Transferwise - boarderless bank a/c
#31
Re: Transferwise - boarderless bank a/c
Is Worldfirst still operating in the USA? We had an account with them for years and I seem to remember getting an email saying they no longer operate here.
We use Transferwise to get money to the kiddoes at uni outside the USA.
We use Transferwise to get money to the kiddoes at uni outside the USA.
#32
Re: Transferwise - boarderless bank a/c
I had an email from them the other day, which made me believe they are in fact trading in the US again.
#33
Re: Transferwise - boarderless bank a/c
Worldfirst doesn't seem to be registered as an MSB with FinCen, nor registered as a remitter in the states that I checked - California, Texas, and North Carolina, so I think it is unlikely that Worldfirst is legally allowed to offer services in the US.
#34
Re: Transferwise - boarderless bank a/c
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✔ Over 16 years’ experience providing a real alternative to the big banks
✔ Transparent pricing from 0.15% to 0.50%
✔ 24/5 customer service, and dedicated account managers to support you from beginning to end
✔ Quick, easy, and reliable international money transfers
✔ Manage risk with flexible hedging solutions, firm orders, and real-time rate alerts
✔ Send mass payments from a single transaction
They don't have an office in the US anymore. So do they need a US license to send money from the UK to a US bank account. It doesn't seem they offer transfers US-UK
Last edited by lansbury; Oct 19th 2020 at 8:47 pm.
#35
Re: Transferwise - boarderless bank a/c
"To" is different from "from".
Any business (around the world) can send money to the US, only those registered in the US are allowed to offer services to US residents.Last edited by Pulaski; Oct 19th 2020 at 8:48 pm.
#36
Re: Transferwise - boarderless bank a/c
For some reason, which I can't fathom out why, I was thinking those institutions that use an intermediary bank did so because they were not licensed in the US.
So I am assuming from what you say they couldn't send dollars from the UK to my US bank account for me, as I am a US resident. Even though the transaction is carried out through their UK office. I would try and open a new account with them to find out, but it involves phone calls to the UK so I can't be doing with that.
#37
Re: Transferwise - boarderless bank a/c
#38
Re: Transferwise - boarderless bank a/c
Sorry I couldn't answer yesterday, as the hyperlinks in BE stopped working for me. Suddenly I couldn't click on any links, but only on BE, in any browser.
For some reason, which I can't fathom out why, I was thinking those institutions that use an intermediary bank did so because they were not licensed in the US.
So I am assuming from what you say they couldn't send dollars from the UK to my US bank account for me, as I am a US resident. Even though the transaction is carried out through their UK office. ....
For some reason, which I can't fathom out why, I was thinking those institutions that use an intermediary bank did so because they were not licensed in the US.
So I am assuming from what you say they couldn't send dollars from the UK to my US bank account for me, as I am a US resident. Even though the transaction is carried out through their UK office. ....
So back to the original point, to offer services in the US, an FX broker-remitter needs to be registered with FinCEN and in most states also registered with the in-state regulator of money service businesses. This is true irrespective of the money flows, it's just a matter of where the customer resides - and of course with Transferwise, there isn't technically an international money flow at all.
To your point about "intermediary banks", the world of international money transfer is, at least legally speaking, a de facto bank monopoly. If a person or non-bank wants to send money to another country, with the exception of services such as Transferwise, or similar informal systems, such hawala, which spoof an international transfer, the mechanism used to transfer the money is from bank to bank.
Last edited by Pulaski; Oct 20th 2020 at 8:20 pm.
#39
Re: Transferwise - boarderless bank a/c
#40
Re: Transferwise - boarderless bank a/c
It's a pain when you want to get in somewhere and it has has a 'gone fishing' sign on the door.
