I store a lot of your programed info for later viewing, well ...this one took a while to be viewed like July of 2022 but I was delighted to find out about TransferWise ,
Thanks so much, will definitely use it. 3:00 "The world's banking systems weren't designed for people without borders." Awkward copy. "The world's banking systems were designed for people with borders."
Just learned about Wise and needed some reviews. Your feedback is encouraging and yes, I am really excited to try it. Will certainly use your affiliate link as a thanks. 🙏🏼
I'm a freelance artist and I've always had this problem (I live in Chile). I will try this service and compare it to "multicaja" (chilean service). Thank you again for this news. I will use your link when I do
Two quick comments: (1) the TransferWise (TW) debit card feature has been "coming soon" to Canada for almost two years now. Whereas Americans, Brits, and Europeans already have access. Unfortunately, it's unclear as to whether TW is actively working with the Canadian government to find a solution (presumably the problem is that our banking regulations are quite strict). My suspicion (based on a number of conversations with TW reps) is that the Canadian market just isn't large enough to give them the incentive to lobby hard here. Instead: this may very well be something that Canadian small business organizations (like CFIB) should take-on their plates, as lobbyists-because this is really a question of global competitiveness for some of us. (Over these past few years, I calculated that I would've saved at least $2000 in currency exchange fees-in terms of transforming the currency in my TW accounts into access to actual "native" cash via the TW debit card-given that a large part of my business involves traveling/scouting through the UK and Europe). (2) My second comment relates to a small caveat in terms of the user-friendliness of TW. While some operations are definitely a breeze, it's important to note that traditional banks don't always "play nice" with TW, because of its unconventional "virtual" structure. For instance: when TW sets up an account for you in the United States, or in an EU member state, or the UK, it's really not clear what the "residential address" associated with this account should be (since you don't actually live in those states). Some banks, however, operate via software whereby certain actions like bank transfers absolutely require that a residential address is provided, otherwise the transaction can't be completed. There isn't always an obvious solution here, and it's important to note that actions like bank transfers are not refundable. So, if you "guess wrong" in providing the information, you could risk losing the money. The (slow) solution to this problem is to send "test" transfers in these cases, i.e. for the sum of $1; although you'll have to swallow the associated banking costs. But, once you've made a successful transfer, then you know the accounts are linked. This is a very specialized point-but it's important to keep in mind that the ingenious peer-to-peer TW solution to currency exchange (whereby money never actually crosses physical borders, but is instead sloshed-around between TW member accounts) is still operating within traditional banking structures that are biased against their disruption. It's also conceivable, especially in emergency situations such as the one in which we find ourselves, that TW's model *could* be vulnerable to any kinds of changes to banking regulations in a particular nation-state. But yes: a great suggestion Steve. TW has saved me bundles of money in the past two years & also given me a competitive advantage over colleagues who can't transfer money as easily (i.e. European colleagues are always amazed that I can pay them via bank transfer so quickly and without "international" fees that they'd have to pay if the money was coming to them from a physical bank located outside the EU).
Thanks for sharing this tool with us. I have been sending money to a friend in East Africa via Western Union, from a debit card with a US-based bank to his bank account. With this approach WU is very slightly less expensive than TransferWise as of this morning. But this sounds very good!
This is because of barriers against Africa. While the TV brainwash us that Africans are the poorest, Africa is often stolen and any transaction to Africa is punished. The rules of the games are always against Africa. Transferwise may not have many clients there too.
@@Rachidasister Absolutely 100% true. I work with a Canadian company and i've lost $250 CAD being paid via PayPal. This is literally the reason why i'm doing research so i can switch to TW. I don't understand why it's always so much harder to send money to Africa. There's always a nonsensical barrier and seems like they purposely disadvantage Africa so that nothing changes over here. Regardless of how hard you work or how much value you provide.
My first time withdrawing funds from Paypal to Local Bank was $25 and transfer fee was $5. This in my opinion is very expensive. From your explanation, it seems that Wise Transfer is more efficient for international transactions. Thank you for sharing this video.
Hey! Canadian here - doing a comparison US to CAD. $500 USD = $686.40 on Transferwise. $500 USD = $689.70 on PayPay today. Transferwise uses a better exchange rate than PayPal, yes, but their service fees override this. PayPal is still cheaper, at least in this situation...
Great find, Steve! I am always on the lookout for payment systems like Stripe and PayPal to expose to our audience. I'll investigate this one for sure!
You can transfer US$ from TW to a Canadian Bank US$ account? I love TW ! Especially for Pesos to my Guesthouse in Mexico! Saves me huge transfer fees compared to banks and much quicker too! Thanks Steve!
Thank you very much Steve. English is not my native language but I did understand most. Question: Is Transferwise also a WISE solution when using only once, incase I will sell my house in Scandinavia and buy a new house in another country with different currency ? Do I need to make a bankaccount for just one transaction ? Love to hear from your. Thanks in advance.
Thanks Steve....I've been using Transferwise for sending money to my friends in Thailand for the past two years. Definitely the best price and as you've explained fairly easy to use wether you are using your computer or phone. When transfering funds you do have to be careful to transfer using the cheapest method which I have found to be "Direct Debit". However when using this method you have to make sure you have your Transit/Branch, Institutionn, Account, Client Card Numbers all at hand. At least I have not found a way to save that info in the app. I am not sure how to benefit from the Borderless account. I have an RBC CDN and US funds account as well as an account with RBC Bank(Georgia). I also have Canadian and US Paypal accounts and an American AMEX credit card. Like most people I just want to be able to convert/send my money to anyone anywhere at anytime without occurring additional fees. I have a HomeTrust Visa that does not charge any Fx fees so thats what i use when I travel. I have not used my PayPal accounts since I started using Transferwise. I too am waiting for the Debit card which means( I think ) I can more easily transfer my Canadian funds to the other currencies like USD's and Euros. Unfortuantely it's likely delayed in Canadian Banking Regulatory crap that won't see the light of day anytime soon. :-( I love your videos on Zoom and it was a nice surprise to see this one. Two awesome tools! Thanks :-)
Great Video Mr D, note :- you can specify how much the recipient will receive by using the bottom box in the transfer screen, it changes the amount you have to send to cover this.
