Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #81  
Old 15.12.2018, 22:07
Forum Veteran
 
Join Date: Feb 2009
Location: Geneva
Posts: 756
Groaned at 25 Times in 11 Posts
Thanked 673 Times in 305 Posts
Marsalforn has a reputation beyond reputeMarsalforn has a reputation beyond reputeMarsalforn has a reputation beyond reputeMarsalforn has a reputation beyond repute
Re: Transferwise Borderless account

I was thinking of topping up the Revolut card using a bank transfer using TW. I guess this would work too?
Reply With Quote
  #82  
Old 15.12.2018, 22:37
Castro's Avatar
à la mod
 
Join Date: Nov 2007
Location: Basel-Land of Smiles
Posts: 5,282
Groaned at 106 Times in 84 Posts
Thanked 15,513 Times in 4,977 Posts
Castro has a reputation beyond reputeCastro has a reputation beyond reputeCastro has a reputation beyond reputeCastro has a reputation beyond reputeCastro has a reputation beyond reputeCastro has a reputation beyond repute
Re: Transferwise Borderless account

Quote:
View Post
I was thinking of topping up the Revolut card using a bank transfer using TW. I guess this would work too?
You could do that, but you will pay a small fee since it would have to be in GBP.
Reply With Quote
This user would like to thank Castro for this useful post:
  #83  
Old 16.12.2018, 07:51
Forum Veteran
 
Join Date: Feb 2009
Location: Geneva
Posts: 756
Groaned at 25 Times in 11 Posts
Thanked 673 Times in 305 Posts
Marsalforn has a reputation beyond reputeMarsalforn has a reputation beyond reputeMarsalforn has a reputation beyond reputeMarsalforn has a reputation beyond repute
Re: Transferwise Borderless account

Many thanks for your help. Its complicated, but at least I am clear on what to do now.
Reply With Quote
  #84  
Old 28.02.2019, 10:12
Horatio Gonzales's Avatar
Forum Veteran
 
Join Date: Feb 2014
Location: Luzern
Posts: 516
Groaned at 4 Times in 4 Posts
Thanked 160 Times in 98 Posts
Horatio Gonzales is considered knowledgeableHoratio Gonzales is considered knowledgeableHoratio Gonzales is considered knowledgeable
Re: Transferwise Borderless account

Made a chunky UBS EUR to my own TW GBP account today.
TW fee was 0.29% of the EUR sum.

Pleased with that. I don't dare to imagine what UBS would have charged for that fx transaction.
Reply With Quote
  #85  
Old 28.02.2019, 10:25
Spinal's Avatar
Forum Veteran
 
Join Date: Dec 2016
Location: Zurich
Posts: 856
Groaned at 6 Times in 5 Posts
Thanked 719 Times in 335 Posts
Spinal has an excellent reputationSpinal has an excellent reputationSpinal has an excellent reputationSpinal has an excellent reputation
Re: Transferwise Borderless account

Quote:
View Post
Made a chunky UBS EUR to my own TW GBP account today.
TW fee was 0.29% of the EUR sum.

Pleased with that. I don't dare to imagine what UBS would have charged for that fx transaction.
I regularly do a monthly from CHF-GBP using currency fair. I believe it's £2 or so per transaction. Depending on how much you transfer, that's usually sub 0.05% for me.
Reply With Quote
  #86  
Old 28.02.2019, 13:16
Junior Member
 
Join Date: Jan 2017
Location: basel
Posts: 47
Groaned at 3 Times in 1 Post
Thanked 21 Times in 10 Posts
radams has no particular reputation at present
Re: Transferwise Borderless account

I've not heard of currencyfair. I went to their website to take a look at their fees, which on the surface look quite low. Comparing them to another site or two, it seems their fee is low but their exchange rate is not as competitive to make up for it.
Reply With Quote
  #87  
Old 28.02.2019, 13:25
Spinal's Avatar
Forum Veteran
 
Join Date: Dec 2016
Location: Zurich
Posts: 856
Groaned at 6 Times in 5 Posts
Thanked 719 Times in 335 Posts
Spinal has an excellent reputationSpinal has an excellent reputationSpinal has an excellent reputationSpinal has an excellent reputation
Re: Transferwise Borderless account

Quote:
View Post
I've not heard of currencyfair. I went to their website to take a look at their fees, which on the surface look quite low. Comparing them to another site or two, it seems their fee is low but their exchange rate is not as competitive to make up for it.
I haven't compared them to TW in a year or two, they were pretty competitive then... I may need to check again.

