WISE transfer delays
- Thread starter merlin
- Start date
Ivor the Engine
Nowhere man
Did a small transfer using WISE this week with no problems. got it in seconds.
Stargazer
Surin Legend
Wise’s latest response is that they’ll return the $20K USD I wired in one hour from Schwab, ‘within 10 days’. 5555 It’s a reminder that once these big companies have your money in their pocket, it can be hard to get it back. There is not the regulatory protections US citizens are used to in regular banks. That’s why I want to look into Revolut carefully before channeling large sums through them. It’s probably prudent to limit your exposure to what you can afford to lose if they suddenly went out of business, or, as in this case, just drag their feet at giving you back your money on account with them.
CO-CO
Rather wrinkly & occasionally cantankerous member
The day I start to worry about money passing through WISE or REVOLUT is the day I pack it all in. WISE is not covered by a deposit protection scheme but it states that 'your funds' are held with other financial institutions. In the same way, I do not share others' concerns for the 1,000,000 Baht protection scheme (DPA) in Thailand. You have a significantly higher chance of being struck by lightening than losing money with WISE or REVOLUT.
I will continue to use WISE and have Revolut, and Monzo, as back-ups.
I repeat my recent experience with WISE (which dented my 'fan-boy' status but did not cause me to move away from them).
They did their lob properly in preventing an attempted fraud on my Euro account (into Mexican Pesos). They also did their job properly in securing my account and seeking various ID confirmations. To put this in perspective WISE say they have 1,000 staff globally dealing solely with fraud - it is a huge challenge for financial institutions. WISE carries out 7 million fraud checks every day
Where they let me down was in the in the communication process (or lack of it) and that allowed frustrations to build that caused me to look more closely at other money transmission businesses. I had (what seemed like) 2 days of not being able to move funds; every time I was told that the account was 'unrestricted' I went to do a transfer and that was 'blocked'....it was a Groundhog Day situation and I couldn't see a way to break the circle....Customer Support, whilst polite and helpful, simply kiss the asses of 'compliance/security' and the two did not seemed joined up. This is an area that I think they need to improve.
WISE:-
In other US states and/or territories, money transmission services are offered by our partner financial institution Community Federal Savings Bank, which is supervised by the Office of the Comptroller of Currency.
Wise Assets Limited is authorised to carry out investment activities by the FCA with registration number 839689.
wise.com
REVOLUT:-
Was granted a full UK banking licence in 2021.
The Financial Services Compensation Scheme (FSCS) is an independent statutory organisation that protects your money in case the bank fails. In this unlikely case, FSCS is legally obliged to pay back eligible customers up to a maximum compensation amount, which is currently £120,000 per person per bank (for eligible deposits). FSCS aims to pay compensation within 7 days of a bank or building society failing, ensuring that your funds are quickly and reliably available to you.
You’ll have peace of mind knowing your funds are secured if anything should happen, just like with any other bank.
I will continue to use WISE and have Revolut, and Monzo, as back-ups.
I repeat my recent experience with WISE (which dented my 'fan-boy' status but did not cause me to move away from them).
They did their lob properly in preventing an attempted fraud on my Euro account (into Mexican Pesos). They also did their job properly in securing my account and seeking various ID confirmations. To put this in perspective WISE say they have 1,000 staff globally dealing solely with fraud - it is a huge challenge for financial institutions. WISE carries out 7 million fraud checks every day
Where they let me down was in the in the communication process (or lack of it) and that allowed frustrations to build that caused me to look more closely at other money transmission businesses. I had (what seemed like) 2 days of not being able to move funds; every time I was told that the account was 'unrestricted' I went to do a transfer and that was 'blocked'....it was a Groundhog Day situation and I couldn't see a way to break the circle....Customer Support, whilst polite and helpful, simply kiss the asses of 'compliance/security' and the two did not seemed joined up. This is an area that I think they need to improve.
WISE:-
United States
Wise US Inc. is registered with the Financial Crimes Enforcement Network (FinCEN) and renews its registration annually. It is licensed as a money transmitter in the states listed here, and supervised by regulatory authorities in each of those states.In other US states and/or territories, money transmission services are offered by our partner financial institution Community Federal Savings Bank, which is supervised by the Office of the Comptroller of Currency.
United Kingdom
Wise Payments Limited is authorised as an Electronic Money Institution (EMI) by the UK Financial Conduct Authority (FCA) with registration number 900507.Wise Assets Limited is authorised to carry out investment activities by the FCA with registration number 839689.
Is Wise safe?
Wise is safe to use, and a safe place to keep your money. We have strict measures in place to make sure your money is always available, and work against fraud and thieves to keep them away from our business. Our teams are trained regularly on the latest guidance around keeping customers’ money safe.Is Wise FSCS protected?
Wise safeguards your money and will never lend it out, so we don’t need FSCS protection. FSCS protection is there to get your cash back if the bank was to ever fail.
How Wise keeps your money safe and your information secure
14.8 million customers already trust us. Cutting-edge technology and 24/7 customer support combine to keep your money with Wise safe and ready for you to use.
wise.com
REVOLUT:-
Was granted a full UK banking licence in 2021.