I mainly use TW to transfer funds from the UK to the Philippines. Straightforward. Recently I've setup a couple of direct debits to UK companies. This works well
Thanks so much for this video! I'll chek it out. I live in Argentina and getting funds out of my PayPal account is getting more complicated and very, very expensive. Love your videos!
@@LauraCorallini Hola, Laura. No lo sé porque finalmente no abrí la cuenta porque las funciones que describen en el video no están disponibles para Argentina.
I use Transferwise Borderless Account but paypal will not let you add a US account to a Euro paypal account so that part is incorrect. I have been using transferwise for 3 years
thanks for the video steve, I recently signed up and like what I see so far. If defintely time to reduce my banking fees especially and sue the debit card seeing as I pay for all my biz expenses in USD and I live in Australia 🇦🇺
I’m new to Wise. A bit confused. Which Canadian Bank would you recommend to open a USD account that works best with Wise. Thanks for this Video. I’ve Subscribed.
This is the second time watching your videos. I already have my transferwise set but I have some issues to verify the US $ account. Maybe this is because I missed a step about creating the US dollar account? Could you show that again? I really appreciate that a Canadian is doing this and explaining thoroughly without some distracting music in the background.
Actually, paypal allows you to connect transferwise account to paypal, so you can withdraw the money from Paypal for free to transferwise, if you are forced to use paypal. But paypal makes it close to impossible. It is supposed to send a security code to my phone, but it never arrived, then wanted us to contact support, which is not an actual way to contact them, but refer you to a confused paypal community, who has unanswered problems themselves. so, yeah, someone needs to replace paypal's dominance over the payment gateway industry.
Are you using a business account in the video? People with a non-business Paypal account in the UK can't add/link a non-UK bank to their account. So even if you receive money in other currency, you have to use Paypal for conversion. Not sure if there is a workaround for this!!?
Hello Steve, thank you for explaining Wise in derail to us and I have high hopes for us living in Canada. I'm in the process of setting it all up and soon trying it yet PayPal keeps reminding me that the only way I can transfer my money is if it's in a Canadian dollar. I'm payed in USD and I also have my primary currency set in USD on PayPal. Do we really have a chance at this? As I opened my American Bank Account on PayPal, PayPal is asking for a US tax ID or they have the right to withhold 24% of my funds. Did you come across this as well? Thank You
In the end, they ask you for your credit card. If you have a European Mastercard or whatever you will pay an extra fee.If you use your American credit card no fees from America. So they say?
I get the conversion rate and fees and all. But if I’m a customer who doesn’t purchase globally every day, why would I want transferwise? Way I see it, company I’m trying to pay can just take my money and run with it?🤷🏻♂️
2 Questions. 1) How do I check if the receiving person will also get charged additional fees for receiving the transfer? Is this considered a "wire transfer" - (if so, domestic or international) 2) Can I use transfer to deposit money into my PayPal USD balance if I have a Canadian PayPal account?
Hi Steve, your video is very informative. May I ask your opinion. Is it safe to keep money in the Transferwise USD account for a long time. I'm not US resident, I live in UK. On their website, they say the money is kept at a local US bank (Wells Fargo). Thanks.
Can you convert them back and forth between both currencies? Say you send yourself some money from u.s. dollars to Canadian Dollars. If you take a trip to Canada and you don't use all of the Canadian dollars, can you convert them back to US dollars so that you can use them in your own country? If so, would it cost too much for it to make sense to do that? Also, how long does it take for a payment to go through?
Yes you can convert back, but each time will cost you the fee (It is pretty reasonable in Wise) Payments for me take a few days if it is to a Bank, , Instant to another Wise Account.
Further question I want you to get the credit for me signing up with them. But where is the link I see Like, dislike, share, download, thanks clip and save and ... I do not see a link to sign up with transfrwise What am I missing?
There are a number of credit cards in Canada which offer no foreign exchange fees such as the Brim Financial credit card. The benefit of such cards is you can pay for things in US dollars or any other currency for that matter and it will just convert over to what the bank of Canada rate was at the time of the transaction. IMHO it's way easier than having to set up account and manage accounts with multiple foreign currencies.
I have been always aware of Transferwise but once I created and verified my account, and after adding $20 to my USD balance and copying the routing number and account number from Transferwise to PayPal it says: "Sorry, we’re unable to link that bank because it is disabled. Please try another bank." My PayPal account is verified. I'm confused why it is not working for me. Is it because I didn't link my Transferwise Mastercard yet?
This is no longer 100% correct because PayPal now charges a 3% fee for USD withdrawals to USD bank accounts (for non-US citizens.) The only option now is to not use PayPal at all for accepting payments.
Why would anyone trust a company who don't publish their contact details? Perhaps if your only transfering a couple of hundred dollars you could take the risk and give Wise a try. But who (if anyone) would trust a company like this for anything more?
Our distributor in China needs to send us USD to purchase their product shipment from our company. Does our distributor in China need a Transferwise account to send USD payment to us? Also, once payment is received in our Transferwise USD account, how do we transfer the payment into our bank account?
You can use Wis as a bank, so they could wire transfer from any bank into Wise, it will cost a bit more and take longer. Wise to Wise is almost instantaneous.
Paypal just has added extra 3% when transferring to US bank (COMMUNITY FEDERAL SAVINGS BANK. Mine is Australian Paypal account. Did this happen to you too?
