Is TransferWise (or Revolut) account good for keeping money in it?

[jednakropka]

I know TransferWise is good for sending and receiving money.

But since they have a borderless account I am wondering if it is good for keeping money there.

Anyone has an idea or experience with that?

 

[Barnabe]

I have used it as my main expense account for a couple of years, it works like a charm.

 

However the money you have in there is not protected by any bailout fund like the ones in the UK, EU, etc. I try to keep as least as possible there to avoid any problems, it's best to have secondary "real" bank accounts to if you need to store large sums and keep TransferWise with just the necessary for day to day life.

[KannikaP]

I have used both T'wise and Revolut in UK & Europe.

I also use T'wise Borderless account to 'build up' my monthly THB transfer amount during the month, when rate looks better, instead of being tied to the rate on the day I need to transfer to Thailand.