Validity of TransferWise Borderless account statements for visa applications?
I'm a British citizen, living in Mexico, working remotely for a US company. I get paid in USD, and I like to save money in both USD and GBP while also having local Mexican currency to spend. For that reason I use a Borderless account from TransferWise.
It comes with US bank details, which allows my employer to make deposits in dollars. I can then convert some of the money to Mexican pesos to spend locally using the TransferWise debit card, and send some of it in British pounds to my HSBC bank account back in the UK.
I can export PDF statements from the TransferWise website for any of the currencies which I hold. For instance, I can export a statement showing my monthly gross income deposited in USD by my employer. The statements feature the contact details for TransferWise, my verified address in the UK, and other data relating to TransferWise's authorisation under the Electronic Money Regulations 2011.
Would these statements be sufficient to prove my income for a Mexican visa application for myself, or a UK visa application for my Mexican partner in the future?
I ask only because they are not issued by a traditional bank like HSBC, but a more modern electronic money institution.
Best Answer
While I can't readily find the same information for Mexico (perhaps because it'd be in Spanish) the answer to these questions is always the same: there's no mechanical formula. You need to convince the officer handling your case you have the means to support yourself on a trip and the ties to return. You send in documents supporting these claims. Canada actually posts "policy, procedures and guidance used by Immigration, Refugees and Citizenship Canada staff" and the relevant page has this:
To assess the adequacy of a visitor's financial resources, you may exercise discretion in the documentation you request from applicants.
Somewhat obviously you can't expect regulation to keep up with all these companies, Transferwise, Revolut, whatnot. So I'd expect them to accept it as long as the story is consistent: you have a contract with the employer and regular income. As for faking such statements, no difference really, it's not like an embassy can just ask a bank whether the submitted statements are valid. Bank secrecy laws are very strict everywhere.
Once again: if your story as presented is solid, you are good to go.
Pictures about "Validity of TransferWise Borderless account statements for visa applications?"
How does a UK embassy verify bank statements?
Does UK embassy verify bank statement? If UKVI suspects fraudulent bank statements, they can contact the bank to verify the authenticity of the statements. They have built relationships with banks over time and can take the help of third-party agencies to verify such information.How do I use borderless Transferwise?
How do I get Started With a Wise Borderless Account?Does UK check bank accounts?
The UKVI will check your bank statement for the minimum balance in your account for the 28 days preceding the closing balance of the statement. You must have a recent document from the bank that is dated within 31 days of the day you submit your online visa application.What is a borderless account?
The Borderless Account is a multi-currency account that lets you hold up to 40 different currencies in the same account and send to over 50 different countries. You can easily transfer money between currencies using Wise exchange rates.Get Bank Statement for Transferwise account [2022]
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