I am usually a big fan of Currencyfair over Transferwise, but now the latter guys might be on to something big:
Transferwise now offers a "borderless account". It means you receive individual EU, UK and US bank account details, and can use them just like a personal account.
Apparently the same is about to be introduced for Switzerland.
If this happens, it's quite a solution for lots of scenarios. This account can remain open even after leaving Switzerland, and everyone who's not resident in Switzerland can equally open one.
Obviously it probably won't be good to park our millions, but it should allow normal transactions, like receiving occasional payments or, in some years, a possible pension.
Just thought I ́ll give a heads up on the availability on the product this far.
But you can use Transferwise normally in Switzerland, right? From a bank acc in uk to one in Switzerland
thanks ChrisNeedsToKnow, that would be very handy
It looks good. I don't have a use for it at the moment, having a Swiss account and a UK account, however it would be very interesting if they launched a debit card with it (to withdraw cash and make payments in shops etc.) - you'd always get the best exchange rate for your holidays
I have just set up & been verified. I don't seem to have an account as such, you nominate where the money goes to. I don't see it being as much use as you have to email request money unless I have not understood so more like PayPal
Four figure cash transfers at effectively spot with minimal fees is the big advantage. up to now i can't see myself transferring 5 figures using this even between my own set up accounts and previously tested.
what OP mentions is more US centric. allowing US residents to have EU/UK IBANs and allow them to easily transfer money to themselves or then third parties in EU/UK leveraging the IBAN ssytem.
when the reverse is available where I get a US account and can use ACH to transfer to my US brokers then there might be some potential savings to be made.
They don't give you an account number with IBAN, this is my objection, they transfer to an existing account with an IBAN you already have.
yes that is current offering for everyone worldwide. as i understand it, the "borderless" account offering is a personalised account in the EU/UK with IBANs for US residents.
The latter was Transferwise's original value proposition.
The borderless account is a separate section on their website, and you do indeed receive individual account#s!
Well I have one & they just want to link to existing accounts.
So your saying you have a personal account no in £ & Euros?
Yes, exactly that.
Iban for EUR, sort code & account for GBP and routing# and account# for USD in my name!
Thats odd, I added accounts in 4 currencies & that is mo only option.
Perhaps they are still checking documents although I had a mail confirming everything was completed.
I'm out and about now, thus can't add screenshots, but it was easy to set up.
Only works for EUR, GBP and USD so far, but same strategy with CHF supposedly upcoming soon
just created a US account from CH. follow this llink
https://transferwise.com/borderless?source=publicNavbar
not sure if it is strictly usable for personal transfers because the Account Holder is listed as " TW family name first names". Not sure if US Brokers will accept this as a personal transfer. Most reputable US brokers will not allow third party transfers, this is very much on the edge of that I think.
but something to test (c;
the FAQ:
https://transferwise.com/help/questi...pricing-limits
OK it looks like we pay into TW's account my Euro ends 96 76, no doubt yours does too.
There is no depositor protection if any of the banks go bankrupt, so not covered by the 100k Euro EU depositor protection scheme.
These are my details for EUR:
Bank code (SWIFT / BIC): DEKTDE7GXXX IBAN: DE41 7001 1110 6050 0745 00 Account Holder: TW FamilyName FirstName Bank Address: Deutsche Handelsbank Südliche Münchner Str. 2 Grünwald 82031 Deutschland If anyone wants to transfer funds to above account: Feel free to do so
About the "account holder" and "TW" in front of it. I guess it's a legal requirement, but I successfully transferred to accounts using totally wrong names (by accident). I guess it's not actively checked, unless a problem pops up. So I guess the "TW" can be omitted - but that's guesswork .
Chris, any idea how soon the proper CHF option will be set up? Thanks (I can only find the holding of chf option without its own bank account, so far).
I wish i knew, but I'm not affiliated with those guys.
Eagerly waiting myself!
it is already there.
Log in. Select Borderless account, 'Activate' the CHF currency from the list.
Then Add CHF i.e. transfer/deposit them as in the attached image.
Looks like the " TW " has been dropped from my US account details. This could be good news.