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I'm a fan of Transferwise and recently opened a business account with them. It was a very easy process, even compared to other UK challengers like Starling (who

by bogle 8y ago

I'm a fan of Transferwise and recently opened a business account with them. It was a very easy process, even compared to other UK challengers like Starling (who aren't that great, really). They give you a SortCode and AccountNumber. I'm very interested: what is missing for Stripe/PayPal integration?

proy24 8y ago
Both these services require small deposit, automatic withdrawl for verification purpose, transferwise account does not support the automatic withdrawl part.
- kentt 8y ago
  I assume you are correct about the automatic withdrawal, however I was able to confirm my TransferWise account with PayPal just last week. PayPal deposited the two small txns in the Transferwise borderless US account. It took a lot longer than I expected, but it did work. I was able to withdraw from my PayPal account into the the TransferWise Borderless account (no fees yay). Hope that helps.
  - proy24 8y ago
    Must have been a recent development then, when I tried to link Paypal to Transferwise back in January it didn't work, I called customer-care and got them to manually add it then they again sent the verification amount which they couldn't withdraw and once more blocked my account. Same issue trying to add it as backend to Stripe, Shopify etc.
- bogle 8y ago
  Thanks, that helped me find another reason why PayPal and Stripe can't send money to a TransferWise account: the sender account must include the account name and it must match [https://transferwise.com/help/article/2200390/creating-a-transfer/incompatible-accounts-and-currencies https://transferwise.com/help/article/2200390/creating-a-tra...]. The account name will be required in future UK banking regulations, at last, so this issue may get resolved by Stripe, PayPal, etc., just not soon. Looks like TransferWise are interested in fixing the debitable account issue.

by bogle 8y ago

proy24 8y ago

Both these services require small deposit, automatic withdrawl for verification purpose, transferwise account does not support the automatic withdrawl part.

kentt 8y ago
I assume you are correct about the automatic withdrawal, however I was able to confirm my TransferWise account with PayPal just last week. PayPal deposited the two small txns in the Transferwise borderless US account. It took a lot longer than I expected, but it did work. I was able to withdraw from my PayPal account into the the TransferWise Borderless account (no fees yay). Hope that helps.
- proy24 8y ago
  Must have been a recent development then, when I tried to link Paypal to Transferwise back in January it didn't work, I called customer-care and got them to manually add it then they again sent the verification amount which they couldn't withdraw and once more blocked my account. Same issue trying to add it as backend to Stripe, Shopify etc.
bogle 8y ago
Thanks, that helped me find another reason why PayPal and Stripe can't send money to a TransferWise account: the sender account must include the account name and it must match [https://transferwise.com/help/article/2200390/creating-a-transfer/incompatible-accounts-and-currencies https://transferwise.com/help/article/2200390/creating-a-tra...]. The account name will be required in future UK banking regulations, at last, so this issue may get resolved by Stripe, PayPal, etc., just not soon. Looks like TransferWise are interested in fixing the debitable account issue.