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TransferWise
Thread poster: sandrinesn

sandrinesn  Identity Verified
France
Local time: 21:26
Member (2011)
English to French
Apr 29

Hello,
I live in France and need to receive payments in USD and CAD. I've been using Paypal so far, but their fees are quite high (especially for CAD) so I'm looking for an alternate solution. Someone has recommended using TransferWise instead. Does anybody know about it? Is it reliable? I read good reviews but also bad ones about them, so I'm not too sure what to think.
What is the principle? Must I ask my American/Canadian clients to open TransferWise accounts and then simply give them my normal French bank account references? Do I need to open a TransferWise account myself (knowing I only need to receive foreign currencies through it, not send any)?
Do you use another service yourself and are happy with it?
Thanks to anybody who can provide any king of help on the matter, as I am a bit lost.
Sandrine

[Edited at 2018-04-29 21:48 GMT]


 

Michael Beijer  Identity Verified
United Kingdom
Local time: 20:26
Member (2009)
Dutch to English
+ ...
In a nutshell: yes, I highly recommend them! Apr 29

sandrinesn wrote:

Hello,
I live in France and need to receive payments in USD and CAD. I've been using Paypal so far, but their fees are quite high (especially for CAD) so I'm looking for an alternate solution. Someone as recommended using TransferWise instead. Does anybody know about it? Is it reliable? I read good reviews but also bad ones about them, so I'm not too sure what to think.
What is the principle? Must I ask my American/Canadian clients to open TransferWise accounts and then simply give them my normal French bank account references? Do I need to open a TransferWise account myself (knowing I only need to receive foreign currencies through it, not send any)?
Do you use another service yourself and are happy with it?
Thanks to anybody who can provide any king of help on the matter, as I am a bit lost.
Sandrine


I can highly recommend it as it has greatly simplified getting paid for me and saves me money. In a nutshell (am in a rush, so excuse any typos):

1. open a TransferWise Borderless account, in your two (or more) required currencies. e.g., if you open a € account, they will give you a real European account # with IBAN#, mine is in Germany.
2. yr client pays you to this account
3. you then convert any money your clients send to this account, inside yr Transferwise account (at a MUCH better rate than regular banks!) to yr 2nd currency account in TW
4. you can then send it to your regular bank account

They recently also started offering real debit cards, in the UK at least. I have one, and it works just like a real (Mastercard) bank card.
Another thing they added recently is professional-looking PDF bank statements, for tax purposes, e.g.

Hope this helps!

Michael


 

sandrinesn  Identity Verified
France
Local time: 21:26
Member (2011)
English to French
TOPIC STARTER
Thanks Michael Apr 29

Thank you,
so in fact my clients don't need to open accounts. I just give them my account reference in TransferWise (the one set in their own currency) is that it?


 

Dan Lucas  Identity Verified
United Kingdom
Local time: 20:26
Member (2014)
Japanese to English
Please enlighten us Apr 29

sandrinesn wrote:
so in fact my clients don't need to open accounts. I just give them my account reference in TransferWise (the one set in their own currency) is that it?

I also would like to understand this better. The TransferWise website seems focused on sending money, but my concern is receiving it. If I could just give clients something that looks like a UK bank account number, that would be great, but I don't think my clients are going to open a TransferWise account just for me. Any colour on this process would be much appreciated.

Dan


 

Susan Welsh  Identity Verified
United States
Local time: 15:26
Member (2008)
Russian to English
+ ...
I use it Apr 29

I've had a good experience with it. It's much cheaper than PayPal. I believe the sender has to open an account, but it's not a big deal (as it is with Skrill, for example). I only have a couple of clients who have used it, though. It's not available in Russia, for those to whom that is relevant.

 

Mirko Mainardi  Identity Verified
Italy
Local time: 21:26
Member
English to Italian
Don't think so Apr 29

Susan Welsh wrote:

I believe the sender has to open an account


Since TransferWise gives you bank details tied to an account, I believe anyone can make deposits using those details without needing a TW account themselves.


 

Elif Baykara Narbay  Identity Verified
Turkey
Local time: 22:26
German to Turkish
+ ...
Smartcat Apr 29

Recently, one of my clients changed their payment practices. Now they are making payments via Smartcat.

I am always a bit reluctant to such platforms. Since I enjoy to work with that client, I gave it a try. I paid no fees at all. The fees and other terms may vary according to the country and the amount to be transferred.

In my case, I got my payment in full, without any deductions or currency effects. The sum was above a minimum amount so I didn't have to pay the already low charge (about 2 USD for payments below 125 USD, roughly). My bank doesn't deduct fees, either.

So, I am happy so far. They also offer a debit card-type option.

The only downside so far is the website and the user interfaceicon_smile.gif They are slow and impractical for my taste. But their support people are nice and helpful.

