Borderless Account of Transferwise

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paladinfes
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Borderless Account of Transferwise

Post by paladinfes » Tue Aug 14, 2018 7:20 am

Has anyone used the Borderless Account offered by Transferwise?

Specifically:

1. American drawing Social Security
2. Transfer money into Thai Bank account

I am searching for a cheaper and easier way to transfer money from USA into Thailand.

For 1 year I have used Transferwise services. Now, every transaction is tied up in delays.

I currently have my Social Security direct deposit into my account at Bank America ... then transfer funds into my account at Bangkok Bank.

For 1 year, all transactions went smoothly ... now there is always a glitch.

Bubba1
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Re: Borderless Account of Transferwise

Post by Bubba1 » Tue Aug 14, 2018 10:51 am

Get a Schwab account in the US and have your SS deposited there.
Withdraw money using an ATM with the Schwab debit card. All ATM fees are refunded at the end of the month.

Keep a wad of $100 notes as a backup.

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STEVE G
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Re: Borderless Account of Transferwise

Post by STEVE G » Tue Aug 14, 2018 2:01 pm

I have the borderless account and it works perfectly, also with the MasterCard that comes with it but I have heard that it's not so easy to get for US citizens, particularly the debit card.

moater
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Re: Borderless Account of Transferwise

Post by moater » Tue Aug 14, 2018 2:21 pm

Bubba1 wrote:
Tue Aug 14, 2018 10:51 am
Withdraw money using an ATM with the Schwab debit card. All ATM fees are refunded at the end of the month.
Agreed 100%. That is the cheapest and fastest way to move money to Thailand. Limited to $1000/day, but that should be good enough for most use cases.

Make sure to also get a good credit card with 0% FTF for POS transactions, so you can collect 1.5-2.5% cashback on your purchases.

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Re: Borderless Account of Transferwise

Post by brianks » Wed Aug 15, 2018 11:26 am

I have been using Transferwise for my wire transfers from U.S. to Thailand bank for over 6 months. No need to transfer funds through Bangkok Bank in NY as I was doing in the past. Transfer directly via Transferwise from your account in U.S. directly to your bank account in Thailand (any bank). I made two equal transfers on same day to check Bangkok Bank vs Transferwise. Transferwise costs a bit less (about $5) than Bangkok Bank for those two equal transactions. I have also noticed that Transferwise is a bit quicker than Bangkok Bank in making the transfer.

PET
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Re: Borderless Account of Transferwise

Post by PET » Wed Aug 15, 2018 4:00 pm

Limited to $1,000 per day for a resident is very little unless one is happy to pay the bank charges say 4 times a month or probably more often and, not forgetting, the trouble to go about the whole transfer issue each time.
Vincit Omnia Veritas - What matters in life is not where you are from but where you are going.

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Re: Borderless Account of Transferwise

Post by handdrummer » Wed Aug 15, 2018 7:14 pm

I use Citibank US and transfer to Citibank Thailand. Each transaction costs $35 but I can transfer up to $80,000 (if I ever have that much money) a day. I transfer twice a year so It costs me $70 for a years expenses. I've not found a better rate.

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Re: Borderless Account of Transferwise

Post by Bubba1 » Thu Aug 16, 2018 7:05 am

PET wrote:
Wed Aug 15, 2018 4:00 pm
Limited to $1,000 per day for a resident is very little unless one is happy to pay the bank charges say 4 times a month or probably more often and, not forgetting, the trouble to go about the whole transfer issue each time.
You didn't read the thread. With Schwab the ATM fee is refunded at the end of the month.

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Re: Borderless Account of Transferwise

Post by moater » Thu Aug 16, 2018 11:13 am

handdrummer wrote:
Wed Aug 15, 2018 7:14 pm
I transfer twice a year so It costs me $70 for a years expenses. I've not found a better rate.
You have. The rate is $0 and the way to get it is explained above, just scroll up.

$35 is a terrible rate, plus you forgot the 500 baht charged for incoming wires and charges for correspondent banks, which are usually required (though not in your case), and the losses due to low exchange rate at the banks. Not to mention the loss of income from interest/investment of your cash, since you're moving it in big lumps.

Get a Schwab account and never pay for transfers again.
Last edited by moater on Thu Aug 16, 2018 12:02 pm, edited 1 time in total.

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Re: Borderless Account of Transferwise

Post by moater » Thu Aug 16, 2018 11:35 am

Here's a fun little exercise - the cost of transferring 15K baht NET today:

Bank Transfer - wire (takes 2-3 business days):
$492.71 (BKKB rate ฿33.14 + $25 <cheap> outgoing fee + ฿500 incoming fee)

ACH (while it still works - takes 2-3 business days):
$467.71 (BKKB rate ฿33.14 + ฿500 incoming fee, no ACH fee)

TransferWise (takes 1-2 business days):
$457.40 (TW rate ฿33.27 + TW fees)

ATM withdrawal (Schwab - takes 10 seconds):
$451.35 (VISA rate ฿33.23, ATM fee reimbursed)

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Re: Borderless Account of Transferwise

Post by Homer » Thu Aug 16, 2018 12:50 pm

moater wrote:
Thu Aug 16, 2018 11:13 am
Get a Schwab account and never pay for transfers again.
Every source I've read said you must be in the US to open an account. IIRC you also need a current proof of address such as a utility bill.

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Re: Borderless Account of Transferwise

Post by handdrummer » Thu Aug 16, 2018 5:29 pm

Homer wrote:
Thu Aug 16, 2018 12:50 pm
moater wrote:
Thu Aug 16, 2018 11:13 am
Get a Schwab account and never pay for transfers again.
Every source I've read said you must be in the US to open an account. IIRC you also need a current proof of address such as a utility bill.
You are correct. You must have a US address to change anything in US banking. I couldn't even add my wife's name to my account.

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Re: Borderless Account of Transferwise

Post by handdrummer » Thu Aug 16, 2018 5:31 pm

moater wrote:
Thu Aug 16, 2018 11:13 am
handdrummer wrote:
Wed Aug 15, 2018 7:14 pm
I transfer twice a year so It costs me $70 for a years expenses. I've not found a better rate.
You have. The rate is $0 and the way to get it is explained above, just scroll up.

$35 is a terrible rate, plus you forgot the 500 baht charged for incoming wires and charges for correspondent banks, which are usually required (though not in your case), and the losses due to low exchange rate at the banks. Not to mention the loss of income from interest/investment of your cash, since you're moving it in big lumps.

Get a Schwab account and never pay for transfers again.
I would need a US address to change anything related to US banking.

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buksida
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Re: Borderless Account of Transferwise

Post by buksida » Thu Aug 16, 2018 5:49 pm

Another case for cryptocurrency. Transfers in seconds, cost negligible, borderless, not nationality restricted, bankless, no inflated forex rates ...
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson

moater
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Re: Borderless Account of Transferwise

Post by moater » Thu Aug 16, 2018 5:58 pm

Homer wrote:
Thu Aug 16, 2018 12:50 pm
Every source I've read said you must be in the US to open an account. IIRC you also need a current proof of address such as a utility bill.
You're reading the wrong sources then... You can open a Schwab account online on their website. You will need to enter a US address, but no proof will be required (unless they suspect something, I guess). Just provide the address of family or friends who are willing to receive the debit card for you, and you should be all set. You will also need to provide a US phone number (easy to obtain through countless free/semi-free services). Make sure to use a US VPN when you open the account.

I know a few people who've done it successfully.

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