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I'm very happy with TransferWise' low fees, but their 'borderless' account is unfortunately no substitute for a real account in the native currency in a lot of cases.
It's a free/cheap multi currency account with local bank details in 6+ countries, which give you 90% of the functionality you want, namely the ability to hold and transfer cash.
If you need more functionality you get a local bank account.
I'm very happy with TransferWise' low fees, but their 'borderless' account is unfortunately no substitute for a real account in the native currency in a lot of cases.
The deal breaker for me is the fee for bank transfers, something I've never paid for before.
Can someone answer how TransferWise gets away without "reporting this information to HMRC or any other tax authority." aka dream for tax evaders (who get paid in foreign currency)?
Earlier quoted context omitted.
What are the limitations?
One in the US is that you cannot use a borderless account for ACH transactions initiated by the counterparty (despite it presenting the details that make it look like you can).
I get why they'd want a rebrand to "wise", similar to "Apple Computer" -> "Apple" when Apple started doing than just computers but IMO it's a bit early as they're still only known for their core Transferring funds services. At the same time having a short company name & domain like `wise.com` does give the impression of a more global trusted brand for anyone who's never heard of them - so I'd say it's a good move for them overall.
I love transferwise, depend on it often. I don't get the rebrand, their old name was descriptive, easy to google, and from all perspectives really good. The rebrand won't change me using it, but I really can't see the positive in this.
A shiny new top executive just trying to mark their territory in the best way known to humans and canines.
Earlier quoted context omitted.
What are the limitations?
One in the US is that you cannot use a borderless account for ACH transactions initiated by the counterparty (despite it presenting the details that make it look like you can).
I remember the app used to show two sets of US bank details, and that the routing number for receiving wire transfers was different from the one used for receiving ACH transfers. But that seems no longer to be the case.
Would it be safe to use this if you're transferring a very large amount of money, for example to buy a house in a foreign country? Anyone have experiences (good or bad) with large transfers they'd like to share?