The only way this makes sense is if they're intending to sunset the transfers in a couple of years, and are all in on their "we're not calling it a bank account, so who knows if we're actually regulated like a bank" product.
The only way this makes sense is if they're intending to sunset the transfers in a couple of years, and are all in on their "we're not calling it a bank account, so who knows if we're actually regulated like a bank" product.
FWIW, I totally understand the bigger picture goals they describe in this post and I wish them every success.
- daily spending on goods and services - electronic transfers to ewallets* - any time someone needs to send me money, I use transferwise virtual account details so from their end it seems like a domestic transfer - I even bought a motorcycle using Transferwise to do a local bank transfer. Tried it with my regular (foreign) bank first and it failed, tried it with Transferwise and it worked fine.
*my traditional bank doesn't support this. They only know how to deposit to a domestic ewallet, Transferwise can do deposits in ewallets internationally
Not all products are available in the markets TW is present in.
Are there tax implications in the US for doing this type of transfer monthly?
Businesses opening accounts with TW get real bank account details, that work in the traditional banking system, for each currency with little hassle, and good exchange rates to boot.