I'm wondering how you've been able to add an US bank account to your Canadian PayPal account? I'm living in Germany and by default paypal only allows me to add other European bank accounts with an IBAN number. I can't find any information on setting up US bank accounts. Google actually says it is not possible. Is this different in Canada or how did you manage to do that?
I’ve used Transferwise to transfer from the United States to Thailand. However, is there a cheap way to transfer money from Thailand to the United States?
Hi, thanks for the video. I just created my profile on transferwise, I also paid those $20 to get started but I don’t know if I also have to upload a photo of me and my passport, I was never asked to do so while creating my account and the problem now is that I have no bank details. Where can I see my bank details? Please help me.
Is it can send to Myanmar? and how about the rate? I usually used WU and Merchantrade Money service . They are fast and the rate is good, but I wanna try TW.
PayPal charges way to much. Not only do they have a conversion fee, also the exchange rate is pathetic. We have therefore opened a account on TransferWise but... Since we have a Belgian PayPal account we can only withdraw in EUR. So they force us to have the fees and exchange rates.
How do you get money into your account from a canadian bank account? When I clicked by debit card, it wouldn't let me. So I had to use my credit card to get funds in and that also only worked for the canadian account. When trying to add funds to the us account (on transfer wise), it wouldn't even accept the (same) credit card...? Also, the fees show up as much higher than in your video, so it actually costs me more to use that service than paying by credit card in the first place...? Did you have the same issues? Could it be because I set up a business account rather than a personal one? Thanks, your explanations are great as always...
I don’t think it’s because a business account is different than the personal account, I suspect that the reason it works for me so well is my funds originate in PayPal typically, and are already in US funds and I am primarily using the service to convert those funds into other currencies for paying staff or transferring them to Canada once they are converted into Canadian funds. it may will be that it is not as efficient as service transferring money out of Canada into other currencies. I’m sorry I just don’t have the sophistication in using the service to really know why it is not as convenient for you as it is for me. As to the debit card they’ve not yet offered it in Canada, I hope they do soon because it sounds like a really good tool.
You should be able to setup a Canadian Account in Transferwise. Then you will have bank account details given to you as part of that account. You then do a bank transfer from you original bank account to your new TFW account
@@dottotech I believe Sabina is right. I've used my Business PayPal account to charge my clients and I keep on paying huge amounts to PayPal... Perhaps it makes more sense to use Transferwise directly with no Paypal interference. Also, there is no way to link the U.S. based Transferwise account with my European Paypal. Might that be affecting the charges as well? Any thoughts/experiences?
Unable to establish a link between a UK Paypal and UK TransferWise account ... How come ? I have been trying to withdraw my GBP. earnings to TransferWise in several ways for months without luck. After I got stuck with my Paypal EUR. account (Paypal prohibits this), I opened another Paypal account in the UK for my british customers. Then opened a TransferWise account in GBP. and received a local address in London with it. I have tried to create a link between my UK Paypal account and the TransferWise bank account, but without succes. It seems that Paypal is simply blocking this although the Paypal and Transferwise accounts are both in the UK. I haven't been able to contact customer support as they are unreachable by phone. Do you know howto ? And the messages posted online in their online help were simply discarded. HEEEELLLLLPPPPP !
my issue is this, my paypal is connected to US bank account, and accepts GPB / AUD / USD currencies. i can not find a way to withdraw GPB / AUD all because my account linked to US bank. is there any way to withdraw those currencies?
Yes, link your GPB and USD transferwise accounts to the paypal and pay each of those respectively. You get a unique banking info for each of those and there are zero fees when sending paypal to transferwise as long as the currency is consistent
@@yungdadaboi Im not sure if your country doesnt allow for it but you should be able to go on your balance and see the list of currencys you can activate. It is a quick process. If not just contact their customer service chat line thats open during the weekdays and ask them.
He is canadian so i assume he doesn't have a proper bank account with a real address in the US. Instead, transferwise generates a virtual bank account that can be used tu receive transfers in US to US currency. Then, you send that money in whatever bank account you use everyday in your own country or you transfer it in any currency you prefer on the transferwise platform.
hi did you have to open a normal/personal account or a business transfer wise account in order to get payed from your clients or pay your employees? is it possible to have both is there a monthly fee or a monthly minimum amount of money to have in account?
Hi, I would really appreciate if anyone could answer my following question: Can I top up my Transferwise account with my own personal credit card? Let´s say with a Master Card, not a Transferwise card. And if so, what are the fees? This is a question that I´ve found no answer to on the Transferwise homepage or on Google. (Which might be intentional?) Thankyou very much !
First and foremost, cash should always be a last resort whilst travelling - use your credit card whenever possible to pay directly for the item in the currency you're at (i.e. paying in Euros if you're in France). The big downside to holding foreign currency is it's worthless when you come back. After all, what can you do with a bunch of Euro bills at home? Yes, banks will take them but they will charge you for the convenience of accepting them as a deposit. You may be able to hold the currency for later use but again, when will you be able to use it again? That being said, there are cases where cash is the only option (e.g. less advanced countries like Germany and Japan come to mind in that respect). In which case I would recommend using the ATM at the country you're visiting. Just make sure to pay in the local currency (i.e. USD whilst in the US) if you're prompted. Generally you're looking at a 2.5% mark up on currency from Visa/Mastercard network which is comparable to what you'd find on most currency transfer services. Depending on how you have things set up it may actually be cheaper to withdraw cash using your credit card (if you really need cash), that's called a cash advance, and if you pre-pay your credit card you shouldn't be charged any interest for doing it. You should always try to pay with a credit card, avoiding debit cards whenever possible. Paying with a debit card means you accept all risks if your card gets lost, stolen or cloned by an unscrupulous vendor. You also don't build up any credit for the money spent on a debit card nor do you earn credit card reward points.
i currently have an established bank account friendly local bank everyone knows me i am a person not a number can i use them for a base and go through wise for my moneys transfer while i am in the philippines
Can I sell items to customers and have the money go into my paypal, into the transferwise bank account without the paypal 2.9% +$.30 fee, or is transferwise just for changing to different currency for employees in different countries?
