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Transferwise Borderless Account

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rated:
Transferwise is now offering a 'borderless' account. 

https://transferwise.com/borderless?utm_medium=email&utm_source=...

It allows you to have local account details for Euro, GBP and USD and allows you to manage and hold money in 15 currencies. Same fees to move money to a different currency then they have for their regular transfer except no minimums. Some fees to get the money out of the account dependent on country. Transfer out works to more then 50 countries.

I have currently accounts in 3 different countries / currencies so this could be useful. Disadvantage is though you can't really use it as a checking account with their outbound fees. So not really useful as a checking account but they are looking more at businesses and freelancers. Maybe somebody else has usage for it. 

 

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rated:
Thanks. I'm thinking if one just wants an account to pay using a debit card from a multi-currency account, using Zenbanx might be a better option (no routing codes for Euro or Pound payments).

I do have a Transferwise account and tried signing up using my Android browser. The web site isn't working properly, showing pieces of software code instead of labels. I'm traveling to Berlin at the moment. I'll try again when I get back.

rated:
Anything similar that includes India?

rated:
Coverage.   Get local bank details.   These currencies come with your very own bank details. Anyone can use these to pay you just like they'd pay a local.
GBP and EUR only,   No USD

rated:
DWooley said:   Coverage.   Get local bank details.   These currencies come with your very own bank details. Anyone can use these to pay you just like they'd pay a local.
GBP and EUR only,   No USD

  USD is supported. GBP, EUR and USD currently. More coming. This is also in regard to local bank accounts only - they would only provide them in those currencies. You can still use it to transfer to other currencies / countries in which you have a bank account. This is just a limitation where they can provide you with an account in that country (e.g. with USD, they'll provide you with a "bank account", with a routing / account number, but can't do the same for say, AUD currently).

rated:
Zenbanx is similar and supports India.

rated:
GermanExpat said:   Transferwise is now offering a 'borderless' account. 

https://transferwise.com/borderless?utm_medium=email&utm_source=mailchimp&utm_campaign=borderless_launch

It allows you to have local account details for Euro, GBP and USD and allows you to manage and hold money in 15 currencies. Same fees to move money to a different currency then they have for their regular transfer except no minimums. Some fees to get the money out of the account dependent on country. Transfer out works to more then 50 countries.

I have currently accounts in 3 different countries / currencies so this could be useful. Disadvantage is though you can't really use it as a checking account with their outbound fees. So not really useful as a checking account but they are looking more at businesses and freelancers. Maybe somebody else has usage for it. 

 

  

Sounds like a FATCA reporting nightmare.

rated:
greling said:   
GermanExpat said:   Transferwise is now offering a 'borderless' account. 

https://transferwise.com/borderless?utm_medium=email&utm_source=mailchimp&utm_campaign=borderless_launch 

It allows you to have local account details for Euro, GBP and USD and allows you to manage and hold money in 15 currencies. Same fees to move money to a different currency then they have for their regular transfer except no minimums. Some fees to get the money out of the account dependent on country. Transfer out works to more then 50 countries.

I have currently accounts in 3 different countries / currencies so this could be useful. Disadvantage is though you can't really use it as a checking account with their outbound fees. So not really useful as a checking account but they are looking more at businesses and freelancers. Maybe somebody else has usage for it. 
 

  
Sounds like a FATCA reporting nightmare.


Been there. What nightmare? For $10K - $50K in foreign accounts it's one additional line on your tax return, and a relatively simple online form indicating the bank, account number and approximate high balance for the year.  If you opened the account just to experiment, and only have a small amount of money in foreign accounts, there is no FATCA reporting requirement if the total of your accounts in under $10,000.

rated:
Transferwise emailed me saying my account is set-up. For the heck of it I created euro and a British pound account. I also created a US$ balance. For the US$ balance, it's not an account but just a balance. That said, I couldn't figure out how to even add money to the US$ balance, so that balance is zero.

For the euro account they gave me an IBAN number. The bank it clears through is in Germany:
Bank Address
Deutsche Handelsbank
Südliche Münchner Str. 2
Grünwald
82031
Deutschland

For the UK account, they gave me an account number and UK sort code. The bank is indicated as Transferwise:
TransferWise
56 Shoreditch High Street
London
E1 6JJ
United Kingdom

I didn't attempt to put any money in the UK account, but added a small amount in the euro account. Less than 15 euros. There are a variety of methods to transfer money in, most unique to Europe, but I tried the credit/debit card method. I first tried two U.S. Visa cards. Both failed. It looks like they don't accept U.S. issued cards. I then used a MasterCard I have with a U.K. bank. That worked. I probably won't add money this way again in the future, as this account isn't much use to me. I did read that a debit card linked to the account may be offered in the future, so I'll get one when that happens, as long as there is no fee.

rated:
Another suggestion: The current version of Internet Explorer does not work for the Borderless Account options (at least for me). The buttons do not work and you can't see your account details. Firefox does work.

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