American Express currency exchange alternative: TransferWise Borderless, how good is it?

American Express currency exchange alternative: TransferWise Borderless, how good is it? [English]

American Express currency exchange alternative

As the American Express currency exchange does not exist anymore online, but only at select airport locations, it is worth finding a nearly free currency exchange service such as TransferWise and their BorderLess account.

Is there a free currency exchange service?

There are no free currency exchange service at all. Whenever one currency exchange service claim to be free, it is not the case. It simply means that the fee is hidden in less advantageous conversion rates than their competitors.

The currency exchange service closer to be a free currency exchange service is TransferWise , and they let you clearly know which fees are taken and how the conversion is handled.

Currency exchange with TransferWise

After having opened an account on TransferWise website, and opened a conversion fee free BorderLess account, it is possible to add many currencies to the online account, to which it will later be possible to send money, transfer money between currencies, and pay with the attached credit card.

Start by going in the upper left menu and find the balances option.

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There, the different currencies already available will be visible, along with their current balances.

Click on the activate a currency button to add a new currency for conversion on your BorderLess account.

There is a choice between many currencies, including British pounds, UAE dirhams, United States USD, European EUR, and many more. Select the currency with which you would like to do an exchange from another currency.

Depending on the currency selected, they might not be open for direct currency balance transfer, but only for money conversion balance topup from the other currencies already available in the TransferWise account.

Once done, it will be possible to send money from this currency, to add money to this online currency account, and to convert available currency balance to other currencies.

If the currency is open for direct topup, it will be possible to add credit on the currency from another currency, or from the same one.

Otherwise, it will be necessary to use the excellent nearly free currency exchange service from the TransferWise account.

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