Originally Posted by
moondog
I was envisioning a bank account that functions like our dual number Sims (e.g. have an actual Chinese bank account number that can receive money from within China). However, if the actual funds ended up leaving China, I'm guessing that would be a nonstarter for both the senders and the PRC government. As such, I doubt that such a product exists.
If you read the fine print on the Wise accounts, it says "
Value held as a balance in your Borderless Account represents an unsecured claim against Wise", so it sounds like the money doesn't actually arrive in the country the account holder is based in until you make a transfer from Wise to your own bank account.
That being said, this also means that Wise isn't insured by any deposit protection scheme in any country, so do keep that in mind if that's something you're worried about.