Jump to content

Wise virtual accounts and transfer


MJones

Recommended Posts

Quick question about Wise (Transferwise). I have  virtual accounts in several currencies. Will banks and other financial institutions (brokerages) wire money to these virtual accounts? Has anyone done this? I was told investment firms view these as third parties. Yes these accounts have my name on them.  

 

Link to post
Share on other sites
1 hour ago, MJones said:

Quick question about Wise (Transferwise). I have  virtual accounts in several currencies. Will banks and other financial institutions (brokerages) wire money to these virtual accounts? Has anyone done this? I was told investment firms view these as third parties. Yes these accounts have my name on them.  

Banks will only wire money to other banks with which they have a correspondent banking arrangement with. Usually agreements and control of deposit accounts at each other. That is why wires often take circuitous routes. Wise has circumvented this by having trusted agents in each country manage a deposit account in their country. Probably only performing occasional international wire transfers to balance asymmetrical flows like those into PI.

So with Wise the very cautious banks only “see” relatively safe unregulated wires and domestic ACH transfers to other domestic banks. So banks will probably not question domestic wires to real domestic bank accounts of virtual currency operators or whatever. Wise would likely do so internationally as the local agents wouldn’t care or have liability. 

Link to post
Share on other sites
47 minutes ago, Daddle said:

Banks will only wire money to other banks with which they have a correspondent banking arrangement with. Usually agreements and control of deposit accounts at each other. That is why wires often take circuitous routes. Wise has circumvented this by having trusted agents in each country manage a deposit account in their country. Probably only performing occasional international wire transfers to balance asymmetrical flows like those into PI.

So with Wise the very cautious banks only “see” relatively safe unregulated wires and domestic ACH transfers to other domestic banks. So banks will probably not question domestic wires to real domestic bank accounts of virtual currency operators or whatever. Wise would likely do so internationally as the local agents wouldn’t care or have liability. 

Thank you very much. You have have been in the banking industry. Very knowledgeable.

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..

Capture.JPG

I Understand...