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Payment system Wise (formerly TransferWise) England

TransferWise is an English payment system created in 2011 by two Estonians Christo Käärmann and Taavet Hinrikus. The idea behind this e-money platform is to create a simple and cost-effective way to send money between countries.

Now the payment system allows you to send money to more than 70 countries, store it in more than 55 currencies, and also receive your own bank details in different countries to receive local payments.

In early 2021, TransferWise changed its name to Wise and began expanding its international banking capabilities.

OPEN AN ACCOUNT IN TRANSFERWISE

Account types

Personal, corporate (all accounts are multicurrency).

 

WARNING! Wise Business is temporarily unavailable for businesses in the EU and UK. You can leave your password to be notified immediately when you can register a Wise Business account.

 

The payment system opens business accounts for:

- private entrepreneurs;

- limited liability companies and open joint-stock companies;

- partnerships;

- charities and foundations registered in the European Economic Area (EEA), Canada, USA, UK, Switzerland, Australia and New Zealand

 

For companies registered in the US, Singapore, Japan, Hong Kong or New Zealand, enhanced verification is applied (additional information or documents may be required).

 

The payment system does not work with companies whose activities are related to cryptocurrencies, tobacco products, adult materials or other prohibited categories, as well as companies with bearer shares (regardless of jurisdiction). Prohibited activities on the link.

 

The payment system has restrictions on payments in USD. The list of countries with which it is possible to work in USD can be found here.

 

The payment system has restrictions on payments in EUR via SWIFT. The list of countries with which it is possible to work in EUR via SWIFT is available here.

 

You can link your Paypal, Amazon, etc. account to your TransferWise account.

The cost of opening an account (tariff of the payment system)

The cost of opening an account for individuals and legal entities - no commission is charged.

 

To activate an account and receive international bank details, a first transfer is required, often no more than 16 GBP or the equivalent. After receiving the first transfer, the payment system performs an additional check and activates the account.

 

Representative offices

TransferWise has offices in 16 countries, including Ukraine.

Account management

Using the Internet Banking software.

Service rates

Account maintenance is free.

 

Fixed commission for sending a bank transfer – 0,63 EUR.

 

You can calculate the commission for international transfer here.

 

For more information on tariffs, see the website of the payment system.

Terms of opening an account

Before opening an account, you must prepare the entire package of documents and be prepared that the payment system will carry out the verification procedure.

On average, an account is opened within 5-10 business days from the date of submission of all documents and indication of all data in the payment system.

TransferWise follows KYC policy and reserves the right to require additional documents what may lead to account opening term exceeding, as well as refusing of account opening without reasons explanation.

Staff

Working languages: Russian, English, French, German and others.

Credit/debit cards

Mastercard debit cards.

Account opening documents

The client must provide the following documents to the payment system:

 

Company documents - originals of all statutory documents.

 

Documents for the account holder:

- original of national passport;

- original of foreign passport;

- original of identification code;

- original of bank reference;

- utility bill (for gas, electricity) from the place of residence no older than 3 months (to prove the place of residence).

 

Documents for the beneficiary:

- original of national passport;

- original of foreign passport (in case of its presence);

- original of identification code (taxpayer number);

- original of bank reference;

- utility bill (for gas, electricity) from the place of residence no older than 3 months (to prove the place of residence).

Also, the payment system may request documents confirming the source of income (wealth) of the beneficiary.

 

Documents for nominal director, shareholder and secretary (in case of using nominal service by company):

- set of documents affixed with apostille, which includes copies of: passport, utility bill no older than 3 months and bank reference (if nominal director, shareholder and secretary are natural persons);

- set of statutory documents affixed with apostille, which includes Certificate of Incorporation, Memorandum, Article of Association, Minutes of the director designation (if director is legal entity). Also may require Certificate of Good Standing affixed with apostille, Certificate of Incumbency affixed with apostille and documents on this director, which includes set of documents affixed with apostille: copy of passport, utility bill no older than 3 months and bank reference.

Account opening procedure

The account is opened remotely through the Wise electronic verification system.

Site

For more detailed advice on the terms of opening an account with TransferWise (England), please contact our office (Ukraine). We will answer all your questions and consultate you for open an account with the English payment system TransferWise Ukraine or one of more than 70 foreign banks to choose from.

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