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Advice Needed please - Transferwise Borderless Account

Advice Needed please - Transferwise Borderless Account

Old Oct 12th 2020, 7:20 pm
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Default Advice Needed please - Transferwise Borderless Account

I would be very grateful if someone (anyone) could give me some advice on setting up and utilising a Transferwise Borderless (Multi Currency) Account - or even if that's the right one to choose!

I will need to have regular payments into it by a UK company and then be able to withdraw or transfer those funds to my Canadian bank account every month. I get that they issue you with an 'account' number for payments in at the UK end, but how do you transfer the money out again into a bank account - and how have you found the fee structure?

My alternative apparently (clients request) is Paypal and I know that I will lose money from their terrible exchange rate and fee structure, so need to avoid it, I had hoped they would be able to pay the same way as my other client has in the past, i.e. via a direct bank transfer in sterling, converted at my bank on receipt.

My brain isn't working properly, I am usually very quick on the uptake but for some reason am struggling to ascertain how you get the money from the transferwise account to a Canadian (RBC) account. Having one of those DUH days!

Thanks!
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Old Oct 12th 2020, 8:12 pm
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Default Re: Advice Needed please - Transferwise Borderless Account

I haven't set up one of these accounts as yet but I'm sure the time will come.

My civil service pension gets paid into my UK account.
On TW I pre-set the details for my UK account and the receiving Canadian account.

So when I transfer, I log onto TW to say how much I'm transferring and they ask me to confirm it's involving the two recorded accounts.
They then give me the sort code, account number and reference which I use to tell my UK bank to transfer money to.

TW does the rest.

I assume that with the borderless account you'd log on and be asked to confirm the sending/receiving account in exactly the same way I do except there would be no need to tell the UK end to make the transfer because TW is already that end. Probably the only difference would be more than one account to transfer from and to if one was potentially receiving deposits in different currencies.

I would guess it was a drop down list, just like a payee list on a bill payments feature or e-transfer list.
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Old Oct 14th 2020, 5:10 am
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Default Re: Advice Needed please - Transferwise Borderless Account

Originally Posted by BristolUK View Post
I haven't set up one of these accounts as yet but I'm sure the time will come.

My civil service pension gets paid into my UK account.
On TW I pre-set the details for my UK account and the receiving Canadian account.

So when I transfer, I log onto TW to say how much I'm transferring and they ask me to confirm it's involving the two recorded accounts.
They then give me the sort code, account number and reference which I use to tell my UK bank to transfer money to.

TW does the rest.

I assume that with the borderless account you'd log on and be asked to confirm the sending/receiving account in exactly the same way I do except there would be no need to tell the UK end to make the transfer because TW is already that end. Probably the only difference would be more than one account to transfer from and to if one was potentially receiving deposits in different currencies.

I would guess it was a drop down list, just like a payee list on a bill payments feature or e-transfer list.
Thanks Bristol could you give a bit more info about the 'bold' part please? I'm not sure how that will work for payments into a 'virtual' uk account on a fairly regular basis, the client isn't going to want to have to change details every time..

Also, is there anyone who has already set up a Borderless (multi currency) account who could give me some advice regards to the overall process, what level of fees , and if this will work for what I need, please? Does the 'virtual' UK bank account cause any issues? I have to make a decision within the next 10 days.

Last edited by Siouxie; Oct 14th 2020 at 5:16 am.
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Old Oct 14th 2020, 1:07 pm
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Default Re: Advice Needed please - Transferwise Borderless Account

Originally Posted by Siouxie View Post
Thanks Bristol could you give a bit more info about the 'bold' part please? I'm not sure how that will work for payments into a 'virtual' uk account on a fairly regular basis, the client isn't going to want to have to change details every time...
Ah...I should have said the details don't change. When I first started to use this method - I previously used my bank card but with the changes made at the UK end that meant having a UK phone number - I expected it to be different every time, you know, like a code on a card reader or texted is different.

But it's been the same every time. It's like it's my personal account number as if I had actually set up a borderless account.

As for the fees, I see there's a range mentioned for Borderless account but the principle seems to match what people have said on BE worldwide. The common currencies are the lower fees and currencies like Chilean or Ugandan are higher. I don't think the common currency fees can be beaten except when a service has a temporary low rate to entice new customers.

I can't answer the any issues part other than to say there haven't been any in the year or so since I preset the virtual account numbers with my UK bank.

Hurlabrick (don't mention bikers ) and Durham Lad I think are the biggest experts on Transferwise although not necessarily the borderless account. But they have probably researched it.

There will come a time, I'm sure, when I will need to switch to borderless and I won't hesitate.
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Old Oct 14th 2020, 2:38 pm
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Default Re: Advice Needed please - Transferwise Borderless Account

You might find this thread useful.
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Old Oct 14th 2020, 10:05 pm
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Default Re: Advice Needed please - Transferwise Borderless Account

Thanks both!

