TransferWise Account - Business or Personal? Thread poster: Mark Sanderson
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Hi,
I have just signed up for TransferWise and am being asked whether I want to create a personal or business/freelancer account. When I select the business/freelancer option it asks me for a whole host of company registration details – something that I as a lowly freelancer don't have.
Do most translators therefore set up a personal account? If I create a personal account, can clients still send me payments?
Thanks for your help,
Mark
| | | | | Personal for freelancers I'd say | Dec 29, 2017 |
Hi Mark,
I have both a Personal and a Business account with Transferwise.
For my personal account, I only get payments from clients that hire me as a freelancer. I'm registered as a sole trader in the UK and I'm not VAT registered.
For the business account, as you well say, I had to provide a lot of documents. I do have an actual business registered in Peru so I was able to provide everything they requested and the account is in the name of the business ins... See more Hi Mark,
I have both a Personal and a Business account with Transferwise.
For my personal account, I only get payments from clients that hire me as a freelancer. I'm registered as a sole trader in the UK and I'm not VAT registered.
For the business account, as you well say, I had to provide a lot of documents. I do have an actual business registered in Peru so I was able to provide everything they requested and the account is in the name of the business instead of myself.
I have been able to both receive and withdraw payments from all my accounts without any issues.
I hope this helps.
Marissa ▲ Collapse
| | | | Michael Beijer 
United Kingdom
Local time: 22:10
Member (2009)
Dutch to English
+ ...
| I use the personal version | Dec 29, 2017 |
I just use the personal version, as this seems sufficient for a freelance translator working in the UK. I must confess that I haven't really looked into what the difference is between a personal and business account.
Michael
| | | | Mark Sanderson
United Kingdom
Local time: 22:10
Chinese to English
TOPIC STARTER | Personal account selected | Dec 29, 2017 |
Thanks for the replies. I have applied for a personal account and now need to wait for my identity to be confirmed.
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Michael Beijer
United Kingdom
Local time: 22:10
Member (2009)
Dutch to English
+ ...
…if anyone reading this hasn't already registered with TransferWise, I just noticed I get £50 off my next transfer if three people register using my referral link, which is: transferwise.com/u/michaelb391
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Marissa Aguayo Gavilano wrote:
Hi Mark,
I have both a Personal and a Business account with Transferwise.
For my personal account, I only get payments from clients that hire me as a freelancer. I'm registered as a sole trader in the UK and I'm not VAT registered.
For the business account, as you well say, I had to provide a lot of documents. I do have an actual business registered in Peru so I was able to provide everything they requested and the account is in the name of the business instead of myself.
I have been able to both receive and withdraw payments from all my accounts without any issues.
I hope this helps.
Marissa
Hi Marissa,
I am as well a sole trader based in Coventry, UK, but I am at the beginning, haven't taken any translation yet. I am still on settling everything down. If you are kind please to put a bit of light on some questions, I would appreciate it.
1) I have opened as well a Personal account with Transferwise to get paid into( applied for a debit card). But as I am doing alone the self-assessments for HMRC( didn't take an accountant) did you opened a separated bank account to monitor your entries or used this account?
2) The w-8ben substitute form do I need to fill it in if I will be paid by an US agency? But I am not sure what to wite at the section: "Tax Payer Identification To claim treaty benefits, please provide your US Tax Payer Identification Number and/or Foreign Tax Identification Number. Please note that because you have chosen not to provide a Tax Payer Identification Number, you may be subject to 30% withholding on payments." Here what should I put? Sorry if it is a silly question. Is it something related to my sole trader business as a freelancer?
Many thanks
Anamaria Calinescu
| | | | | I Use several accounts | Nov 22, 2019 |
Hi Anamaria,
I also don't use an accountant and file my taxes every year on my own. I could be more organised to be honest, but I have had no issues.
I actually get paid into 3 different accounts! I get paid in Euros to Revolut account (because it's a better exchange rate and doesn't charge me to withdraw into my UK account). I get paid in USD into my Transferwise account and in GBP into my regular UK account.
Most if not all business outgoings come out fro... See more Hi Anamaria,
I also don't use an accountant and file my taxes every year on my own. I could be more organised to be honest, but I have had no issues.
I actually get paid into 3 different accounts! I get paid in Euros to Revolut account (because it's a better exchange rate and doesn't charge me to withdraw into my UK account). I get paid in USD into my Transferwise account and in GBP into my regular UK account.
Most if not all business outgoings come out from the UK account anyway.
In the W8-BEN that US agencies request I put my UTR number.
[Edited at 2019-11-22 20:50 GMT] ▲ Collapse
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Marissa Aguayo Gavilano wrote:
Hi Anamaria,
I also don't use an accountant and file my taxes every year on my own. I could be more organised to be honest, but I have had no issues.
I actually get paid into 3 different accounts! I get paid in Euros to Revolut account (because it's a better exchange rate and doesn't charge me to withdraw into my UK account). I get paid in USD into my Transferwise account and in GBP into my regular UK account.
Most if not all business outgoings come out from the UK account anyway.
In the W8-BEN that US agencies request I put my UTR number.
[Edited at 2019-11-22 20:50 GMT]
Thank you so much for your answer!
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| Transfer between your own accounts | Mar 17, 2022 |
Marissa Aguayo Gavilano wrote:
Hi Mark,
I have both a Personal and a Business account with Transferwise.
For my personal account, I only get payments from clients that hire me as a freelancer. I'm registered as a sole trader in the UK and I'm not VAT registered.
For the business account, as you well say, I had to provide a lot of documents. I do have an actual business registered in Peru so I was able to provide everything they requested and the account is in the name of the business instead of myself.
I have been able to both receive and withdraw payments from all my accounts without any issues.
I hope this helps.
Marissa
Hi, can you transfer money between your personal and business accounts?
| | | | | Can u get payment from company | Jun 9, 2022 |
Marissa Aguayo Gavilano wrote:
Hi Anamaria,
I also don't use an accountant and file my taxes every year on my own. I could be more organised to be honest, but I have had no issues.
I actually get paid into 3 different accounts! I get paid in Euros to Revolut account (because it's a better exchange rate and doesn't charge me to withdraw into my UK account). I get paid in USD into my Transferwise account and in GBP into my regular UK account.
Most if not all business outgoings come out from the UK account anyway.
In the W8-BEN that US agencies request I put my UTR number.
[Edited at 2019-11-22 20:50 GMT]
Hi Marissa and other members.
The main question - is you can easily receive business transfers to your personal account?
I mean that the transfer is not from another personal account as a private transfer, but a transfer from a business account to your personal account from a company with a "for services" payment purpose.
I ask because it is difficult to get a clear answer from support. They respond within 2 days.
| | | | To report site rules violations or get help, contact a site moderator: You can also contact site staff by submitting a support request » TransferWise Account - Business or Personal? | Trados Business Manager Lite | Create customer quotes and invoices from within Trados Studio
Trados Business Manager Lite helps to simplify and speed up some of the daily tasks, such as invoicing and reporting, associated with running your freelance translation business.
More info » |
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