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How safe is Transferwise for holding money?

Discussion in 'Offshore Bank Accounts' started by czechdude, Jun 13, 2018 at 15:05.

  1. czechdude

    czechdude New Member

    Safe in the sense of my account not getting locked, them not going bankrupt or other things like that. I want to put say 10k USD in there and I want it to be safe basically. That'll be all my savings because I want to stop using local account but I just don't know if that will be safe or not with these guys.

    Any thoughts?
     
  2. void

    void Active Member Entrepreneur

    10k is perfectly fine, however if it's all your money I'd use one or two more EMI providers to spread the eggs
     
  3. Martin Everson

    Martin Everson Offshore Consultant Mentor Group Entrepreneur

    Exactly. If you want put 2,500 in 4 EMI's. Putting all your eggs in one basket is never a good idea.
     
    W4rhol likes this.
  4. aplusbangla

    aplusbangla New Member Mentor Group Entrepreneur

    Transferwise is sucks, I transfered to it 10usd via wire transfer legally and they locked my account. so you must be very careful with them.
     
  5. Martin Everson

    Martin Everson Offshore Consultant Mentor Group Entrepreneur

    Whats the full story here?

    1. Where did funds come from, person or company?
    2. Where are used based?
    3. Were funds first party or third-party?
    4. What country did funds comes from?.

    Would be interesting for us to know the circumstances surrounding them locking your account.
     
  6. aplusbangla

    aplusbangla New Member Mentor Group Entrepreneur

    1 - personel account but not the same name.
    2 - france
    3 - I activated my account and made 10usd transfer to it. that is it.
    4 - france.
     
  7. Martin Everson

    Martin Everson Offshore Consultant Mentor Group Entrepreneur

    Ok perhaps they have a problem with thirdparty inbound transfers on a personal account plus being in USD. I only ever use it for inbound first party wires, then currency conversion and then out to third-parties or back to myself. That is how Transferwise should be used and that's its target market. I think if you want incoming third-party wires especially in USD it is not suitable. They are very strict on USD transactions like everyone else these days.
     
  8. aplusbangla

    aplusbangla New Member Mentor Group Entrepreneur

    nn my account was in EURO and transfer was from SEPA in eur
     
  9. Martin Everson

    Martin Everson Offshore Consultant Mentor Group Entrepreneur

    You said you send a 10usd wire before. Hummm...but ok let us know what happens.
     
  10. czechdude

    czechdude New Member

    Honestly I have no income and depression (can't work, sleep, focus) and losing even 100 from all that money is a HUGE hit for me. Any way to be sure with EMIs that the money won't go away as if it was a local bank?
     
  11. David97255

    David97255 New Member Entrepreneur

    I work with transferwise since 1 year. Using it for my company, never had this kind of problems with them. The only bad point is their fees very high.
     
  12. czechdude

    czechdude New Member

    Yeah but I'm asking about the future assesment of Transferwise as a company, their business model and everything like that.

    And aren't they famous for low fees though?