Very little will change for Transferwise customers straight away. You won’t need to set up a new account, but your existing account will become a ‘Wise’ or ‘Wise Business’ account.

Customers can login to their existing accounts via Wise.com using their usual email and password, with existing payments still going through. But if you use a password manager, you’ll need to re-save your login details.

The company’s logo, website and app will be changing name from TransferWise to Wise over the next two weeks.

The Transferwise logo is changing to a similar Wise logo, including a ‘fast flag’ which Transferwise says ‘remains as a symbol for money without borders’.

Transferwise was set up 10 years ago by Estonians Kristo Käärmann and Taavet Hinrikus who were both fed up with the high rates charged by banks for international transfers.

The pair set themselves a mission ‘to make money work without borders’, with cheap and instant transfers. Transferwise claims to be seven times cheaper, on average, than old-school banks when you send, spend, or withdraw money around the world.

More than 10 million individuals and businesses now have a multi-currency Transferwise account and debit card.

A Transferwise blog post explained the name change: “Today our name catches up with who we’re already building for — a community of people and businesses with multi-currency lives. Wise is for all of us who live, work, travel, or support family around the world. It’s for those of us who want to cut out the middlemen that hold us back from being truly borderless.

“The core experience of using Wise will remain faster, cheaper, and more convenient than anything else. Our mission remains the same. We’re still making — and always will be making — money work without borders.”