GLN-TransferWise
GLN has partnered with Wise ( the former TransferWise ) to offer an exciting low-cost payment facility to GLN Members. Introducing:
"GLN - Wise"
On international transfers, GLN - Wise offers the best currency conversion rates (marginally above the inter-bank rates) along with minimal Bank Fees payable by the originator. Fees are up to 8x cheaper than using your regular bank and 19x cheaper than PayPal.
In addition, GLN Members in many countries can open a "Multicurrency-Account" which is free to use, has no monthly fees in which you can hold funds in up to 28 different currencies.
GLN Test Results:
In a recent test, GLN transferred USD 50 from a major bank the USA into a EUR bank account in Europe and compared with a similar GLN-TransferWise transaction with the following results:
|
Transfered via GLN-TransferWise |
Transferred via a major USA Bank |
GLN-TransferWise |
|
| Amount remitted: | USD 50.00 | USD 50.00 | |
| Transfer time | Next Day | 2-Days | +1 day |
| Transfer fee | EUR 3.00 | - | -EUR 3.00 |
| Origin Bank Fee | - | USD 27.50 | +USD 27.50 |
| Destination Bank Fee | - | EUR 7.00 | +EUR 7.00 |
| Destination Received | EUR 42.90 | EUR 40.86 | EUR 4.96 |
|
Total Saving between Origin and Destination on a USD 50 transfer: |
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About TransferWise:
TransferWise, with over 2 million customers, is the clever new way to convert money to send abroad. The idea is very simple: Instead of making one international transfer, two local transfers are made. For example if you want to send GBP to EUR, instead of making one international transfer with high fees, TransferWise makes two local transfers so you will send your pounds to sterling accounts in the UK, and then TransferWise will send your money out to your EUR account from their EUR account, so the money hasn't actually traveled internationally!
Countries that do NOT allow GLN-TransferWise "Borderless Bank Accounts": (TransferWise is upgrading quickly and rolling out their network quickly) - see the latest list:
Afghanistan; Brazil; Burundi; Central African Republic; Chad; Congo Republic; Crimea (sub-territory); Cuba; Democratic Republic of the Congo; Eritrea; Hong Kong; India;Iran; Iraq; Japan; Libya; New Zealand; North Korea; Sevastopol (city); Somalia; Republic of South Sudan; Sudan; Syrian Arab Republic; USA - Georgia (GA);USA - Hawaii (HI); USA - Illinois (IL); USA - Louisiana (LA); USA - Nevada (NV); USA - New Mexico (NM); USA - Oklahoma (OK); USA - Virginia (VA); USA - Vermont (VT).
For countries that allow Borderless Bank Accounts (all those other than listed above), the basket of currencies includes:
Australian Dollar; British Pound; Bulgarian Lev; Canadian Dollar; Croatian Kuna; Czech Koruna; Danish Krone; Euro; Georgian Lari; Hong Kong Dollar; Hungarian Forint; Israeli Shekel; Japanese Yen; Kenyan Shilling; Mexican Peso; New Zealand Dollar; Norwegian Krone; Peruvian Sol; Polish Zloty; Romanian Leu; Singapore Dollar; South African Rand; Swedish Krona; Swiss Franc; Turkish Lira; Ukrainian Hryvnia; United Arab Emirates Dirham; US Dollar
USD Accounts are (for now) ONLY available in the following Countries:
Aland Islands; All EEA countries (excluding Cyprus); ; American Samoa; Andorra; Anguilla; Antarctica; Armenia; Aruba; Australia; Bahamas; Barbados; Benin; Bermuda; Bhutan; British Indian Ocean Territory; British Virgin Islands; Brunei; Canada; Christmas Island; Cocos (Keeling) Islands; Cook Islands; Costa Rica; Dominica; Dominican Republic; Faroe Islands; Fiji; French Guinea; French Polynesia; French Southern Territories; Georgia; Greenland; Grenada; Guadeloupe; Guernsey; Guyana; Haiti; Holy See (Vatican City); Indonesia; Isle of Man; Israel; Jamaica; Jersey; Paraguay; Malaysia; Marshall Islands; Martinique; Mayotte; Micronesia; Monaco; Mongolia; Montenegro; Montserrat; Morocco; Nauru; Nepal; New Caledonia; Niue; Norfolk Island; Palau;Peru; Philippines; Pitcairn; Puerto Rico; Reunion; Saint Helena; Saint Kitts and Nevis; Saint Lucia; Saint Pierre and Miquelon ; Saint Vincent and Grenadines; Saint-Berthelemy; Saint-Martin (French); San Marino; Sao Tome and Principe; Seychelles; Singapore; South Georgia and the South Sandwich Islands; South Korea; Suriname; Switzerland; Taiwan; Thailand; Turks and Caicos Islands; United Arab Emirates; Uruguay.
