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Old 25.05.2017, 22:48
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Transferwise Borderless account

I am usually a big fan of Currencyfair over Transferwise, but now the latter guys might be on to something big:

Transferwise now offers a "borderless account". It means you receive individual EU, UK and US bank account details, and can use them just like a personal account.

Apparently the same is about to be introduced for Switzerland.

If this happens, it's quite a solution for lots of scenarios. This account can remain open even after leaving Switzerland, and everyone who's not resident in Switzerland can equally open one.

Obviously it probably won't be good to park our millions, but it should allow normal transactions, like receiving occasional payments or, in some years, a possible pension.

Just thought I´ll give a heads up on the availability on the product this far.
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Old 25.05.2017, 23:51
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Re: Transferwise Borderless account

But you can use Transferwise normally in Switzerland, right? From a bank acc in uk to one in Switzerland
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Old 26.05.2017, 10:18
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Re: Transferwise Borderless account

thanks ChrisNeedsToKnow, that would be very handy
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Old 26.05.2017, 10:31
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Re: Transferwise Borderless account

It looks good. I don't have a use for it at the moment, having a Swiss account and a UK account, however it would be very interesting if they launched a debit card with it (to withdraw cash and make payments in shops etc.) - you'd always get the best exchange rate for your holidays

Last edited by Enohzee; 26.05.2017 at 10:59.
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Old 17.06.2017, 17:52
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Re: Transferwise Borderless account

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It looks good. I don't have a use for it at the moment, having a Swiss account and a UK account, however it would be very interesting if they launched a debit card with it (to withdraw cash and make payments in shops etc.) - you'd always get the best exchange rate for your holidays
I set up a Borderless account in GBP and transferred (converted) some CHF into it. But TransferWise doesn't allow me to make GBP payments from this Borderless GBP account: As soon as you select GBP as the originating currency it forces you to select another currency (non-GBP) for the receiver. So it looks like it's not intended to be used as a regular bank account. It's more like a destination for you to receive GBP payments into, after which you can convert it into your own currency. At least, that's how I understand it now. Am I missing something? The support info is not very clear.
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Old 17.06.2017, 18:10
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Re: Transferwise Borderless account

These accounts could be used to play the fx market if you were so inclined.
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Old 17.06.2017, 18:14
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Re: Transferwise Borderless account

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I set up a Borderless account in GBP and transferred (converted) some CHF into it. But TransferWise doesn't allow me to make GBP payments from this Borderless GBP account: As soon as you select GBP as the originating currency it forces you to select another currency (non-GBP) for the receiver. So it looks like it's not intended to be used as a regular bank account. It's more like a destination for you to receive GBP payments into, after which you can convert it into your own currency. At least, that's how I understand it now. Am I missing something? The support info is not very clear.
Correction: There's a difference between the standard "Send Money" option and the "Send GBP" option on the Borderless Account page. When you enter a new recipient it automatically continues with the "Send Money" scenario - assuming that you want to convert it. If you want to send GBP, you have to go back to the Borderless Account page right after adding the new recipient (so don't continue) and initiate a "Send GBP" from there. Found this out by accident. Not very intuitive, but it seems to work.
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Old 26.05.2017, 12:20
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Re: Transferwise Borderless account

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I am usually a big fan of Currencyfair over Transferwise, but now the latter guys might be on to something big:

Transferwise now offers a "borderless account". It means you receive individual EU, UK and US bank account details, and can use them just like a personal account.

Apparently the same is about to be introduced for Switzerland.

If this happens, it's quite a solution for lots of scenarios. This account can remain open even after leaving Switzerland, and everyone who's not resident in Switzerland can equally open one.

Obviously it probably won't be good to park our millions, but it should allow normal transactions, like receiving occasional payments or, in some years, a possible pension.

Just thought I´ll give a heads up on the availability on the product this far.
I have just set up & been verified. I don't seem to have an account as such, you nominate where the money goes to. I don't see it being as much use as you have to email request money unless I have not understood so more like PayPal
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Old 26.05.2017, 17:18
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Re: Transferwise Borderless account

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I have just set up & been verified. I don't seem to have an account as such, you nominate where the money goes to. I don't see it being as much use as you have to email request money unless I have not understood so more like PayPal



Four figure cash transfers at effectively spot with minimal fees is the big advantage. up to now i can't see myself transferring 5 figures using this even between my own set up accounts and previously tested.

what OP mentions is more US centric. allowing US residents to have EU/UK IBANs and allow them to easily transfer money to themselves or then third parties in EU/UK leveraging the IBAN ssytem.

when the reverse is available where I get a US account and can use ACH to transfer to my US brokers then there might be some potential savings to be made.
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Old 26.05.2017, 17:23
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Re: Transferwise Borderless account

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what OP mentions is more US centric. allowing US residents to have EU/UK IBANs and allow them to easily transfer money to themselves or then third parties in EU/UK leveraging the IBAN ssytem.
They don't give you an account number with IBAN, this is my objection, they transfer to an existing account with an IBAN you already have.
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Old 26.05.2017, 19:09
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Re: Transferwise Borderless account

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They don't give you an account number with IBAN, this is my objection, they transfer to an existing account with an IBAN you already have.
yes that is current offering for everyone worldwide. as i understand it, the "borderless" account offering is a personalised account in the EU/UK with IBANs for US residents.
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Old 26.05.2017, 19:36
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Re: Transferwise Borderless account

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They don't give you an account number with IBAN, this is my objection, they transfer to an existing account with an IBAN you already have.
The latter was Transferwise's original value proposition.

The borderless account is a separate section on their website, and you do indeed receive individual account#s!
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Old 27.05.2017, 10:04
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Re: Transferwise Borderless account

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The latter was Transferwise's original value proposition.

The borderless account is a separate section on their website, and you do indeed receive individual account#s!
Well I have one & they just want to link to existing accounts.
So your saying you have a personal account no in £ & Euros?
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Old 02.08.2017, 18:59
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Re: Transferwise Borderless account

I just sent my first transfer with Transferwise Thanks for the tip!

Now, lets see if it shows up intact on the other end.
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Old 03.08.2017, 12:27
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Re: Transferwise Borderless account

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I just sent my first transfer with Transferwise Thanks for the tip!

Now, lets see if it shows up intact on the other end.
Please keep us updated.
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Old 03.08.2017, 18:46
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Re: Transferwise Borderless account

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I just sent my first transfer with Transferwise Thanks for the tip!

Now, lets see if it shows up intact on the other end.
Update....Wow, the money arrived to the recipients UK NatWest account in less than 24 hours. I test shipped $120 US and lost about $10 along the way. Not bad I suppose. I think I'll try sending $240 and see what the fees do.
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Old 04.08.2017, 10:39
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Re: Transferwise Borderless account

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Update....Wow, the money arrived to the recipients UK NatWest account in less than 24 hours. I test shipped $120 US and lost about $10 along the way. Not bad I suppose. I think I'll try sending $240 and see what the fees do.
Thats a huge loss, Paypal would be cheaper.
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Old 04.08.2017, 13:21
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Re: Transferwise Borderless account

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Update....Wow, the money arrived to the recipients UK NatWest account in less than 24 hours. I test shipped $120 US and lost about $10 along the way. Not bad I suppose. I think I'll try sending $240 and see what the fees do.
That's a big loss my friend! More than 8% in fees.
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Old 23.03.2020, 19:18
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Re: Transferwise Borderless account

Hi, I have a GBP currency account with Credit Suisse. Does anyone have expereience of transferring CHF to GBP within a swiss bankaccount with Transferwise? Are they any additional fees in order to receive the money?
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