TransferWise's New Policy Thread poster: Ocean520
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Ocean520 
Taiwan
Local time: 00:09
English to Chinese
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Dear colleague,
I am trying to open a TransferWise account as per a new client suggestion, because they use this platform’s service to pay. I am confused by TransferWise’s verification rules. I wonder if anyone here has encountered the same issue and how do you solve it?
TransferWsie asked me to top 20 GBP or USD to my new account so they can verify that I am the real account holder of my local bank account. The problem is, my bank (in Taiwan) told me if I want to top thi... See more Dear colleague,
I am trying to open a TransferWise account as per a new client suggestion, because they use this platform’s service to pay. I am confused by TransferWise’s verification rules. I wonder if anyone here has encountered the same issue and how do you solve it?
TransferWsie asked me to top 20 GBP or USD to my new account so they can verify that I am the real account holder of my local bank account. The problem is, my bank (in Taiwan) told me if I want to top this amount to TransferWise bank account, it will be an international wiring. My bank charges around 25 GBP as the wiring service fee, plus there will be an intermediate bank service fee-- the total wring fee might up to 50 GBP just for sending 20 GBP to TransferWise account for verification. (My bank told me, it is not worth of it, the service fee is even higher than the amount I want to transfer…)
I think this verification rule is ridiculous and emailed TrasferWise to get more details. They told me that they just changed their policy recently. All new customers need to top 20 GBP to the account in order to activate the balance account. And regarding the international wiring fee, I have to pay it on my own.
(In TransferWise’s ad. video, they emphasized “say bye-bye to bank fees”, then they set a rule to force their new customers pay a high bank fee for opening an account? I don’t get it.)
Any suggestions or information is appreciated. Thank you ▲ Collapse
| | | | | if this is about getting a card | May 8, 2020 |
Just skip it for now. You don't really need a TW card, you can simply transfer the money from your TW account to your local bank account.
And you can get a TW card later, when you already have funds in your account.
2. You need to add money to your account
You need to add a minimum of 20 USD to your TransferWise account balance before you can get your card. This isn't a fee — the money is yours to use as soon as you get and activate your card. This is a ... See more Just skip it for now. You don't really need a TW card, you can simply transfer the money from your TW account to your local bank account.
And you can get a TW card later, when you already have funds in your account.
2. You need to add money to your account
You need to add a minimum of 20 USD to your TransferWise account balance before you can get your card. This isn't a fee — the money is yours to use as soon as you get and activate your card. This is a verification requirement — we have to confirm you have a bank account, or another way to fund your account, like a credit card. ▲ Collapse
| | | | | Don't remember | May 8, 2020 |
I don't remember exactly what happened when I opened my account but I know there were some verifications needed. If it is just a one-off and if there are recurrent fees, it's not worth it for you but otherwise, I prefer it to PayPal's fees. I certainly did not have to pay any fees to transfer any money to TransferWise so they verify my account; I expect that depends on the country and the bank. Make sure these fees will not recur every time you receive some payment though. I know there were some... See more I don't remember exactly what happened when I opened my account but I know there were some verifications needed. If it is just a one-off and if there are recurrent fees, it's not worth it for you but otherwise, I prefer it to PayPal's fees. I certainly did not have to pay any fees to transfer any money to TransferWise so they verify my account; I expect that depends on the country and the bank. Make sure these fees will not recur every time you receive some payment though. I know there were some changes but I do not often receive through Transferwise and have not received any since the changes and do not receive in a different currency as I think the changes mostly concern currency exchange as far as I'm concerned, not opening an account with them. You have to weigh the advantages and disadvantages carefully. Will you receive regular work and be paid via TransferWise and what are the charges for your cou try and what charges will the bank you use charge? I think you have to weigh those carefully. ▲ Collapse
| | | | Sheila Wilson
Spain
Local time: 17:09
Member (2007)
English
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| How much have things changed at Transferwise, I wonder? | May 8, 2020 |
I don't have a Transferwise account. I'm simply registered as a Transferwise user. I have a UK bank account in GBP and a Spain bank account in EUR. A while back, it became necessary for me to transfer a large sum between the two and TW looked to be the cheapest option, so I registered. I remember having to move a few euros or pounds for verification purposes but, as they stress in their blurb, it was a local transfer in local currency, so it didn't cost anything.
