Transferwise: 1) refunds 2) biz account

[blackeric]

1.Transferwise doesn't strictly require using their business account as long as you operate with relatively small money. Say, $5k per month in total. Even if such money come from businesses and for business activities that you're doing. Correct?

2. If I use it for my online store which is alo relatively small, some customers will eventually want to return some products. How would I send back their money via Transferwise?

I'm not from the US, nor from Europe, Australia, NZ.

 

[Sols]

blackeric said:
1.Transferwise doesn't strictly require using their business account as long as you operate with relatively small money. Say, $5k per month in total. Even if such money come from businesses and for business activities that you're doing. Correct?
Click to expand...

I've heard of no problem leaving Transferwise business accounts inactive for a couple of months.

blackeric said:
2. If I use it for my online store which is alo relatively small, some customers will eventually want to return some products. How would I send back their money via Transferwise?
Click to expand...

You would normally refund the buyer via the payment method they used to pay for the goods. Credit/debit card, PayPal, and so on. If that's not an option, you will have to ask the customer for their local bank details and send a bank transfer from Transferwise, which is extremely rare in normal ecommerce.

Toggle signature
This is the probably the answer to your question.

 

[JohnLocke]

Never heard of any issues like you ask for in question 1 and for question 2 you could make a bank transfer to their bank account using TW.

Toggle signature

>> Unlock the Power of OffshoreCorpTalk: Become a Member of the Mentor Group Gold <<​

Latest Video Interviews, Offshore Company Resources, Payment Processing Tips & Tricks, Articles and Anonymity Hints only a click away!
Support the Freedom of Speech of our Community

Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​

 

[blackeric]

correction

1) Transferwise doesn't strictly require upgrating from a personal to business account as long as you operate with relatively small money. Say, $5k per month in total. Under $10k

 

[blackeric]

blackeric said:
correction

1) Transferwise doesn't strictly require upgrating from a personal to business account as long as you operate with relatively small money. Say, $5k per month in total. Under $10k
Click to expand...

Right?

 

[Sols]

I misunderstood your question. You shouldn't be using your personal account for business, but they probably won't notice unless you start getting settlements from payment processors. There are no fixed fees for a business account, though, so why not just get one of those?

Toggle signature
This is the probably the answer to your question.

 

[blackeric]

Sols said:
I misunderstood your question. You shouldn't be using your personal account for business, but they probably won't notice unless you start getting settlements from payment processors. There are no fixed fees for a business account, though, so why not just get one of those?
Click to expand...

Because I don't have a company yet.

And even if I did -- mess up with a bussiness account somehow - loose access to TW altogether. Or are personal and biz account separate?

 

[blackeric]

Sols said:
but they probably won't notice unless you start getting settlements from payment processors.
Click to expand...

What are those? And why would I?

I've been using TW for consulting/freelancing as an individual. It's even allowed in their rules - use it for getting payed as a freelancer/consultant.

Say I beging selling stuff via a shop. What'll be a difference in terms of types of clients? None. The same type of clients - individuals - would be buy stuff at a store. They'd do payments the same way - via their debit cards or the like. And they'll be viewed as if they are the types of clients as before. No?

 

[JohnSeed]

Where is the service advertised on TW's website that they offer credit card payments for your website as a service?