TransferWise… borderless account, but absolutely not “digital nomad” oriented

Let me share my recent experience with TransferWise. I like the service, created by Estonian founders, that want to disrupt international money management.

I created a « borderless account » for my Estonian company, and opened sub-accounts in EUR, USD, CAD… perfect. I can receive funds in any currency and make transfers very easily.

BUT… I discovered that finally TransferWise is not so « digital nomad » oriented, and many things need to be improved in their process.

One cell phone number only for a digital nomad is not an option

First of all, and the main important, mobile phone two steps verification. It’s a nice security procedure, that protect your borderless account from pirates. But, when you’re a digital nomad, you travel… that’s the point. And due to the cost of roaming, you certainly change your SIM card often, depending on the country you are travelling in, to use local cellular networks. TransferWise will block access to your borderless account and your funds, as you will not be able to confirm your identity, trough the main phone number you used to create your account.

Many simple solutions should be available but TransferWise keeps the low-level method with only one mobile phone number:

• Provide a list of different phone numbers: one main phone number you used to create the account, and alternate phone numbers for the countries you are traveling in. You could just activate one of them when you’re travelling.

• Use the e-resident SIM card, or Smart-ID application, to securely identify yourself when connecting to the mobile application.

How can you be a digital nomad, with only one postal address?

Secondly, I was invited to order their new TransferWise debit card. Great… I applied. But again, their process is not « digital nomad » compatible. It means that the debit card is only applicable to European residents, fine, but it cannot be sent to another country when you’re traveling. So, it’s a debit card that not fits with digital nomad’s real life.

As a conclusion, TransferWise has an interesting value proposition, a great web site and offers a great and efficient service. But their process really need to be improved and are absolutely not « digital nomads » oriented.