Transferwise like services for US residents

Hello,

Is there a banking service in USA like Transferwise, available for US residents that would give them a european IBAN or banking details for payments in other countries? And possibly integrating investment options (stocks or crypto like Revolut)?

Thanks,
Max

1 Like

Hi Max, Revolut is the only main competitor of Wise that at least I am eyeing lately. All others require you to live (or at least be able to prove residency such as. Rent Agreement, Utility Bills etc) in any of the EEA countries. If you satisfy that requirement, things somewhat open up for you.

Revolut gives you LT (Lithuanian) IBAN and at present time Wise gives you BE (Belgium).

If others have ideas , please post.

Edited to add: Payoneer is 2nd closest but very much restrictive to business, they only allow incoming funds from companies (i.e. you can’t have your own brother send you money into your Payoneer account from his personal bank account). They give you IE (Ireland) IBAN.

1 Like

Thanks Jim,
How can I get LT IBAN having a US Revolut account?

1 Like

Hi Max, I would think you could just apply for an IBAN in Revolut, the same way you would with wise. Is that not the case? Disclaimer: I do not have Revolut yet, looking into trying it though.

1 Like

Any reason for not using Wise itself, which is available to US residents? Wise, Formerly TransferWise: Online Money Transfers | International Banking Features

1 Like

Stay away from Wise, they can close your account any time just because they believe you are doing weird things. Then 90 working days to answer you and transfer the remaining balance to other account. They are pretty clear they can do it without any notice and you should wait.

Doesn’t matter if your business is legit, if you are a client for long time… nothing. And as always, there are policies and the regulations… blah blah… and they don’t give answers nor telling you why they deactivate you. You cannot enter the account to see your funds, nothing.
Its a disaster.

Just stay away.

You can try with Airwallex, now is available for USA also.

Really?
I’ve been using them for many invoices for more than a year and have never had any problems. Inward and outward transfers, atm, card purchases and a good balance on the account. What you’re saying is pretty worrying actually.

What’s a solid European alternative for this kind of situation then? Monese perhaps?

This can happen with virtually any payment service or bank. In accordance with the law, they are not allowed to tell you why, either, (at least in most EU countries) for AML reasons. That being said, it’s quite rare, but certain types of businesses are more prone to having their accounts closed. Usually, they’ll ask for supporting documentation before taking such a drastic measure, though.

The solution is of course to have accounts with more than one provider (e.g. Wise + Airwallex + brick & mortar bank) and not keep all your funds with one bank/fintech.

I learnt with what happened to me with wise, I have mercury.com and AirWallex to receive payments now… and my money is immediately converted into USDT. That way I can move my money through the world 24/7 without the risk of a bank robbing me. Of course, at the end of the line I have to rely in a local bank.
I hope the banks disappear soon, they are obsolete.

@lkzwieder Hi Lucas, I did get an invite to AirWallex recently and was eyeing this Hongkong-based e-Wallet. It looks like they do provide a DE (German) IBAN in addition to USD, GBP, HKD and AUD.

The only gotcha I think is that it is for business purpose only though (I received the invite in my business/freelance email as opposed to personal). Their KYC process asks for ‘Certificate of Incorporation’ (which, as a freelancer, many won’t have).
Any trouble using it for transactions that “smell” like personal expenses instead of business? I know companies like Payoneer discourages you for using their service for personal use (not like they can often tell which is which).

Also on their borderless Visa, where was the card issued, is it the U.S. or EU?

Thx!
Jim

Revolut is as bad as Wise, or even worse

1 Like