One thing with CF which I like is you can set the exchange rate you want - and when someone on the other side wants the same rate, it matches them. So if I wanted CHF:GBP at 1:1, I could put that in and ask for that and see it it's matched.
Reply With Quote
This user would like to thank Spinal for this useful post:
  #88  
Old 28.02.2019, 14:09
varun.c.jain's Avatar
Senior Member
 
Join Date: May 2010
Location: Bern
Posts: 279
Groaned at 1 Time in 1 Post
Thanked 139 Times in 87 Posts
varun.c.jain has earned the respect of manyvarun.c.jain has earned the respect of manyvarun.c.jain has earned the respect of many
Re: Transferwise Borderless account

Real time comparison

TransferWise

transferwise-borderless-account-tw_chf10000.png

CurrencyFair

transferwise-borderless-account-cf_chf10000.png
Reply With Quote
  #89  
Old 09.05.2019, 13:38
FunnyBone's Avatar
Forum Veteran
 
Join Date: Jan 2015
Location: Earth
Posts: 802
Groaned at 40 Times in 27 Posts
Thanked 1,173 Times in 515 Posts
FunnyBone has a reputation beyond reputeFunnyBone has a reputation beyond reputeFunnyBone has a reputation beyond reputeFunnyBone has a reputation beyond reputeFunnyBone has a reputation beyond reputeFunnyBone has a reputation beyond repute
Re: Transferwise Borderless account

These are possibly totally noob questions, so I apologize in advance.

I'd like to set up an account with Transferwise but I'm too chicken to do it since I don't understand how it works.

1. I basically want to transfer from my personal Canadian account to my personal Swiss account. Is TW like an intermediary, or can I also use it as my own bank account (with a card?)? I would prefer to be able to transfer CAD to CAD or CAD to CHF, since I live in CH, and of course, I like the option of being able to use other currencies like Euro, pounds, etc, when I travel.

2. How can the money end up in the bank I pay all my bills from?

3. Do they care about one's citizenship(s)?


Thank you!

Cheers
Reply With Quote
  #90  
Old 09.05.2019, 14:12
peaky's Avatar
Senior Member
 
Join Date: Nov 2013
Location: zurich
Posts: 297
Groaned at 4 Times in 4 Posts
Thanked 187 Times in 104 Posts
peaky is considered knowledgeablepeaky is considered knowledgeablepeaky is considered knowledgeable
Re: Transferwise Borderless account

I will have a go and answering some.

If you just use TW as is, then its an intermediary. You send money in one currency and it will throw out which ever currency you want into the desired account.

If you set up TW as a borderless account, yes you can use it as a bank account. So you can load CAD on there and spend CAD. You can load CAD on there and as required move amounts to CHF and spend CHF or of course any currency you choose.

Its interesting for card payments. For withdrawing cash from a machine, there is a limit which you can make while it being free, after that you'll pay a fee to withdraw.

Some currencies it will allow you to receive payments from third parties/persons. CHF I dont think is one of them. All currencies you can receive payments or transfers from banks in your own name.

For question 2, the money ends up where you want it, when you tell it to be there. Some are quicker than others. CHF I usually have a working day delay, for pounds its instant and Euro within a few hours.

Question 3 I have no idea about. I assume they dont care, just as long as you are who you tell them you are. But dont know for sure
Reply With Quote
  #91  
Old 09.05.2019, 14:17
peaky's Avatar
Senior Member
 
Join Date: Nov 2013
Location: zurich
Posts: 297
Groaned at 4 Times in 4 Posts
Thanked 187 Times in 104 Posts
peaky is considered knowledgeablepeaky is considered knowledgeablepeaky is considered knowledgeable
Re: Transferwise Borderless account

Quote:
View Post

I'd like to set up an account with Transferwise but I'm too chicken to do it since I don't understand how it works.
I think to set up the account takes 20 CHF (or Dollars I suppose), theres not much risk moving 20 bucks around and seeing if it works for you
Reply With Quote
  #92  
Old 01.09.2019, 13:25
Banned
 
Join Date: Jan 2019
Location: close to the frontier
Posts: 1,018
Groaned at 141 Times in 86 Posts
Thanked 597 Times in 379 Posts
Clocker has become a little unpopular
Re: Transferwise Borderless account

Question for those who have Transferwise (I have not used them). Have they started offering CH IBANs yet?
Reply With Quote
  #93  
Old 01.09.2019, 13:53
Member
 
Join Date: Nov 2015
Location: Zug
Posts: 171
Groaned at 2 Times in 1 Post
Thanked 59 Times in 35 Posts
wheatism has made some interesting contributions
Re: Transferwise Borderless account

Quote:
View Post
Question for those who have Transferwise (I have not used them). Have they started offering CH IBANs yet?
Nope. I can transfer CHF in from myself but you cannot accept payments from others. It’s pretty limited and personally I only use the borderless account to move money into from my own Postfinance account and then out to Revolut.

No Swiss IBAN...
Reply With Quote
The following 3 users would like to thank wheatism for this useful post:
  #94  
Old 02.09.2019, 12:24
Forum Veteran
 
Join Date: Feb 2012
Location: Zürich
Posts: 922
Groaned at 3 Times in 3 Posts
Thanked 524 Times in 319 Posts
ChrisNeedsToKnow has a reputation beyond reputeChrisNeedsToKnow has a reputation beyond reputeChrisNeedsToKnow has a reputation beyond reputeChrisNeedsToKnow has a reputation beyond repute
Re: Transferwise Borderless account

Swiss accounts with individual IBAN, which are without fee and "Revolut-Like", are "NEON" by Hypothekarbank Lenzburg and "ZAK" by CLER. However, they require Swiss residency.


