TransferWise still working well

[lopburi3]

28 minutes ago, scubascuba3 said:

3 hours ago, lopburi3 said:

OK my transfer arrived at the normal 1400 time but was recorded as interbank rather than international.  My account is supposed to be tagged to use Bangkok Bank but did not select the Thailand income option (used medical expense as was insurance payment).  So it may be vital to use the Thailand option as reason selection if you want payment direct to your receiving bank.

Sounds like you chose the incorrect drop down box option

Did not need it to show as income so used correct option for what it was to see if any difference - there was.  Maybe a one-off but time will tell.

[jacko45k]

16 hours ago, lopburi3 said:

OK my transfer arrived at the normal 1400 time but was recorded as interbank rather than international.  My account is supposed to be tagged to use Bangkok Bank but did not select the Thailand income option (used medical expense as was insurance payment).  So it may be vital to use the Thailand option as reason selection if you want payment direct to your receiving bank.

I have not tagged to use Bangkok Bank but did select the new 'Funds for long Term Stay in Thailand' and did get the transfer tagged as International.... looks that way.

[ChrisY1]

My CC account has been hacked....$2018 sent via Transferwise....!

Commonwealth Bank in Oz investigating.

[Bill97]

My CC account has been hacked....$2018 sent via Transferwise....!
Commonwealth Bank in Oz investigating.

Your TransferWise account was hacked.


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

[scubascuba3]

Your TransferWise account was hacked.


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

Interesting. They've started increased security with an additional password now, maybe that's why

[lopburi3]

1 hour ago, scubascuba3 said:

1 hour ago, Bill97 said:

Your TransferWise account was hacked.


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

Interesting. They've started increased security with an additional password now, maybe that's why

Never have had such on Transferwise but get an SMS that needs to be entered occasionally - did not have anything extra on a transfer started yesterday.

[chris_samui]

I did a Transfer yesterday, just Username and PW.

Sometimes(but not always)  I get an SMS with am additional OTP.

But nothing has actually changed.

[scubascuba3]

Never have had such on Transferwise but get an SMS that needs to be entered occasionally - did not have anything extra on a transfer started yesterday.

If you log in using your google account and details they now want a new additional password

[wpcoe]

So far, I am not impressed with the speed:

 

 

This is using an ACH transfer from my bank to Transferwise.  I set up the transfer the morning of th 17th (Thu).  Why would it take Transferwise 7 days to get the funds via ACH?

 

[Pib]

Wow...7 calendar days....but two of those days are on a weekend when the ACH system comes to a halt as it's pretty much a Monday thru Friday system.  I remember my very first transfer they were estimating around 4 days.....but after that first transfer the rest got much faster...1 or 2 days from start to finish with them receiving money via ACH is less than 24 hours....sometimes around 6 hours.   Now I don't think they really got the money that fast but after one or two transfers they must have trusted me more and figured the money would arrive via ACH for sure so they would not wait until it really, really arrived.  Heck, I would have the money posted to my Thai bank acct and the withdrawal hadn't even posted to my US bank acct yet.

 

Is this your first transfer with them?

[lopburi3]

38 minutes ago, wpcoe said:

So far, I am not impressed with the speed:

 

 

This is using an ACH transfer from my bank to Transferwise.  I set up the transfer the morning of th 17th (Thu).  Why would it take Transferwise 7 days to get the funds via ACH?

 

Thu request means nothing happens until late Monday US time (Tuesday the 21st here) and the 23rd is a holiday here; and being more than $10,000 special reporting requirements must be met so expect all has combined to make it longer than normal.

[wpcoe]

6 hours ago, lopburi3 said:

Thu request means nothing happens until late Monday US time (Tuesday the 21st here) and the 23rd is a holiday here; and being more than $10,000 special reporting requirements must be met so expect all has combined to make it longer than normal.

Why would a Thursday morning request (Wednesday evening US time) not have anything happen until late Monday US time?  Why are both Thursday & Friday in the US not action days?

 

I got this e-mail from them:

 

Quote

Your money's taking a little longer to get to us.

 

When you set up your transfer, we estimated that it would take 1 working day for your money to get to us. But this time, it’s taking a little longer to arrive.

Your money will now get to us in 3 working days. As soon as it gets here, we’ll convert it. Then we’ll send it out to your recipient.

 

 

... with no explanation *why* it's taking an extra two days.  If the reason is that the amount is >$10k and requires more paperwork, why not share that so I'll know in advance that my next $14k installment will also be delayed.

Edited October 19, 2019 by wpcoe

[jacko45k]

12 hours ago, wpcoe said:

This is using an ACH transfer from my bank to Transferwise.  I set up the transfer the morning of th 17th (Thu).  Why would it take Transferwise 7 days to get the funds via ACH?

That is rubbish, (I mean the system, not the post).I was able to get  money to Transferwise within a matter of 2-3 minutes on a weekend!

Edited October 19, 2019 by jacko45k

[lopburi3]

35 minutes ago, jacko45k said:

That is rubbish, (I mean the system, not the post).I was able to get  money to Transferwise within a matter of 2-3 minutes on a weekend!

