Article on the UK and impact of Brexit, with input of Finch Capital.
Anyone who has ever struggled with the bureaucracy associated with opening an overseas bank account might welcome a new service from British financial technology company Transferwise. Launched in January, the company’s ‘borderless’ account – coupled with a debit card – allows users to hold up to twenty-eight currencies. Once signed up, account holders can carry out transactions in a currency of their choice as they travel around the world. In a statement accompanying the launch, Transferwise co-founder and chairman Taavet Hinrikus claimed the borderless account was a “game changer” for anyone living or working between countries. “Opening a bank account abroad is incredibly difficult without a local proof of address,” he added. “But a borderless account can be opened in minutes.”