I've been looking into a "borderless account" at TransferWise (http://www.transferwise.com) as a potential alternative to using PayPal for international purchases. While PayPal has proven to be convenient it is very expensive for international transactions. They tack a 10% currency exchange fee on top of the dis-advantageous exchange rates they apply to transactions. I've kept these fees invisible to the paying customer (meaning I don't pass them along) but I definitely see these fees (as do other vendors using them).
Before I delve too deeply into designing their service into my sales I wanted to see if anyone here has experience with using it. I did set up an account with EU and AUD that I can supposedly be paid electronically by locals in those regions. In these two cases, TransferWise provides me with banking information that I believe I would share with the customer so they could electronically transfer funds into my "local currency account". Is this a common method of electronic payment in Europe or Australia? We certainly don't do transactions this way in the US.
Interested in your experiences (if you have any) with TransferWise as a service and/or about whether such electronic transactions are the "norm" in these places.
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