TransferWise Borderless Account

Status
Not open for further replies.
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.
Thanks. I offered to provide a verbal confirmation too and it seemed to do the trick, even though they didn't want it but offering it worked it seems.

Funds arrived overnight into both USD and EUR accounts... Love the fees saved
 
I have $100k in French shares to sell. I don't need to hold much foreign currency. With TW, would I have the proceeds transferred to TW account then pay a small exchange fee (looks about 0.41%) to convert to AUD? Is that the strategy; I'm still a bit confused after reading the thread and the TW webpage? Or is there an alternative way to avoid the banks 3% exchange fees? TIA
 
I have $100k in French shares to sell. I don't need to hold much foreign currency. With TW, would I have the proceeds transferred to TW account then pay a small exchange fee (looks about 0.41%) to convert to AUD? Is that the strategy; I'm still a bit confused after reading the thread and the TW webpage? Or is there an alternative way to avoid the banks 3% exchange fees? TIA

For that amount of money I would be asking them if they can do a better rate but yes TW is way better than the bank for exchange rates
 
I have $100k in French shares to sell. I don't need to hold much foreign currency. With TW, would I have the proceeds transferred to TW account then pay a small exchange fee (looks about 0.41%) to convert to AUD? Is that the strategy; I'm still a bit confused after reading the thread and the TW webpage? Or is there an alternative way to avoid the banks 3% exchange fees? TIA

Yes, open a Euro-denominated account and then trasfer your proceeds into that, then you can transfer to your domestic AU account.
 
Not sure which broker you’re using I’ve used Interactive Brokers in the past and the Currency spread has been pretty much at the spot rate with $1 commission. It’s now had to domicile in AU and I’m not using them atm might be worth investigating sounds like you might save a bit of $$. Can always sell with tour existing broker and move Euros to Interactive Brokers. YMMV.
 
I have $100k in French shares to sell. I don't need to hold much foreign currency. With TW, would I have the proceeds transferred to TW account then pay a small exchange fee (looks about 0.41%) to convert to AUD? Is that the strategy; I'm still a bit confused after reading the thread and the TW webpage? Or is there an alternative way to avoid the banks 3% exchange fees? TIA

Yes, that’s how you could use TW.

Open a TW Euro account.
Get the account details and provide to your broker.
When the funds arrive in TW, you go into your TW account and send the funds to your Australian bank account.

You can get an estimate of the fees now but either side of 0.5% is about where it sits.
 
Sponsored Post

Struggling to use your Frequent Flyer Points?

Frequent Flyer Concierge takes the hard work out of finding award availability and redeeming your frequent flyer or credit card points for flights.

Using their expert knowledge and specialised tools, the Frequent Flyer Concierge team at Frequent Flyer Concierge will help you book a great trip that maximises the value for your points.

Has anyone used Citi global account for receiving OS funds? It looks like the exchange rate with CIti is worse by more than 0.5%, so should still be cheaper with the approx 0.5% TW fee?
 
Has anyone used Citi global account for receiving OS funds? It looks like the exchange rate with CIti is worse by more than 0.5%, so should still be cheaper with the approx 0.5% TW fee?

when i last checked it wasn't for businesses so didn't look further
 
Has anyone used Citi global account for receiving OS funds? It looks like the exchange rate with CIti is worse by more than 0.5%, so should still be cheaper with the approx 0.5% TW fee?

In addition, you are proposing to run the Citibank gauntlet - you do so at your own risk!!
 
Has anyone used Citi global account for receiving OS funds? It looks like the exchange rate with CIti is worse by more than 0.5%, so should still be cheaper with the approx 0.5% TW fee?
I just had a quick look at the rates on USD1000 and the TW rate inclusive of fees is still about $8 ahead. Citi website shows a currency spread that citibank uses in a traditional banking way.

A couple of observations might interest some people

Citibank can hold 10 currencies with 10 bank details ie can accept deposit in ten countries

Transferwise can hold 50 currencies with 4 countries of bank.


If you wanted to accept deposits in Hong Kong, Canada , Japan then Citi is the option

If you wanted a good exchange rate into Philippine Peso, Indian rupee then transferWise is the way to go

So for me with TW, I am accepting USD deposits in USA, converting some to AUD and for my contractors in Ph & India, I can convert the money for them at a better rate and send as their local currency than which their receiving banks do if they were to receive it as USD. Also saves me on one conversion of everything coming into AUD first.

Choosing the right card will make life easy.

Alby
 
Last edited:
Cheers. They need to pull their finger out and correct the website.

It may have changed but I just had a quick look and couldn't work it out unless you're in the US or maybe Europe.

A reminder for everyone that uses this you can get a virtual card number if you are buying off dodgy sites
 
A reminder for everyone that uses this you can get a virtual card number if you are buying off dodgy sites
Where do you activate the virtual card? can't immediately see it in the app or website or their help.
 
Click on the actual card in the app and the web and it should prompt asking if you want a virtual card
thanks for that hint. on iPhone it's pan to the right on the card image. Easily got my first virtual card and noticed there was option for another virtual card number, so far I'm up to 3 virtual cards. I think I will utilise them with a few suppliers where I have random purchases and they go for the automated renewals.
 
  • Like
Reactions: VPS
Status
Not open for further replies.

Enhance your AFF viewing experience!!

From just $6 we'll remove all advertisements so that you can enjoy a cleaner and uninterupted viewing experience.

And you'll be supporting us so that we can continue to provide this valuable resource :)


Sample AFF with no advertisements? More..
Back
Top