Hi, FIREd
Would you explain this process to me? And tell me what a borderless account is?
I need to move some funds to Europe next year and have been looking into low cost ways to do this.
Did you get any Clean Clear certificates or Signature Medallion Guarantees before moving to Europe?
Thank you!
Hi gretah, with a "borderless account", you can hold money in several currencies and move money from one currency to another with the click of a button. I know, the idea of a multi-currency account sounds a bit strange at first, but it is quite easy to use.
For example, I hold dollars and euros in my borderless account. I add dollars to the account from my US bank account (you can use your bank's debit card, or a ACH transfer). Then, I convert the dollars to euros when the exchange rate is favorable. Then I can transfer the euros to my French bank account (or someone else's bank account in the Eurozone). I did not need any certificate or guarantees to get started (but Transferwise did check my identity when I signed up).
I hope it helps.