Anyone using transferwise?

Anyone using transferwise?

Hi all,


I've tried adding a tranferwise IBAN account to my airbnb account to receive payments but each time I do so airbnb is giving an error, saying there was a problem with the account... they give the message "Return of original statement entry #13323157. REVERSAL: Insufficient beneficiary data". Airbnb support hasn't been helpful so far either... did anyone else run into this issue?

Kind regards to all

JM

 

 

9 Replies 9
Rory50
Level 1
New York, NY

Wondering if anyone else had this issue? I've written to both Transferwise and AirBNB but don't have it resolved yet. 

 Hi... I managed to sort it out... basically the name you have on your airbnb account needs to loosely match transferwise's beneficary name. Try changing the beneficary name

hi, thanks for your answer but what details do I put in Airbnb when it ask me for Account Number, Sort Code ? And where do I get these details on the transferwise website. Sorry for so many questions. just a little confused

First in TW you need to create a balance for a given currency. Then you go to balances, and click on your balance to have your banking details. You need to look which country your bank account is in (for EUR, it's in Germany), and use that country in your payment preferences details.

Alon1
Level 10
London, United Kingdom

@Jm16 & @Christian49@Rusty-Pelican-Guesthouse0@Rory50 

 

I use TransferWise, but not for anything related to Airbnb.

 

I am puzzled why you would even wish to use - especially receive Airbnb payments - via anything other than  your normal bank accounts? -- I don't see how you would gain a penny by using TW?

 

My experience over 6 years is that the plain vanilla bank transfer option is the simplest and quickest way to receive Airbnb payments. If you start adding layers of complications, you are most likely to experience frustration and delay.

 

Best Wishes. 

@Alon1 because I price our properties in euros (most of our customers come from EU, and actually our mortgage is in eur as well because the interest rate was better) and Airbnb otherwise insists on paying us in USD (they don't support EUR in Mauritius) which means I would have to convert EUR to USD then USD back to EUR again. Transferwise allows us to save 5 to 7% by skipping the silly currency double conversion.

@Rusty-Pelican-Guesthouse0 

 

Thanks for explanation!

 

Complicated world out there.

 

Good Luck.

@Alon1 Because IRS monitors native bank accounts lol. 

Alon1
Level 10
London, United Kingdom

@Rea-and-Theo0 

 

IRS probably also forces Airbnb to disclose its pay  outs. It's what's just happened in the UK, HMRC has obliged Airbnb to disclose pay outs to Hosts 

 

What it means is it doesn't matter where the payments are sent, the native tax authorities can trace all the payments.

 

In short, its not worth screwing around with the tax. You sleep better in your bed that way.