Transferwise open a Borderless account

[Gervan]

I've used Transferwise several times over the years, to convert currencies from one of my banks to another, and always been very satisfied.
Now they are proposing something near to a multi-currency account, which sounds very interesting.

https://transferwise.com/borderless?source=publicNavbar

I thought there might be a best current account thread I could add on to, but couldn't find it. And actually, perhaps this is slightly different from a current account.

 

[Brendan Burgess]

Hi Gervan

It looks interesting but the website is terrible.

I can't find out what it does or what the fees are.

Brendan

 

[Gervan]

From what I read there are no costs for holding the accounts as such, just small fees when a the account holder exchanges one currency for another. It says account holders get a proper IBAN account number for each currency, so if you had clients they could pay you in dollars, say, then you can get a very good exchange rate to convert to sterling or whichever currency is best for you.
I shall open an account, then I'll know more

 

[Lightning]

I thought there might be a best current account thread I could add on to, but couldn't find it. And actually, perhaps this is slightly different from a current account.

It is not a current account product in the sense that current accounts offer direct debit, standing order and card services.

I can't find out what it does or what the fees are.

The fees are here and here.

Seems to be a service that offers a GBP, EUR and USD account which then makes FX transfers easier as you have accounts in multiple currencies.

 

[Brendan Burgess]

So, at the moment I have a sterling current account and a euro current account. I get some income in sterling and have some payments in sterling.

But I have a debit card in sterling which is useful.

I occasionally make payments between the accounts. Would this be of any advantage to me?

Brendan

 

[Brendan Burgess]

They might be simple, but I still don't understand them.

It seems to be 0.5% to convert currency.

But there seems to be a lot of other fees e.g. for receiving lodgement.

You have to keep following links to find all the fees. It must be easier to present than this.

Brendan

 

[Gervan]

I have AUD$ in an account here and and NZ$ in NZ because I have family there I visit.
I was hoping for bank accounts in those currencies which would make my transfers easier, but that option doesn't exist yet.
This will let me open a STG bank account in UK, and Euro bank account in Germany, with an IBAN specific to me, which is of some use. At the moment if I want to convert euro to STG I have to transfer the euro to a Transferwise account, so I will cut out that step.
It says I can hold the AUD$ in "my account" but that is not a bank account. Presumably it can wait there till the exchange rate meets my approval?
Further experimentation required.