Elif


 

Marissa Aguayo Gavilano  Identity Verified
United Kingdom
Member (2016)
English to Spanish
+ ...
Long-time Transferwise user Apr 30

sandrinesn wrote:

Hello,
I live in France and need to receive payments in USD and CAD. I've been using Paypal so far, but their fees are quite high (especially for CAD) so I'm looking for an alternate solution. Someone has recommended using TransferWise instead. Does anybody know about it? Is it reliable? I read good reviews but also bad ones about them, so I'm not too sure what to think.
What is the principle? Must I ask my American/Canadian clients to open TransferWise accounts and then simply give them my normal French bank account references? Do I need to open a TransferWise account myself (knowing I only need to receive foreign currencies through it, not send any)?
Do you use another service yourself and are happy with it?
Thanks to anybody who can provide any king of help on the matter, as I am a bit lost.
Sandrine

[Edited at 2018-04-29 21:48 GMT]


Hi Sandrine,

If you sign up and get a Transferwise Borderless account, you can currently only get a bank account in USD, EUR, and GBP. This could work for your payments in USD if your clients are willing to make ACH payments directly into your bank account. The clients that pay you in CAD would need to sign up to Transferwise in order to send payments. They can send the payment directly to your French account and you would get a better exchange rate than if they sent a wire transfer. They can choose to either pay the transfer fee or deduct it from your payment, so that would depend on your agreement with them.

Do your US clients even offer ACH payments? I have been having issues recently because some agencies won't pay into a US bank account unless I'm a US reportable person and fill out a W9 form. I haven't had this problem with direct clients though. It's also unlikely that agencies will be open to offering Transferwise payments, at least the bigger ones.

I use Transferwise both to send and receive payments and I highly recommend it. In Europe, they have already started rolling out a debit card. I was in the beta testing group and it's really good.

In regards to Smartcat, you can also get payments through them, but their fee is 5%. It's again up to the client to either pay the fee or deduct it from your payment.

You can read more about the SmartCat card here: https://help.smartcat.ai/hc/en-us/articles/360002469972-How-the-Smartcat-Mastercard-works

And about the Transferwise card fees here: https://transferwise.com/help/article/2935451/transferwise-debit-mastercard/what-are-the-fees-for-my-transferwise-debit-mastercard


 

sandrinesn  Identity Verified
France
Local time: 21:26
Member (2011)
English to French
TOPIC STARTER
What about currencies where they don't offer bank details? Apr 30

Mirko Mainardi wrote:

Susan Welsh wrote:

I believe the sender has to open an account


Since TransferWise gives you bank details tied to an account, I believe anyone can make deposits using those details without needing a TW account themselves.



Yes, I suppose so for currencies such as EUR, GBP and USD with bank details attached to the account. But TransferWise doesn't offer that on every currency. I need to be paid in CAD and in this case I have no idea how that works (I can't find the info anywhere and it's impossible to contact them by either email, chat or phone...). Must my client also open an account with TransferWise? but how can thay do so, if they cannot have bank details in CAD? Can they otherwise transfer CAD to my TransferWise account in EUR? (linked to one in CAD but without bank details).


 

sandrinesn  Identity Verified
France
Local time: 21:26
Member (2011)
English to French
TOPIC STARTER
Thanks Marissa Apr 30

Sorry, I hadn't seen your answer. Thanks Marissa.

 

Elif Baykara Narbay  Identity Verified
Turkey
Local time: 22:26
German to Turkish
+ ...
Customer support Apr 30

sandrinesn wrote:
... I have no idea how that works (I can't find the info anywhere and it's impossible to contact them by either email, chat or phone...).



So far, I have always read positive comments about Transferwise. But what if you won't be able to contact them when you have an urgent issue?

Customer support is important, especially when your hard-earned money is involvedicon_smile.gif


 

Marissa Aguayo Gavilano  Identity Verified
United Kingdom
Member (2016)
English to Spanish
+ ...
I have never had problems with them Apr 30

Elif Baykara wrote:


sandrinesn wrote:
... I have no idea how that works (I can't find the info anywhere and it's impossible to contact them by either email, chat or phone...).



So far, I have always read positive comments about Transferwise. But what if you won't be able to contact them when you have an urgent issue?

Customer support is important, especially when your hard-earned money is involvedicon_smile.gif



I have contacted customer support whenever I needed them, and they sorted things really quickly.
I can see that you can access the help section from the homepage. Otherwise, you can click on the top menu "About" and then "Help". In the page that opens there's a button that says "Contact us".

Here's the link anyway:

https://transferwise.com/contact


 

Michael Beijer  Identity Verified
United Kingdom
Local time: 20:26
Member (2009)
Dutch to English
+ ...
TransferWise personal invite link... Apr 30

btw, 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

icon_smile.gif


 

Baran Keki  Identity Verified
Turkey
Local time: 22:26
Member
English to Turkish
+ ...
Not so fast :) Apr 30

Michael Beijer wrote:

btw, 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

icon_smile.gif


AFAIK you get the 50 quid once those three persons send over 200 GBP... seeing as most people here are receivers, it won't be as easy to get that cashicon_smile.gif


 

Baran Keki  Identity Verified
Turkey
Local time: 22:26
Member
English to Turkish
+ ...
USD account Apr 30

Marissa Aguayo Gavilano wrote:

Hi Sandrine,

If you sign up and get a Transferwise Borderless account, you can currently only get a bank account in USD, EUR, and GBP. This could work for your payments in USD if your clients are willing to make ACH payments directly into your bank account. The clients that pay you in CAD would need to sign up to Transferwise in order to send payments. They can send the payment directly to your French account and you would get a better exchange rate than if they sent a wire transfer. They can choose to either pay the transfer fee or deduct it from your payment, so that would depend on your agreement with them.



I have a Borderless account for GBP, EUR and USD. I can see actual bank details for GBP (England) and EUR (Germany) but nothing for USD? How will a client from the USA make payment to that account in USD? Won't they have create a Transferwise account in order to do that? Whereas for GBP and EUR all they have to do is a bank transfer?


 
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