Is TW the best available for a ONE OFF payment?
I learned today that the client doesn't have much work for me as they have got other contractors available, so this could be the only time I need to make a transfer (they are still pushing for Paypal, I'm still refusing to use it.
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Old Oct 14th 2020, 10:09 pm
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Default Re: Advice Needed please - Transferwise Borderless Account

Originally Posted by Siouxie View Post

Is TW the best available for a ONE OFF payment?
I think so. I was once offered a slightly better rate by https://www.transfergo.com/en-gb but only as an introductory offer
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Old Oct 14th 2020, 10:19 pm
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Default Re: Advice Needed please - Transferwise Borderless Account

Originally Posted by BristolUK View Post
I think so. I was once offered a slightly better rate by https://www.transfergo.com/en-gb but only as an introductory offer
Thanks - although their exchange rate is lower than TW, it may be worth it overall.
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Old Oct 25th 2020, 7:42 pm
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Default Re: Advice Needed please - Transferwise Borderless Account

Frustration upon frustration! Having finally persuaded the company to pay me through Transferwise - and setting up my Borderless (multi currency) account and opening the bank accounts in Transferwise, they required verification of ID to complete the process. Had to open this because I don't have a UK bank account to transfer from, so needed a 'virtual' account for them to pay into.

No problem, I thought - but after sending a picture of my passport (and a photo of me holding the passport) that was turned down because my passport has expired. Then I did the same with my PR card - front and back, photo of me holding it - and that was rejected as it has expired.

Apparently I can't hold an account if I can't give them current ID -- one big bloody problem, I don't have any. My passport expired 3 years ago - as I was told not to fly (after the stroke) I didn't bother renewing it. As I can't travel, I couldn't see any point in renewing m PR card - it's not a requirement to do so.

So now what do I do.. stressed doesn't begin to say how I feel.

I can't use my old paypal account as it's linked to a business account which was closed years ago - I had only opened it to comply with a requirement on the course I was on.. used it twice.. 10 years ago.
If I open a new paypal account and go cap in hand to the company involved, I will lose around £180 due to the exchange rate and fees - when it's your last bit of income for who knows how long, that's a big deal.

Last edited by Siouxie; Oct 25th 2020 at 8:04 pm.
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Old Oct 25th 2020, 7:51 pm
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Default Re: Advice Needed please - Transferwise Borderless Account

The way the world works now I think we all need valid ID - just in case. I cannot travel but I make sure my passport is always valid. Best form of ID in any jurisdiction.
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Old Oct 25th 2020, 8:13 pm
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Default Re: Advice Needed please - Transferwise Borderless Account

Originally Posted by scot47 View Post
The way the world works now I think we all need valid ID - just in case. I cannot travel but I make sure my passport is always valid. Best form of ID in any jurisdiction.
And that comment is of help how exactly? To get my passport renewed will take weeks.... PR card, months... and I need to have the money in the next 10 days.


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Old Oct 25th 2020, 8:36 pm
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Default Re: Advice Needed please - Transferwise Borderless Account

May be of help to others who will need this in the future. Sorry that you have this predicament.
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Old Oct 25th 2020, 9:26 pm
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Default Re: Advice Needed please - Transferwise Borderless Account

Originally Posted by scot47 View Post
May be of help to others who will need this in the future. Sorry that you have this predicament.

It's only applicable for those that are opening a Borderless Account - who don't have current ID - but this wasn't asking for others, it was asking for me.. as the OP

So you have no suggestion for an alternative then........ darn, was hopeful for a second..
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Old Oct 25th 2020, 10:00 pm
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Default Re: Advice Needed please - Transferwise Borderless Account

Originally Posted by scot47 View Post
The way the world works now I think we all need valid ID - just in case. I cannot travel but I make sure my passport is always valid. Best form of ID in any jurisdiction.
This advice is spot-on, and I couldn't have put it better myself - in fact I would have rambled on a good bit, and not been as succinct.
Originally Posted by Siouxie View Post
And that comment is of help how exactly? ....
Because IMHO, it is likely the only solution to your problem. Banks, and quasi-banks (including, but not confined to, FX broker-remitters) are under such tight scrutiny, and the threat of extreme sanctions, that they simply refuse to deal with anyone who can't prove, to the satisfaction of the government of any country they operate in, or send funds through (one way or another this is going to include Uncle Sam, who wields a very large stick, and has a very low tolerance for banks and quasi-banks who don't enforce rigorous ID checking) that they know the legal identity of.
​​​

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Old Oct 25th 2020, 10:26 pm
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Default Re: Advice Needed please - Transferwise Borderless Account

Originally Posted by Siouxie View Post

It's only applicable for those that are opening a Borderless Account - who don't have current ID - but this wasn't asking for others, it was asking for me.. as the OP

So you have no suggestion for an alternative then........ darn, was hopeful for a second..
Bugger. I can't think of anything without risk or complications.
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