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Post by saraph on Oct 22, 2016 7:19:48 GMT
I've noticed on several platforms I can withdraw my money using TransferWise. Can someone elaborate how this works?
Depositing money is straightforward, but I don't see any "account balance" of sorts that would tell me how much money TW holds for me.
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adrianc
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Post by adrianc on Oct 22, 2016 7:47:34 GMT
I've noticed on several platforms I can withdraw my money using TransferWise. Can someone elaborate how this works? Depositing money is straightforward, but I don't see any "account balance" of sorts that would tell me how much money TW holds for me. If the platform is in the UK, but you want to withdraw to a non-UK account, say a Eurozone account - then instead of a straight bank transfer withdrawal, you'd use TW as a cheap way to move money internationally and convert currency. TW don't hold money for you.
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Post by saraph on Oct 22, 2016 8:37:12 GMT
I've noticed on several platforms I can withdraw my money using TransferWise. Can someone elaborate how this works? Depositing money is straightforward, but I don't see any "account balance" of sorts that would tell me how much money TW holds for me. If the platform is in the UK, but you want to withdraw to a non-UK account, say a Eurozone account - then instead of a straight bank transfer withdrawal, you'd use TW as a cheap way to move money internationally and convert currency. TW don't hold money for you. But when I request a withdrawal (let's say on Mintos), I can't specify what bank account I want my money to be sent to. So how will TW know which bank account they should send the money to? I only used one bank account on TW, but TW isn't tied to just one bank account, right?
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james
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Post by james on Oct 22, 2016 13:27:50 GMT
The place you are withdrawing from tells TransferWise which account to pay the money to.
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tomtom
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Post by tomtom on Oct 22, 2016 14:49:28 GMT
I have used TW to transfer money to non uk banks and they were very good, very quick and most cost effect ( ie cheaper than using british banks to transfer money/cash to euro banks)
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Post by saraph on Oct 25, 2016 5:51:45 GMT
The place you are withdrawing from tells TransferWise which account to pay the money to. So is your bank account number included in your TW deposit or does the P2P platform need another way of obtaining that information?
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james
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Post by james on Oct 25, 2016 7:28:26 GMT
The platform has to tell TransferWise so they need to have some way of getting the account information. The platform can choose how to get the information. Email request from investor is least secure, something on the site that has been verified is most secure.
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Post by stevefindlay on Oct 25, 2016 9:44:08 GMT
At BondMason (https://www.bondmason.com) we enable clients from the EU and further afield to request withdrawals (and make payments) via Transferwise.
Practically, this is very similar to setting up any online payment, for both the client and platform administration team.
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