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By Sameer Chhabra

It can be almost impossible for foreign citizens to set up bank accounts in certain countries, and for people like freelancers and business owners, that often means having to take meandering steps to send and receive money between countries.

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England-based financial technology company TransferWise, however, might just have the answer.

On Wednesday, the company is launching its ‘Borderless’ account platform in Canada.

One step closer to borderless banking

The Borderless platform works by allowing users to set up quasi-local bank accounts in the U.S., U.K., and Europe to easily store, send and receive money.

The Borderless account also allows TransferWise users to convert the money in their accounts into 27 different currencies, including the Euro, Great Britain Pound and the United Arab Emirates Dirham.

The platform utilizes TransferWise’s existing currency exchange system, meaning that users will be able to exchange currencies at their actual rates — and not the rates imposed by local dealers or banks.