Borderless Banking – The Beginning of a Whole New World?

April 9, 2018

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MONTHLY ANALYSIS

Imagine if bank accounts were not restricted to your home country. What if there was a way for businesses and freelancers to internationally manage their money as easily as if they were local in each country? Once at scale, how would that change the way we work, commerce, and banking as we know it?

It would be a revolutionary product that our traditional, banking-trained mindset may not easily comprehend. I was really amazed when I started tracking it. Before I dive into some example, it is worthwhile to unpack why it will be difficult for (traditional) banks to compete.

For example, consider TransferWise, which offers borderless personal and business accounts. It rolled out a debit card (only by invitation at the time of writing) to accompany what is called a borderless ...

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