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  #41  
Old 06.04.2018, 11:13
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Re: Transferwise Borderless account

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wow - how did you manage to get your hands on the green card?
I've used TransferWise for a few years so maybe that's why I got lucky :-)

In the TW app there is a link to request a card, I put in my Swiss address and within 2 weeks a nice bright green card arrived

Also for now it's only for personal customers, not business accounts. Works a treat though...sorry if that sounds like I'm gloating
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  #42  
Old 06.04.2018, 13:09
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Re: Transferwise Borderless account

The App seems to have done the trick. Now I should receive a card.

Why do they make such a difference between web usage and app? For stuff like this I just don't want an app cluttering my phone. Whatever. Thanks for the mention

If not used for anything else, it's effectively a totally free CHF-prepid card. Sounds too good to be true and looking forward to do some testing.
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  #43  
Old 06.04.2018, 13:19
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Re: Transferwise Borderless account

My TW card also arrived, I will load my virtual accounts with 100 and 100 and test it out. I'm guessing that withdrawing a tenner in London will pull the money out of my sterling virtual account and doing the same in Mulhouse will subtract it from the euro account.
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  #44  
Old 06.04.2018, 13:58
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Re: Transferwise Borderless account

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My TW card also arrived, I will load my virtual accounts with 100 and 100 and test it out. I'm guessing that withdrawing a tenner in London will pull the money out of my sterling virtual account and doing the same in Mulhouse will subtract it from the euro account.
Yes. It does.

I've made EUR and chf and gbp payments already
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  #45  
Old 18.04.2018, 23:12
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Re: Transferwise Borderless account

The TW debit card can actually be used to top up Revolut accounts with CHF for free
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  #46  
Old 19.04.2018, 11:32
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Re: Transferwise Borderless account

I also ordered a card and will use it mostly for EUR payments.


Is the exchange rate and fees the same as when using Transferwise as usual? I.e. around 0.5% of the total value
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  #47  
Old 16.06.2018, 10:42
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Re: Transferwise Borderless account

Yep, I am on the card bandwagon. Might stop using my credit card for good as I don't actually need the credit, just the ability to pay internationally (postfinance debit cards are useless even over the border in Germany).

Curious about:
- using debit card in currency that isn't on the account (eg Icelandic) and what the fees will be compared to my credit card
- how well it works outside of Europe, ie is it really going to be like having a NZ debit card in NZ

Will report back but not gonna be in NZ till Mar next year so you'll have to be patient.
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  #48  
Old 16.06.2018, 10:49
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Re: Transferwise Borderless account

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Yep, I am on the card bandwagon. Might stop using my credit card for good as I don't actually need the credit, just the ability to pay internationally (postfinance debit cards are useless even over the border in Germany).

Curious about:
- using debit card in currency that isn't on the account (eg Icelandic) and what the fees will be compared to my credit card
- how well it works outside of Europe, ie is it really going to be like having a NZ debit card in NZ

Will report back but not gonna be in NZ till Mar next year so you'll have to be patient.
I will be using mine in Mexico this summer. I opened a MXN currency account already.
Besides slightly higher fees on the exchange rate to the MXN, I imagine it should be the same. Can still withdraw some cash for free and its a Mastercard so it should work in most places
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  #49  
Old 16.06.2018, 10:58
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Re: Transferwise Borderless account

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Curious about:
- using debit card in currency that isn't on the account (eg Icelandic) and what the fees will be compared to my credit card
- how well it works outside of Europe, ie is it really going to be like having a NZ debit card in NZ
I can't say about fees but I hold money in GBP, EUR and CHF. Just with those currencies I have used the card without any problems in Mexico, China, North America, all over Europe...

Works great for me. It debits GBP as it's my "base currency" and then it will switch to the next best currency automatically. So for example when I went to China I didn't load any local currency...
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Old 18.06.2018, 16:54
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Re: Transferwise Borderless account

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I can't say about fees but I hold money in GBP, EUR and CHF. Just with those currencies I have used the card without any problems in Mexico, China, North America, all over Europe...

Works great for me. It debits GBP as it's my "base currency" and then it will switch to the next best currency automatically. So for example when I went to China I didn't load any local currency...
When using the Mastercard, there is a conversion fee of 0.35 - 2%.

They say it is free to withdraw up to 200 from an ATM per month - going above the threshold adds 2% in fees.
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  #51  
Old 18.06.2018, 17:38
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Re: Transferwise Borderless account

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When using the Mastercard, there is a conversion fee of 0.35 - 2%.

They say it is free to withdraw up to 200 from an ATM per month - going above the threshold adds 2% in fees.
Agree, I keep currencies I plan to spend and have one conversion.
Higher amounts generally have better fees
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  #52  
Old 19.06.2018, 11:42
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Re: Transferwise Borderless account

From looking at Revolut vs Transferwise, it seems Revolut is cheaper as it gives the mid-rate for any currency and doesn't charge any fee (so around 0.5% cheaper than TW).

