For many years now, TransferWise is our favourite platform when it comes to money transfers. With the introduction of Borderless accounts, they have just expanded their services to multicurrency bank accounts with local bank details.
TransferWise Borderless Accounts
TransferWise Borderless accounts have been designed to make doing business internationally easier than ever. Thus you can get paid as if you were a local.
- Instant local bank details for receiving money in the US, UK & the Eurozone
- Fast & easy money transfer: Use your Borderless account to pay for your transfers
- Real exchange rates
- Multicurrency: Hold money in 15+ currencies, and switch between them effortlessly
You will get your own account number & sort code (GBP), Swift/BIC & IBAN (EUR) and your own routing (ABA) & account number (USD). US Dollar local bank details are provided by the Community Federal Savings Bank, NYC, USA.
TransferWise & Stripe
For one of our projects, we are currently looking for a solution to accept US$ with Stripe but without any conversion fees. Stripe is awesome but comes with some limitations in that a bank account has to be located in the country where its currency is based.
In this case, a US$ bank account has to be based in the United States for instance. As we’re based in the UK, payouts are currently converted with a 2% conversion fee and then paid out in GBP. However, this shouldn’t be a problem any longer – thanks to TransferWise and the local bank details. As soon as we have successfully set it up, we’ll update this post. Stay tuned!
Free Money Transfer
Register now and receive your first transfer of up to £500 for free (or the equivalent in another currency).