TransferWise - Borderless Account


#61

Very similar to Revolut Card.
Used Revolut to transfer funds into a French account and found that it cost less than doing so via Transfwise


#62

Anyone managed to add their transferwise card to curve?


(Geoff Pascoe) #63

No, I contacted them. They said their BIN database didn’t include Transferwise yet, and as it is provided by a third party, they couldn’t tell me/they didn’t know when it would be updated. To be fair, the Transferwise card is in private beta, so it’s not surprising that it’s not in the DB yet

Edit: tried again tonight, and was able to add it successfully


(Caspar Aremi) #64

I got mine recently - surprised at the lack of white print on the lettering on the card, it makes it pretty hard to read. But that’s my only feedback - I’m not sure when i’m going to get the chance to use it properly.


#65

Yes, mine too


(If there's the wrong end of a stick, you'll find me holding it.) #66

I’ve just got back from a trip to Spain where I used Transferwise Borderless.

I changed funds into Euros before I went, so there were no exchange rate changes to worry about. I still was offered DCC most of the time, though; the card is a British MasterCard debit card.

There were no problems at all, I had instant notifications with every transaction, but was it as good as using Monzo?

The short answer is, no.

The instant notifications were helpful as they also showed the remaining balance. There isn’t a widget, though, so the only way to see the balance without opening the app is to keep a notification untouched.

Transactions are categorised, as they are with Monzo, but there doesn’t seem to be any way to group transactions into categories.

Also, there is no way to freeze the card, or get access to your PIN in the app.

They do have unlimited free ATM withdrawals at the moment, although this will change when they officially come out of beta, so it works quite well as a prepaid travel card if that’s what you want.

You don’t need to change your money in the app, they’ll change your money on a transaction by transaction basis at the MasterCard rate á la Monzo if you want.

All in all, Transferwise Borderless isn’t quite as feature rich as Monzo, but I guess they’ll iterate the offer and gradually catch up. It’s also handy if you want or need some extra free ATM withdrawals.


(Allie) #67

See I don’t get this? Sure you fixed an exchange rate but you still paid more statistically over time. Is exchange rate risk avoidance really worth an average loss of 0.35% or whatever it is TransferWise charges for euro?


(If there's the wrong end of a stick, you'll find me holding it.) #68

I didn’t do the maths, but I’d guess it’s likely to be cost neutral more or less; especially given the general £/€ exchange rate trend.

Also, there may be advantages to be had from adding funds as you save for a trip (using it a bit like a Euro pot).


(Allie) #69

Statistically it wouldn’t be cost neutral, given enough time and people on all sides. Currency is a zero-sum game, so any fees are in effect the ‘house take’ in gambling.

All you’re doing here is literally gambling against the Pound and the British economy…

(I’m not advising if that’s a good or a bad bet, simply pointing out that’s the actual bet being made when you decide it’s worth paying a fee to buy foreign currency at today’s exchange rate instead of a future one).


#70

Yeah, but that is the point of these types of accounts, isn’t it? To be able to hold various currencies, rather than to exchange them.


(Allie) #71

Indeed, I didn’t say it was a bad bet, I sure wouldn’t want to do anything that could look like giving advice… I’m just musing over what it is :slight_smile:


(If there's the wrong end of a stick, you'll find me holding it.) #72

Sort of. If I was planning to use it again (and it’s unlikely at the moment as Monzo is a better fit for me as a forex card) I’d probably put half of what I expected to spend on it and spend the other half on Monzo. It’s what I’d plannned to do for the last trip, I just miscalculated the amount I’d spend. But I also wanted to try it out to see if it was suitable for my needs.


(Andre Borie) #73

If anyone’s wondering how their card payment notifications look like, here they are - quite boring actually, no emojis… :sob:


(Matthew Jones) #74

I used Transferwise the other day for the first time to receive funds from a mate of mine for a decent amount.
It was instant Transferwise to Transferwise & when I sent the funds to my UK bank from my Transferwise acoount I only got charged 50p which I thought was really reasonable & that was instant too.
Overall I was really impressed with them.
Lol :joy::joy::joy: Have to throw my link is as well it gets you your first transfer of £500 for free & gets me £50.


(Matthew Jones) #75

Hello Merkitten

Although I haven’t used Transferwise a lot so am no expert on it.
I sold some stuff online the other day & got an International payment through Transferwise.
At the time I did not worry about the exchange rate as I just wanted my asking price for what I sold & I got it (I guess the buyer would of been worrying about it - LOL).:sunglasses:
I only lost out when I sent the money to my UK bank - I got charged 50p:joy: & the payment was instant into my UK account so was all happy in the end.:sunglasses:


(Hitesh kotecha) #76

I’ve had a transferwise account for a while now.
Decided to add borderless facility which asked for scan of passport (or other photo ID) and bank statements (for proof of address).

Passport was accepted but my Monzo bank statement was rejected - apparently it’s not a document they accept, even though bank statement is mentioned


(Allie) #77

Sigh… Wow. Write to them to complain their customer service is very good.

I don’t seem to remember needing two things at all? Am I imagining that?


#78

@simonb Not so switched on apparently :wink:


#79

Same here, I opened the account with only my passport. For the business account I had to go through a verification process but no proof of address was needed. Maybe @hkotecha ‘s case is more complicated and the problem is not with :monzo:?


#80

It may be you need a statement if your photo ID such as passport does not show your address, buy not need a statement if your photo ID such as driving license does show your address?

My friend had to show both but I have heard of others not so it does seem inconsistent!