#41
Re: Transferwise - boarderless bank a/c
Just chipping in here - Like others i'd personally not use them as a 'bank' especially as they are seemingly unregulated/protected for if they go under (i'd guess they'd use the funds in trading to raise funds and avoid a fund raise?). They certainly aren't a scam though - at the recommendation of this forum, I've used their XE services several times now in moving pretty decent sized mounts from my UK account to an account in the US. It is slower than expected but im 99% sure its my US bank and the nature of ACH. On the first transfer I was a little 'concerned' that it took 3 days but their customer service were pretty stellar and my US bank confirmed what they said on speeds and timings.
I do however have some interest (pardon the banking pun) in their debit card - which I think is separate to the bank - has anyone tried/heard of/seen this? my understanding is that it works in the local currency (so great if you're traveling - remember that?) and it pulls funds from a linked bank account.
I do however have some interest (pardon the banking pun) in their debit card - which I think is separate to the bank - has anyone tried/heard of/seen this? my understanding is that it works in the local currency (so great if you're traveling - remember that?) and it pulls funds from a linked bank account.
Last edited by livinginnyc; Oct 24th 2020 at 4:12 pm.
#42
Re: Transferwise - boarderless bank a/c
Just chipping in here - Like others i'd personally not use them as a 'bank' especially as they are seemingly unregulated/protected for if they go under (i'd guess they'd use the funds in trading to raise funds and avoid a fund raise?). They certainly aren't a scam though - at the recommendation of this forum, I've used their XE services several times now in moving pretty decent sized mounts from my UK account to an account in the US. It is slower than expected but im 99% sure its my US bank and the nature of ACH. On the first transfer I was a little 'concerned' that it took 3 days but their customer service were pretty stellar and my US bank confirmed what they said on speeds and timings.
I do however have some interest (pardon the banking pun) in their debit card - which I think is separate to the bank - has anyone tried/heard of/seen this? my understanding is that it works in the local currency (so great if you're traveling - remember that?) and it pulls funds from a linked bank account.
I do however have some interest (pardon the banking pun) in their debit card - which I think is separate to the bank - has anyone tried/heard of/seen this? my understanding is that it works in the local currency (so great if you're traveling - remember that?) and it pulls funds from a linked bank account.
Must say I was surprised you say it is slower than expected using the forex service. If I do an exchange Monday to Thursday before 6pm UK time, it is in my USA credit union bank account the next morning. Do the exchange Friday and it is there Monday. Not bad really for the small percentage fee they charge. NatWest charge a lot more and are no quicker.
#43
Forum Regular
Joined: Mar 2012
Posts: 78
Re: Transferwise - boarderless bank a/c
I have their debit card, it comes from Mastercard. Mine is linked to my Borderless account with Transferwise. My account is a sterling one, and if I use it in the States it comes out of that account at the normal Transferwise exchange rate. My understanding is the money, while not protected, is lodged at Barclays in the UK. While I don't keep large sums in it, just trip spending money, it is useful to have as a backup in case NatWest ever decide having customers living in the US is no longer something they wish to handle.
Must say I was surprised you say it is slower than expected using the forex service. If I do an exchange Monday to Thursday before 6pm UK time, it is in my USA credit union bank account the next morning. Do the exchange Friday and it is there Monday. Not bad really for the small percentage fee they charge. NatWest charge a lot more and are no quicker.
Must say I was surprised you say it is slower than expected using the forex service. If I do an exchange Monday to Thursday before 6pm UK time, it is in my USA credit union bank account the next morning. Do the exchange Friday and it is there Monday. Not bad really for the small percentage fee they charge. NatWest charge a lot more and are no quicker.
#44
Re: Transferwise - boarderless bank a/c
Hi Lansbury, hope you are keeping well. When you say "trip spending money" were you referring to having/using this in the US or the UK or indeed both? Like your backup idea and I believe I opened up a border acct with Transferwise a few years ago but never considered the debit card. Will look into that. Thx for bringing this up.
#45
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: Transferwise - boarderless bank a/c
Must say I was surprised you say it is slower than expected using the forex service. If I do an exchange Monday to Thursday before 6pm UK time, it is in my USA credit union bank account the next morning. Do the exchange Friday and it is there Monday. Not bad really for the small percentage fee they charge. NatWest charge a lot more and are no quicker.