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TW have all the functional features of a bank lots of people care about. A debit card, direct debits, standing orders etc. I of course recognize they aren't a f
by nly 6y ago
TW have all the functional features of a bank lots of people care about. A debit card, direct debits, standing orders etc. I of course recognize they aren't a fully licensed bank, but for EUR balances they are worth a look
- design-material 6y agoThe reason a Bank is strictly defined is that TW does not guarantee any cash that you have stored with them. With a bank you have up to £85,000 insured and guaranteed e.g. if the bank fails
- Gaelan 6y agoIIRC TransferWise holds all your money in escrow (as opposed to investing it or w/e), so they don't need to guarantee it. I'm not sure off hand if that's just what they claim, or if they actually make a legal promise to that effect.