Borderless Accounts


(David Metcalfe) #1

Hi, been catching up on some of the recent FinTech announcements and noticed that Transferwise are going to offer Borderless Accounts starting with 15 different currencies.

Having read through their blurb on their website and this echeck review http://echeck.org/transferwise-borderless-bank-account-review/ I was wondering if Monzo would be looking to offer similar service in the future?

Transferwise is not governed by the FDIC or FSCS so your money is at risk and they’re a business not a bank, but I think the ethos is pretty good

Would love to hear your thoughts Monzo!


(Alex Sherwood) #2

This makes sense to me -

It Is Primarily Aimed At Small Businesses, Sole Traders And Freelancers

Transferwise are targeting these customers because these people and businesses have the most to gain from the Transferwise Borderless Bank Account. Private citizens are less likely to require bank accounts in different countries, so they are not a primary target.

I’m sure there are users who would benefit from the service & Monzo could offer it once they kick off their international expansion & launch their USD & EUR accounts. But my guess is that the app will initially be designed based on the assumption that users will only be using the one account, as Monzo tend to design a solution that covers the main use case first & then build in the more complex functionality to address the remaining use cases later.