Hey dottotech! Thanks for the video. Any chance you could expand on the specifics of setting up the account? I currently have a Paypal account that I use, I got one client (first time!) in the US who wants to pay me via PayPal (great, so far so good) but I wanna make sure I can set up my TW account right so I can withdraw funds from my personal banking account (either BMO or TD) and minimize the fees. Do I need to create a new Paypal that is based in USD?
My tansferwise dash looks nothing like his, and I can't get the info ( simil bank acc info). But it asks me to input 20USD and doesn't give me the option of adding them from my paypal. Any info?
Here's a great resource: wise.com/gb/pricing/send-money?source=GBP&target=EUR&payInMethod=BANK_TRANSFER&sourceAmount=1000 Also, Transferwise is now known as Wise. This video was recorded April 2020 and they have made many changes since.🙂
Hi, I linked my paypal to transferwise but Paypal charges me $35 to move funds from paypal to transferwise. Why does it charge me but when i look at guides it says it’s free?
@@dottotech Thanks for taking the time to answer. I found out why. It's because I live in the Philippines :( Paypal charges Philippine-based paypal accounts to transfer funds to transferwire and there's no way around it.
How did you add your transferwise account to paypal? I attempted to do so and when I put in the details for my transferwise account, another bank name came up.
Can someone outside US (maybe in Latin America) that can confirm if you don't need an US bank account? I'm located in Costa Rica, and transferwise is here, but stripe is not here, so I'm planning to move the money through transferwise, but I still not quite sure if it's going to be this easy for me, thanks!
Hello, I've started using transferwise just today and I'm still a bit lost, but is it possible to create invoice like in PayPal so we can send it to buyers with just one click? Thank you very much
It doesn't work and here is why. You need a 'US' PayPal account in order to transfer money to a US bank (TransferWise borderless account) free of charge. If you don't live in the US you can't get a US PayPal account and you will have to pay a 2,5% fee.
@@dottotech question is can i use it from the PI to send money from bank account in states to an account in PI. i dont understand online banking process thats why im inquireing
is there a number to call where i can get these questions addressed. have citi mastercard and regular mastercard would they work in the system over their
Is their a way I can save on transferwise . I want to TransferWise from my credit card to an account on TransferWise to save then later use to purchase using TransferWise
Such a great video! I've been watching several videos about transfer wise but yours was the easiest to follow and understand.
Thanks for this, Steve. I've been using Transferwise for about 18 months now and I really like it.
I store a lot of your programed info for later viewing, well ...this one took a while to be viewed like July of 2022 but I was delighted to find out about TransferWise ,
Thanks so much, will definitely use it. 3:00 "The world's banking systems weren't designed for people without borders." Awkward copy. "The world's banking systems were designed for people with borders."
Just learned about Wise and needed some reviews. Your feedback is encouraging and yes, I am really excited to try it. Will certainly use your affiliate link as a thanks. 🙏🏼
Hope you enjoy it!
Thank you. I clicked on your affiliate link to give you credit to say thanks for posting this educational video.
Awesome, thank you!
I'm a freelance artist and I've always had this problem (I live in Chile). I will try this service and compare it to "multicaja" (chilean service). Thank you again for this news. I will use your link when I do
just compared it. Sad to say "multicaja" is almost equal. But I thank you anyways.
Two quick comments: (1) the TransferWise (TW) debit card feature has been "coming soon" to Canada for almost two years now. Whereas Americans, Brits, and Europeans already have access. Unfortunately, it's unclear as to whether TW is actively working with the Canadian government to find a solution (presumably the problem is that our banking regulations are quite strict). My suspicion (based on a number of conversations with TW reps) is that the Canadian market just isn't large enough to give them the incentive to lobby hard here. Instead: this may very well be something that Canadian small business organizations (like CFIB) should take-on their plates, as lobbyists-because this is really a question of global competitiveness for some of us. (Over these past few years, I calculated that I would've saved at least $2000 in currency exchange fees-in terms of transforming the currency in my TW accounts into access to actual "native" cash via the TW debit card-given that a large part of my business involves traveling/scouting through the UK and Europe).
(2) My second comment relates to a small caveat in terms of the user-friendliness of TW. While some operations are definitely a breeze, it's important to note that traditional banks don't always "play nice" with TW, because of its unconventional "virtual" structure. For instance: when TW sets up an account for you in the United States, or in an EU member state, or the UK, it's really not clear what the "residential address" associated with this account should be (since you don't actually live in those states). Some banks, however, operate via software whereby certain actions like bank transfers absolutely require that a residential address is provided, otherwise the transaction can't be completed. There isn't always an obvious solution here, and it's important to note that actions like bank transfers are not refundable. So, if you "guess wrong" in providing the information, you could risk losing the money. The (slow) solution to this problem is to send "test" transfers in these cases, i.e. for the sum of $1; although you'll have to swallow the associated banking costs. But, once you've made a successful transfer, then you know the accounts are linked. This is a very specialized point-but it's important to keep in mind that the ingenious peer-to-peer TW solution to currency exchange (whereby money never actually crosses physical borders, but is instead sloshed-around between TW member accounts) is still operating within traditional banking structures that are biased against their disruption. It's also conceivable, especially in emergency situations such as the one in which we find ourselves, that TW's model *could* be vulnerable to any kinds of changes to banking regulations in a particular nation-state.
But yes: a great suggestion Steve. TW has saved me bundles of money in the past two years & also given me a competitive advantage over colleagues who can't transfer money as easily (i.e. European colleagues are always amazed that I can pay them via bank transfer so quickly and without "international" fees that they'd have to pay if the money was coming to them from a physical bank located outside the EU).
