Is it ok to transfer from TW to SQ ?

[Edge]

Hi,

Transferwise said the are fine with withdrawing from crypto websites, but you can't send‌ to them.

Swissquote has some crypto offerings, will that be a problem if I send‍ from TW to SQ ?

Thanks

 

[Fred]

Hi, TW stopped accepting⁠ Crypto funds recently. At least Kraken don't execute withdraws to TW anymore because they say⁤ all the withdraws were rejected.

Swissquote is fine as it's a dedicated swiss IBAN in⁣ your personal name and a full bank. Just mention as reference private balance transfer.

 

[Edge]

Ok thanks ..
Do you think the⁤ amount matters or not ? Should I do transfers less than 10k or they don't⁣ care ?

Kraken is full fledged crypto so I'm not surprised .. As far as⁢ I understood from talking to TW support, if you are withdrawing from a website with︀ multiple offerings (crypto is just one of them) it's fine.

 

[Fred]

We work with the rep. Office here in Dubai - they don't have problems with‌ first party incoming funds in your name - even you pay directly your salary from‍ your company bank account they are fine. Only thing they don't like is regular 3rd⁠ party incoming funds.

For TW side it's completely fine as you are transfer to a⁤ REAL bank account in your name. TW only don't like if the money come for⁣ example from Revolut and goes to Paysera.

 

[Edge]

Thank you.

 

[Edge]

One more question since the account on SQ is new and I'm kinda lost ..‌
There doesn't seem to be multi currency or a way to add different currency accounts‍ ..

Do I need to send CHF to fund the account ? or EUR is⁠ fine ?
Thanks

 

[Fred]

It's a multi currency IBAN.

Just check⁤ the correspondence banks they mention somewhere and you can see which currency you can send.⁣

I know for sure EUR and USD.

Maybe they accept all the major currencies like⁢ CHF/EUR/USD/GBP and convert all other currencies automatically to USD.

Double check with support anyway.

 

[Edge]

Thanks I double checked⁤ the email and it said "for all currencies".
So I just sent EUR.

 

[Loopylicious]

Hey buddy, have you continued withdrawing funds from‌ TW to SQ? There have been any problem? I am interested too in withdrawal money‍ from TW to SQ but I want to make sure that there will be no⁠ problem with TW doing this kind of transaction, would aprecciate the help, thank you

 

[Edge]

Hi,
Yes I⁤ transferred everything no problem.
Although I kept individual transfers under 10k USD (I did between⁣ 7k and 8k euros per transfer), couple transfers per week every week, like clockwork and⁢ now I'm set. (Not sure if that was necessary though, but I had a particular︀ situation withdrawing from etoro to TW, and then sending to SQ) ..

 

[Loopylicious]

Ok so do you think I won't have problems with⁣ TW sending money to SQ or other dedicated personal IBAN platform (Like Dukascopy or Bankera)?⁢ I'm planning to received on TW from Paypal like 2 or 3 transactions of 1k︀ per week to send them to my personal IBAN platform. How do you see any︁ potential risk or problem here? Thank you again

 

[Fred]

No issue as SQ is a fully⁣ regulated physical bank - TW like this.

What they don't like is money coming from⁢ EMI and going through to other EMI.