Transferwise - Borderless Account

[phetphet]

Just used Transferwise for the first time to transfer some money from K to TH.

 

I see on their website that they also have a "Borderless Account", here one can keep money in different currencies. Anyone used it? Any good?

 

 

 

 

[Oxx]

To be honest, I don't see the point of it.  I already have bank accounts in the currencies that I use.  And on some of those I get interest, which Transferwise doesn't pay.

 

A few other notes:  (1) the "Borderless Account" doesn't support THB, (2) you need to live in the EEA to get the associated debit card, (3) there is no deposit protection (though since the money is held with major banks the risk isn't the collapse of Transferwise so much as of fraud leading to the siphoning off of client monies).

[trd]

Transferwise saves me a lot of money when I transfer from UK to TH because they give you a guaranteed mid rate exchange rate, not the buying rate as the bank does and the fees are very low.

[THAILIBAN]

I still need to find a reasonable option to transfer small amounts of money the other way - from Thailand to a European bank account

[Pib]

On 1/17/2018 at 1:27 PM, THAILIBAN said:

I still need to find a reasonable option to transfer small amounts of money the other way - from Thailand to a European bank account

Shut-up!!!  Bank of Thailand don't want to hear talk like that.  

 

Thailand: Land of Smiles for incoming money; Land of Frowns for outgoing money.

[Scott]

Please stay on topic.  

[orientalist]

On 1/15/2018 at 11:55 AM, phetphet said:

Just used Transferwise for the first time to transfer some money from K to TH.

 

I see on their website that they also have a "Borderless Account", here one can keep money in different currencies. Anyone used it? Any good?

 

Apparently it is aimed at freelancers who need to get paid in different currencies, such as a digital nomad in Thailand who has clients in the US and UK. But it's also useful for those us of who need a UK bank account but are not resident there. It's true it doesn't pay interest, but then again Santander Isle of Man Everyday Saver pays only 0.05%.

[tutsiwarrior]

any deposit insurance with the 'borderless account'? say like for USD100k?

 

 

[Jack Mountain]

1 hour ago, tutsiwarrior said:

any deposit insurance with the 'borderless account'? say like for USD100k?

No, you can read it on their HELP page. FAQ.

1 hour ago, tutsiwarrior said:

 

 

 

[theguyfromanotherforum]

I have been using transferwise for a few months now without any issues. I transfer from USD to CAD and it is usually completed in 2 business days.

 

The last transfer, however, is giving  me one week from the transfer date for funds to show up. As a matter of fact, I noticed that when you play with different amounts, the estimated delivery date will vary between 2 days and a week. For example, if I want to convert 4000 USD to CAD it will estimate 2 business days. If I try to convert 3000 USD it will be 5 days. It doesn't seem to be any rule regarding the amount.

 

Does anyone know the reason for this?