That was a few year... See more I don't have a Transferwise account. I'm simply registered as a Transferwise user. I have a UK bank account in GBP and a Spain bank account in EUR. A while back, it became necessary for me to transfer a large sum between the two and TW looked to be the cheapest option, so I registered. I remember having to move a few euros or pounds for verification purposes but, as they stress in their blurb, it was a local transfer in local currency, so it didn't cost anything.
That was a few years back. Then a couple of months ago I received an email from Transferwise, with a subject something like "Xxxxxx has sent you money!", referencing a client. I get that message every month now. The client transfers money to Transferwise from their bank account that's in a non-euro currency. It's received by my bank as a local EUR transfer. Neither of us gets charged. It has made no difference at all to me (I was never charged by my bank to receive their payments). But my client is happier and better off. And that's always a good thing.
Maybe my client set up a Transferwise bank account -- I don't know. But I certainly don't have one. ▲ Collapse
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Samuel Murray
Netherlands
Local time: 18:09
Member (2006)
English to Afrikaans
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Ocean520 wrote:
I am trying to open a TransferWise account as per a new client suggestion, because they use this platform’s service to pay.
So far, I have received 4 payments via TransferWise. In one case, the client paid into my Transferwise USD borderless account, but in the other cases the clients paid *via* Transferwise directly into my own local bank account. I can't remember how I created the USD borderless account but I can see that I did transfer USD 20 into it right at the start. I believe the "20 GBP" rule applies only when you're trying to open a Transferwise borderless account (confusingly, they also refer to it as "balances"). There is a debit card attached to the borderless account, and for a while I thought that there would be no way to transfer money from the debit card into my own local account, but eventually I figured it out and was able to transfer the money from my borderless account into my local bank account.
The advantage of the borderless account for clients is that they can pay using e.g. British bank account details even if you are not physically located in the UK. I don't think there is any real advantage to you.
Apart from the borderless account, you can also use Transferwise to receive money directly into your own local bank account. You should be able to tell the client that they can pay you via Transferwise, and simply tell them your own local banking details. (Of course, this would mean that they might still have to pay their bank's banking fees for the transfer, and you might still have to pay your own bank's banking fees for receiving the money.)
| | | | | borderless account | May 8, 2020 |
I've been using a borderless account without a debit card for some years now and I've never been asked to top it up. I've requested a debit card a while ago after TW informed me they're introducing a fee for issuing cards.
| | | | Shirley Lao
Taiwan
Local time: 00:09
Member (2007)
English to Chinese
+ ...
| Received payments via Transferwise without a TW account | May 8, 2020 |
I received payments from two EU clients directly into my bank account in Taiwan via Transferwise (TW). In other words, I have not opened a Transferwise account before receiving these payments. I am not sure if this Transferwise's policy remains effective or not.
| | | | | Received payments via Transferwise and Transfermate without a TW or TM account | May 8, 2020 |
I’ve received several payments from British agencies and a Belgian direct client via Transferwise directly into my bank account without having a TW account. The same happened with a payment received recently from a New Zealand client this time via Transfermate.
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| different services | May 8, 2020 |
Teresa Borges wrote:
I’ve received several payments from British agencies and a Belgian direct client via Transferwise directly into my bank account without having a TW account. The same happened with a payment received recently from a New Zealand client this time via Transfermate.
Beside the money transfer service (with small fees), TransferWise offers multi-currency (or borderless) accounts. The latter require registration. The transfer between borderless accounts is very fast and free of charge.
[Edited at 2020-05-09 06:11 GMT]
| | | | Ocean520
Taiwan
Local time: 00:09
English to Chinese
+ ...
TOPIC STARTER | Thanks for all your replies | May 8, 2020 |
Dear Colleagues,
Thanks for all your replies and information. It helps me to find out some missing points in my TW registration.
@Cristina Crişan—I didn’t apply for a TransferWise debit card. I just need to open an account to receive payment from my client and transfer money to my local bank.
@Josephine Cassar---Thanks for the suggestion and reminders. I will check the fees and charges before I request a payment from my client.
@Sheila Wilson & S... See more Dear Colleagues,
Thanks for all your replies and information. It helps me to find out some missing points in my TW registration.
@Cristina Crişan—I didn’t apply for a TransferWise debit card. I just need to open an account to receive payment from my client and transfer money to my local bank.