Yes but you cannot send me.. into my savings account
Thanks for sharing your experiences here for the rest o us to benefit from.
They are scammer they deactivate my account without giving me any warning .
Now the money which I have in the they don't gave me back this
Thanks for sharing this tool with us. I have been sending money to a friend in East Africa via Western Union, from a debit card with a US-based bank to his bank account. With this approach WU is very slightly less expensive than TransferWise as of this morning. But this sounds very good!
This is because of barriers against Africa. While the TV brainwash us that Africans are the poorest, Africa is often stolen and any transaction to Africa is punished. The rules of the games are always against Africa. Transferwise may not have many clients there too.
@@Rachidasister Absolutely 100% true. I work with a Canadian company and i've lost $250 CAD being paid via PayPal. This is literally the reason why i'm doing research so i can switch to TW. I don't understand why it's always so much harder to send money to Africa. There's always a nonsensical barrier and seems like they purposely disadvantage Africa so that nothing changes over here. Regardless of how hard you work or how much value you provide.
My first time withdrawing funds from Paypal to Local Bank was $25 and transfer fee was $5. This in my opinion is very expensive.
From your explanation, it seems that Wise Transfer is more efficient for international transactions.
Thank you for sharing this video.
Totally agree
@@dottotech Thank You Sir
They are scammer they deactivate my account without giving me any warning .
Now the money which I have in the they don't gave me back this
@Rizvi Todikromo who the hell are you ,??
Hey! Canadian here - doing a comparison US to CAD. $500 USD = $686.40 on Transferwise. $500 USD = $689.70 on PayPay today. Transferwise uses a better exchange rate than PayPal, yes, but their service fees override this. PayPal is still cheaper, at least in this situation...
What are the Transferwise service fees? What is the true end difference?
Great find, Steve! I am always on the lookout for payment systems like Stripe and PayPal to expose to our audience. I'll investigate this one for sure!
Hello how are you doing today 💝
You can transfer US$ from TW to a Canadian Bank US$ account? I love TW ! Especially for Pesos to my Guesthouse in Mexico! Saves me huge transfer fees compared to banks and much quicker too! Thanks Steve!
great content sir! thank you! I'll be using it for Amazon disbursements
Wise is really solid service if they stay like this no one will compete with them
Thank you very much Steve. English is not my native language but I did understand most. Question: Is Transferwise also a WISE solution when using only once, incase I will sell my house in Scandinavia and buy a new house in another country with different currency ? Do I need to make a bankaccount for just one transaction ? Love to hear from your. Thanks in advance.
Thanks Steve....I've been using Transferwise for sending money to my friends in Thailand for the past two years. Definitely the best price and as you've explained fairly easy to use wether you are using your computer or phone. When transfering funds you do have to be careful to transfer using the cheapest method which I have found to be "Direct Debit". However when using this method you have to make sure you have your Transit/Branch, Institutionn, Account, Client Card Numbers all at hand. At least I have not found a way to save that info in the app.
I am not sure how to benefit from the Borderless account. I have an RBC CDN and US funds account as well as an account with RBC Bank(Georgia). I also have Canadian and US Paypal accounts and an American AMEX credit card. Like most people I just want to be able to convert/send my money to anyone anywhere at anytime without occurring additional fees. I have a HomeTrust Visa that does not charge any Fx fees so thats what i use when I travel. I have not used my PayPal accounts since I started using Transferwise.
I too am waiting for the Debit card which means( I think ) I can more easily transfer my Canadian funds to the other currencies like USD's and Euros. Unfortuantely it's likely delayed in Canadian Banking Regulatory crap that won't see the light of day anytime soon. :-(
I love your videos on Zoom and it was a nice surprise to see this one. Two awesome tools! Thanks :-)
Great Video Mr D, note :- you can specify how much the recipient will receive by using the bottom box in the transfer screen, it changes the amount you have to send to cover this.
Yes, correct!
Great review Steve ive had great service from them.
Awesome! That's great to hear.
thanks, for all the info now and always.
I mainly use TW to transfer funds from the UK to the Philippines. Straightforward. Recently I've setup a couple of direct debits to UK companies. This works well
Excellent, timely video Steve.
Thanks so much for this video! I'll chek it out. I live in Argentina and getting funds out of my PayPal account is getting more complicated and very, very expensive. Love your videos!
How do I open an account with transferwise
Alejandra, la cuenta de transferwise es en pesos? se convierte lo que recibís o recibís moneda extranjera?
@@LauraCorallini Hola, Laura. No lo sé porque finalmente no abrí la cuenta porque las funciones que describen en el video no están disponibles para Argentina.
I use Transferwise Borderless Account but paypal will not let you add a US account to a Euro paypal account so that part is incorrect.
I have been using transferwise for 3 years
Thank you for the review. This helped me a lot and I will be trying this service for sure.
Glad it was helpful!
thanks for the video steve, I recently signed up and like what I see so far. If defintely time to reduce my banking fees especially and sue the debit card seeing as I pay for all my biz expenses in USD and I live in Australia 🇦🇺
I’m new to Wise. A bit confused. Which Canadian Bank would you recommend to open a USD account that works best with Wise. Thanks for this Video. I’ve Subscribed.
This is the second time watching your videos. I already have my transferwise set but I have some issues to verify the US $ account. Maybe this is because I missed a step about creating the US dollar account?
Could you show that again? I really appreciate that a Canadian is doing this and explaining thoroughly without some distracting music in the background.
Actually, paypal allows you to connect transferwise account to paypal, so you can withdraw the money from Paypal for free to transferwise, if you are forced to use paypal. But paypal makes it close to impossible. It is supposed to send a security code to my phone, but it never arrived, then wanted us to contact support, which is not an actual way to contact them, but refer you to a confused paypal community, who has unanswered problems themselves. so, yeah, someone needs to replace paypal's dominance over the payment gateway industry.
