

  • Did someone already use TW borderless account to fund their US stock brokerage account?
    There are US stock brokers with zero transaction fee, so might be good to trade using US brokers.

  • Can I direct debit a Transferwise US account inorder to pay an invoice from a US company?

  • How is this a deal? Is there something special about it or is it just an ad for transferwise?

  • Ok two questions as I have tried to get a US bank account before with no luck…

    • Would this allow me to buy online USA only items (I have a shipping forwarder but some of my favorite obscure shops require a US bank account & phone number)?
    • Could I open a US share broking account (as they have zero brokerage fees)?

    Also need a US phone number for both if anyone knows a non scam way of how to get one.

    • +1

      I think yes, we do have a standard us bank account and bank address

    • +1

      Could I open a US share broking account (as they have zero brokerage fees)?

      I think this task in particular is quite difficult to do. I walked into a Charles Schwab and they wanted nothing to do with non-US citizens. I think almost every brokerage company requires a social security number if you want to be a customer.

      Maybe you can get around it with some sort of US-based company to hold your investments.

      Also need a US phone number for both if anyone knows a non scam way of how to get one.

      I use google voice

    • +1

      I have been using Google voice for 10 years, try if they are accepting new ones now. It used to be for US customers only back then.

      • Thanks tried but it says google voice is only allowed for US phone numbers

        • Yeah you may need one to set up google voice. After that you can let your original US number lapse

        • +1

          voip.ms is ok, works for my US internet bankings and sometimes even receives sms

    • Textnow.

  • I heard you need to send them a selfie photo of yourself holding your photo ID? That is ridiculous and bad for privacy. Perfect opportunity for hackers to use your photo ID for fraud too. No thanks.

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