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Transferwise - boarderless bank a/c

Transferwise - boarderless bank a/c

Old Jun 19th 2017, 5:46 am
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Default Re: Transferwise - boarderless bank a/c

I have used TransferWise for couple of years. Up to now it was very fast. Transfer from the U.K. to Cyprus takes just one day. To The US it takes longer. What I like about it you know exactly how much you will receive. I only transferred modest amount usually £500-600 a month. They charge 0.5% and exchange rate is the same as on XE website. So, for small amount it is very good deal. I will need to transfer large amount soon and wondering what can I use for that. I compared banks and transferwise fees and transferwise is still cheaper. Is anyone have a suggestion? Thanks
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Old Jun 19th 2017, 7:01 am
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Default Re: Transferwise - boarderless bank a/c

Transferwise are just as good for large amounts as small ones. You would need to consider how you are going to pay them if the amount exceeds your own banks daily transfer amount.

If I am transferring amounts with exceed my banks daily transfer limit I use World First as I can pick the date the transfer takes place, to enable me to be able to send the money to them over a number of days.
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Old Jun 19th 2017, 2:08 pm
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Default Re: Transferwise - boarderless bank a/c

Originally Posted by lansbury View Post
Transferwise are just as good for large amounts as small ones. You would need to consider how you are going to pay them if the amount exceeds your own banks daily transfer amount.

If I am transferring amounts with exceed my banks daily transfer limit I use World First as I can pick the date the transfer takes place, to enable me to be able to send the money to them over a number of days.
It should be possible to arrange a transfer in excess of your bank's daily transfer limit, but you might need to give additional information, perhaps in writing, to establish that you are the account holder and that you are not doing something proper or unlawful. Banks don't like people lurking in the shadows moving large amounts of money without full disclosure of what you're up to. ..... Certainly banks can move hundreds of millions of dollars a day, they just choose not to allow private account holders to do it on-line.
Originally Posted by lansbury View Post
.... I will need to transfer large amount soon and wondering what can I use for that. I compared banks and transferwise fees and transferwise is still cheaper. Is anyone have a suggestion? Thanks
Be sure to tell your bank where the money is coming from (assuming it's more than around $10k), where you kept it, e.g. "from the UK, sale of my home", and tell them what you will be doing with the money e.g. "I plan to use it to buy a house in Virginia". You should do this before the money arrives and ask them to put the information in your (electronic) customer file, and try as best you can to make sure they do it, even if they insist it isn't necessary, because somewhere in the background there is someone at the bank looking for unusual large transactions - US, and UK law requires it, and if there isn't a reasonable and/or obvious explanation then they may report it to the federal government.

There is likely no impact if this were to happen, and the bank cannot tell you if this happened, and the bank cannot disclose the information even with a subpoena, court order, or under sworn testimony, so don't ask about a report or the reporting process as you may stir up a hornets nest. .... The situation is almost identical for banks in the UK.

Last edited by Pulaski; Jun 19th 2017 at 2:20 pm.
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Old Jun 19th 2017, 4:04 pm
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Default Re: Transferwise - boarderless bank a/c

Thanks a lot everyone. I am selling my house and buying something in Virginia. I will certainly have good look at World First. Also I will contact the bank in the UK before transfering. With Transferwise I sorted my identity details 3 years ago.
If I transfer the money over number of days (my house is not worth a lot unfortunately) will be bank in the US ask why I am doing it this way? How can I let them know this money is clean? I will be in the UK at that time. Or my daughter can handle in prove of house sell and my letter?
Thanks

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Old Jun 19th 2017, 4:44 pm
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Default Re: Transferwise - boarderless bank a/c