Are you using a business account in the video? People with a non-business Paypal account in the UK can't add/link a non-UK bank to their account. So even if you receive money in other currency, you have to use Paypal for conversion. Not sure if there is a workaround for this!!?
Hello Steve, thank you for explaining Wise in derail to us and I have high hopes for us living in Canada. I'm in the process of setting it all up and soon trying it yet PayPal keeps reminding me that the only way I can transfer my money is if it's in a Canadian dollar. I'm payed in USD and I also have my primary currency set in USD on PayPal. Do we really have a chance at this? As I opened my American Bank Account on PayPal, PayPal is asking for a US tax ID or they have the right to withhold 24% of my funds. Did you come across this as well? Thank You
Nice! Thanks for sharing your insight! 👍
I've used Transferwise several times and I find it to be very good.
Can you tell me if I have a bank account in the USA. How do I transfer monies to my bank in Sweden through Transfer Wise? thx
Hi! nice review! can i use personal transferwise account in Europe for receiving payments from ebay, etsy etc.?
I hear negative comments about TransferWise not being responsible for the loss of some peoples money and in some cases bias. What say you?
In the end, they ask you for your credit card. If you have a European Mastercard or whatever you will pay an extra fee.If you use your American credit card no fees from America. So they say?
I get the conversion rate and fees and all. But if I’m a customer who doesn’t purchase globally every day, why would I want transferwise? Way I see it, company I’m trying to pay can just take my money and run with it?🤷🏻♂️
2 Questions. 1) How do I check if the receiving person will also get charged additional fees for receiving the transfer? Is this considered a "wire transfer" - (if so, domestic or international) 2) Can I use transfer to deposit money into my PayPal USD balance if I have a Canadian PayPal account?
Good questions. Did you ever get an answer to them?
Very valuable information. Thank you!
Hi Steve, your video is very informative. May I ask your opinion. Is it safe to keep money in the Transferwise USD account for a long time. I'm not US resident, I live in UK. On their website, they say the money is kept at a local US bank (Wells Fargo). Thanks.
I'm certain this will provide the answers you need; transferwise.com/help/articles/2949821/is-my-money-covered-by-a-financial-protection-scheme
@@dottotech Thanks Steve. Yes, I've read it. I do think it's safe. But I want an opinion from TW long time user. Thanks.
I just signed up using your Link
Can you convert them back and forth between both currencies? Say you send yourself some money from u.s. dollars to Canadian Dollars. If you take a trip to Canada and you don't use all of the Canadian dollars, can you convert them back to US dollars so that you can use them in your own country? If so, would it cost too much for it to make sense to do that? Also, how long does it take for a payment to go through?
Yes you can convert back, but each time will cost you the fee (It is pretty reasonable in Wise) Payments for me take a few days if it is to a Bank, , Instant to another Wise Account.
@@dottotech Thank you for answering my question!
Hello, Nice video, but how you linked Paypal account with Transwerwise? Options is Link a Ibank or card. Best regards
You cannot connect TransferWise USA bank account to Europe paypal accounts!
Further question I want you to get the credit for me signing up with them. But where is the link I see Like, dislike, share, download, thanks clip and save and ... I do not see a link to sign up with transfrwise What am I missing?
There are a number of credit cards in Canada which offer no foreign exchange fees such as the Brim Financial credit card. The benefit of such cards is you can pay for things in US dollars or any other currency for that matter and it will just convert over to what the bank of Canada rate was at the time of the transaction. IMHO it's way easier than having to set up account and manage accounts with multiple foreign currencies.
As an EU resident, I can't link the TW account in USD because its based in the USA. Any ideas on how to send USD funds from Paypal EU to TW?
I have been always aware of Transferwise but once I created and verified my account, and after adding $20 to my USD balance and copying the routing number and account number from Transferwise to PayPal it says:
"Sorry, we’re unable to link that bank because it is disabled. Please try another bank."
My PayPal account is verified.
I'm confused why it is not working for me.
Is it because I didn't link my Transferwise Mastercard yet?
it's not working any more, this video is not accurate. both pp and transferwise said on dm's it doesn't work!
This is no longer 100% correct because PayPal now charges a 3% fee for USD withdrawals to USD bank accounts (for non-US citizens.) The only option now is to not use PayPal at all for accepting payments.
Thanks for the information.
Why would anyone trust a company who don't publish their contact details? Perhaps if your only transfering a couple of hundred dollars you could take the risk and give Wise a try. But who (if anyone) would trust a company like this for anything more?
Our distributor in China needs to send us USD to purchase their product shipment from our company. Does our distributor in China need a Transferwise account to send USD payment to us? Also, once payment is received in our Transferwise USD account, how do we transfer the payment into our bank account?
They could send you USD via Wise, You just do a bank transfer to move the money to your other bank, I do it all the time.
@@dottotech But does my distributor in China need to have a Transferwise account to send us the wire transfer?
You can use Wis as a bank, so they could wire transfer from any bank into Wise, it will cost a bit more and take longer. Wise to Wise is almost instantaneous.
Paypal just has added extra 3% when transferring to US bank (COMMUNITY FEDERAL SAVINGS BANK. Mine is Australian Paypal account. Did this happen to you too?
thank you so much! if there is new feather on transferwise would you mind to let us know~
I'm wondering how you've been able to add an US bank account to your Canadian PayPal account? I'm living in Germany and by default paypal only allows me to add other European bank accounts with an IBAN number. I can't find any information on setting up US bank accounts. Google actually says it is not possible. Is this different in Canada or how did you manage to do that?
I am a US business. How would this be good for us with Canadian buyers? How would it work
I refuse to pay the outrageous exchange rate on Canadian to USA dollars... so you don't get my business... simple!
