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Transferwise now accepts credit cards with 0.3% fees = Endless cycle of payment

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Transferwise now accepts credit cards with 0.3% fees = Endless cycle of payment

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Old Jan 13, 2019, 11:57 am
  #31  
inY
 
Join Date: Jan 2011
Posts: 368
Verse has MCC 4829, same as Transferwise, and authorized as a cash advance against Bank of America and City National Bank. Don't know about posting yet.
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Old Jan 20, 2019, 9:50 pm
  #32  
 
Join Date: Feb 2013
Posts: 170
Originally Posted by MisterBill
So I know this is an old thread, but does anyone know if Bank of America treats Transferwise as a cash advance or a purchase? I get 2.625% back on my card with them so the 1.85% fee would be worth it (it would cover their normal transfer fee as well).
For all practical purposes, Transferwise is not meaningful for US bank and credit card holders due to
1) Transferwise has increased their fees to 3.5% for US credit cards
2) Most US banks now consider Transferwise as cash advance and you would be charged 5% or $10 whichever is higher over and above 3.5% fees you pay to Transferwise
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