What is TransferWise?

BANK ACCOUNT

2020-06-11

TransferWise is a British online money transfer service founded in January 2011 and is based in London. TransferWise supports more than 750 currency routes across the world including GBP, USD, EUR, AUD and CAD, and multi-currency accounts. The concept was to match transfers with other people and then have a small commission while using the inter-bank mid exchange rate. Unlike traditional currency transfers where there are buy and sell rates and the broker takes the difference between the two.

How is the multi-currency account different than a bank account?

TransferWise multi-currency account is an electronic money account. It’s different from a bank account because:

  1.  You won’t be able to get an overdraft or loan
  2. You won’t earn interest on your account
  3. Although your bank details are unique, they don’t represent real bank accounts. but simply “addresses” for your electronic money account. You can still use them to receive payments though, like a real bank account.
  4. Your money is protected and safeguarded. But not guaranteed by the Financial Services Compensation Scheme (FSCS) that you may get with a bank account.

What is the benefit of using TransferWise account over traditional accounts?

  •  The main benefit is that you won’t be charged international transaction fees or outrageous exchange rates.
  • You can send, receive and convert currencies all in one account. You’ll always get the real exchange rate and the lowest possible fees.

How do I download a statement of my balances?

You can download PDF or CSV statements for every currency you’ve added or have a balance in.

Downloading statements from the website

  1. Go to Balances in your account
  2. Click on the currency you want a statement for
  3. Click on More, then Download a statement
  4. Choose the date range you want
  5. Choose PDF or CSV format. Only CSV statements can be uploaded to Xero
  6. Click on Download
  7. You may need to enter your TransferWise password to confirm the download

 

Downloading statements on the app (iOS and Android) 

  1. Go to your Account tab
  2. Tap on the currency you want a statement for
  3. Tap on the top right corner, then Get a statement
  4. Enter your TransferWise password, or use fingerprint or facial recognition, to confirm the download

You can download statements for a 365-day period from the website. You can only download monthly statements from the app.

For further information, please contact us.

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