Hello how are you doing today 💝
I would like to make an overseas payment via WISE instead of paypal but the service provider only wants payment paypal, what can I do?
I’ve used Transferwise to transfer from the United States to Thailand. However, is there a cheap way to transfer money from Thailand to the United States?
Won't Transferwise work? Have you tried it?
@@dottotech Transferwise will only work for transferring from the US to Thailand, but not from Thailand to the US
Hi, thanks for the video. I just created my profile on transferwise, I also paid those $20 to get started but I don’t know if I also have to upload a photo of me and my passport, I was never asked to do so while creating my account and the problem now is that I have no bank details. Where can I see my bank details? Please help me.
I want to sign up I live in the Caribbean but my bank is not allowing me the US to wire transfer
Is it can send to Myanmar? and how about the rate? I usually used WU and Merchantrade Money service . They are fast and the rate is good, but I wanna try TW.
Great video! Any idea when the debit cards are coming to Canada?
No idea at the moment. It still isn't available.
@@dottotech seems to be in the works for 2 years...
PayPal charges way to much.
Not only do they have a conversion fee, also the exchange rate is pathetic.
We have therefore opened a account on TransferWise but...
Since we have a Belgian PayPal account we can only withdraw in EUR. So they force us to have the fees and exchange rates.
Transferwise opens an Americain Bank Account for you in US$. I have EURO's and need to transfer EURO's. How can transferwise help me?
Great video! Thank you for the valuable information.
How do you get money into your account from a canadian bank account? When I clicked by debit card, it wouldn't let me. So I had to use my credit card to get funds in and that also only worked for the canadian account. When trying to add funds to the us account (on transfer wise), it wouldn't even accept the (same) credit card...? Also, the fees show up as much higher than in your video, so it actually costs me more to use that service than paying by credit card in the first place...? Did you have the same issues? Could it be because I set up a business account rather than a personal one? Thanks, your explanations are great as always...
I don’t think it’s because a business account is different than the personal account, I suspect that the reason it works for me so well is my funds originate in PayPal typically, and are already in US funds and I am primarily using the service to convert those funds into other currencies for paying staff or transferring them to Canada once they are converted into Canadian funds.
it may will be that it is not as efficient as service transferring money out of Canada into other currencies. I’m sorry I just don’t have the sophistication in using the service to really know why it is not as convenient for you as it is for me. As to the debit card they’ve not yet offered it in Canada, I hope they do soon because it sounds like a really good tool.
You should be able to setup a Canadian Account in Transferwise. Then you will have bank account details given to you as part of that account. You then do a bank transfer from you original bank account to your new TFW account
@@dottotech I believe Sabina is right. I've used my Business PayPal account to charge my clients and I keep on paying huge amounts to PayPal... Perhaps it makes more sense to use Transferwise directly with no Paypal interference. Also, there is no way to link the U.S. based Transferwise account with my European Paypal. Might that be affecting the charges as well? Any thoughts/experiences?
Thank you so much for sharing knowledge.
Is it possible to send money FROM Transferwise (now known as Wise) TO Paypal?
Great question! You may find this post helpful: icomparefx.com/library/guides/how-to-send-money-from-paypal-to-transferwise/
Unable to establish a link between a UK Paypal and UK TransferWise account ... How come ?
I have been trying to withdraw my GBP. earnings to TransferWise in several ways for months without luck. After I got stuck with my Paypal EUR. account (Paypal prohibits this), I opened another Paypal account in the UK for my british customers. Then opened a TransferWise account in GBP. and received a local address in London with it. I have tried to create a link between my UK Paypal account and the TransferWise bank account, but without succes. It seems that Paypal is simply blocking this although the Paypal and Transferwise accounts are both in the UK. I haven't been able to contact customer support as they are unreachable by phone. Do you know howto ?
And the messages posted online in their online help were simply discarded. HEEEELLLLLPPPPP !
my issue is this, my paypal is connected to US bank account, and accepts GPB / AUD / USD currencies.
i can not find a way to withdraw GPB / AUD all because my account linked to US bank. is there any way to withdraw those currencies?
Yes, link your GPB and USD transferwise accounts to the paypal and pay each of those respectively. You get a unique banking info for each of those and there are zero fees when sending paypal to transferwise as long as the currency is consistent
Eazy please how do I create a US bank account on TransferWise... it seem not to be giving me any bank account details in the US
@@yungdadaboi Im not sure if your country doesnt allow for it but you should be able to go on your balance and see the list of currencys you can activate. It is a quick process. If not just contact their customer service chat line thats open during the weekdays and ask them.
I can withdraw money from my transfer wise account on any atm in the world of other banks?
Yep, send Transferwise balance to your ATM first.
I just tried to send money. It doesn't have my bank in the states listed. So does the money go directly to my MasterCard in Sweden?
Can you please explain how did you link your USD account in Canada to transfer wise, please .
Thank you
He is canadian so i assume he doesn't have a proper bank account with a real address in the US. Instead, transferwise generates a virtual bank account that can be used tu receive transfers in US to US currency. Then, you send that money in whatever bank account you use everyday in your own country or you transfer it in any currency you prefer on the transferwise platform.
hi
did you have to open a normal/personal account or a business transfer wise account in order to get payed from your clients or pay your employees?
is it possible to have both
is there a monthly fee or a monthly minimum amount of money to have in account?
Hi, is wyze still the cheper tool compared to paypal today? thanks
For some things yes, I am not sure about others, but when it comes to transfer fees and exchange rates, yes.
Very Helpful! Thanks~!
Hi, I would really appreciate if anyone could answer my following question: Can I top up my Transferwise account with my own personal credit card? Let´s say with a Master Card, not a Transferwise card. And if so, what are the fees?
This is a question that I´ve found no answer to on the Transferwise homepage or on Google.
(Which might be intentional?) Thankyou very much !