It is not rubbish (actually ACH is) as it can take several days for an ACH draw from Transferwise to actually get to them.  US banks have various systems and some are very slow and do batch process for ACH movement.  Other systems and countries can be much faster but for US the ACH draw is the normal process and it is slow (and a minute delay could mean an extra day (or 3 if a weekend) wait if they only process once a day).  

[jacko45k]

3 minutes ago, lopburi3 said:

It is not rubbish (actually ACH is) as it can take several days for an ACH draw from Transferwise to actually get to them.  US banks have various systems and some are very slow and do batch process for ACH movement.  Other systems and countries can be much faster but for US the ACH draw is the normal process and it is slow (and a minute delay could mean an extra day (or 3 if a weekend) wait if they only process once a day).  

No, it is rubbish..... I can pay from a UK bank nearly immediately, or use a debit card similarly, even at weekend. If you read my post again you will see I was commenting on the system, not the post!

[Pib]

That is rubbish, (I mean the system, not the post).I was able to get  money to Transferwise within a matter of 2-3 minutes on a weekend!

No doubt if outside the US and using a real time payment system like the UK Faster Payment Service. But within the US where the ACH payment system is used it takes approx 1 to 3 business days and could take up to 7 business days settlement time if the financial entity receiving the funds wants to play it super safe. ACH is not a real time system.

 

Also another factor is whether you are pushing money to Transferwise or letting them pull it. For payment by the ACH system Transferwise only uses the pull method...that is you authorize them to pull the money from your bank acct to fund the transfer. But whether pulling or pushing money via ACH it's a batch system...takes time to move the money...is not a real time system.

 

And using a debit or credit card to speed up the funding of transfers gets pricey and can only be used for smaller amounts.

[john terry1001]

7 hours ago, wpcoe said:

... with no explanation *why* it's taking an extra two days.  If the reason is that the amount is >$10k and requires more paperwork, why not share that so I'll know in advance that my next $14k installment will also be delayed.

TW have requested the transfer but, as I now understand it, the delay is caused bexause that request has to go through the ACH process and it is ACH that causes the delay and TW have no control over that.   

Edited October 20, 2019 by john terry1001

[john terry1001]

21 minutes ago, Pib said:

Also another factor is whether you are pushing money to Transferwise or letting them pull it. For payment by the ACH system Transferwise only uses the pull method...that is you authorize them to pull the money from your bank acct to fund the transfer. But whether pulling or pushing money via ACH it's a batch system...takes time to move the money...is not a real time system.

And, after Pib explained the US system on here recently, I think the push-pull options are the key to the problem, not TW.

 

In the UK, and other countries, we can send (push) the money directly from our own (UK) accounts to TW. This transfer is completed in minutes and allows TW to complete the process (usually) in less than one day.

 

In the US however, it appears the ACH system makes it very difficult to push a a transfer to TW so, from a US account, they are forced to request TW to pull the money from their own account. This has to go through the ACH process and is totally dependant on the (lack of) speed the ACH system works at.

[Chelseafan]

Had the quickest trasnferwise ever.

 

Paid 5000 baht at 8.47am this morning, missus had the money at 8.53am. Usually takes 24-72 hours, well impressed.

 

On a separate note.

 

Be wary of using banks.

 

I have to transfer 1,000,000 to my Thai Account, ordinarily I would use transferwise but this was going to cost £158 so I thought I would check out my bank rate.

 

Halifax : 1,000,000 @ 34.017 = £29,397 (excluding any charges)

Transferwise : 1,000,000 @ 39.08 = £25,588 + £158 = £25,746

 

That's a difference of £3,651!!

 

 

 

[scubascuba3]

Had the quickest trasnferwise ever.
 
Paid 5000 baht at 8.47am this morning, missus had the money at 8.53am. Usually takes 24-72 hours, well impressed.
 
On a separate note.
 
Be wary of using banks.
 
I have to transfer 1,000,000 to my Thai Account, ordinarily I would use transferwise but this was going to cost £158 so I thought I would check out my bank rate.
 
Halifax : 1,000,000 @ 34.017 = £29,397 (excluding any charges)
Transferwise : 1,000,000 @ 39.08 = £25,588 + £158 = £25,746
 
That's a difference of £3,651!!
 
 
 

With a UK bank you should never transfer thai baht, always pounds, no wonder you had a bad rate

[Chelseafan]

3 minutes ago, scubascuba3 said:

6 minutes ago, Chelseafan said:

Had the quickest trasnferwise ever.
 
Paid 5000 baht at 8.47am this morning, missus had the money at 8.53am. Usually takes 24-72 hours, well impressed.
 
On a separate note.
 
Be wary of using banks.
 
I have to transfer 1,000,000 to my Thai Account, ordinarily I would use transferwise but this was going to cost £158 so I thought I would check out my bank rate.
 
Halifax : 1,000,000 @ 34.017 = £29,397 (excluding any charges)
Transferwise : 1,000,000 @ 39.08 = £25,588 + £158 = £25,746
 
That's a difference of £3,651!!
 
