Company plans to launch borderless debit card next year

A European company plans to give Canadians a new way to shop across the border with a 'borderless debit card.'

TransferWise CEO and co-founder Kristo Kaarmann says there would be no transaction fees when people make purchases across the border.

The card launched in the UK two weeks ago allows users to hold and spend a balance in multiple currencies.

If money needs to be converted before using the card, a conversion fee between 0.6% and 1% would apply.

The company hopes to have the borderless debit card available in 2019. The company launched a borderless account in Canada last August.