The easiest Swiss account with individual IBAN, which can be opened without Swiss residency, is an account called "Giro Suisse" by Sparkasse Hochrhein in Germany. Yes, the German bank gives their customers a Swiss IBAN (CH...), it's NOT "just" a currency account with German IBAN in CHF. This account can be used like a domestic Swiss account, but they charge some fees; albeit still less than any "normal" Swiss bank.
Reply With Quote
This user would like to thank ChrisNeedsToKnow for this useful post:
  #95  
Old 02.09.2019, 14:28
Banned
 
Join Date: Jan 2019
Location: close to the frontier
Posts: 1,018
Groaned at 141 Times in 86 Posts
Thanked 597 Times in 379 Posts
Clocker has become a little unpopular
Re: Transferwise Borderless account

Quote:
View Post
The easiest Swiss account with individual IBAN, which can be opened without Swiss residency, is an account called "Giro Suisse" by Sparkasse Hochrhein in Germany. Yes, the German bank gives their customers a Swiss IBAN (CH...), it's NOT "just" a currency account with German IBAN in CHF. This account can be used like a domestic Swiss account, but they charge some fees; albeit still less than any "normal" Swiss bank.
Volksbank Hochrhein in Germany also offer this.

Links for both:

https://www.sparkasse-hochrhein.de/d...rue&stref=hnav

https://www.volksbank-hochrhein.de/p...nzgaenger.html
Reply With Quote
  #96  
Old 07.10.2019, 11:36
Junior Member
 
Join Date: Jan 2012
Location: Lausanne
Posts: 99
Groaned at 1 Time in 1 Post
Thanked 71 Times in 44 Posts
hans1 has become a little unpopular
Re: Transferwise Borderless account

I've been searching Google and the Transferwise website with respect to insurance of online purchased items, nothing so far found on this topic.



Does anyone here know if you'd use the TW debitcard for online purchases, and they never are received, would it then be possible to request for a refund of the purchase amount (providing sufficient proof) from TW?
Reply With Quote
  #97  
Old 08.10.2019, 14:02
Forum Veteran
 
Join Date: Feb 2008
Location: Zurich
Posts: 1,019
Groaned at 6 Times in 6 Posts
Thanked 345 Times in 262 Posts
bill_door has an excellent reputationbill_door has an excellent reputationbill_door has an excellent reputationbill_door has an excellent reputation
Re: Transferwise Borderless account

Quote:
View Post
I've been searching Google and the Transferwise website with respect to insurance of online purchased items, nothing so far found on this topic.

Does anyone here know if you'd use the TW debitcard for online purchases, and they never are received, would it then be possible to request for a refund of the purchase amount (providing sufficient proof) from TW?
took me <2 minutes!

here
Reply With Quote
  #98  
Old 08.10.2019, 15:36
Forum Veteran
 
Join Date: Jan 2016
Location: Lugano
Posts: 711
Groaned at 14 Times in 12 Posts
Thanked 778 Times in 365 Posts
LuganoPirate has an excellent reputationLuganoPirate has an excellent reputationLuganoPirate has an excellent reputationLuganoPirate has an excellent reputation
Re: Transferwise Borderless account

You don't have to give up your Swiss bank account just because you leave Switzerland. They may charge a higher maintenance fee and you'll have to declare it to your local tax authority if in the EU.
Reply With Quote
  #99  
Old 15.10.2019, 10:41
magic's Avatar
Forum Veteran
 
Join Date: Mar 2008
Location: Geneva
Posts: 963
Groaned at 9 Times in 8 Posts
Thanked 470 Times in 231 Posts
magic has a reputation beyond reputemagic has a reputation beyond reputemagic has a reputation beyond reputemagic has a reputation beyond reputemagic has a reputation beyond repute
Re: Transferwise Borderless account

Set up my TransferWise account and send two payments, one for $600 and £400 respectively.

Paid the express fee, so should have been instant. Now they are stuck for three days and they tell me this is due to AML (Anti Money Laundering)

Seems strange to me, anyone else experienced this?

Thanks
Reply With Quote
  #100  
Old 15.10.2019, 11:04
Guest
 
Posts: n/a
Re: Transferwise Borderless account

Transferwise are difficult for this i find.

The delay may also be to do with fact the US was shut yesterday for Columbus day
Reply With Quote
The following 2 users would like to thank for this useful post:
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Bad experience Transferwise using Creditcard (SCAM) rickowens Finance/banking/taxation 22 31.08.2017 14:51
Transferwise - any experience? Skappler Finance/banking/taxation 27 31.10.2016 14:37
TransferWise - Currency Transfer Wisey Finance/banking/taxation 73 05.10.2016 20:20
Bank transfer using transferwise fisi Finance/banking/taxation 11 05.10.2016 18:03
TransferWise and International Payments cas Finance/banking/taxation 4 29.08.2016 15:49


All times are GMT +2. The time now is 02:36.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0