Following up on more details, especially in regards to why this is happening, important part bolded:
Thank you very much for coming back to me and I am sincerely sorry for being the bearer of bad news.
I would of course be happy to elaborate on the regulatory changes I referenced in my previous email.
Up until now, in Malaysia and Thailand, for the borderless account TransferWise have operated under our UK entities licence which is provided to us by the FCA, this is completely normal and of course we are able to do this with legality.
When the UK left the European Union it forced us to re-evaluate our short and long term strategies when providing services under this licence.
We have made the difficult decision that we would need to switch our operations from our UK licence to our European licence held by our entity in Belgium. In an ideal world this change over would happen instantaneously, in real time, meaning that our customers would not be affected by the change and no down time would be experienced, however unfortunately this is not possible and we have had to make the very difficult decision to temporarily suspend our borderless service in both of these regions whilst the change over occurs.
As I mentioned previously we are optimistic that this will not be for too long and as soon as all of the necessary changes have been made then we will of course notify everyone that was affected by this.
In regards to the deadlines and the questions that you posed; If you still have balance held in your borderless account upon the time of closing I do not have any official communications that I can give about this but seeing as we cannot hold your funds then yes we would most certainly send the money as a balance refund to your nominated account. We may ask you to confirm the details of the account that you would like us to refund the money to.
We would much rather you empty the balance yourself. Please let me know if this is something that you would like me to do.
Just to confirm, as of the 15th of May your account will be limited to international transfer remittance only and holding currencies will no longer be available.
I am sincerely hopeful that the outage of service will not be for a tremendous amount of time, we already know that it will take longer in Thailand than in Malaysia but it's difficult for us to give an exact timescale on this.
I do hope that this will not cause too much inconvenience to you and again, everyone at TransferWise as well as myself are truly apologetic for the change in the level of service that we are able to provide. I hope you can understand our position.
Thank you kindly for your continued patience and support of our platform, we will let you know as soon as we are able to start providing our Multi-Currency account to your region again in the future.
Best Regards,
Michael
TransferWise Support