British money transfer services provider TransferWise has introduced a Mastercard-branded multi-currency debit card in Singapore.
Called the “Borderless Account”, the new offering enables cardholders to avoid high foreign exchange fees while making transactions overseas.
It automatically selects the currency with the least conversion fee. Also, it tracks all spending in real-time, including exchange rates and fees as well.
The card, which accompanies a multicurrency account, enables customers to own, convert and send money in over 40 currencies. The card will be accepted by merchants in over 150 countries.
Customers looking for the new multi-currency debit card do not have to pay any sign-up and annual charges as well as dormancy fees.
Available for individuals and businesses, the new debit card also allows users to withdraw up to S$350 ($255) in a month at any ATM across the globe where Mastercard is accepted.
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Notably, a year ago, the money transfer firm selected German digital payments firm Wirecard as the debit card issuer for its borderless account users.
TransferWise was valued at $3.5bn following its funding round this May. The firm was set up in 2011.