Whats your thoughts about Transferwise now?

[JohnSeed]

Yea why not? I'm gonna use Virtual Zone status to make my VAT and corp tax zero. Georgian gov is now choking with Virtual Zone applications (they used to have 100s per month, now it spiked to 1000s/month, thanks to Silicon Valley series promoting it I think). I bet soon it would be much harder to get into Virtual Zone.

If it was that easy I believe no one were here to post on the forum! I don't believe this to be like you wrote it down here. Anyway it is worth to look into it if one is into tax savings. Just don't forget, your name will be on the public register of companies in Georgia!

 

[burden]

you took this thread into a Georgia thread @Admin would you clean it?

Does someone has epxerience to when TW is asking for documents for a transaction you either receive or want to send to another party?

 

[avalanche]

If it was that easy I believe no one were here to post on the forum! I don't believe this to be like you wrote it down here. Anyway it is worth to look into it if one is into tax savings. Just don't forget, your name will be on the public register of companies in Georgia!

I dont know, I've been speaking with multiple accountants regarding virtual zone. Seems fine to me.
There is also a reason why its being hyped now. Regarding public register I dont care, my tax residency is non-CRS.

I'll stop about Georgia from here.

 

[JohnSeed]

'll stop about Georgia from here.

Good idea, but did you moved on and setup a company in Wyoming or you stoped the entire process?

 

[BlueMist]

I read TW keeps client's money at Barclays segregated accounts, so in case of TW going bankrupt, there should be no risk in losing money, right?
Can we assume that at the end of the day, it is "like" keeping money at Barclays but uninsured, since deposit guarantee scheme would not apply...?
Also how do they keep money segregated with Barclays if they are providing DE or BE IBANs...

Do they charge negative interest rates on EUR balances? Is there any maximum balance allowed to be held?
Does sending SWIFT EUR transfer outside EEA attract any charges? Does recipient gets paid in FULL (TW send it as OUR)?

Do they really have nothing against incoming EUR and outgoing EUR without any FX conversion, while keeping the account charges free?

 

[Spinat]

Do they charge negative interest rates on EUR balances? Is there any maximum balance allowed to be held?

I have not read about this at all and can't find such fees on my account!

Does sending SWIFT EUR transfer outside EEA attract any charges? Does recipient gets paid in FULL (TW send it as OUR)?

No charges I found and receiver gets all his money.

 

[void]

Do they charge negative interest rates on EUR balances?

no

Is there any maximum balance allowed to be held?

I don't think so
if there is then it's higher than 200k

Does sending SWIFT EUR transfer outside EEA attract any charges? Does recipient gets paid in FULL (TW send it as OUR)?

tried a few times, never managed to send it without 25EUR fee taken from the amount sent

Do they really have nothing against incoming EUR and outgoing EUR without any FX conversion, while keeping the account charges free?

no they don't care (speaking about hundreds of thousands account life time turnover)

 

[BlueMist]

Thanks. €25 for OUR SWIFT is not too bad.
Does your company name appear on outgoing SWIFT transfers or Transferwise?

How long does it take to open business account with them? Are they okay with trading + holding structures with nominee trust...?

 

[void]

How long does it take to open business account with them?

2-3 days
you have to open a new personal account first (using different email) for each company account you are opening with them

there are a few questions in the sign up form and then they usually ask for a brief description of your business - never had a problem, always approved (clean business every time though)

Are they okay with trading + holding structures with nominee trust...?

can't help here, my experience is only with EU-based limited companies

 

[BlueMist]

2-3 days
you have to open a new personal account first (using different email) for each company account you are opening with them

there are a few questions in the sign up form and then they usually ask for a brief description of your business - never had a problem, always approved (clean business every time though)



can't help here, my experience is only with EU-based limited companies

Thanks. I do have a clean business, however I have Malta trading with Cyprus holding and nominee trust.
Just wondering how comfortable they are with such setups if anyone has experience.

 

[JohnLocke]

tried a few times, never managed to send it without 25EUR fee taken from the amount sent

Where did you send this SWIFT to, country ? I have made swift transfers without any fee?

 

[void]

Where did you send this SWIFT to, country ? I have made swift transfers without any fee?

Mauritius, Panama, Singapore

 

[JohnLocke]

okay, strange, I have not seen any swift transfer fee yet on my account. Made a few to a provider in the UAE and Norway. Maybe others can supply with their experience.

 

[avalanche]

okay, strange, I have not seen any swift transfer fee yet on my account. Made a few to a provider in the UAE and Norway. Maybe others can supply with their experience.

My fee of withdrawal to Georgia (non SEPA zone) was 0.6 EUR

 

[Hera]

I have done EUR-EUR swift transfers to outside EU zone with Transferwise and my accounts have been blocked after around one year. Transfer fee was 0,80 EUR per transaction.

 

[avalanche]

I have done EUR-EUR swift transfers to outside EU zone with Transferwise and my accounts have been blocked after around one year. Transfer fee was 0,80 EUR per transaction.

was the payment going to your own bank account?

 

[Hera]

was the payment going to your own bank account?

Swift transfers was from business account to several suppliers accounts.

 

[avalanche]

Swift transfers was from business account to several suppliers accounts.

ah.. idk. maybe suppliers were in the WorldCheck database

 

[Hera]

ah.. idk. maybe suppliers were in the WorldCheck database

I don't know but It was the same companies during one year. Transaction was without exchange and for a cost at only 0,80 EUR per transaction. I assume that it was not interesting for TW.

 

[BlueMist]

I have done EUR-EUR swift transfers to outside EU zone with Transferwise and my accounts have been blocked after around one year. Transfer fee was 0,80 EUR per transaction.

Did they provide any reason? Were your funds frozen for 60 days as some are reporting?