Tutorial - How to have bank account abroad

Lukmat

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Jan 22, 2008
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I don't know where to place it so put in The Lounge and moderator can move it to proper category.
I am also not affiliated or connected to brand that is described in this thread.

My problem was always how to get payments for services if I resign from PayPal, I want also get payments from my ad networks faster, with lower fees and no problems. Always it has been PayPal but their fees, policies and how they treat sellers is not acceptable. Also, account in my country can be not trustfuly for abroad customers.

I've made it with Transferwise, they offers "bordless account" with real account (IBAN) in countries:
-UK
-Canada
-Australia
-USA
-Germany

It's very easy to open account for your business and personal instance as well:

1. Go Transferwise.com register your personal account, business account or both same time
2. Send your ID and utility bill
3. Wait 1 week for verification, usualy faster
4. Done, you are verified, go to tab "bordless account" and activate currencies

Each account have own IBAN, so you can receive as much funds you want from every country you want.

Personaly I am using German account to receive SWIFT from any country outside EU, SEPA from inside EU and of course individual country accounts from UK, CANADA, AUSTRALIA, USA.

The best thing is that they have now real Mastercard to your account and you are withdrawing cash with almost no fees, they are very symbolic.

So, compared to PayPal, receiving funds with few cents or max few dollars fee is amazing. I even not seen any fee when I've not checked carefuly. It's symbolic.
Currency exchange to your local currency is also very cheap.

Conclusion:
-you can use it with affiliate networks what not supports your country banking
-you can use it to offer your customers the faster wire transfer, instant or 2-3 days if he is not from supported countries (IBAN accounts)
-you have FREE mastercard with low fees


Alternative:
-revolut but they not offer such many accounts with IBANS, only one EU account
-you can connect revolut with transferwise to make ultimate payment solution for your services if you don't want support PayPal and credit cards


I got my card after 2 weeks, of course this is photo from Internet, I don't have time to shadow my data :)
Now it's faster, 3-5 days because I got it in beta program, they went out beta to public
S8hHtbD
 
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This sounds great, gonna do some more research on it tomorrow cause I've been looking for other ways of receiving money.

Thanks a lot man.
 
its work with indian banks too ?
Should, they have livechat (in UK time) so you can ask. However, Mastercard is not probably supported yet.
They just introduced it in Europe but they are working for worldwide Mastercard delivery.
 
th
Should, they have livechat (in UK time) so you can ask. However, Mastercard is not probably supported yet.
They just introduced it in Europe but they are working for worldwide Mastercard delivery.
thanks
i'll contact them soon
 
excellent stuff
its work with indian banks too ?
This sounds great, gonna do some more research on it tomorrow cause I've been looking for other ways of receiving money.

Thanks a lot man.


Updated post with Mastercard. The best thing is that my Mastercard is in GBP currency, I have PLN currency in my country. So normal bank will probably convert GBP>EURO>PLN but Transferwise converted it with much lower fee than normal bank in fly. So it costed me some cents when normal bank would steal something arround 20 euro.
 
Updated post with Mastercard. The best thing is that my Mastercard is in GBP currency, I have PLN currency in my country. So normal bank will probably convert GBP>EURO>PLN but Transferwise converted it with much lower fee than normal bank in fly. So it costed me some cents when normal bank would steal something arround 20 euro.
Sounds like you've unearthed something special haha, let's hope it is!
 
Sounds like you've unearthed something special haha, let's hope it is!
Not so special because we have revolut but their fail is they not provided IBAN for long, long time. Now they got beaten and introduced one EU IBAN. For sure, I will use both but everyone knows revolut.

I don't know if we can connect stripe with them, maybe it's business location dependent but it would be amazing. Ill try it this weekend.
btw. Transferwise is fully supported by Estonian goverment (they are located in UK) but you can use invoices in Estonian offshore if you want with full support.
 
Awesome share! Signing up tomorrow. I'm from the UK. Nice to see it's FCA regulated. Will use this when I go on holiday next!
 
Not so special because we have revolut but their fail is they not provided IBAN for long, long time. Now they got beaten and introduced one EU IBAN. For sure, I will use both but everyone knows revolut.

I don't know if we can connect stripe with them, maybe it's business location dependent but it would be amazing. Ill try it this weekend.
btw. Transferwise is fully supported by Estonian goverment (they are located in UK) but you can use invoices in Estonian offshore if you want with full support.
If your schedule allows it please let us know if you manage to connect a Stripe account.
 
Thanks for posting this, I'll keep this bookmarked when I need this in the future.
 
Can you use it as an alternative to Paypal? I mean, how can your clients pay you if they want to use their credit cards?
 
Can you use it as an alternative to Paypal? I mean, how can your clients pay you if they want to use their credit cards?
They cannot use credit cards to pay you. They have wire transfer, everyone on the world have bank account and transfer is with very low fee. It's good to getting bigger payments.
 
the only downside of transferwise....is ...they dont offer mastercard outside EU resident...you need to be EU zone resident to get that CC...i think there is a law for this....
 
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