British online money transfer service TransferWise has launched its debit card in Australia and New Zealand.

The latest offering, TransferWise Platinum debit Mastercard, is available for individuals and businesses.

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The debit card is a part of its TransferWise multi-currency account service. It enables the customers to send funds in real exchange rate, receive money for free as well as convert currencies.

Accordingly, the TransferWise debit card will benefit the travellers enabling them to transact in more than 40 currencies. Unlike conventional bank cards, transactions made abroad with this card will not involve foreign transaction fees.

Furthermore, the Platinum debit Mastercard comes with additional benefits including e-commerce protection and airport concierge. The cardholders are also entitled to Mastercard Global Services and other benefits.

The card was first launched in Europe last year, followed by its introduction in the US in June 2019.

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In a blog post, TransferWise said: “For people going on holiday or relocating abroad, the TransferWise Platinum debit Mastercard is up to 11x cheaper than travel cards.

“It’s already helping over 250,000 in the UK, US, and Europe avoid hidden bank fees when they spend overseas.

“And after more than 2 million card transactions, we hope our customers in the southern hemisphere will benefit it from it, too.”