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Ash The Great

After a varied career in different industries from the hospitality industry to the financial consultancy industry, Ash now spends his days working as a professional writer.

7 Comments

  1. Zeeshan Ali

    I am a bit disappointed as you have not mentioned anywhere that money in the borderless account is safe but NOT guaranteed which means if Transferwise becomes insolvent my money would be safe but if Barclays (host bank for Transferwise) goes bust, my money is lost as FSCS (Financial Services Compensation Scheme) does not cover Electronic Money Institutions which Transferwise is.

    Reply
    • Ash The Great

      Hi Zeeshan, you make a good point. I will do my research today and add an update to the article tomorrow. It stemmed from the fact I know that Transferwise uses FDIC and FSCS insured services/banks to move money, so I must have assumed the Transferwise Borderlesss Account was covered too.

      The FDIC & FSCS insurance issue shouldn’t matter at the moment because Transferwise is a booming company that is both growing and very profitable. However, in a few years there may be a change, so I will look into it and make an update tomorrow when I have some answers. I gave them a call today, but it was too late to talk to anybody senior.

      I will do my research and check to see if there are any other safeguards in place. For example, I was on the phone today with one of the directors of RateSetter, which is a peer-to-peer lending company. They are somehow able to identify the members of our research team as reviewers and I was trying to find out how so that we could keep our tests fair. It reminded me that RateSetter has a contingency fund that ensures nobody loses any money (they are not FDIC or FSCS insured either). I will check to see if the Transferwise Borderless account has similar safeguards.

      Reply
      • Ash The Great

        I found an answer and have updated the article at the bottom.

        Reply
  2. Rob

    Since I’m a dual citizen who has used Transferwise several times in the past to send money abroad I was trying to figure out if it would be worth it for me to get their Borderless bank account and this article explained very clearly everything I wanted to know, thank you.

    Reply
    • Ash The Great

      Thank you Rob.
      It takes a long time and lot of effort for our team to do its research and to test all these accounts we write about. Plus, it takes me epic amounts of time to compile all the data/info and then weave it into an article. It is good to know our efforts are appreciated.
      smiley face

      Reply
    • Ben Todd

      I’m a Canadian who does banking in Thailand and in the US (bank accounts in all 3 countries). Transferwise is the best thing since sliced bread by far. I use it ALL the time to send money from the US to Canada and Thailand, and in some cases, from Canada to Thailand.

      The only downside is the wire transfer fees (which, if the sum is less than 1000 USD, means the wire fee negates the savings). However, if you use the ACH ‘debit’ option with Transferwise (supported in Canada and the USA), then you pay nothing (no wire fees). So it’s a win win.

      If you make regular payments to bank accounts abroad for less than $200 and you are from the USA, the Transferwise Borderless Bank Account is an even better option since the fee charged is even less than the regular fee transferwise (for their normal service) charges.

      Reply
  3. Kirk

    The one thing that seems to be missing is a debit card for payments to merchants or for services in a different currency. For instance, if I want to pay for some furniture at a store in Scotland for a house there, what are my options? I don’t have a local UK debit card. I only have my credit and debit cards from my US bank. I’m a US citizen, who has a house in Scotland and I’m looking for an easy solution for rental/letting proceeds to be paid in when it is rented, but also to pay bills locally in Scotland. Thoughts?

    Thanks for the great article and summary!

    Reply

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