• long running

Local Bank Accounts for Free in UK, USA, NZ, Poland and EUR: Free through Transferwise Borderless Account

1941

This is a deal specifically for people / businesses receiving/spending money in foreign currency.

See this video for an explanation

We've been using the transferwise card and borderless accounts for a few months now and it works like a charm, previously you'd have to go overseas into a physical branch to open an overseas account, now you can do all this sitting at home just verifying ID with Transferwise.

It's an amazing service and bucketloads cheaper than traditional banks. you get your own Local bank details for 6 countries all sitting right here, and you can receive money in all those countries like a local would.

Transferwise is known as a way to send money overseas, but this is more of a way to receive money from Overseas in local currency and convert it to AUD cheaply in a rate almost equal to the Inter Bank Rate (Google rate)

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Get local bank details.
These currencies come with your very own bank details. Anyone can use these to pay you just like they'd pay a local.

British Pound

Get your own Account Number and Sort Code.

Euro

Get your own SWIFT/BIC and IBAN details.

US Dollar

Get your own Routing (ABA) and Account Number.

Australian Dollar

Get your own BSB Code and Account Number.

New Zealand Dollar

Get your own Account Number.

Polish Zloty

Get your own Account Number.

Referral Links

Referral: random (1356)

Referrer receives £50 for every 3 signups, who must all spend at least £200 each on qualifying payments. Referee receives a discount on their first transfer, or they receive a free physical card (Keep clicking the referral randomiser until you receive the offer you want).

Related Stores

Wise
Wise

Comments

    • Justva photo of your id and it to them.

      Other crypto amd digital registration now adays requesting id while you hold the id toake sure it was really you specially if there is no personal appearance required

    • I've had to do this recently - can't remember what I was signing up for. I think it's a good idea - they can make sure the same person in the photo ID currently has it.

      For most things I use an old stored scan, and it could be anyone faking me.

      I hate it, but I reckon it's a good idea.

      • Good idea? Anyone that gets their hands on your photo can now open any account they want in your name. Ever thought of that? And you cannot defend yourself when it happens, nobody will believe you when your photo was used.

  • -1

    What's up dog?

  • Have used Transferwise since last year, done about 100k AUD transfer to my US account, cost me less than $500 AUD. Service is fantastic.

  • How does transferwise compare to currencyfair?

    • +1

      Similar pricing.
      Better app and better tech, more user-friendly imho. I have used CF as well and they're pretty good too

  • Let's say I open a Euro€ account with them, can I deposit US dollars directly into that Euro account at the prevailing exchange rates, or do I need to open a US$ account as well?

    • +2

      Deposit as in someone sends you a foreign currency, not sure but would likely attract big fees from sending and intermediary banks even if transferwise don't add on more than their normal conversion fee, if its possible (I think it should be as its not really different to the below apart from who's sending it).

      Deposit as in you want to fund your account/balance, sure that's possible and they show you the fee and you lock it in so the exchange doesn't change while it's processing as long as they receive the funds within 1 banking day.

      • Do you mean I can wire US$ straight into my EU€ account and lock in an exchange rate beforehand, instead of having to open a US$ account, wire the money into it and convert into EU€ later?

        • +2

          Yes. I go on the website, see the rate for GBP>AUD is good so I choose to lock in whatever I want, say $1000aud. If I click I want to pay in GBP by UK bank transfer it tells me how much GBP to pay within 24 hours. Don't see why USD>EURO would be different. @earlybird

  • whats the deal? this service has been around for a while, and nothing special on offer here.

  • If I already have US bank accounts and just want to transfer some of that USD into AUD in Australia, is there any point doing this as opposed to just using TransferWise the normal way?

    • +1

      No, it's actually CHEAPER to use transferwise the normal way than to use their own boarderless account / debit card (or at least they charge me less fees for GBP>AUD). Crazy I know.

  • So I am testing out my American and UK bank accounts today, by way or using the Transferwise card to open US and UK iTunes accounts. If this all works out fine then I’ll be signing upto Hulu and Unlocator (I got a 70% discount over 2 years).

    Ps, their site is based on pound symbols, so you might be under the impression the referral credit should be 90 Pound not 90 Dollars.

  • Transferwise is a big extra fees saver for small business - I haven't found a business bank account that doesn't charge Foreign Transactions fees, so it makes a difference for things like subscription costs and facebook ads all charging in USD. Thanks for posting this.

  • If I have some funds in the card's us bank account, and I use the card to pay for purchase in USD, then it should come out from my usd account?

  • The question is what's the safety of holding money in Wise? Is it covered by the Australian government deposit guarantee of up to $250,000aud?

    It is an ADI but not a normal one of the same type as paypal - https://www.apra.gov.au/register-of-authorised-deposit-takin…

    • https://wise.com/help/articles/2949821/is-it-safe-to-keep-mo…

      Above explains all your questions. They're not a bank so you don't get the same protection, but they do have to keep all your money in client accounts.

      • Yeah I read that but that's for UK based accounts I thought. We're in Australia.

        I've already asked Wise for more information.

        • It lists the client accounts in UK, USA and Euro countries. I assumed Australia not being listed meant they didn't store client money here and it got transferred to one of those countries, but do let us know what they say as it would be good to hear if there is extra Australian protection or something.

          • @Webber000: Wise might not even know themselves although it's their job to. PayPal is also the same type of ADI and since it's more popular this question may already be answered.

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