Awesome to see that if you don’t have a TW account one will be created once you have a need to use the service. No needing to manually create accounts or having one created for you when you have no intention of using the feature. Even more awesome that it’s rolling out today!
This does indeed look very interesting. Looking forward to hearing more when it is formally announced and to see it in action.
I’m curious though about GBP IBAN for incoming payments. It doesn’t look like that would be addressed by a TransferWise integration - indeed TW’s own borderless accounts don’t support incoming GBP IBAN payments either. This point is the one remaining reason I need to keep my legacy bank account around since my expenses are reimbursed from France by GBP IBAN transfers. Hopefully there will be some news on this soon.
You can send us an email requesting an IBAN for your GBP account, we’ll make you one.
Please bear in mind that this IBAN will only accept local GBP payments, and no SWIFT.
How long do those payments take? I actually asked my friend to test Transferwise (so that I don’t have to use PayPal) to send a transfer from Polish bank account to Monzo… few days and still no sign or e-mail that something is coming
I believe it depends on where you are sending it to, I send money to Australia a lot and that takes roughly one working day (which sucks over a weekend) but I completed a transfer from Australia back to the UK and it took 6 seconds…
Hey there Sam,
Would be awesome if you could help me with something: I’m using my UK TransferWise account for VAT refund form and am confused about what I should put down.
It asks for my IBAN, then the BIC.
I’ve researched proper IBAN imput and I should enter my details in a format like this:
GB21 TRWI 0700 9312 3456 78
BUT, on my TransferWise App, I’ve been advised to input the BIC: TRWIGB21 alongside my account number and sort cod. The order of the BIC is different to the example from above, and therein lies my confusion… Also, do I use the BIC in the IBAN, and then list the BIC again underneath?
Could you help us out by giving an example of how I should input my details for this particular situation? I would greatly appreciate it!
For a quick response message transfer wise support.
Hello Samuel, I hope you can give some insight on this as to be honest, I’m rather disappointed with transferwise.
I recently signed up for your borderless account, as it sounds like a great way for me to send and receive payments with people internationally. I do a lot of bitcoin trading, peer to peer, rather than through exchanges, which I know transferwise has had problems with, because of your banking partners blocking payments, but I didnt see this being an issue with peer to peer payments because they would be between two individuals, and for a fintech company like transferwise, I though you’d at least contact me to discuss this, or let me know you couldn’t support it and the reasons why, however this was not the case.
I am sad to say, you acted just like a traditional bank, and immediately closed my account when I said I would be using it for bitcoin related transactions. When I emailed your CEO about this, I got a reply saying that you had the wright to close accounts under clause xyz of your terms, just like any old bank, and I’d be interested to know why transferwise, a fintech company, who seemed to take issue with its banking partners blocking bitcoin transactions on your blog, acted just like a bank in this regard?
Hi @guiltmanager, I’m not sure if it’s against any terms, but it might be useful to share the actual email you received about why?
I haven’t heard of anything (issue or not), to do with BitCoin P2P instead of through the banks (which as you rightly stated, TW stopped doing a long time ago).
Ironically, all of TW’s communication seems to show support for BitCoin, and annoyance that it isn’t more widely adopted.
Just a quick reminder of our Code of Conduct. Specifically this part:
We do not suggest or speculate on ways of breaking the law, or the security measures of Monzo and other banks.
If you’ve got any questions about Transferwise’s service or products, drop them here! But this isn’t the place to discuss ways to circumvent any rules they have for certain types of payment.
I really think TransferWise should be more transparent about which currencies they are working on to support and what the plan is going forward.
I’m happy about the partnership with Monzo, but coming from a bank account that could send to any country, its a bit of a backwards step and limitation now to only have certain currencies supported.
Thanks for posting! Sorry for the delay in this reply.
Please, get in touch with our team firstname.lastname@example.org
We’re going to be able to give you your IBAN for the GBP account.
Bear in mind that the IBAN can only be used to receive GBP payment locally.
Shall you receive any SWIFT transfers on this account, they will be rejected to the sender.
Thanks, and have a great day!
Thanks for posting here.
Have you read this FAQ article? https://transferwise.com/help/article/2534649/other/bitcoin
It explains why TransferWise doesn’t deal with Bitcoin, or other crypto currencies anymore.
I’m sorry to read that you think we acted like a bank, but as a financial institution you know we’re regulated, and if you’re stating that you’re not going to follow the rules we asked you to apply, we sadly have no other choice but to restrict your access.
Now if you’re willing to appeal this decision, you can write to email@example.com and send an email with your full name and your date of birth.
Wishing you a great day head.
All the best
Thanks for your post
Please have a look here --> https://transferwise.com/#/b-transfer-map-light
You can click on “See more about the routes we cover.”
If you don’t find the route you’re looking into, please let us know your wish! That’s really helpful for us to decide what new markets to type. https://transferwise.com/wishes
Eventually, we’d love to support worldwide transfers. We still have a long way until we get there, but it’s looking promising.
Have a great day!
I appreciate your transparency TransferWise, but why don’t you have an online community forum? Nothing to be afraid of, you are well ahead of most fintechs on that front
Hi Transferwise. Do you still check this thread for updates?