…and EUR- and GBP-denominated: TransferWise has released a multi-currency bank account that charges mid-market rates + 0.5% to transfer between them. My current bank here in Spain charges mid-market rates + 1.5% to receive USD.
For anyone living in the Eurozone or the UK who is using a service like FastSpring that only pays out in USD, I think using this bank account will be a nice business optimization.
I’ve tested this recently and you can connect the Borderless account with Stripe to receive USD.
This is a US-based account through, so once the USDs are there you can only send them to other US-based accounts or transfer them into another currency. You cannot, for instance, transfer them to a UK-based USD account.
Support claims the ability to do international USD transfers is something they’re working on. No dates of course.
I bill in $ but stripe just transfers the cash to my £ UK bank account. What’s the advantage of this? Better exchange rate?
From Stripe’s docs:
when Stripe does a currency conversion on your behalf, funds will usually be converted at a rate approximately 2% above the daily mid-market rate.
Transferwise charges 0.5% above mid-market rate.
So you’ll improve your net revenue by roughly 1.5% of your gross sales.
Wow thanks that is really interesting. I will check it out.
I just discovered i can add multiple currency accounts to stripe as well. I have a euro account already.
Hello Daniel,
do you still use transferwise borderless account with stripe with no issue ?
am planning to use their bank account as the main for my business and link to stripe is it a good choice ?
Yes, still use them.
However, take into account that the funds in their account is not guaranteed as they would be in a traditional business account (e.g. by the country’s central bank). They’re very upfront about it, so check out the docs.
We use them as an intermediate stage but we end up transferring the funds to our local business banking account.
Thank you Daniel for the answer.
That’s right they are good as intermediate stage like you mentioned, I have done some research and I think there’s no risk in storing small amounts in their banks, especially if they will offer a card near in the future for using it abroad.
Was there anything in particular you needed to do to connect Stripe and the Borderless account?
Just wondering since Transferwise say that they don’t support Stripe (link below).
Thanks!
Hey Manavo - Thx for sharing the link. I’m having the same issue and was wondering if you’ve found a solution?
I accept USD from my business and I’m looking for the most efficient way to transfer the funds via Stripe to a borderless dollar account.
Do let me know if you’ve found a solution for this.
Thank you!
Omar
Quote from https://transferwise.com/help/article/2200390/creating-a-transfer/incompatible-accounts-and-currencies about Stripe :
When sending money to TransferWise, there are unfortunately a few types of bank accounts that we cannot receive from, as they do not include your name as the sender. These include, but are not limited to:
- Stripe Accounts*
*This applies only to money transfers. You can use Stripe to top up balances in your borderless account.
What would be the difference between a money transfer and topping up your balance in your borderless account?
Stripe makes the transfer from a bank account in their name. If you have a borderless account you are allowed to receive a third party payment. If you use the money transfer service the incoming transfer must come from a bank account in your name.