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by PNGMK » Thu, 09 Jul 2020 11:29 am
emsigma wrote: ↑Thu, 09 Jul 2020 10:37 am
I'll thank you now, PNGMK
Just to make sure: does TransferWise replace a traditional bank account for a brand new company with probably 1-2 payments per month?
At least for now (around 8-12 months), once we start selling we can always open a DBS account if required (although I prefer not to if I can handle everything with TransferWise or any other fintech).
Thanks!
Yes - it's a perfectly viable platform for that level of business. You can open up company accounts and they now (as of a few weeks ago) support "DBA" (doing business as) type accounts via DBS which means you can accept EFT type transfers in SGD. They also support a whole bunch of virtual accounts in other countries where traditionally you'd have to fly there to open one. Typically you open a TF account in your name and then register a separate linked corporate account. The whole thing is virtual. Just send in some information and viola corp account starts.
I imagine there is a cross over point where you might need a DBS account but probably if you need to accept CC payments (but looks at swipe for that) or if you are doing a lot of local SGD transactions and need to get your SGD transaction costs down. Also you cannot accept Paynow payments into TF (I think?).
There are some holding limits in the TF accounts as well - I've had friends who transacted >$100,000 via TF running into this but i don't recall the limits and they may have fixed that issue with MSA already.
I not lawyer/teacher/CPA.
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