Info: Recommendation for International Bank Transfers, Withdrawals/Deposits

[San]

For those with ongoing troubles like excessive bureaucracy or fees or other hindrances receiving or sending money across borders, here is a recommendation: TransferWise, which has renamed itself to just 'Wise' (which makes it harder to reach with a simple web search but WTH knows why they did that, I'm no marketing manager). Just add '.com' to the short word. I have an affiliate link but don't want to use it here because it contains parts of my real name.

I mentioned this company before around here but I believe it should be getting much more awareness since the problems with mainstream banks are recurring. Wise is licensed and operates as a regular bank rooted within the European Union and has branches or partners in many countries around the world. If you are located in a country where they are represented, you will receive a domestic transfer regardless from where it originates (iirc HSBC did something similar but I don't know if still available and what the conditions are). It does not affect MindArk in any way if you use them for withdrawals, it works like any normal bank account. They charge a fee but it really is the lowest I have ever seen, and they make it transparent instead of hiding it in exchange rates. My personal experience with them includes a transfer to someone in the USA, which was no problem at all and incurred no extra fee at the receiving end. I only don't know to which extent current sanctions impact their operations. Their founders are from Estonia, so I assume if you ask them you'll get a competent answer what is possible and what not further east.

One caveat: Since the first mention, I learned that they are hostile towards cryptos. They will not process transfers to and from known crypto exchanges, and I don't know how far their reach is into any other businesses in this context. So if you think of investing a withdrawal from Entropia into cryptos, you need to find another way. The mere knowledge that they censor your dealings in this way has dampened my sympathy for this company significantly. If there are legal obstacles they cannot work around, then this is not made publicly known (or me too dumb to see it). The only thing I know is what's written in their TOS, no cryptos period. Their transfer service remains impeccable nonetheless.

As closing remark, I don't actually like being seen advertising or shilling for an individual business and there is a forum rule touching on this also, but in this field I don't know any other way except putting a name to the actor that may help you achieve something. I hope it is permitted and helps someone.

 

[NevadaJake]

I did a test deposit with Transfer Wise when they still had transfer at the beginning of the name.

Is it possible to use them to make withdrawals? That would be cool if it is.

 

[San]

I did a test deposit with Transfer Wise when they still had transfer at the beginning of the name.

Is it possible to use them to make withdrawals? That would be cool if it is.

It is, both technically and legally, a bank like any other one. You can open an account, private or business, submit the usual verification documents, and you're good to go. They don't charge for all this, by the way. Deposit as little as $20 and you can get a card. A more unusual feature is that you can hold balances in multiple currencies, and, as said, transfers are domestic as much as possible even when coming from abroad while they use internal mechanisms of balancing everything out.