Originally Posted by Lab_10 View Post
Thanks a lot everyone. I am selling my house and buying something in Virginia. I will certainly have good look at World First. Also [b]I will contact the bank in the UK[/ ] before transfering. With Transferwise I sorted my identity details 3 years ago.
If I transfer the money over number of days (my house is not worth a lot unfortunately) will be bank in the US ask why I am doing it this way? How can I let them know this money is clean? ....
Just tell them what you're doing, and as long as the amounts are not $10,000 (or just under, say $7k -$10k), you shouldn't have a problem - note, if you're moving the money to the US, it's the bank in the US that you should be telling, not the bank in the UK. ..... And don't say anything about the money being "clean", as that is more likely to make the bank suspicious!
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Old Jun 19th 2017, 5:28 pm
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Default Re: Transferwise - boarderless bank a/c

Originally Posted by Pulaski View Post
It should be possible to arrange a transfer in excess of your bank's daily transfer limit, but you might need to give additional information, perhaps in writing, to establish that you are the account holder and that you are not doing something proper or unlawful. Banks don't like people lurking in the shadows moving large amounts of money without full disclosure of what you're up to. ..... Certainly banks can move hundreds of millions of dollars a day, they just choose not to allow private account holders to do it on-line.
I wasn't clear what I meant there. I was referring to the daily online free transfer limit, which with NatWest is £10k. I can call and arrange a larger transfer but there is a charge for that. If I'm transferring more than that I just set the transfer date with enough days to be able to transfer £10k a day until World First have the full amount. They will hold the agreed rate while you do so. Transferwise only hold the agreed rate for 24 hours.
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Old Jun 19th 2017, 10:15 pm
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Default Re: Transferwise - boarderless bank a/c

I rang TW up the other week and asked this person, what country was he in? Estonia. They normally charge you around 0.5% of the fee you are transferring but you can book the exchange rate at a fixed amount for 24 hours. Plus there are some other small fees attached. Anyway, for large amounts could get this down to 0.3%. When I asked him about wire transfer fees that my Bank would charge me here in the US, he stated there wouldn't be any as the money is already in a bank in the US?? I thought I would start off with a small amount and see how it went, but now reading this thread and reading between the lines, not sure if they are the right people as certain posters quite rightly point out some pitfalls here...Also for money laundering purposes, if one does have large amounts..they need to see documentation where it's come from, i.e sale of property, inheritance, etc....

Just sold some property in the UK and its gone into my bank account in the UK. The exchange rate sucks at present so was going to wait for the pound to improve against the dollar but it could actually go down much further Anyway, just received an email from my UK Bank suggesting that we should get together for an opportunity of a personal review where we can see if I would benefit from an upgrade to my account. This would give me preferential rates on savings and lending in the future. Yada yada..in other words, fairly large amount, where has this come from? I think I need to reply.


It's HSBC and they have branches over here so could open one here and transfer money that way but would still get screwed. I actually want to get this money over to the US, sooner rather than later, but considering it was 1.65 a few years ago and now around 1.27. Its one hell of a loss.

Sorry to have gone slightly OT on this thread but I will have to let them know I believe that the large injection of money was for property sold and I need eventually to be allowed a higher amount than 10K per day to be transferred.
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Old Jun 19th 2017, 11:07 pm
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Default Re: Transferwise - boarderless bank a/c

Originally Posted by branmin View Post
I rang TW up the other week and asked this person, what country was he in? Estonia. They normally charge you around 0.5% of the fee you are transferring but you can book the exchange rate at a fixed amount for 24 hours. Plus there are some other small fees attached. Anyway, for large amounts could get this down to 0.3%. When I asked him about wire transfer fees that my Bank would charge me here in the US, he stated there wouldn't be any as the money is already in a bank in the US?? I thought I would start off with a small amount and see how it went, but now reading this thread and reading between the lines, not sure if they are the right people as certain posters quite rightly point out some pitfalls here...Also for money laundering purposes, if one does have large amounts..they need to see documentation where it's come from, i.e sale of property, inheritance, etc.....
The only "pitfall" I see is with the "borderless bank", not the FX and remittance service.

The transfer in the US to/from Transferwise (depending on which way the money is going) is an ACH, which is free to send/receive.

