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Today I’m going to give you a review of the TransferWise Borderless account. Should you use it? Is there something you should be concerned about? Is your money safe in Transferwise?
As you probably already know, banking is. really big deal and it just keeps getting tougher. In order to be able to live and work abroad (or to function at all) being able to do financial transactions is very important.
In the blossoming world of fintech, TransferWise is getting more and more attention.
First of all, is your money safe with TransferWise? Absolutely yes! You don’t need to worry about this at all.
TransferWise is not actually a bank that holds your money. They have relationships with banks all over the world. Depending on which currency you use different banks in their network.
When you create an account you have what they call a borderless account – different banks from all over will be consolidated in one portal.
This makes it way more accessible than if you personally went and tried to open a bank account in any of those banks.
An amazing thing about TransferWise is its low fees. There are no monthly fees, no account opening fees, and the exchange rates will be very good and it will save you quite a bit of money.
This platform also makes it very easy to send money between people.
You can order a MasterCard, which connects to your profile and you can connect it to your different balances in different currencies. In other words this is a multi-currency debit card. This can save you a lot in exchange fees.
Are there any drawbacks of using TransferWise?
You need to know that this company is very risk-averse. There is a one million USD per year limit on a personal account, and a 4 million dollar limit on a business account.
If someone tries to send you money (especially in USD) from one of the blacklisted jurisdictions it will not go through.
If you’re in a high-risk industry, such as gaming or adult TransferWise is a no go. On top of this, they are not friendly with cryptocurrencies and if they see that you are sending money to a crypto exchange they will close your account.
It is fairly easy to open this account, and it’s easy to use. However, it’s important to be aware of its limitations.
Would we recommend TransferWise? Absolutely yes!
It’s a great transactional, day to day bank but it’s certainly not a place to keep larger amounts of money.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
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Author: Michael Rosmer
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