TransferWise Account - Business or Personal?
Thread poster: Mark Sanderson

Mark Sanderson  Identity Verified
Taiwan
Local time: 11:50
Chinese to English
Dec 29, 2017

Hi,

I have just signed up for TransferWise and am being asked whether I want to create a personal or business/freelancer account. When I select the business/freelancer option it asks me for a whole host of company registration details – something that I as a lowly freelancer don't have.

Do most translators therefore set up a personal account? If I create a personal account, can clients still send me payments?

Thanks for your help,

Mark


 

Marissa Aguayo Gavilano  Identity Verified
United Kingdom
Member (2016)
English to Spanish
+ ...
Personal for freelancers I'd say Dec 29, 2017

Hi Mark,

I have both a Personal and a Business account with Transferwise.

For my personal account, I only get payments from clients that hire me as a freelancer. I'm registered as a sole trader in the UK and I'm not VAT registered.

For the business account, as you well say, I had to provide a lot of documents. I do have an actual business registered in Peru so I was able to provide everything they requested and the account is in the name of the business ins
... See more
Hi Mark,

I have both a Personal and a Business account with Transferwise.

For my personal account, I only get payments from clients that hire me as a freelancer. I'm registered as a sole trader in the UK and I'm not VAT registered.

For the business account, as you well say, I had to provide a lot of documents. I do have an actual business registered in Peru so I was able to provide everything they requested and the account is in the name of the business instead of myself.

I have been able to both receive and withdraw payments from all my accounts without any issues.

I hope this helps.

Marissa
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Michael Beijer  Identity Verified
United Kingdom
Local time: 03:50
Member (2009)
Dutch to English
+ ...
I use the personal version Dec 29, 2017

I just use the personal version, as this seems sufficient for a freelance translator working in the UK. I must confess that I haven't really looked into what the difference is between a personal and business account.

Michael


 

Mark Sanderson  Identity Verified
Taiwan
Local time: 11:50
Chinese to English
TOPIC STARTER
Personal account selected Dec 29, 2017

Thanks for the replies. I have applied for a personal account and now need to wait for my identity to be confirmed.

 

Michael Beijer  Identity Verified
United Kingdom
Local time: 03:50
Member (2009)
Dutch to English
+ ...
PS: Apr 30, 2018

…if anyone reading this hasn't already registered with TransferWise, I just noticed I get £50 off my next transfer if three people register using my referral link, which is: transferwise.com/u/michaelb391



 

Anamaria Calinescu  Identity Verified
United Kingdom
Local time: 03:50
Member (Jul 2019)
English to Romanian
+ ...
Accounting Nov 22

Marissa Aguayo Gavilano wrote:

Hi Mark,

I have both a Personal and a Business account with Transferwise.

For my personal account, I only get payments from clients that hire me as a freelancer. I'm registered as a sole trader in the UK and I'm not VAT registered.

For the business account, as you well say, I had to provide a lot of documents. I do have an actual business registered in Peru so I was able to provide everything they requested and the account is in the name of the business instead of myself.

I have been able to both receive and withdraw payments from all my accounts without any issues.

I hope this helps.

Marissa




Hi Marissa,

I am as well a sole trader based in Coventry, UK, but I am at the beginning, haven't taken any translation yet. I am still on settling everything down. If you are kind please to put a bit of light on some questions, I would appreciate it.

1) I have opened as well a Personal account with Transferwise to get paid into( applied for a debit card). But as I am doing alone the self-assessments for HMRC( didn't take an accountant) did you opened a separated bank account to monitor your entries or used this account?

2) The w-8ben substitute form do I need to fill it in if I will be paid by an US agency? But I am not sure what to wite at the section: "Tax Payer Identification To claim treaty benefits, please provide your US Tax Payer Identification Number and/or Foreign Tax Identification Number. Please note that because you have chosen not to provide a Tax Payer Identification Number, you may be subject to 30% withholding on payments." Here what should I put? Sorry if it is a silly question. Is it something related to my sole trader business as a freelancer?


Many thanks
Anamaria Calinescu


 

Marissa Aguayo Gavilano  Identity Verified
United Kingdom
Member (2016)
English to Spanish
+ ...
I Use several accounts Nov 22

Hi Anamaria,

I also don't use an accountant and file my taxes every year on my own. I could be more organised to be honest, but I have had no issues.

I actually get paid into 3 different accounts! I get paid in Euros to Revolut account (because it's a better exchange rate and doesn't charge me to withdraw into my UK account). I get paid in USD into my Transferwise account and in GBP into my regular UK account.

Most if not all business outgoings come out fro
... See more
Hi Anamaria,

I also don't use an accountant and file my taxes every year on my own. I could be more organised to be honest, but I have had no issues.

I actually get paid into 3 different accounts! I get paid in Euros to Revolut account (because it's a better exchange rate and doesn't charge me to withdraw into my UK account). I get paid in USD into my Transferwise account and in GBP into my regular UK account.

Most if not all business outgoings come out from the UK account anyway.

In the W8-BEN that US agencies request I put my UTR number.


[Edited at 2019-11-22 20:50 GMT]
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Anamaria Calinescu  Identity Verified
United Kingdom
Local time: 03:50
Member (Jul 2019)
English to Romanian
+ ...
Thank you! Nov 28

Marissa Aguayo Gavilano wrote:

Hi Anamaria,

I also don't use an accountant and file my taxes every year on my own. I could be more organised to be honest, but I have had no issues.

I actually get paid into 3 different accounts! I get paid in Euros to Revolut account (because it's a better exchange rate and doesn't charge me to withdraw into my UK account). I get paid in USD into my Transferwise account and in GBP into my regular UK account.

Most if not all business outgoings come out from the UK account anyway.

In the W8-BEN that US agencies request I put my UTR number.


[Edited at 2019-11-22 20:50 GMT]



Thank you so much for your answer!


 


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