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Sending USD to Transferwise USD account

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Sending USD to Transferwise USD account

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According to
https://transferwise.com/help/articles/2827506/how-do-i-use-my-usd-bank-details#h_a70fddd7-9e2e-47b6-a812-8600794b8d7e
the Transferwise USD account only accepts incoming USD transfers from certain countries. When i asked Transferwise support to confirm this, they said this is the case but without elaborating further. Anyone know the reason why they won't accept USD payment from any other countries? Reason for asking is that if my Italy based Fineco multi-currencies account is closed post 1st Jan 2021 (big 'if' I know), then I was planning on sending future USD payments from Qatar to UK via my USD Transferwise account but Qatar is NOT on the list of countries where they accept USD payments from.

Replies

  • jonesMUFCforeverjonesMUFCforever Forumite
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    Money laundering guidelines would be my guess.
  • edited 22 November 2020 at 8:30PM
    ZellahZellah Forumite
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    edited 22 November 2020 at 8:30PM
    Money laundering guidelines would be my guess.
    Yet all UK High Street banks have no problem accepting incoming USD transfers from almost anywhere in the world though of course they’ll use a $hitty exchange rate when converting to GBP. So what makes TransferWise so special?
  • jonesMUFCforeverjonesMUFCforever Forumite
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    Zellah said:
    Money laundering guidelines would be my guess.
    Yet all UK High Street banks have no problem accepting incoming USD transfers from almost anywhere in the world though of course they’ll use a $hitty exchange rate when converting to GBP. So what makes TransferWise so special?
    The main high street banks will have 'agency' status with other banks worldwide - possibly making it easier to check where funds have come from - I suggest Transferwise do not have this back office operation.
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