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Transferwise limitation withdrawing from balance: workarounds?

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guilleiguaran

Mentor Group Gold
I just found that Transferwise doesn't allow me to transfer more than 650 GBP (or equivalent in other currencies) from my balance to my home country currency (COP) per month and since this limitation doesn't apply when the transfer is paid with another payment method (e.g debit/credit card or from bank accounts) I'm trying to find workarounds like moving the money to a bank or prepaid card that allows me to do the transfer.

I'm thinking maybe doing something like

Transferwise -> Bank/Prepaid Card via IBAN -> Transferwise (via bank/prepaid card) -> My final bank account.

It has been a bit tricky finding banks/prepaid cards for personal use (not for business) with low fees and suitable for non-EEA residents, I would appreciate it if anyone has recommendations or any ideas about other workarounds for my problem.

Transferwise is very convenient (they had a partnership with my bank and they offer a better FX rate than any other provider so this is why I'm trying to look for workarounds to use it before exploring other alternatives.
 

Cetme308win

Entrepreneur
I just found that Transferwise doesn't allow me to transfer more than 650 GBP (or equivalent in other currencies) from my balance to my home country currency (COP) per month and since this limitation doesn't apply when the transfer is paid with another payment method (e.g debit/credit card or from bank accounts) I'm trying to find workarounds like moving the money to a bank or prepaid card that allows me to do the transfer.

I'm thinking maybe doing something like

Transferwise -> Bank/Prepaid Card via IBAN -> Transferwise (via bank/prepaid card) -> My final bank account.

It has been a bit tricky finding banks/prepaid cards for personal use (not for business) with low fees and suitable for non-EEA residents, I would appreciate it if anyone has recommendations or any ideas about other workarounds for my problem.

Transferwise is very convenient (they had a partnership with my bank and they offer a better FX rate than any other provider so this is why I'm trying to look for workarounds to use it before exploring other alternatives.
Why not using directly transferwise card for withdrawals?
 

guilleiguaran

Mentor Group Gold
Why not using directly transferwise card for withdrawals?

Unfortunately, the transferwise card isn't available for my country yet.


I found a couple of prepaid cards that might be useful but I would like to know if someone had experience with those before paying a setup fee for a card that might be useless for my case (e.g if Transferwise blocks transfer to those):


- Satchel
- VIABUY
- Paysera (according to their FAQ "Cards are issued and delivered to EEA countries only.", but I'm not sure if they limit the availability to legal residents of EEA countries or just the delivery of the card)
- LeoPay
 
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Cetme308win

Entrepreneur
Unfortunately, the transferwise card isn't available for my country yet.


I found a couple of prepaid cards that might be useful but I would like to know if someone had experience with those before paying a setup fee for a card that might be useless for my case (e.g if Transferwise blocks transfer to those):


- Satchel
- VIABUY
- Paysera (according to their FAQ "Cards are issued and delivered to EEA countries only.", but I'm not sure if they limit the availability to legal residents of EEA countries or just the delivery of the card)
- LeoPay
another idea is getting a bank account in Panama or Puerto Rico
 

guilleiguaran

Mentor Group Gold
Why don’t you use your bank account? You said that TW has a partnership with your bank.
Or is another bank?

My bank (the one receiving in COP) has a partnership to move the money immediately between TW and the bank using the real-time FX rate so I don't need to deal with conversion at lower rates when receiving the money (sending it as USD) or the currency fluctuations during the day. Apparently, this partnership is limited to the money send using payment methods different to a TW Balance and thus they limit those to 650 GBP.


another idea is getting a bank account in Panama or Puerto Rico

Thank you I'll check this as well, I'm looking first for options not involving USD accounts to avoid the delays of wire transfers, that's why I'm checking alternatives in Europe first.
 

MichalS

New member
When forum users mention they can't use some EMI's card because they don't ship to their country I am thinking why don't you use freight forwarder that can accept the card in eu/us and ship to you?

I can recommend tiptrans.com for example

Or it won't work for some reason? I think they usually allow different correspondence address than billing, hm maybe when they see unsupported country they won't let you even request card or they don't allow correspondence in different country or it's huge withdrawal fees if unsupported?
Thanks
 

guilleiguaran

Mentor Group Gold
When forum users mention they can't use some EMI's card because they don't ship to their country I am thinking why don't you use freight forwarder that can accept the card in eu/us and ship to you?

I can recommend tiptrans.com for example

Or it won't work for some reason? I think they usually allow different correspondence address than billing, hm maybe when they see unsupported country they won't let you even request card or they don't allow correspondence in different country or it's huge withdrawal fees if unsupported?
Thanks

In the case of TW, they don't allow you to request it if your country is not supported and since you do a verification process during the onboarding they know what's your country of residence.

For PaySera I'm not sure if it's limited just for the shipping (I have a P.O Box in Europe) or if they limit it to residents of Europe as well.
 

guilleiguaran

Mentor Group Gold
another idea is getting a bank account in Panama or Puerto Rico

can you recommend some banks in Panama/Puerto Rico that open accounts online?

Why not use P2P, a lot of people would buy your usdt vs usd or gbp on transferwise?

On P2P markets the exchange rate for USDT/COP is way lower than the USD/COP FX rate, right now the best USDT rate that I can find is 3,597 and the FX rate is 3,775, so you can lose ~4.7% on the P2P market.


In the end, I decided to just send USD to my bank account from Wise using SWIFT but looks like now Wise doesn't like this either:

Screen Shot 2021-05-08 at 15.05.24.png


So I guess I would find alternatives for Wise.
 

Admin

Forum Moderator
Staff member
Elite Member
Try Bankera, Spectrocoin or Intergiro they may be able to help you as an alternative to Wise. I'm not aware of the problems with USD with these EMI's, but worth to have a look.

FYI: Inside mentor group gold and the RESOURCE database there are tons of other valid EMI's and payment processors for hard to place business activity.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Paysera gives you close to free Visa Debit Card that can be received with Tiptrans and forwarded to your personal Address.

They don't ask too many questions for relatively small amounts <100k€ / month.
 

guilleiguaran

Mentor Group Gold
Paysera gives you close to free Visa Debit Card that can be received with Tiptrans and forwarded to your personal Address.

They don't ask too many questions for relatively small amounts <100k€ / month.

Thanks, I ordered the card already but still waiting for the KYC questionnaire approval since 1 week ago so I haven't been able to test it yet.
 
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