 
 

With a UK bank you should never transfer thai baht, always pounds, no wonder you had a bad rate

Actually that was the rate for travel money, my mistake though even doing an an international transfer would cost me over a £1000 more with Halifax.

 

 

 

 

[jacko45k]

13 hours ago, Chelseafan said:

Halifax : 1,000,000 @ 34.017 = £29,397 (excluding any charges)

This looks like you are transferring Thai baht ex-UK...ie letting Halifax convert in the UK, never, ever the way to go. Obviously send Sterling to the Thai bank  and let them convert at a better rate. Even though, for larger amounts, the Transferwise charges become rather large, compared to a UK bank SWIFT, same charge irrespective of amount, the better Transferwise exchange rate still wins out.

[scubascuba3]

This looks like you are transferring Thai baht ex-UK...ie letting Halifax convert in the UK, never, ever the way to go. Obviously send Sterling to the Thai bank  and let them convert at a better rate. Even though, for larger amounts, the Transferwise charges become rather large, compared to a UK bank SWIFT, same charge irrespective of amount, the better Transferwise exchange rate still wins out.

it's amazing how many people here repeat posts already posted, a quirk of this forum, they either don't bother to read prior posts or ignore them. Same on visa question threads

[JimGant]

On 10/20/2019 at 8:28 AM, john terry1001 said:

In the UK, and other countries, we can send (push) the money directly from our own (UK) accounts to TW. This transfer is completed in minutes and allows TW to complete the process (usually) in less than one day.

 

In the US however, it appears the ACH system makes it very difficult to push a a transfer to TW so, from a US account, they are forced to request TW to pull the money from their own account. This has to go through the ACH process and is totally dependant on the (lack of) speed the ACH system works at.

It's not the ACH system that makes it difficult, it's the money laundering police. We've seen this recently with ACH "pushes" to Bangkok Bank NY that subsequently get forwarded to Thailand. The rules require that all ACH pushes that will cross the border have to be encoded with additional data elements (into the so-called IAT format). But most banks (all?) don't want to go to the expense of recoding for such low volume operations. So now a standard ACH push to Bangkok Bank NY will get returned, as it's not in the IAT format.

 

Theoretically, you could establish an ACH "push" to TransferWise, if you had an ABA number -- and if your bank had a block to check with something like "I have no control over the receiving account." In such a situation, a push-only transfer could be established, without any trial deposits. But what for? Such a push operation, without IAT formatting, would result in a "no can do", same as with Bangkok Bank NY.

 

But TW can still use the domestic ACH system, for cross border operations, by putting themselves in the loop as the honcho for filling in all those data elements the laundry police require. They have all the sender and receiver info in their data base; the only element they don't have is "purpose." And you provide that with each transaction. Thus, the domestic ACH system can still be used for cross border operations -- as long as the originating bank is being "pulled," and thus relieved of IAT required formatting. But, yeah, things move slower:

Quote

if you have a choice between push and pull, push, don’t pull.

This is because when you push, the sending bank knows how much money you have. It lets you push only if you have enough money in your account. When the money arrives at the receiving account, the receiving bank treats it as good funds because the sending bank already verified you have enough money before sending it. There’s no hold on the money pushed in.

 

 

[john terry1001]

31 minutes ago, JimGant said:

It's not the ACH system that makes it difficult, it's the money laundering police.

I suggested this as the reason for the delays/slower US process earlier in the thread but was told its all down to the ACH system that creates the necessity for TW to pull the funds from your own bank account instead of the individual being able to push the funds from their account. 

[Jip99]

 4 minutes today.

 

Transfer instructed 11:36, sms received from K Bank 11:40.

[lopburi3]

1 hour ago, JimGant said:

The rules require that all ACH pushes that will cross the border have to be encoded with additional data elements (into the so-called IAT format).

You are aware that Transferwise does not send money across borders?  US funds are held in USA for payment out of people sending funds there.  Payments are made from local accounts in various countries just as has been done by merchant money changers for decades, but now with official status.

[wpcoe]

Remember the transfer that I submitted last week Thursday (October 17)?  I was notified it "should arrive by October 24th," yet this potential transfer that I'm submitting today, October 22 (three business days later), is saying it also "Should arrive by October 24th."

 

 

Oy, vey.

 

(I'm guessing that Transferwise doesn't realize October 23 is a bank holiday?)

Edited October 22, 2019 by wpcoe

[lopburi3]

17 minutes ago, wpcoe said:

(I'm guessing that Transferwise doesn't realize October 23 is a bank holiday?)

I started one yesterday and also due on 24th so believe they know 23rd is a holiday.  

[jacko45k]

4 hours ago, scubascuba3 said:

5 hours ago, jacko45k said:

This looks like you are transferring Thai baht ex-UK...ie letting Halifax convert in the UK, never, ever the way to go. Obviously send Sterling to the Thai bank  and let them convert at a better rate. Even though, for larger amounts, the Transferwise charges become rather large, compared to a UK bank SWIFT, same charge irrespective of amount, the better Transferwise exchange rate still wins out.

it's amazing how many people here repeat posts already posted, a quirk of this forum, they either don't bother to read prior posts or ignore them. Same on visa question threads

Yes, posts like yours are commonplace.