Transferwise

TransferWise is a money transfer service. I have tried it out both for business and for personal use.

Verification

Transferwise first needs to verify your identify, or proof of ownership of a business. After uploading a picture of my passport, personal verification went fast. Verifying ownership of business took a bit longer than advertised (1 business day), since they needed some documents proving ownership. But it only took some days, and the process was painless

Borderless account

You can open a borderless account for multiple currencies: GBP, USD, EUR and some more. Receiving and sending money from these have so far been very easy, and with no problems.

Sending money

When paying chinese suppliers in USD, I have both tried paying with the balance from the USD borderless account. And sending money from a Norwegian bank account to TW’s norwegian bank account. TW then does the payment in USD to the chinese supplier.

My experience is that they money arrives faster when sending money through TW than through normal bank transfer. Especially if using the balance from the borderless account.

Personal debit card

My Transferwise debit card came in some days, and it works! Very nice feauture that you get a receipt for your purchase in the TW app.

Paypal

Transferring money from Paypal, without any fees, to a US Transferwise borderless account was easy. No problems. Takes 1-3 business days.

Disadvantages

Would love to have the possibility of having multiple users with different access levels to the business account