TransferWise debit Mastercard coming soon

[Danger]

My debit Mastercard has arrived.

 

[VPS]

My debit Mastercard has arrived.

Did you put your sunglasses on when you opened it. I've put some Aussie $ on there, activated and used it so looking forward to trialling OS soon

 

[ontheaisle]

Did you put your sunglasses on when you opened it.

Yeah, no danger of losing that card in a pile!

 

[Flylover]

I am currently in the UK on holiday and using the Transfer Wise card. It is a brilliant idea. Their rates are very competitive, no international transaction fee like the bank credit card. Their rate is way better than Velocity Global Wallet which I also put some money.

 

[VPS]

Booking.com: The largest selection of hotels, homes, and vacation rentals - gets you 12% cashback on Booking.com at the moment

 

[albatross710]

I am planning to use the TranserWise card to facilitate my business. I've tried a few things previously:

A HK DBS multi currency account. Was an absolute cough to open. DBS consider any foreigner that sets up such an account as a cash cow. There was an immediate USD30 deduction from every customer deposit that hit the account plus the then noncompetitivecross rates.

For Transferwise I'm hoping:

a) Can advertise and accept customer payments in the customers' currency into a local bank in UK, USA and Aus.
b) Can retain the funds in the local currency until I need to bring them onshore
c) Use the Mastercard to pay subscription charges which are often set in USD. This will make bookkeeping easier. so that USD20 monthly subscription can just be set as recurring at USD20 instead of each month needing to check $28.95, $28.34, $27.98 etc)
d) The few weeks of travel I do in the USA I would fund from the USA account which would avoid bringing it in AUD then back in USD.

Biggest immediate benefit is being able to control the exchange rate timing plus USD expenses.

Alby

 

[SeatBackForward]

I am planning to use the TranserWise card to facilitate my business. I've tried a few things previously:

A HK DBS multi currency account. Was an absolute ***** to open. DBS consider any foreigner that sets up such an account as a cash cow. There was an immediate USD30 deduction from every customer deposit that hit the account plus the then noncompetitivecross rates.

For Transferwise I'm hoping:

a) Can advertise and accept customer payments in the customers' currency into a local bank in UK, USA and Aus.
b) Can retain the funds in the local currency until I need to bring them onshore
c) Use the Mastercard to pay subscription charges which are often set in USD. This will make bookkeeping easier. so that USD20 monthly subscription can just be set as recurring at USD20 instead of each month needing to check $28.95, $28.34, $27.98 etc)
d) The few weeks of travel I do in the USA I would fund from the USA account which would avoid bringing it in AUD then back in USD.

Biggest immediate benefit is being able to control the exchange rate timing plus USD expenses.

Alby

All your points sound a lot like how I use my Transferwise accounts also. WE have customers deposit into the UK, US, EU accounts. They supposedly have a NZD account also, but you end up using UK bank account details and I didn't want to confuse my customers so haven't used that yet.

I also have a Paypal account that can receive US payments, and you can transfer from Paypal into Transferwise in USD for free. This has been extremely useful. Just ensure you have sufficient funds in whichever curreny the payments are being made out of.

 

[albatross710]

All your points sound a lot like how I use my Transferwise accounts also. WE have customers deposit into the UK, US, EU accounts. They supposedly have a NZD account also, but you end up using UK bank account details and I didn't want to confuse my customers so haven't used that yet.

Thanks SeatBackForward. I also have Paypal but from memory I had to have a different account for each base currency or maybe that was because I had a different corporate entity in each country. Anyway, I gave up on Paypal.

At the "accounting' end in my ERP financials I was intending to have a different GL account for each currency. Something like

1010 Tansferwise - AUD​

1020 Transferwise - USD​

1030 Transferwise - EUR​

1040 Transferwise - HKD​

Although Transferwise gives is a single login, really there is a different account for each currency.

 

[SeatBackForward]

Speaking of bookkeeping, can anyone recommend a good accounting package that can handle multiple currencies and meet Australian requirements? Our little business selling software around the world is starting to do some good numbers and I want to stop using excel based bookkeeping....

 

[cambriamarsh]

Speaking of bookkeeping, can anyone recommend a good accounting package that can handle multiple currencies and meet Australian requirements? Our little business selling software around the world is starting to do some good numbers and I want to stop using excel based bookkeeping....

Xero has multicurrency not sure if it's others features are up to what you want.

 

[SeatBackForward]

Xero has multicurrency not sure if it's others features are up to what you want.

Thanks I've looked into Xero previously, at that time the price for the package including multi-currencies seemed a bit high but it might be time to re-visit. Thanks!

 

[albatross710]

Speaking of bookkeeping, can anyone recommend a good accounting package that can handle multiple currencies and meet Australian requirements? Our little business selling software around the world is starting to do some good numbers and I want to stop using excel based bookkeeping....

Did you find a solution to your multiple currency requirements? I can recommend a serious platform that can take you r forward if you are still looking.

 

[SeatBackForward]

Did you find a solution to your multiple currency requirements? I can recommend a serious platform that can take you r forward if you are still looking.

Please do provide me the details. We have in fact signed up with XERO and integrated it with a payments processor as well, so the horse may have bolted, but we're still small and flexible so always open to hear new ideas.