How to Verify Your Business Address with TransferWise

Do you use TransferWise?

Because many of our clients conduct business and have locations around the globe, they work with a variety of banks. Recently, we have received a lot of inquiries about one in particular—TransferWise, a bank that gives customers the opportunity to open a multi-currency account.

When forming a Delaware entity, clients often ask about a business bank account. Your bank can be anywhere in the world and does not have to be in Delaware or even in the United States. As your registered agent, we are not permitted to open or manage a business bank account, but we do help clients understand what’s needed to open a bank account.

Founded in 2010, TransferWise has over 4 million clients and helps customers with international money transfers. The service is available in 59 countries and strives to make the process as stress-free as possible. 

What Information Does TransferWise Require for Verification?

When clients work with TransferWise or start the process of obtaining an account, they often ask how they can verify their business address and what do they need to provide so that Transferwise can verify their information. In addition to basic identification, the information below is what may be necessary to meet these requirements:

• The name of your Delaware company
  Sometimes, clients provide their stamped and approved Delaware Certificate of Formation for an LLC or Certificate of Incorporation for a Corporation which will contain the entity name registered in Delaware. The document will be date-stamped and approved by the Delaware Secretary of State with a Delaware file number. You can also order it with an Apostille de la Hague if you need it.
   
• The principal place of business address
  The physcal business address is where the entity actually physically operates even if based outside of Delaware. Generally, a P.O. Box will not suffice. Many times, clients ask if they can list the Harvard address as the principal place of business address since we are their Delaware Registered Agent. Harvard’s address is considered the Registered Agent address in Delaware and not the physical location of the company.

• The EIN/Federal Tax ID Number
  The EIN is similar to a Social Security Number for American citizens as it’s assigned by the IRS to your entity. Clients need to obtain the EIN for their Delaware company if they plan to conduct business activities in the U.S., hire U.S. employees or have a physical location in the USA. We can certainly assist with obtaining the EIN for the entity if you have not already done so.   In some instances an EIN confirmation letter may be required which is generated by the IRS and mailed to the responsible party address listed on the SS4 Form that was submitted to the IRS to obtain the EIN for the company.

• Ownership/Shareholders/Directors
  Transferwise generally requires a list of shareholders (Corporations) or members (LLC’s) that own 25% or more of the business. They also require: the full names of the shareholders/members, where they reside (even if not in the U.S.), the total percentage of shares owned or total ownership percentage, and (if a Corporation) a list of the directors along with their full names, where they reside (even if not in the U.S.), and their date of birth. Finally, a brief description of the nature of the business and the company website information is typically required. For Delaware LLCs, ownership percentages and member information can be listed as an appendix to the LLC Operating Agreement.

  For Limited Partnerships, TransferWise requires similar information, but will also typically require the name of the managing partner of the company along with their place of residence and birth date.

  For Non-Profit Corporations, proof that the 501(c)3 status has been obtained as well as the name, date of birth and place of residence of the business owners are required.

If clients have specific questions pertaining to TransferWise accounts, we recommend that they contact TransferWise directly for assistance.

I will be happy to assist with any questions you have and can be reached at 1-302-645-7400 ext. 6144 or via email at Justin@delawareinc.com.