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Discussion Starter · #1 ·
Having become a great fan of TransferWise as a result of feedback on this forum - less than 30 seconds from setting up the transaction to seeing the money in your destination account, awesome - yesterday I was looking at their Borderless account. It seems that you get a RIB and everything just like for a trad bank account, and the very fact that it looks so easy to open when most accounts aren't, makes me want to open one "because I can". But I can't actually see what use it would be :confused:

I have kept a UK account which I use for withdrawing cash and paying for stuff when I'm in the UK and otherwise just for direct debits for a few subscriptions and the odd transaction that for some reason I want to do in sterling. 98% of my business income is paid directly into my French account in euros, and the 2% that goes into my UK account in sterling is enough to keep that account in credit most of the time, although I do need to do a handful of tranfers over the course of a year to top it up, and for those I use TransferWise. So it all works well.

That being the case, would there be any point in having a Borderless account, and if so, would it be more useful to have a sterling one or a euro one? I'd love to find a reason/excuse to open one but I suspect that if you already have a bank account in each currency that you use, there is in fact no point, and these accounts are designed for people who don't want the hassle of opening a traditional bank account in one of the currencies they use. Or am I missing something? Has anyone on here got a Borderless account and if so, why?
 

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Discussion Starter · #3 ·
I assume these accounts have an IBAN as well as a RIB. So my query is, which country is used for the IBAN?
Ah well, that's why I was also asking, should I set up a Euro account or a Sterling account. It seems that depending on which currency you click on, you get banking ID that corresponds to that currency. For instance if f I click on Euro it tells me that my IBAN will be DE10 700 XXX etc (does DE mean Germany in this context?), click to activiate this account; if I click on Sterling it gives me an account number and sort code as per UK banking, click to activate this account. But I can only activate one or the other, you can't have two.
 

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On the Transferwise site, when you click on Help for the Borderless Account there is a series of articles that outline the fees and other details of how the account works. You may want to take a read through of the articles before deciding whether or not you want a Borderless Account. As indicated, the DE IBAN could pose problems for you if most of your transactions are taking place in France. And, I note there is a small fee for transfers to other banks - something you don't get if you make SEPA transfers within the EU.

My initial impression when I first saw this program announced is that it's primarily for businesses rather than individuals. But then again, I haven't done more than a quick skim of a couple of the articles in their help section.
Cheers,
Bev
 

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Discussion Starter · #5 ·
Thanks to both.
As I suspected, it still doesn't seem to offer any advantages over the "real" local accounts that I already have. Maybe it would make receiving payments in dollars, for instance, a bit cheaper? but it's rare that I get paid in anything other than € or £, maybe once or twice a year, and I tend to use PayPal for that. Shame, I quite fancied being Bordeless but "because I can" isn't really a good enough reason is it!
 

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Agree, ET, don't see that it would be useful for you. It could also cause problems for anyone who wants to use it as their bank account in France. No doubt there are some who may find it useful, though - it certainly all depends on individual needs.
 

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Having become a great fan of TransferWise as a result of feedback on this forum - less than 30 seconds from setting up the transaction to seeing the money in your destination account, awesome - yesterday I was looking at their Borderless account. It seems that you get a RIB and everything just like for a trad bank account, and the very fact that it looks so easy to open when most accounts aren't, makes me want to open one "because I can". But I can't actually see what use it would be :confused:



I have kept a UK account which I use for withdrawing cash and paying for stuff when I'm in the UK and otherwise just for direct debits for a few subscriptions and the odd transaction that for some reason I want to do in sterling. 98% of my business income is paid directly into my French account in euros, and the 2% that goes into my UK account in sterling is enough to keep that account in credit most of the time, although I do need to do a handful of tranfers over the course of a year to top it up, and for those I use TransferWise. So it all works well.



That being the case, would there be any point in having a Borderless account, and if so, would it be more useful to have a sterling one or a euro one? I'd love to find a reason/excuse to open one but I suspect that if you already have a bank account in each currency that you use, there is in fact no point, and these accounts are designed for people who don't want the hassle of opening a traditional bank account in one of the currencies they use. Or am I missing something? Has anyone on here got a Borderless account and if so, why?


We are using Revolut. Love it. It's modern and easy, no fees, banking exchange rates, instant. You can switch currencies as many times as you need and when you please.
We pay school fees in sterling and Revolut was 200€ cheaper than currency direct for one term.
They currently offer free cards.
https://www.revolut.com/fr/?lang=en


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