Bank Charges...Thank you everybody

Thank you to everybody who offered advice yesterday…update I did a trail run with Transferwise yesterday and it’s in my bank…NO CHARGE…not even the €3.04.

You learn something new every day. I’ve also signed up to the debit card for £5 if this works well I will definitely be cancelling my debit card with CA who charge me €34 for the pleasure each year.

Thanks once again.


Is a transferwise account classed as foreign, ie as one that needs to be added to form 3916 for your tax return?

Hi Jane I have no idea sorry

The general consensus is that all foreign accounts be declared.

If declaring on-line, you enter the details required in 3916 and from then on, it is a simple matter each year just to re-validate the list of accounts.
The maxim “if in doubt, do it” should apply here so as always to be on the safe side and err on the side of caution. It’s simple to do and if you have nothing to hide…


What is the debit card you refer to

I think this one John from the comment in another thread yesterday:

Transferwise offer a debit card

They offer a MasterCard debit card and are soon to offer a Visa one as well, it is in testing just now so is shown as a virtual card in your borderless wallet.

Well the card is arriving Monday so surely can’t be virtual…we will wait and see.

When a Uk bank closes an account a number of key things are lost.
1). Receipt of funds (often pension) into a uk account, however most pension providers have arrangements allowing payment at competative rates into Euro accounts at zero cost.
2). Payment for online items in Sterling.
3). A conventional Euro debit card.
4). Payments into say private uk accounts (siblings).
5). Set up of direct debits to be paid in sterling from a Euro account.

It would seem that TransferWise can solve points 2,3,4. and now 5.
But has anybody set this up…or have an idea how it works?
I assume you have to have a “current account” (in uk terminology) with funds in it from which direct debit payment requests are honoured. Or is the TransferWise account linked back to another account (bit like PayPal) from which TransferWise draw funds when a payment are made.

Being able to set up DDs is a good option and if Transferwise can do all this then the issue of UK banks closing accounts become unimportant…who uses cheques!!

Little old ladies (usually in front of us in the Supermarket queue) :wink:


Direct debits come out of your TransferWise borderless account balance directly.

Not only the little old ladies at the s/mkt checkout.

I have sat for many an hour in the Peugeot garage in Torigni s Vire as things are done to my 307 which cost hundreds :scream:… I am surprised at the proportion of people of all ages who pay for a fill-up with a cheque.

Yes of course, but is transferwise foreign? ie does it have a non French IBAN?

There’s a facility for that

Yes I saw this …but it doesn’t say how it works with the account…how is that kept in funds…the web site is very process driven, doesn’t explain the general concept of the account.
Seems they are now trying to provide a lot more than currency transfers (from whence they came) but have yet to explain their whole package beyond process instructions. Most of these sites are set up by bright “fintech” operators who miss the need to provide the customer wrap round …beyond process intructions.

I live in the Uk, my post was referring to new charges my French bank account has started charging. We have a 2nd home in france and have a French bank to pay direct debits etc.

I top mine up monthly from my building society account depending on how much i use, I keep 2k or more in it depending on how much building work I am doing.
If you wanted to you could use it as your primary account but you get no interest on it, not that you get much in the UK at the moment.

I have a French bank account but just don’t use it anymore, I use TransferWise for most things now.

I’m hoping it’s going to work well, just wished I knew about it earlier…but glad I know about it now. Is there a limit on how much you can spend on it a month? Or it’s just the case that you can spend whatever you have on it.

If I remember rightly,
Online £10k in 8 hours, £30k a month.
ATM £1000 in 8 hours, £1500 daily or £3000 monthly.
Chip pin £2.5k in 8 hours, £3k daily or £10k monthly.
Contactless £500 daily or £4k monthly

All can be raised if you contact TransferWise.

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