TRANSFERWISE

[Skypirate]

Heads up....I just attempted to use the international funds transfer site "Transferwise"....    I elected to attempt a small transfer of about 30,000 bht into my Thai account.  Thought if it worked, I would transfer more.   The rates appeared reasonable and found many positive comments about the site.  I confirmed the funds had been send from my originating account and could be expected in my Thai account four days later,  however, my account was then deactivated without any notice.   The funds did not transfer and are not back in the originating account.  I suppose they are being used by the group referred to as Transferwise.  I only discovered this when I attempted to log into my Transferwise account and was blocked.

 

There have not been any emails from TransferWise advising me of the deactivation, nor any replies to my inquiries online.  I was able to locate a customer service number , but advised they don't have any information about me or my account.   Maybe this issue will resolve amiably or maybe not.   I'll advise.   However, during the interim, please heed caution if considering this site for monetary transfers.

[NCC1701A]

Transferwise Policy Loophole Helps Scammers Steal ALL Your Money

https://medium.com/@starlightmg/transferwise-policy-loophole-helps-scammers-steal-all-your-money-37a525cc3376

[Jip99]

Brilliant service - never had an issue in 100+ transfers.

[Cletus]

Never had any issue with Transferwise.

[theguyfromanotherforum]

What currency was the source of funds?

 

 

[fanjita]

Have you transmitted your scanned passport and address verification to TransferWise so as to meet their KYC obligations?  If not, there's no way they'll send the 30k until they've received and verified your documentation.

 

 

Edited August 6, 2018 by fanjita

[Skypirate]

USD to BHT

Confirmation of funds received by TW.   But now that the funds are gone,  no one knows anything about it because the account was deactivate by TW.    Absolutely no customer support in resolving this.

 

Prior email from TW confirming ID via Passports.

 

Edited August 6, 2018 by Skypirate
incomplete

[userabcd]

Sorry to hear about your predicament, I never used this service but since you informed of your problem I made a search on the web and see that your situation has been encountered by others.

 

www.consumeraffairs.com/finance/transferwise.html

 

I would be very hesitant to use this service.

 

Good luck resolving it with them.

Edited August 6, 2018 by userabcd

[fanjita]

3 minutes ago, Skypirate said:

USD to BHT

Confirmation of funds received by TW.   But now that the funds are gone,  no one knows anything about it because the account was deactivate by TW.    Absolutely no customer support in resolving this.

 

Prior email from TW confirming ID via Passports.

 

Have you tried the callcentre at your bank or credit card provider?  Worth a try as they may be of assistance.

[Skypirate]

In the process of contacting consumer advocates and regulatory agencies concerning the issue.

 

[fanjita]

13 minutes ago, Skypirate said:

In the process of contacting consumer advocates and regulatory agencies concerning the issue.

But have you tried contacting your debit/credit provider?  Worry about the regulatory agencies another day.  Try getting the transaction reversed in the first instance.

 

 

Edited August 6, 2018 by fanjita

[KittenKong]

7 hours ago, Skypirate said:

There have not been any emails from TransferWise advising me of the deactivation, nor any replies to my inquiries online.  I was able to locate a customer service number , but advised they don't have any information about me or my account.

You may have fallen foul of the anti-money laundering regulations, one of which specifies that if they suspect you the financial institution must not warn you that you are under suspicion. The only real way for them to do that is to block your account and not communicate with you. This has happened to many people in the UK.

 

Hopefully at some point your issue will be resolved.

[Pib]

I've been with Transferwise about two months now....done 4 transfers from the U.S. to Thailand ranging from appox 3,000 baht to 65,000 baht....no problems yet....knock on wood.

 

From the Transferwise terms of use agreement...talks account closure/suspension.

 

https://transferwise.com/terms-of-use-eea

 

Quote

 

25. When we can end this Agreement or suspend our Services

25.1 We may end this Agreement by giving you two months notice. We may end this Agreement and close your TransferWise Account or any service associated with it by giving you two months’ prior notice.

25.2 We may suspend or close your TransferWise Account without notice in certain circumstances.We may at any time suspend or close your TransferWise Account and/or end this Agreement without notice if:

(a) you breach any provision of this Agreement or documents referred to in this Agreement;

(b) we are requested or directed to do so by any competent court of law, government authority, public agency, or law enforcement agency;

(c) we have reason to believe you are in breach of any applicable law or regulation; or

(d) we have reason to believe you are involved in any fraudulent activity, money laundering, terrorism financing or other criminal or illegal activity.

25.3 We may suspend your TransferWise Account for security reasons. We may suspend your TransferWise Account or restrict its functionality if we have reasonable concerns about:

(a) the security of your TransferWise Account; or

(b) suspected unauthorised or fraudulent use of your TransferWise Account.

25.4 We will give you notice of suspension where possible. We will give you notice of any suspension or restriction and the reasons for such suspension or restriction as soon as we can, either before the suspension or restriction is put in place, or immediately after, unless notifying you would be unlawful or compromise our reasonable security measures. We will lift the suspension and/or the restriction as soon as practicable after the reasons for the suspension and/or restriction have ceased to exist.

25.5 You cannot use the App if this Agreement ends. On termination for any reason all rights granted to you in connection with the App shall cease, you must immediately delete or remove the App from your devices.

 

 

[scubascuba3]

Best to send a very small amount to start with.

Definitely wasn't a phishing scam? Didn't use links?

[banagan]

I don't see any Thai option in my transferwise account.

[Pib]

11 hours ago, banagan said:

I don't see any Thai option in my transferwise account.

If you are talking exchanging "from Thai baht" to another currency, you can't.  That's because Transferwise can not send funds from Thailand...can only receive funds to Thailand.    Thailand is Land of Smiles for incoming money but the Land of Frowns for outgoing money.

 

https://transferwise.com/help/article/1570071/basic-information/supported-countries#/Thailand