Can anybody confirm this? Am I missing something? :/

I will probably end up using both so I can withdraw cash and get past the withdrawal limit of 200GBP
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  #53  
Old 19.06.2018, 17:34
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Re: Transferwise Borderless account

I have the green card but from my experience Revolut is cheaper for almost currencies during the week. THB and RUB at any time are also more expensive.
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  #54  
Old 24.07.2018, 20:21
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Re: Transferwise Borderless account

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From looking at Revolut vs Transferwise, it seems Revolut is cheaper as it gives the mid-rate for any currency and doesn't charge any fee (so around 0.5% cheaper than TW).

Can anybody confirm this? Am I missing something? :/

I will probably end up using both so I can withdraw cash and get past the withdrawal limit of 200GBP
I can confirm this.

I use Transferwise to export chf into my borderless account for no fee. Then top up at a Max of 2000 gbp a day still keeping it in chf again for no fee.

I then use revolut during the week to exchange into gbp or Eur. Revolut give the interbank rate as opposed to mid market rate during the week. Awesome
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  #55  
Old 31.07.2018, 11:31
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Re: Transferwise Borderless account

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- using debit card in currency that isn't on the account (eg Icelandic) and what the fees will be compared to my credit card
So I was in Croatia for a week, and used my bright green Debit MasterCard for making payments in HKN. I didn't need to activate HKN as a currency. Just loaded up the Borderless account with CHF and started making payments. The rate at which the money was being converted was exactly the same as I would have been charged if I would be transferring via TransferWise to a bank account in Croatia in HKN.

One interesting observation. I converted some of the CHF to EUR while I was out there. When I was making payments in HKN, the transaction would go from my EUR or CHF balance at random. When I queried TW about this logic, they said that their system uses whichever currency gives the best advantage at that precise moment.

Pro tip: On the last day, with big payments at the resort and the rental car dealership, I ended up transacting more than an equivalent of 1000 GBP, thereby tripping the failsafe system, which started blocking further payments. That's where the app came to help. I could increase my spending limit at the click of a button inside it, and carry on with the splurging spree!

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- how well it works outside of Europe, ie is it really going to be like having a NZ debit card in NZ
My experience doesn't count as outside Europe, but it was in a non-EUR currency nevertheless. I shall be using it in India this autumn, so could tell more later.
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  #56  
Old 31.07.2018, 11:42
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Re: Transferwise Borderless account

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One interesting observation. I converted some of the CHF to EUR while I was out there. When I was making payments in HKN, the transaction would go from my EUR or CHF balance at random. When I queried TW about this logic, they said that their system uses whichever currency gives the best advantage at that precise moment.
Thanks for clearing that up, I've also noticed that sometimes (in Germany or France) I will be charged in EUR and other times in even though all three of my virtual accounts (CHF, and EUR) have money in them.

Overall though my experience with TW continues to be positive.
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Old 31.07.2018, 12:08
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Re: Transferwise Borderless account

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I've also noticed that sometimes (in Germany or France) I will be charged in EUR and other times in even though all three of my virtual accounts (CHF, and EUR) have money in them.
To really get down to it, I made a simple calculation on a couple of HKN transactions that I made on the same day, one where the amount was deducted from the EUR and the other where the amount was deducted from the CHF balance. So for the former it was a double conversion i.e. CHF --> EUR --> HKN, and for the latter it was a single conversion i.e. EUR --> HKN. Strangely enough I got a marginally better rate in the double conversion. Although it had probably something to do with me converting the CHF --> EUR a couple of days before, so perhaps it wasn't a correct comparison.
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  #58  
Old 26.08.2018, 13:27
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Re: Transferwise Borderless account

Charges seem to have increased, depositing from a Euro a/c used to be free but now costs 50 cents & withdrawals in Euros seem to cost 1.95%, this seems to be new from the 1 August 2018 as I have just noticed, so possibly a waste of time going forward.
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Old 27.08.2018, 10:51
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Re: Transferwise Borderless account

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Charges seem to have increased, depositing from a Euro a/c used to be free but now costs 50 cents & withdrawals in Euros seem to cost 1.95%, this seems to be new from the 1 August 2018 as I have just noticed, so possibly a waste of time going forward.
I noticed this too... my friend was trying to transfer money to a relative and I was confused when it charged more to 'transfer from bank account' rather than 'send from borderless account'. This would explain it.


Edit
I just tried the topup process with my app and it still looks free to top up with a bank transfer... (debit card is not free though).
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Old 27.08.2018, 12:45
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Re: Transferwise Borderless account

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Charges seem to have increased, depositing from a Euro a/c used to be free but now costs 50 cents & withdrawals in Euros seem to cost 1.95%, this seems to be new from the 1 August 2018 as I have just noticed, so possibly a waste of time going forward.

Are you sure? I topped up EUR from Postfin last week and was not charged a cent, nor was I for a 150 withdrawal from an ATM in Wittenheim on Saturday. I know that there is a 2% charge on withdrawals over 200 within any 30 day period though.
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