Kathleen wrote:I too use them having seen the early posts on this site about them and have since recommended them to friends over here. I tend to transfer funds during the year at a minimal level, because of the Greek bank insecurities, but the transfer is charged at such a low rate, about £5 for £1000 it is a bargain. They also offer a good rate of exchange which is also a bonus.
Hey! don't forget that account in the Cayman Island.Kilkis wrote:Personally I don't think you can now characterise Transferwise as a bank. Banks offer lots of services that Transferwise does not offer. I suspect that is why they don't need or have a banking licence. They are a financial services company which is why they are regulated by the FCA. Currencyfair is also regulated by the FCA and it does not currently allocate IBAN numbers to accounts.
Logically you had your own accounts in various currencies before this change. Money could be deposited in any of your currency accounts from outside by depositing it in the Transferwise general account of that currency using your reference number. For my uses I cannot see that giving those accounts a separate IBAN number has any big advantage. Obviously others may find it advantageous depending on their needs. There again I do have two UK current accounts and two Greek current accounts so perhaps that is why I can't see a use for me.
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