Warren Buffett

I’m honestly at a loss for how I’d even categorize TransferWise.
The thing is, they handle all sorts of personal accounts beyond just those based in Belgium.
Wait, isn't their headquarters actually located over in Belgium?

Edward Evans7 said:I’m honestly at a loss for how I’d even categorize TransferWise.
The thing is, they handle all sorts of personal accounts beyond just those based in Belgium.
Wait, isn't their headquarters actually located over in Belgium?

I read something about this somewhere, but what I really want to get at is the actual mechanics behind how this works.
And I’m assuming PayPal, Revolut, and all those other players operate on the exact same principle—though, hey, maybe I'm off base there, I can't be sure.

But if that's the case—if opening an account with these fintech outfits and getting their cards actually functions as opening non-resident accounts—aren't we stepping into legal gray areas? As far as I know, opening non-resident accounts in other countries is strictly regulated; you're supposed to need explicit approval from the Federal Reserve and stuff like that.

I’m pretty sure Wise holds all the necessary licenses from the relevant authorities in every country they operate in. For the European Union, once they secure approval in one member state, it basically covers them across the whole bloc...

I do this little side hustle on the side, sending stuff to individuals all over the world. Up until now, I’ve been using Western Union, which is honestly a nightmare—the exchange rates are terrible and the sender gets hit with massive fees. The only upside is the cash aspect; if someone sends dollars, I can just walk in and grab the dollars.
Now, we’re talking small amounts here, usually ranging from $20 up to maybe a couple hundred bucks, though sometimes I’ll get three or four of these orders hitting me in a single day. Recently, WU blocked three of my payouts. They won't give me a straight answer, and the senders are just getting told some vague nonsense about "too many transactions" or "additional info required." It's infuriating.
So, partly for my own sanity and partly to make things easier for my clients, I’ve decided to switch to one of those digital payment services. In the meantime, while I figure this out, I’ll probably just stick with MoneyGram.
Here’s the catch: I have a US bank account, but I don't actually carry any cards—no debit, no credit. Just the account.
I was thinking about opening an account with Wise, but it looks like I might need to deposit some funds first to activate the account for each specific currency. Also, is it actually possible to just walk into a local bank branch and initiate a wire transfer? I really don't want to deal with using a debit card for this.
Another thing—since I'm based in the States, I need to be careful about how I handle foreign accounts. I'm worried about what the bank might say if they see me constantly moving USD and Euros into a Wise account.
And would Wise or Revolut or whatever else give me grief if they see a constant stream of small transfers coming in from all different corners of the globe in both USD and EUR?

One last thing: is there any service out there where you can activate the account by depositing Bitcoin, ideally without having to prove that I was the one who sent it?

Man, there are so many more questions, but I'll just start with these...

If you decide to go the route of using a Rhode Island debit card, you'll see "Wise" listed right there in the transaction details.
Look, you can't just walk into a bank branch and drop off cash to get everything activated, but why make it harder than it needs to be? Just pick up an AT&T SIM, set up a virtual Mastercard, and then use that card to top up your account on Wise.
Oh, and don't overthink the cost—you only need to send about $25 or $30 to trigger the activation. Once that hits, all the currencies unlock automatically.

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@Joakim
Are you positive you can actually open a TW account from Mexico? Usually, those kinds of services are restricted to the European Union...

Edward Evans7 said:If you decide to go the route of using a Rhode Island debit card, you'll see "Wise" listed right there in the transaction details.
Look, you can't just walk into a bank branch and drop off cash to get everything activated, but why make it harder than it needs to be? Just pick up an AT&T SIM, set up a virtual Mastercard, and then use that card to top up your account on Wise.
Oh, and don't overthink the cost—you only need to send about $25 or $30 to trigger the activation. Once that hits, all the currencies unlock automatically.

Sent from my M2006C3MNG via Tapatalk

So basically, even the good old teller window won't help.

