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Transferwise do cheap transfers but more important can provide US, UK and Aus bank accounts

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PNGMK
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Re: Transferwise do cheap transfers but more important can provide US, UK and Aus bank accounts

Post by PNGMK » Fri, 20 Nov 2020 2:32 pm

Yeah I've wondered about the FATCA issues.
I not lawyer/teacher/CPA.
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MikeJones
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Re: Transferwise do cheap transfers but more important can provide US, UK and Aus bank accounts

Post by MikeJones » Fri, 20 Nov 2020 2:49 pm

malcontent wrote:
Fri, 20 Nov 2020 2:06 pm
While I haven’t done such a transfer, TW will at least quote an attempted transfer up until you exceed RM975k... then it says this is the most a recipient can receive. Maybe if taken further there will be a hiccup, or maybe it depends if you are making the transfer to yourself or a third party?

I don’t use the borderless account feature (I’m guessing that would create some FATCA/CRS reporting hassle). I just make transfers to my US account from my SG account, funded via FAST... well in excess of $30k this year, so I’d have to assume that limit doesn’t apply to transfers in and of themselves.
Looking at their details for Malaysia it says if the destination account is a non-resident local bank account the 10k per day limit applies, I'm guessing TW have no visibility of what sort of account is at the other end so it will be at the recipients risk if you transfer more than 10k in a go.

I've tried out the borderless account mainly for the debit card when travelling but the withdrawal limits on that are so low I'm not sure it's worth it, I've not done any transferring of large amounts through it but yeah that annual limit only applies to transfers out of the borderless account, sending from your own bank accounts has just the per currency limits.

Mike

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