How is your money protected at Revolut?
The Bank (Revolut Bank UK Ltd) provides the same level of protection for your funds as any bank in the UK.The Financial Services Compensation Scheme (FSCS) is an independent statutory organisation that protects your money in case the bank fails. In this unlikely case, FSCS is legally obliged to pay back eligible customers up to a maximum compensation amount, which is currently £120,000 per person per bank (for eligible deposits). FSCS aims to pay compensation within 7 days of a bank or building society failing, ensuring that your funds are quickly and reliably available to you.
You’ll have peace of mind knowing your funds are secured if anything should happen, just like with any other bank.
Stargazer
Surin Legend
After some serious research into the pros and cons of Wise and Revolut, I’m reluctantly sticking with Wise. Their integration with K-Bank is superb, and eliminates the hidden fees Bangkok Bank takes. Revolut does not. Wise customer service is awful, but seldom needed. The problem I had recently is rooted in anti-money laundering regulations, and because of that Wise will not override it. Revolut might, (or not) if you pay the $16.99 per month premium support package. The only workaround is to do it Wise’s way: the account titling of whatever account you wire in from must be EXACTLY the same as your Wise account titling. I finally got Wise to add my middle name, and have set up a Schwab account with the same titling. If you keep a lot of money invested via Schwab, you get free accounts and free unlimited domestic wires. It’s a solution. I’ll report after I test it. I find the Wise debit card in various foreign currencies very helpful in travel. We’re in Sicily, and everyone accepts it. It’s terrible for getting cash ($100 limit and fees) but a Schwab debit card cures that by reimbursing ATM fees. Together, it just works.
CO-CO
Rather wrinkly & occasionally cantankerous member
That is probably a well-balanced decision....... after all, if we are living in Thailand "perfection" is not something we can expect.
WISE (IMO) offers the best all round package - despite the disconnect between customer support and compliance.
Stargazer
Surin Legend
Perfection, indeed. My foolish mistake early on in Thailand was fighting government agencies, believing rationale arguments would prevail. Not. I wasted a fair bit of time and energy and got nowhere. So now I give them what they want (and will get anyway), just say mai pen rai, and enjoy all that is good about The Land of Smiles.
CO-CO
Rather wrinkly & occasionally cantankerous member
That is so true @Croc . I feel so foolish now that I pushed a common sense point. They don't posses any.
I blame "us" for not realising that sooner - or worse, thinking that "they" could change........................ I think I was in that camp for at least 5 years.
CO-CO
Rather wrinkly & occasionally cantankerous member
Lazada is another one where those same principles of patience/acceptance gives a better result - or makes the result acceptable.That is so true @Croc . I feel so foolish now that I pushed a common sense point. They don't posses any.
I love Lazada and we have to remember that that name is simply the sales interface for millions of products. What makes it work on the ground (or not) is the Thai delivery system.... The issue being - they are Thai.
I thought I would order a few things before Songkran..... First mistake - I should have waited. 6 of our 8 items began the delivery process but then 2 days ago we were getting the message "Failed delivery, buyer refused the goods. Goods will be returned to seller".
Patently untrue.
Do I make some complaint against Flash, Kerry etc or do I just not give a fcuk and reorder.
Mellowness, acquired with age, resulted in me taking the latter route...
Daniel Boon
Member
I have been using wise for about 10 years ... its pretty rare - these days - that it doesn't hit my Wife's bank account in Thailand: however, what I wasn't aware of is the USA getting its sticky fingers in the operation ... my Wife and I have two small businesses (in Cairns), and we use Square, so the funds go via the USA ... I am of the opinion that the USA will collapse and at some point in time, there will be a delay - that initially we are not too concerned about - may be intentional and several days of monies from around the world, go into the pockets of those with an intention to leave
Daniel Boon
Member
Wise and Moneygram are American ... I am leery of anything USA
Daniel Boon
Member
Americans are notorious for overpromising ... talking excreta ... dodgy as an outhouse rat
CO-CO
Rather wrinkly & occasionally cantankerous member
Wise, formerly known as TransferWise, is a British financial technology company focused on global money transfers. Headquartered in London, it was founded by Kristo Käärmann and Taavet Hinrikus in January 2011
Stargazer
Surin Legend
Once I had an individual account set up in the same exact name as my Wise account, the wire went through smoothly. So I’ll stick with Wise. Turns out I only get two free domestic wires per account per year, so I’ll send money over in big chunks, 6 months worth at a time. That’s OK. As I now have a LTR visa, don’t need the 65,000 ฿ per month regularity. Mai pen rai.
Stargazer
Surin Legend
Wise is set up so that customers money on account with them is invested in government bonds and such, with a separation so none of the customers money is at risk to creditors of Wise. It’s a pretty secure setup
CO-CO
Rather wrinkly & occasionally cantankerous member
I would say safe.............................but not as safe as the way that UK bank deposits are guaranteed (by the government) up to £120,000.
I am reluctant to continue to maintain balances with WISE as I had 40,000 Baht taken from my WISE account yesterday.