You are not required to have a TransferWise account. However, there are several benefits:
- There is no transfer fee to receive funds after setting up a TransferWise Borderless account.
- You can receive funds and hold them in your account to use whenever you choose and in whatever currency you choose.
- TransferWise offers an alert feature so you can transfer funds out of your TransferWise account into your local account when the exchange rates are at your advantage.
- TransferWise also offers a Mastercard that can draw on your balance in multiple currencies and is accepted around the world.
If TW offers the Borderless account service in your country, you will be required to open the account with $20 USD balance. This is not a fee. Once you open the account, you are not required to maintain a balance and can withdrawal the $20 USD anytime.
The Borderless account is not available in all countries and currencies at this time. The TW website has more details and their staff is extremely helpful via phone. If you have any questions regarding the Alter Sleeves payout system, we would encourage you to reach out to us via the contact page.