@Josephine Cassar---Thanks for the suggestion and reminders. I will check the fees and charges before I request a payment from my client.
@Sheila Wilson & Shirley Lao & Teresa Borges—Thanks for the information. May I know what’s the difference between a TW user and a TW account holder? Do you mean you just filled out the ID info without linking your local bank account? (Sorry, I am really confused by TW’s registration process. They didn’t require my local bank info, instead, they offered me their British bank account and ask me to top 20 GBP to the TW account)
@Samuel Murray --so there are 2 kinds of account? Borderless balance account and balance account? If so, I might have been lead to open a borderless account by the TW webpage. When I registered on TW, I was requested to fill out some IDl info, then the page set USD and EUR as the currencies, after that, I was asked to top 20 GBP to the TW account as a verification. ▲ Collapse
| | | | Ocean520
Taiwan
Local time: 00:09
English to Chinese
+ ...
TOPIC STARTER | I probably know what’s wrong with my registration. | May 8, 2020 |
I just did some research. It seems that I don’t need to give my local bank info to TW; it’s my client’s side to assign to whom and which bank they want to send money, so they are the one who fills out the recipient’s bank info in their TW account. If my assumption is correct, I actually have finished my registration and I can just request my client make the payment via TW. If so, I shouldn’t need to worry about the issue of topping 20 GBP, since I don’t need a borderless account and ... See more I just did some research. It seems that I don’t need to give my local bank info to TW; it’s my client’s side to assign to whom and which bank they want to send money, so they are the one who fills out the recipient’s bank info in their TW account. If my assumption is correct, I actually have finished my registration and I can just request my client make the payment via TW. If so, I shouldn’t need to worry about the issue of topping 20 GBP, since I don’t need a borderless account and I still can receive my payment. I will contact my client and TransferWise for clarification.
Thanks again for everyone’s help!! : )
[Edited at 2020-05-08 15:35 GMT] ▲ Collapse
| | | | Samuel Murray
Netherlands
Local time: 18:09
Member (2006)
English to Afrikaans
+ ...
Ocean520 wrote:
@Samuel Murray -- so there are 2 kinds of account? Borderless balance account and balance account?
No, as I understand it the "balance account" is the same thing as the borderless account (or at least they have something to do with each other).
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Ocean520
Taiwan
Local time: 00:09
English to Chinese
+ ...
TOPIC STARTER | Thanks for the clarification. | May 9, 2020 |
Samuel Murray wrote:
No, as I understand it the "balance account" is the same thing as the borderless account (or at least they have something to do with each other).
Thanks for the clarification. It seems that the arrangements in TransferWise is different from Paypal and Payoneer. (When I set up my accounts on these 2 P platforms, things went smoothly.) But with all proz.com colleagues' information, I believe I don't need a balance account for receiving and transferring money. So I will just stop worrying about the balance account issue now. : )
| | | | Ocean520
Taiwan
Local time: 00:09
English to Chinese
+ ...
TOPIC STARTER | @colleagues who messaged me | May 11, 2020 |
Some proz.com colleagues messaged me, because they also encountered the same issue as me: topping some money to their TW account. They want to know how I solved this issue or if I have received my payment.
So I would like to answer here.
I registered on TW, but I didn't finish the process to open a balance account. In other words, I didn't link my local bank account to TW. I haven't invoiced my client either, and I will need to contact my client to make sure if it is their role to f... See more Some proz.com colleagues messaged me, because they also encountered the same issue as me: topping some money to their TW account. They want to know how I solved this issue or if I have received my payment.
So I would like to answer here.
I registered on TW, but I didn't finish the process to open a balance account. In other words, I didn't link my local bank account to TW. I haven't invoiced my client either, and I will need to contact my client to make sure if it is their role to fill out my bank details to transfer money before I invoice them. If I have any progress with the TW matter, I will update here for your information.
(有些譯友私訊我，因為他們也遇到相同問題或想知道我是否已收到譯款。所以在此一併回覆。我目前只在 TW 註冊 (即填寫基本資料)，尚未綁定在台灣的銀行帳戶。我也尚未跟客戶請款，在請款之前，也需先跟客戶確認，是否是由他們那邊來填寫收款方的銀行資料。
若有後續進度，我會持續貼文更新，供有需要的譯友參考。謝謝。) ▲ Collapse
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