The money laundering issue is the same no matter how you send the money - you need good documentation to prove where you got the money from in case someone comes asking.
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Old Jun 19th 2017, 11:25 pm
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Default Re: Transferwise - boarderless bank a/c

Originally Posted by Pulaski View Post
The only "pitfall" I see is with the "borderless bank", not the FX and remittance service.
Agreed for security of exchange deposits Transferwise is just as safe as any other FX broker.
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Old Jun 19th 2017, 11:39 pm
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Default Re: Transferwise - boarderless bank a/c

[QUOTE=Pulaski;12276282]Just tell them what you're doing, and as long as the amounts are not $10,000 (or just under, say $7k -$10k), you shouldn't have a problem - note, if you're moving the money to the US, it's the bank in the US that you should be telling, not the bank in the UK. ..... And don't say anything about the money being "clean", as that is more likely to make the bank suspicious!

Thanks, I will follow your advice for sure. My English is not perfect and sometimes it could do bad tricks on me.
So, I will inform bank in the US and show them prove of sell if they ask.
I also will give a call to TW and ask them can they charge less then 0.5% for bigger amount. Up to now they did a good job and hopefully it will stay this way.
Somebody have mention other small fee they charge. I am not aware of that. Most I have been transferring with them £3000 and I wasn't charged any additional fee by them or by the bank in the US (it was PNC).
I had a look at World First. I am not sure I like it. I could not see what exchange rate they are offering. Maybe I don't know where to look? Anyway, I will give them a call to see what they can offer.
Is it a problem if I do few transfers (assuming the Bank in US informed where money is coming from)?
I really don't want to do it through my bank in the U.K., I've done it once (Halifax) and received amount was not what they told me. They explained later it happen because of MIDDLE bank charges. So how do I know what the middle bank going to charge?

Last edited by Lab_10; Jun 19th 2017 at 11:41 pm.
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Old Jun 19th 2017, 11:48 pm
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Default Re: Transferwise - boarderless bank a/c

You don't know what a middle bank will charge, or even if the transfer will go through one. Transferwise and World First do not use a middle bank.

With World First you get a firm quote for a transaction when you log into your account and fill in how much and the date of transfer. With World First the more you transfer the better the exchange rate as they use the split method, and not a fixed fee, as their charge.
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Old Jun 20th 2017, 6:55 pm
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Default Re: Transferwise - boarderless bank a/c

Originally Posted by lansbury View Post
You don't know what a middle bank will charge, or even if the transfer will go through one. Transferwise and World First do not use a middle bank.

With World First you get a firm quote for a transaction when you log into your account and fill in how much and the date of transfer. With World First the more you transfer the better the exchange rate as they use the split method, and not a fixed fee, as their charge.
Thanks. It is very useful information.
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Old Apr 20th 2018, 8:40 pm
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Default Re: Transferwise - borderless bank a/c

Sorry to revive an old thread. I am seeking forum members' experiences with Transferwise's borderless account.

I have to set up a UK bank account to enable a small UK private pension to be paid to me and am anticipating problems in setting one up with a UK bank. I'm visiting the UK soon and will go into the branch where I have a UK savings account to see if they will open one for me. But I expect they will refuse.

Does anyone have a TransferWise Borderless A/c?

Has it worked out as you expected?

If you are a US person are you reporting the account on your FBAR? (What exactly is its status - is it a foreign bank account?)

Thank you very much!
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Old Oct 19th 2020, 3:10 pm
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Default Re: Transferwise - boarderless bank a/c

Originally Posted by Andrew_Pattison View Post
I think you should not trust any facebook advertisement as most of them are a scam, especially the transferwise bank that you mentioned. Let me guess the location of the bank - Cyprus .
Could you possibly be more wrong about the well established and BE favourite Transferwise?
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Old Oct 19th 2020, 3:43 pm
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Default Re: Transferwise - boarderless bank a/c

Originally Posted by BristolUK View Post
Could you possibly be more wrong about ...... Transferwise? ....
Probably not, and Transferwise offers a "borderless account" not a "bordeless bank account", because Transferwise is not a bank, and it would be unlawful for Transferwise to promote itself as a "bank".
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