TransferWise from multiple source accounts

For discussion, news, comments, questions and information about Crete & Greece.
GlennB
Posts: 206
Joined: Thu May 04, 2017 9:38 pm
Location: Arkadia, Peloponnese

TransferWise from multiple source accounts

Postby GlennB » Wed Jul 01, 2020 3:04 pm

I'm probably missing something obvious, but it won't be the first time ;) ...

I've been using TransferWise (TW) to send money from our UK NatWest account to Greece. In the near future when (if? *sob*) our house sells I'll be sending it the other way, so thought I'd experiment with a small amount Greece -> UK. The TW account, though, seems devoted to the NatWest account and assumes the transfer is coming from there.

Easy - create a second account with a different email, yes? This fails when the TW system notices the same name, d.o.b. and address as the first account. I've enquired at TW but they're slow to respond.

There must be a way to switch source bank accounts that I'm missing.

Cheers.

Kilkis
Posts: 12820
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: TransferWise from multiple source accounts

Postby Kilkis » Wed Jul 01, 2020 7:03 pm

I've not used it but I think you want a "Borderless Account" with Transferwise. That way you have a single account but you have different account numbers depending what currency you are using, either in or out. Thus you would use the Transferwise Sterling IBAN number to pay Sterling in from your Nat West account and your Transferwise Euro IBAN number to send Euro to your Greek account. Exchange is done automatically at Transferwise's normal rate. Similarly in reverse you would send Euro from your Greek account to your Transferwise Euro IBAN number. If the person buying the house is from another Eurozone country they could also send Euro directly to your Transferwise Euro IBAN number.

A friend used a Borderless Account in this way when he sold his house in Crete. There was a slight hiccup because of money laundering rules. Transferwise wanted a signed copy of the sale contract to prove the origin of the money but in Greece the Notary can only issue a signed copy to the buyer. I think in the end they accepted an unsigned copy. I'm not sure if he also had to get the Notary to write something. It caused a delay of a couple of days altogether I think.

I've previously used Currencyfair. In that case you don't have your own account number. You pay money into a Currencyfair account and put your Currencyfair reference number in the "Information for Beneficiary" slot. Again Currency fair have different accounts with different IBAN numbers depending whether it is Sterling or Euro. I paid for a holiday in France using this method. I paid Sterling into the Currencyfair account with my reference, converted it to Euro and transferred it to the holiday companies Euro account. When they returned the security deposit I told them the Currencyfair Euro IBAN number and they transferred the money to that again using my reference number.

Warwick

GlennB
Posts: 206
Joined: Thu May 04, 2017 9:38 pm
Location: Arkadia, Peloponnese

Re: TransferWise from multiple source accounts

Postby GlennB » Wed Jul 01, 2020 8:40 pm

Thanks Warwick, I'll look into that.

Kathleen
Posts: 465
Joined: Sat May 12, 2007 8:46 pm
Location: North East UK/ex Rethymnon

Re: TransferWise from multiple source accounts

Postby Kathleen » Sat Jul 04, 2020 1:08 pm

Warwick is right. I set up a Borderless Account with TransferWise when selling my house. The buyer made all payments directly into the account from his Bank of Greece account in Rethymnon and I was able to convert and transfer the proceeds via Transferwise, within hours of the payment being made, for a reasonable fee. There was no need for copies of either the pre or final contract to be submitted. I also paid a final Electricity bill via the Borderless Account when the DEH account was eventually put into the buyers name a couple of weeks later. (DEH liability does not end on the day of final occupation as in UK!)

Only problem I have had was trying to transfer the balance of a minor sum still in my Eurobank account using my debit card to the account by the same method. I assume this is as a result of the currency controls still operating in Greece. I have to come over in September to close the account personally, and arrange yet another tax return submission by my accountant in respect of the small amount of interest which has accrued over the last year. On that basis, I would advise you close the Greek account as soon as your house sale goes through.

Kathleen

Kilkis
Posts: 12820
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: TransferWise from multiple source accounts

Postby Kilkis » Sat Jul 04, 2020 1:40 pm

Kathleen wrote:...Only problem I have had was trying to transfer the balance of a minor sum still in my Eurobank account using my debit card to the account by the same method. I assume this is as a result of the currency controls still operating in Greece...


All capital controls were ended some time ago now Kathleen so I don't think that they can be the cause of your problem. Have you tried using online banking to transfer the small outstanding balance from your Greek Eurobank account to your Euro Borderless account? Do you still have your Greek mobile operational? You will probably need to enter a One Time Pin that is sent as an SMS to your Greek mobile.

Warwick

Kathleen
Posts: 465
Joined: Sat May 12, 2007 8:46 pm
Location: North East UK/ex Rethymnon

Re: TransferWise from multiple source accounts

Postby Kathleen » Sat Jul 04, 2020 3:13 pm

Yes I did try that Warwick without success. Having been in touch with the bank I have now been told I can only close the account in person, even my lawyer who has always had full POA can not do it for me.

I am now booked to come over for a week at the end of September to deal with things and of course now visit my accountant and pay her do submit another final tax return on my behalf. Happy days!!

Kathleen

Kilkis
Posts: 12820
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: TransferWise from multiple source accounts

Postby Kilkis » Sat Jul 04, 2020 5:30 pm

I can understand having to be present in person in order to close the account but I can't see why you cannot take out whatever money is still in it. Perhaps you might need to leave a couple of Euro but you should be able to transfer the rest. I know personally someone who had a bit less than €250 in their account when they left. They drew out €240 and left less than €10 in the account. Obviously the account isn't closed but there is virtually nothing in it.

Warwick


Return to “General Discussion & News”

Who is online

Users browsing this forum: No registered users and 65 guests

cron