Is this a solution to a UK bank account opening?
Jan 24th 2018, 12:42 am
#1
Forum Regular
Thread Starter
Joined: Nov 2016
Location: Rural BC
Posts: 256
Is this a solution to a UK bank account opening?
I looked at the Transferwise site and they seem to say they open a registered user a UK account.
There is a verification process as part of the signup.
What I am not sure is how to access funds once this is done.
Anyone have experience of this company?
There is a verification process as part of the signup.
What I am not sure is how to access funds once this is done.
Anyone have experience of this company?
Jan 24th 2018, 12:45 am
#2
Joined: Feb 2012
Location: Not in Paris
Posts: 18,194
Re: Is this a solution to a UK bank account opening?
Are you referring to their 'borderless' account?
https://transferwise.com/borderless
Probably worth reading their FAQ - they explain it's an Electronic Money account rather than a bank account.
https://transferwise.com/borderless
Probably worth reading their FAQ - they explain it's an Electronic Money account rather than a bank account.
Jan 24th 2018, 12:46 am
#3
Forum Regular
Thread Starter
Joined: Nov 2016
Location: Rural BC
Posts: 256
Re: Is this a solution to a UK bank account opening?
yes thats the one, once funds are in the UK from Canada how is money taken out of the UK account to pay for anything?
Do you know?
Thx
Do you know?
Thx
Jan 26th 2018, 1:21 am
#4
Oscar nominated
Joined: Jan 2008
Location: Moncton, NB, CANADA
Posts: 50,855
Re: Is this a solution to a UK bank account opening?
The website mentions the possibility of a debit mastercard for withdrawal by cash machine or presumably paying as if a debit card - by invitation it says.
Aside from that it says "Use your bank details to get paid" in whatever country you want the money in. So you would still need a UK bank account to transfer money to.
Aside from that it says "Use your bank details to get paid" in whatever country you want the money in. So you would still need a UK bank account to transfer money to.
Jan 26th 2018, 11:46 am
#5
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: Is this a solution to a UK bank account opening?
The explanation of this "account" (if that's what it is) is poor.
It looks like it could be a solution for receiving funds from somewhere where one has no bank account. So for some recent threads about receiving pension in the UK, when the provider will only pay to a UK bank account and the recipient does not have one and cannot open one because of residency requirements, it may be a solution.
For withdrawing funds the norm seems to be to withdraw to a bank account. I have also seen some reference to a plan to issue debit cards in the future.
Another aspect which should be checked, and again is not clear to me, is what protection exists for funds in this account.
It looks like it could be a solution for receiving funds from somewhere where one has no bank account. So for some recent threads about receiving pension in the UK, when the provider will only pay to a UK bank account and the recipient does not have one and cannot open one because of residency requirements, it may be a solution.
For withdrawing funds the norm seems to be to withdraw to a bank account. I have also seen some reference to a plan to issue debit cards in the future.
Another aspect which should be checked, and again is not clear to me, is what protection exists for funds in this account.
Jan 26th 2018, 12:16 pm
#6
Joined: Feb 2012
Location: Not in Paris
Posts: 18,194
Re: Is this a solution to a UK bank account opening?
Doesn't fill me with overwhelming confidence.
Jan 26th 2018, 12:34 pm
#7
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,131
Re: Is this a solution to a UK bank account opening?
The explanation of this "account" (if that's what it is) is poor.
It looks like it could be a solution for receiving funds from somewhere where one has no bank account. So for some recent threads about receiving pension in the UK, when the provider will only pay to a UK bank account and the recipient does not have one and cannot open one because of residency requirements, it may be a solution.
For withdrawing funds the norm seems to be to withdraw to a bank account. I have also seen some reference to a plan to issue debit cards in the future.
Another aspect which should be checked, and again is not clear to me, is what protection exists for funds in this account.
It looks like it could be a solution for receiving funds from somewhere where one has no bank account. So for some recent threads about receiving pension in the UK, when the provider will only pay to a UK bank account and the recipient does not have one and cannot open one because of residency requirements, it may be a solution.
For withdrawing funds the norm seems to be to withdraw to a bank account. I have also seen some reference to a plan to issue debit cards in the future.
Another aspect which should be checked, and again is not clear to me, is what protection exists for funds in this account.
If I was using a Transferwise Borderless account then monthly pension money wouldn't sit there for long before being transferred to my US bank.