I didn't even know that AT&T thing worked like that—so I buy their SIM card and then I'm eligible for their Mastercard? And I fund it through a standard deposit into the account? But obviously, that Mastercard only works as long as I actually have their SIM card active, right? And I bet the top-ups are only in dollars, which means dealing with exchange rates and fees and all that headache?
Also, could I actually receive money from overseas onto that AT&T Mastercard? And pull cash out of an ATM, naturally.

You just top up your mobile credit using the standard method. After that, you use the app to transfer those funds directly onto your Visa.
It might be worth considering just having the money land straight on the Visa card instead.

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ironcyclist58 said:@Joakim
Are you positive you can actually open a TW account from Mexico? Usually, those kinds of services are restricted to the European Union...

Now that you mention it, I’m a bit confused. I set up an account a few days ago but haven't even activated it yet, and it looks like I should be able to receive funds:

https://transferwise.com/gb/send-mon...oney-to-mexico

But we aren't listed here:

https://transferwise.com/help/articl...-in-my-country

So, what now?

So, you can handle wire transfers—which I'm pretty sure works pretty much everywhere—but getting an actual debit card is a non-starter.

ironcyclist58 said:So, you can handle wire transfers—which I'm pretty sure works pretty much everywhere—but getting an actual debit card is a non-starter.

Wait, so I can just take incoming wire transfers into my foreign currency account? Great. Just what I need—the IRS breathing down my neck.

Also, do I actually have to use my own debit card to get this TW account live, or how does that work?

I don't know, everything just works fine here in the States, so I never really felt the need to look into it. Not sure which services cover the US and which ones don't...

Jerry Campbell3 said:Wait, so I can just take incoming wire transfers into my foreign currency account? Great. Just what I need—the IRS breathing down my neck.

Also, do I actually have to use my own debit card to get this TW account live, or how does that work?

When I click that first link you posted up top, it just asks me to join a waiting list. Doesn't look like they're even handling transfers to the States yet...

ironcyclist58 said:I don't know, everything just works fine here in the States, so I never really felt the need to look into it. Not sure which services cover the US and which ones don't...

Yeah, obviously.
But does any of those payment processors actually act, you know, Bitcoin-friendly? Like, at least for BTC, it shouldn't matter who you are or where you're coming from...

ironcyclist58 said:When I click that first link you posted up top, it just asks me to join a waiting list. Doesn't look like they're even handling transfers to the States yet...

Receiving works fine though. I was watching some guy on YouTube explaining how to set up an account to get paid, so I won't bother posting that here. I just didn't realize there wasn't an option to actually send a card.

Edward Evans7 said:If you decide to go the route of using a Rhode Island debit card, you'll see "Wise" listed right there in the transaction details.
Look, you can't just walk into a bank branch and drop off cash to get everything activated, but why make it harder than it needs to be? Just pick up an AT&T SIM, set up a virtual Mastercard, and then use that card to top up your account on Wise.
Oh, and don't overthink the cost—you only need to send about $25 or $30 to trigger the activation. Once that hits, all the currencies unlock automatically.

Sent from my M2006C3MNG via Tapatalk

A bit off-topic, I know, but it looks like Globaltel offers an eSIM you can order and activate entirely online (if I'm reading this right). Can someone tell me if it's actually possible to pull that off from here in the States?

It’s doable. You just pay for the order with a card—it’ll run you about seven or eight bucks—and they shoot you the eSIM QR code immediately. Unfortunately, we can't use a Mastercard for this specific setup. I actually went ahead and grilled them about it via their Facebook chat.
Edit: Actually, looking at it again, I'd say you can probably pull this off without even needing a credit card. Just head over to YouTube and search "Globaltel Mastercard"; from what I can see, the whole process looks incredibly straightforward. You get the card details right away and everything. Are you planning on testing it out? Personally, I don't have an eSIM-compatible device myself. 🙂

Honestly, I'm afraid none of that is going to matter:
https://www.globaltel.com/mastercard-terms-update

What a shame.

In case you missed it:
https://transferwise.com/gb/blog/wer...ng-our-atm-fee