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TransferWise
Thread poster: Sandrine Nouvel
Marissa Aguayo Gavilano
Marissa Aguayo Gavilano  Identity Verified
Peru
English to Spanish
+ ...
Check FAQ Apr 30, 2018

Baran Keki wrote:

Marissa Aguayo Gavilano wrote:

Hi Sandrine,

If you sign up and get a Transferwise Borderless account, you can currently only get a bank account in USD, EUR, and GBP. This could work for your payments in USD if your clients are willing to make ACH payments directly into your bank account. The clients that pay you in CAD would need to sign up to Transferwise in order to send payments. They can send the payment directly to your French account and you would get a better exchange rate than if they sent a wire transfer. They can choose to either pay the transfer fee or deduct it from your payment, so that would depend on your agreement with them.



I have a Borderless account for GBP, EUR and USD. I can see actual bank details for GBP (England) and EUR (Germany) but nothing for USD? How will a client from the USA make payment to that account in USD? Won't they have create a Transferwise account in order to do that? Whereas for GBP and EUR all they have to do is a bank transfer?


Hi Baran,

It seems that Turkey residents can't get US bank details.

Please find more information here: https://transferwise.com/help/article/2811629/borderless-account/why-cant-i-get-usd-account-details
 
Baran Keki
Baran Keki  Identity Verified
Türkiye
Local time: 13:12
Member
English to Turkish
Bummer... Apr 30, 2018

Marissa Aguayo Gavilano wrote:

Hi Baran,

It seems that Turkey residents can't get US bank details.

Please find more information here: https://transferwise.com/help/article/2811629/borderless-account/why-cant-i-get-usd-account-details


Thanks for clearing that up for me... looks like I have to stick to (or get ripped off by) Paypal for the USD paying clients.
 
Michael Beijer
Michael Beijer  Identity Verified
United Kingdom
Local time: 10:12
Member
Dutch to English
+ ...
hmm Apr 30, 2018

Baran Keki wrote:

Michael Beijer wrote:

btw, if anyone reading this hasn't already registered with TransferWise, I just noticed I get £50 off my next transfer if three people register using my referral link, which is: transferwise.com/u/michaelb391



AFAIK you get the 50 quid once those three persons send over 200 GBP... seeing as most people here are receivers, it won't be as easy to get that cash


As far as I know, I am both a sender and receiver.

For example, if one of my Dutch clients sends me euros to my TransferWise € account (via German IBAN), the euros then end up in my TW Borderless account. I then convert these euros to pounds in TW, and then send the pounds to my UK Barclays £ account.

Michael
 
Baran Keki
Baran Keki  Identity Verified
Türkiye
Local time: 13:12
Member
English to Turkish
You're right Apr 30, 2018

Michael Beijer wrote:

As far as I know, I am both a sender and receiver.

For example, if one of my Dutch clients sends me euros to my TransferWise € account (via German IBAN), the euros then end up in my TW Borderless account. I then convert these euros to pounds in TW, and then send the pounds to my UK Barclays £ account.

Michael


I haven't thought of it this way. I checked the TW website, it does say 'transfer over 200 GBP'. I reckon people will use their real bank accounts to keep their money, so they'll inevitably 'send' the money they 'receive' in their Borderless account. Good luck getting those three guys and the cash then
 
carole patton
carole patton  Identity Verified
United Kingdom
Local time: 10:12
French to English
+ ...
No issues raised re having German bank a/c for UK taxpayers? Nov 6, 2018

Michael Beijer wrote:

I can highly recommend it as it has greatly simplified getting paid for me and saves me money. In a nutshell (am in a rush, so excuse any typos):

1. open a TransferWise Borderless account, in your two (or more) required currencies. e.g., if you open a € account, they will give you a real European account # with IBAN#, mine is in Germany.
2. yr client pays you to this account
3. you then convert any money your clients send to this account, inside yr Transferwise account (at a MUCH better rate than regular banks!) to yr 2nd currency account in TW
4. you can then send it to your regular bank account

They recently also started offering real debit cards, in the UK at least. I have one, and it works just like a real (Mastercard) bank card.
Another thing they added recently is professional-looking PDF bank statements, for tax purposes, e.g.

Hope this helps!

Michael



Please can someone who is using Transferwise from the UK tell me if clients ever have an issue with you sending a UK invoice but quoting a German bank a/c? I have set up a Transferwise a/c and am all ready to go adding the German a/c details to some invoices I want to issue today.

[Edited at 2018-11-06 11:34 GMT]
 
Michael Beijer
Michael Beijer  Identity Verified
United Kingdom
Local time: 10:12
Member
Dutch to English
+ ...
my 2¢ Nov 6, 2018

Carole Patton wrote:

Michael Beijer wrote:

I can highly recommend it as it has greatly simplified getting paid for me and saves me money. In a nutshell (am in a rush, so excuse any typos):

1. open a TransferWise Borderless account, in your two (or more) required currencies. e.g., if you open a € account, they will give you a real European account # with IBAN#, mine is in Germany.
2. yr client pays you to this account
3. you then convert any money your clients send to this account, inside yr Transferwise account (at a MUCH better rate than regular banks!) to yr 2nd currency account in TW
4. you can then send it to your regular bank account

They recently also started offering real debit cards, in the UK at least. I have one, and it works just like a real (Mastercard) bank card.
Another thing they added recently is professional-looking PDF bank statements, for tax purposes, e.g.

Hope this helps!

Michael



Please can someone who is using Transferwise from the UK tell me if clients ever have an issue with you sending a UK invoice but quoting a German bank a/c? I have set up a Transferwise a/c and am all ready to go adding the German a/c details to some invoices I want to issue today.

[Edited at 2018-11-06 11:34 GMT]


So far (as a UK tax payer) I have never had any problems with clients (wherever they may be located in the world) paying me into my TransferWise German bank account.

A few years ago, I also used to use a Spanish bank account (which I still had left over from when I was living in Spain), which my clients paid into, and this was also not a problem. Neither for my clients or HMRC here in the UK.

Michael

PS: in case anyone hasn't signed up yet and wishes to do so, if you use my referral link below I get rewarded for every 2 or 3 people who sign up and transfer money

https://transferwise.com/u/michaelb391

[Edited at 2018-11-06 11:55 GMT]
 
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