TransferWise Borderless Account

[cgichard]

Has anyone managed to get a Transferwise debit card yet?
Does it require SMS access?

I'm now locked out of my Qantas Cash/Travel Money account because I have no mobile phone so no ability to receive SMS. (I do know the approx. balance I'm holding in Euros and plan to use that up for purchases when next overseas, but will then need an alternative debit card that I can load in Euros.)

 

[daft009]

Has anyone managed to get a Transferwise debit card yet?
Does it require SMS access?

I'm now locked out of my Qantas Cash/Travel Money account because I have no mobile phone so no ability to receive SMS. (I do know the approx. balance I'm holding in Euros and plan to use that up for purchases when next overseas, but will then need an alternative debit card that I can load in Euros.)

Citibank and HSBC both have a couple of options

 

[VPS]

Has anyone managed to get a Transferwise debit card yet?
Does it require SMS access?

I'm now locked out of my Qantas Cash/Travel Money account because I have no mobile phone so no ability to receive SMS. (I do know the approx. balance I'm holding in Euros and plan to use that up for purchases when next overseas, but will then need an alternative debit card that I can load in Euros.)

No it still says not available in your location when I'm in Australia - even though I'm in the UK with no VPN - it says We're sorry cards have reached Australia yet

 

[VPS]

Does anyone have much experience with the Borderless account. If I put some US $ into an account can I then transfer them to my AU$ account just with a click of a button.

 

[albatross710]

Does anyone have much experience with the Borderless account. If I put some US $ into an account can I then transfer them to my AU$ account just with a click of a button.

That is exactly how it happens. You can then view those balances on the desktop page or on the phone app.

If anyone wants to join Transferwise as a new customer there is now a referral link thread Join Transferwise and get a free international transfer

 

[VPS]

I've had one for a while now and I love it - just used it in South America as a debit card and all went well

 

[knagelli]

Has anyone managed to get a Transferwise debit card yet?
Does it require SMS access?

I'm now locked out of my Qantas Cash/Travel Money account because I have no mobile phone so no ability to receive SMS. (I do know the approx. balance I'm holding in Euros and plan to use that up for purchases when next overseas, but will then need an alternative debit card that I can load in Euros.)

Yes , I did get my account in Dec 2019 however I only use my border less account to transfer money to US.

Post automatically merged: Feb 24, 2020

Does anyone have much experience with the Borderless account.

I have been using the borderless account to transfer money to my family's account in USA and it does work well , quite easy. If you have all the details handy , it's easy to receive money as well.

 

[cgichard]

Asking again, does this account require SMS access?

 

[knagelli]

Asking again, does this account require SMS access?

In my limited experience using the account , don’t think it requires SMS access to transact. As long as you are able to connect to TW app on wifi , you must be good to go.

 

[cgichard]

Well now, I can't do that eitheras I don't have a mobile phone or wi fi account. However, I assume all transactions can be done on their website.

 

[knagelli]

Well now, I can't do that eitheras I don't have a mobile phone or wi fi account. However, I assume all transactions can be done on their website.

when I login to transferwise account online , it is asking me to confirm the access from the app on my phone. So I guess we need any device with transferwise already installed.

 

[daft009]

anyone have any other suggestions for a low ongoing cost USD & EUR incoming account for a business (Pty Ltd)??
(it would be 10,000 per year in each currency, however I am still actively trying to grow that)

I use the transferwise one with most of my smaller overseas clients however a couple of big ones are having issues.
they say they want a letter of account ownership from transferwise's partner bank saying its an account for my Pty Ltd company?

this letter transferwise cannot give, they can only generate one on their own transferwise letterhead and to say that bank is a partner of transferwise.

I looked at the global account by Citi but its not for businesses.

anyone else had similar issues or found an alternative?

 

[DeKa]

anyone have any other suggestions for a low ongoing cost USD & EUR incoming account for a business (Pty Ltd)??
(it would be 10,000 per year in each currency, however I am still actively trying to grow that)

anyone else had similar issues or found an alternative?

I haven’t used it, but Airwallex promote themselves as very similar to TransferWise but for business:

Airwallex AU: Trusted Global Payments & Financial Platform

Grow your business faster with Airwallex in Australia - global business accounts, high-speed transfers, multi-currency cards, online payments, embedded finance, and more.

www.airwallex.com

 

[albatross710]

this letter transferwise cannot give, they can only generate one on their own transferwise letterhead and to say that bank is a partner of transferwise.

I looked at the global account by Citi but its not for businesses

If you asked Westpac for proof of an account ownership it would be on their letterhead also. Would they use another company letterhead.

What do you feel is the risk that your larger clients are concerned about? Money laundering? Maybe they would consider You giving them an indemnity or they can make a deposit to your Au account with resulting wire and transfer fees?

 

[daft009]

customer has been depositing in our AU account for the last decade & more.
but fees & poor exchange rate is getting to me
but now I'm getting more transactions but lower $ value so trying to find a way to avoid the fees or keep to a minimum

 

[albatross710]

customer has been depositing in our AU account for the last decade & more.
but fees & poor exchange rate is getting to me
but now I'm getting more transactions but lower $ value so trying to find a way to avoid the fees or keep to a minimum

early this year i migrated my US customers from AU wire to TransferWise deposits in USA. The hitch I had was that they wanted a verbal confirmation of the change of details. Maybe a more learned person will chip in.

 

[Mr_Orange]

I just received an update from TransferWise that they have updated the IBAN for EUR payments. No idea if this affects other currencies.

 

[albyd]

Would an Aussie multi currency account work? Citi have a decent offering now (not sure if they do business accounts) but I know HSBC does. I’ve opened HSBC flexi saver accounts in different currencies for a business. They should be able to help. They’ll be able to advise how you get overseas customers to deposit to them. I don’t have any overseas customers so not sure about that but.

 

[DeKa]

Would an Aussie multi currency account work? Citi have a decent offering now (not sure if they do business accounts) but I know HSBC does. I’ve opened HSBC flexi saver accounts in different currencies for a business. They should be able to help. They’ll be able to advise how you get overseas customers to deposit to them. I don’t have any overseas customers so not sure about that but.

These accounts are predominantly still just Australian bank accounts, just they hold USD, EUR etc. As such, it doesn’t ease the payment process for those making the payment. This is the part TransferWise abstracts away - the “virtual” local accounts both make it really easy and cheap, for payments to be made, whilst giving the recipient a way to transfer back to Australia in an affordable manner.

 

[albatross710]

Looking at the Transfer wise footer for the US site, it says

"TransferWise Inc. is authorized to operate in most states. In the other states, the program is sponsored by Community Federal Savings Bank, to which we're a service provider. "

Maybe you could drill down that path to see an authorised US state matches the operation state of your client.

But have you identified exactly what is the barrier that you need to overcome with the client? Transferwise is already an authorised financial services company in australia, as well as in the US. It's not possible for you to further regulate the industry. I think it would be good to know exactly which hurdle your client has.