I made an inital transfer of funds with TransferWise on Monday, and they provide a good service that is beneficial for everyone.
The only limitation that I encountered, even though the funds were trasferred successfully without any problems is their summary page of transactions which are shown in Euros. My orginating money was raised in Sterling Pounds and so that seems to be some sort of discrepancy.
I’d be happy just to auto import the transactions to update the bank statements
and again me. still waiting:)
what is it?
Under the Second Payment Services Directive (PDS2) we are opening up the standardized version of our API to the rest of the world. Find out more about our Open Banking API
+1 from me too - even just syncing the Transferwise transactions with Quickfile bank statements would be fine. Transferwise have recently released integration with Xero accounting software, and there’s a suggestion box on their site to put ideas across for the next accounting software integration, so there should be scope to action this!
Would be so helpful to have it as an option!
I add my vote. Transferwise, revolute etc are becoming really convenient and so it would be great if a feed could be set-up. Liam
WHat news on this please???
There are no changes here, but we will be sure to let you know if there are any changes.
I vote for this too. Using Transferwise more and more
We have recently switched Transferwise, and very happy with their platform and service.
Highly recommend TW - and would be great to see that integrated, as I’m sure man others would like their low-cost international model and what we have found to be excellent customer service.
(vastly superior to Revolut, which I couldn’t recommend to anyone after the way they have failed us).
I believe the quick and easy need here is simply for integration of Transferwise as a Bank Account.
I would put it as a Payment Processor as a secondary solution - whereas just for the banking integration it would save a lot of time and actually I can see a future where we would move all our banking to them.
Just a +1 for Transferwise API integration. As they support currency accounts, and we trade in USD and EUR almost as much as GBP we’re now maintaining balances in those currencies at TransferWise:
Is this on the cards @Glenn?
Hi @u4h37u
There are no updates here I’m afraid, but we’ll be sure to let you know if anything changes.
Adding features to QF is a good process that involves us on your platform requesting a change to the way QuickFile interacts to make our system work more streamlined.
However; I foresee difficulties with how foreign currencies are going to be calculated as QF uses a base exchange rate from XE.com.
My concern with adding a “Banking” intergration that deals in transferring monies across borders will really be more of a “BIG BRIOCHE” without any future.
I have been using TransferWise to transfer monies from the U.K. to France, admittedly only a few tranactions have taken place to date, but they have been quite simple to record in QF.
The method of reconciliation of TransferWise transactions are processed; create a “Merchant Account” for TransferWise transactions. The originating EFT Electonic Fund Transfer is transferred into TransferWise and then the receiving EFT in the foreign currency is also transferred into the TransferWise account. What is left over is the fee charged for the transfer. A purchase receipt raised with a few details of the EFT which is paid down to the “TransferWise” merchant account. So the merchant account stays on zero!
Most recent transaction as an example:
05/02/2020 REC EFT EUR590.14 (1.1853) £497.90
05/02/2020 Payment to transferwise.com £2.10
05/02/2020 ORG EFT Bill Payment -£500.00
I like our forum but sometimes other members are asking for a “feature” that you spend too much time that is really not a beneficial use of your how you help us to use this paltform.
I think the difference between you and us @alan_mcbrien is we’re essentially using TransferWise as a bank account, holding funds in multiple currencies for quite some time, and not just as a money transfer service.
I know of one business who uses only TransferWise as their business bank account and no other, so I can see the justification with a feed. TransferWise also advertise feeds into at least one other UK accounting platform, so I think the request is reasonably justified.
I totally agree with @u4h37u. Although we do have our original bank account with Santander we constantly hold funds in USD and EUR accounts with transfer wise and make many transactions. QF takes care of any discrepancies in the nominal Currency Charges (7902). As for TW charges you can separate them and put down to bank charges or just allow them to be included in the rate as they are a cost for the transaction. It’s just the same as if TW gave you a less favourable rate and no charges. Not having to manually enter transactions would make life much easier.
We use Transferwise as a bank account. We don’t use any other traditional banking service and hold our funds in Transferwise.
Same thing here: after years wasting money on stupid bank fees we now use the transferwise accounts as business accounts saving thousands of £ per year!
Would love to have an integration instead of doing it by hand every month…
We found that TransferWise are listed on the Open Banking directory. We’ve now reached out to their Open Banking team to look further into developing a feed.
Hi, my bank is a multicountry bank. Could you please integrate it? Thanks in advance!
TransferWise Europe SA
Avenue Marnix 13-17
Brussels
1000
Belgium
Bank code (SWIFT / BIC)
TRWIBEB1XXX
I’ve moved your post to this existing thread. Please see the message above from my colleague.