You have to ask them
I'm wondering the same thing. How does one fund the TW account without using PayPal. Can I use my bank credit card like a purchase to TW.
Can Transferwise be used to obtain foreign currency - that is, paper money to take on. trip, or perhaps in a debit card to use as local cash?
First and foremost, cash should always be a last resort whilst travelling - use your credit card whenever possible to pay directly for the item in the currency you're at (i.e. paying in Euros if you're in France). The big downside to holding foreign currency is it's worthless when you come back. After all, what can you do with a bunch of Euro bills at home? Yes, banks will take them but they will charge you for the convenience of accepting them as a deposit. You may be able to hold the currency for later use but again, when will you be able to use it again?
That being said, there are cases where cash is the only option (e.g. less advanced countries like Germany and Japan come to mind in that respect). In which case I would recommend using the ATM at the country you're visiting. Just make sure to pay in the local currency (i.e. USD whilst in the US) if you're prompted. Generally you're looking at a 2.5% mark up on currency from Visa/Mastercard network which is comparable to what you'd find on most currency transfer services. Depending on how you have things set up it may actually be cheaper to withdraw cash using your credit card (if you really need cash), that's called a cash advance, and if you pre-pay your credit card you shouldn't be charged any interest for doing it. You should always try to pay with a credit card, avoiding debit cards whenever possible. Paying with a debit card means you accept all risks if your card gets lost, stolen or cloned by an unscrupulous vendor. You also don't build up any credit for the money spent on a debit card nor do you earn credit card reward points.
i currently have an established bank account friendly local bank everyone knows me i am a person not a number can i use them for a base and go through wise for my moneys transfer while i am in the philippines
Can I sell items to customers and have the money go into my paypal, into the transferwise bank account without the paypal 2.9% +$.30 fee, or is transferwise just for changing to different currency for employees in different countries?
I did not think sanata clause need a TransferWise account
Hi, Is it possible to park and move money between your TW accounts (£ and $) and get the benefit of conversion rates ?
Hey dottotech! Thanks for the video. Any chance you could expand on the specifics of setting up the account?
I currently have a Paypal account that I use, I got one client (first time!) in the US who wants to pay me via PayPal (great, so far so good) but I wanna make sure I can set up my TW account right so I can withdraw funds from my personal banking account (either BMO or TD) and minimize the fees.
Do I need to create a new Paypal that is based in USD?
My tansferwise dash looks nothing like his, and I can't get the info ( simil bank acc info). But it asks me to input 20USD and doesn't give me the option of adding them from my paypal. Any info?
Here's a great resource: wise.com/gb/pricing/send-money?source=GBP&target=EUR&payInMethod=BANK_TRANSFER&sourceAmount=1000
Also, Transferwise is now known as Wise. This video was recorded April 2020 and they have made many changes since.🙂
@@dottotech Can you make an updated video please?
Hi, I linked my paypal to transferwise but Paypal charges me $35 to move funds from paypal to transferwise. Why does it charge me but when i look at guides it says it’s free?
I have no idea, perhaps it’s because you are not doing a bank transfer but you’re doing some sort of a wire transfer or an Internet transferred
@@dottotech Thanks for taking the time to answer. I found out why. It's because I live in the Philippines :( Paypal charges Philippine-based paypal accounts to transfer funds to transferwire and there's no way around it.
@@angelika4288 Did you set your paypal primary currency fee into USD?
How did you add your transferwise account to paypal? I attempted to do so and when I put in the details for my transferwise account, another bank name came up.
what brand of glasses
? O_o
Does the international client have to have an account in transferwise in order to send you money?
They can, oit makes it even better going from Wise to Wise account, but the connection can also be a traditional bank transfer.
@@dottotech ahh ok. Thank you. So it’s a lesser fee if they also have an account?
Less fee and lightning fast transfer of funds, almost instantaneous!
@@dottotech ahh ok so hmm 🤔 I’ll have to figure out how to ask them to get an account 🤷🏼♀️
hello I would like save my money there in wise. there is not problem ?
can you give a tutorial on how to send to a borderless account for new recipient
Thank you! Do you know if we are getting the debit card in Canada soon?
None that I know of but we're waiting.
Can someone outside US (maybe in Latin America) that can confirm if you don't need an US bank account?
I'm located in Costa Rica, and transferwise is here, but stripe is not here, so I'm planning to move the money through transferwise, but I still not quite sure if it's going to be this easy for me, thanks!
If I get paid by a US employer in USD would I have to pay taxes to the US government?
I think the US employer should automatically deduct tax, before paying you salary. I mean that's how it works in Australia.
Hello, I've started using transferwise just today and I'm still a bit lost, but is it possible to create invoice like in PayPal so we can send it to buyers with just one click? Thank you very much
not that I know of. it is a bank account. for transfer. not a payment system
@@dottotech I see, thank you very much for your time to help me ❤️
FYI... the US also has the debit card. I have one.
It doesn't work and here is why. You need a 'US' PayPal account in order to transfer money to a US bank (TransferWise borderless account) free of charge. If you don't live in the US you can't get a US PayPal account and you will have to pay a 2,5% fee.
Can I get paid directly into my transferwise account as if it were a regular bank account?
can we use transferwise through our exhisting bank account
You can send and receive $ to regular accounts through Wise
@@dottotech question is can i use it from the PI to send money from bank account in states to an account in PI. i dont understand online banking process thats why im inquireing
is there a number to call where i can get these questions addressed. have citi mastercard and regular mastercard would they work in the system over their
Thanks
Is their a way I can save on transferwise . I want to TransferWise from my credit card to an account on TransferWise to save then later use to purchase using TransferWise
You'll find your answers here: transferwise.com/help/tiers/993/what-is-transferwise
Is this service only for PERSONAL bank accounts?
no. I use it with my business account
Do they have a cap for transfer amount?
I never can find the links you mention... including this one....