Transferwise

Old Sep 20th 2020, 3:23 pm
  #16  
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Default Re: Transferwise

Originally Posted by Lion in Winter View Post
Another question. I'm looking at setting up a borderless transferwise account (as per some BE recommendations) to be paid a regular monthly amount as a contracted consultant by a UK organisation. I understand that I will get a UK sort code, etc.

On the UK end, are they just going to be able to make a payment from their bank like any other? Or will they have to faff about with security questions and stuff or do anything different. .....
Having an account number and sort code for a payment/ transfer, is analogous to you having an address and post code to receive mail. If someone sends you a letter all they need is your address and post code, and they can leave delivery to the post office. It's the same for a payment - with an account number and sort code the payment clearing computers can take the transfer and apply it to the correct account. So the payer no more needs to be familiar with your bank, or interact directly with it, than they would need to be familiar with your home address in Portsmouth if they had sent you a letter.
Originally Posted by Lion in Winter View Post
Bank's site says no charge for incoming wire (but their currency exchange rates and charges would apply of course). Is the transfer of money from my own TW account to my bank checking account an ach transfer? Sorry, I'm not up on the terminology.
Yes. ACH (Automated Clearing House) is the US's free transfer system for US inter-bank transfers.

Last edited by Pulaski; Sep 20th 2020 at 3:34 pm.
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Old Sep 20th 2020, 3:40 pm
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Default Re: Transferwise

Originally Posted by durham_lad View Post
ACH is Automated Clearing House and is a free overnight transfer service between US banks. It takes more setting up initially between the banks.
Originally Posted by Pulaski View Post
Having an account number and sort code for a payment/ transfer, is analogous to you having an address and post code to receive mail. If someone sends you a letter all they need is your address and post code, and they can leave delivery to the post office. It's the same for a payment - with an account number and sort code the payment clearing computers can take the transfer and apply it to the correct account. So the payer no more needs to be familiar with your bank, or interact directly with it, than they would need to be familiar with your home address in Portsmouth if they had sent you a letter.

OK, thanks. So no faff on the UK end, a small charge by TW to exchange to dollars, charge by TW to transfer money out to my land bank account depending on the amount I'm moving, and I need to check with my bank on any incoming charges but they are unlikely. Have I got that right?

TW doesn't count as a bank, presumably, for ACH?
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Old Sep 20th 2020, 4:10 pm
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Default Re: Transferwise

Originally Posted by Lion in Winter View Post
OK, thanks. So no faff on the UK end, a small charge by TW to exchange to dollars, charge by TW to transfer money out to my land bank account depending on the amount I'm moving, and I need to check with my bank on any incoming charges but they are unlikely. Have I got that right? ...
If all you are receiving is ACH transfers from TW, then you shouldn't have any charges, and I would go so far as to say charges (for TW ACHs) should be impossible. That said, you might want to try getting your bank to document (in your electronic customer file - when you speak to a customer service center, the person you speak to is supposed to keep notes of anything pertinent, especially if is is more than a very basic/common request) that you will be receiving frequent (monthly?) credits through TW in respect of your work as a contractor/ consultant in case anyone every questions your relatively unusual account activity, compared to most others.
.... TW doesn't count as a bank, presumably, for ACH?
TW probably doesn't count as a bank, but they have an account with a US bank, so can make ACH transfers through their bank .... as US corporations do, for example to make payroll payments.

Last edited by Pulaski; Sep 20th 2020 at 4:13 pm.
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Old Sep 20th 2020, 5:42 pm
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Default Re: Transferwise

Originally Posted by Pulaski View Post
If all you are receiving is ACH transfers from TW, then you shouldn't have any charges, and I would go so far as to say charges (for TW ACHs) should be impossible. That said, you might want to try getting your bank to document (in your electronic customer file - when you speak to a customer service center, the person you speak to is supposed to keep notes of anything pertinent, especially if is is more than a very basic/common request) that you will be receiving frequent (monthly?) credits through TW in respect of your work as a contractor/ consultant in case anyone every questions your relatively unusual account activity, compared to most others.

TW probably doesn't count as a bank, but they have an account with a US bank, so can make ACH transfers through their bank .... as US corporations do, for example to make payroll payments.
Gotcha. Call to bank planned for Monday.

Thank you.
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Old Oct 12th 2020, 5:52 pm
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Default Re: Transferwise

I plan to use TW for the first time and In the process of setting up all the required information.
All of my transfers will be from my HSBC U.K. account into my hometown bank here in Virginia.
The initial question required is information about your bank ? As they are both my bank accounts and I will only be transferring sterling into US dollars, Do I assume that my HSBC U.K. IS MY BANK and my US bank will be the receiver ?
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Old Oct 12th 2020, 8:48 pm
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Default Re: Transferwise

Originally Posted by BennyBall View Post
I plan to use TW for the first time and In the process of setting up all the required information.
All of my transfers will be from my HSBC U.K. account into my hometown bank here in Virginia.
The initial question required is information about your bank ? As they are both my bank accounts and I will only be transferring sterling into US dollars, Do I assume that my HSBC U.K. IS MY BANK and my US bank will be the receiver ?
That sounds right.
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Old Oct 15th 2020, 7:20 am
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Default Re: Transferwise

Originally Posted by BristolUK View Post
I have seen some references to the receiving bank possibly making a charge but I think that's been for transactions of a different kind, not TW. My receiving bank doesn't charge but before TW existed I did the odd SWIFT transfer or whatever it was called and my UK bank warned of a possible receiving charge but there never was one then either.
Yeah my USA bank doesn’t charge for receiving TW transactions and I’ve used it for years. Highly recommend TW
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