how interesting. So when The sterling was electronically transferred from Lloyd’s of London (where my dads estates funds resided) to Transferwise in Shoreditch via TWise sort code and my borderless acct number, that money has actually gone on to nWells Fargo in USA, all due to the fact I registered with T wise from my USA address. BTW Currently it shows the balance in Gbp.

thats quite remarkable as a i always assumed the money was still in the U.k. where it would remain until I transferred it. Of course no actual transfer would occur at that time as TWise would simply send me some u.s. dollars from the u.s. side of the
pond.

anyway I shall await T wises response to my fraud concerns

up till now it was my intention to do fbar reporting and also the irs tax form “8000”something or other. Now, based on mid atlantic’s Thoughts, I’m wondering if the money is actually in the U.K. to begin with . Hmm

I am going to have to rely for on my common sense on this one, a hazardous endeavor😎, and do the same as you
Lansbury

OAP
Thanks for info re reporting, which seems to support completing Fatca and the other irs form at tax time.

How or if my funds are protected from fraud still seems to be a murky issue only resolved if I immediately transfer funds over to my U.S. Bank is how I interpret the second part if your post.

Again, just to be clear, I live in the USA and registered with TWise while in the USA, using the only address I possess, an address in Washington State. However and this was the purpose of me opening the account, the money that is in the account came/comes from two British entities. The DWP, who make a transfer of my state pension every four weeks, and a London solicitor who mad a one time transfer to TWise from their Lloyd’s bank account in London. When I log into my TWise account it shows their address as Shoreditch London and my balance is in GBP. It is there that I also see a sort code and my a/c number.

I know you expressed uncertainty with questions marks regarding what protections, if any are in place for customers based in The U.K., but did I read the last part of your post correctly when you said that FDIC will insure my funds in my situation as I am a customer registered in the U.S.? Further, that they will protect me regardless of whether funds are in a personal account or entity account?

just wanted to clarify, thanks

Sorry Mid Atlantic, I missed the first part of this post. It’s very encouraging that TWise say that. Regardless of the fact my funds are held in GBP, due to my domicile in USA and the fact I registered with TWise as a U.S resident, my funds are at Wells Fargo in USA and fdic insured. Hopefully OAP has it right when he says FDIC will insure funds regardless of if their in a large entity account or a personal account.

Here is clarification for U.K. Residents:

How is my money protected?

TransferWise is an Electronic Money Institution and is required by law to keep your money safe by storing it in a low-risk financial institution (e.g. bank account). For example, for UK and European customers, your money is stored and safeguarded securely in our Barclays accounts in the UK.

This means that in the event that TransferWise were to become insolvent, your money is unaffected and will be refunded to you in full.

The main difference with the protection offered by TransferWise in comparison with a bank is that, because TransferWise is an Electronic Money Institution and not an official deposit taking Banking Institution, your money is not guaranteed by Financial Services Compensation Scheme (FSCS).

This means that in the event that the bank itself where we store the funds were to become insolvent, you may not be guaranteed the return of your funds, whereas you are normally guaranteed up to a value of 75-85k GBP with FSCS.

Thanks OAP, I will look into the rules for Washington State.

You know I’m sitting here, kicking myself, impossible I know, but I’m doing it figuratively. I keep on drifting away from my real concern. I’m not that worried that Wells Fargo will go bust, I would speculate that those with TWise accounts in the U.K. feel similarly confident about Barclays remaining solvent too.

What I’m waiting for Transferwise to explain to me is what happens if my money is stolen. The FDIC will not come to my rescue where fraud is concerned. If you have any thoughts on how fraud is handled I’d welcome them.

Thanks again OAP, and thanks to all the rest of you. It’s been enlightening to first learn that my money is not at TWise but at Barclays, and then subsequently to learn that it is not actually at Barclays either, but at Wells Fargo! � ����

May I just clarify one thing with you Lansbury, My TransferWise Account shows my account number and sort code and an address of Transferwise 56 Shoreditch High St. Shoreditch, London E 1 6JJ, United Kingdom
But my personal profile shows my home address in Washington State.Is your personal address a U.K. address or a U.S.A address?

Do these data points clear up the question as to which country holds my funds?