I am using Transferwise for the 1st time to bring money from the UK no problem until I put their bank account details in my bank for the transfer, my bank is saying that they cannot check the account details and this may be a scam has anyone else encountered this can you help or advise me THANKS 

You can pay using a debit card?

Yes I had the same, but it is not. Using your debit card is an extra charge. Carry on with your bank transfer.

Which end of the problem? If you are sure the account info is accurate & they they aren't stopping you from transmitting - just try a small pilot amount first to make sure it goes through.....

 

I run mine by debit card....My US bank needed a US phone to set up an ACH (using a sms acceptance code), & that I don't have.....

Do I assume correctly that you're talking about putting T/W's account details into your UK bank account. (which bank by the way?)

 

Try this approach. Go back to T/W and open a 'borderless account'. (it's quick and easy) Then try and input those account details into your bank. If it works, you're good to go, if not then you'll need to contact your bank and find out what's going on.

 

T/W are well known now and used by many people, so there should be no credible reason why the bank does not recognize them.

 

Good luck.

I had this problem with HSBC.  For small amounts up to about 1000 pounds I got around the problem by paying transferwise with my debit card.

 

However, when trying to transfer 10,000 pounds last week I was unable to do it as HSBC did not recognize Transferwise as a company. 

 

To get over this I had to telephone their helpline and speak to one of their agents. I explained the problem slowly and he was able to make the payment to Transferwise and also add them to my list of regular payees so that the problem won't arise again.

Thanks for the replies I got back in touch with T/W help and support and I have gone ahead with the transfer and all seems to be OK. 

A system called Confirmation of Payee or something like that has recently been rolled out as an anti fraud measure, to prevent you paying money to a con artist.  Not all banks are part of it and neither is Transferwise by the sound of it.  Google it for more info, but I would be happy to go ahead and it seems like you've been OK.

As noted above, this is the new anti fraud initiative brought in by some of the major banks. It was due to roll out last year but was delayed until this year.

Details here.

https://www.which.co.uk/news/2020/03/confirmation-of-payee-which-banks-are-ready-to-offer-vital-name-checking-service/

 

 

 

 

 

 

6 hours ago, mickyr55 said:

my bank is saying that they cannot check the account details and this may be a scam

 

1 hour ago, mickyr55 said:

I got back in touch with T/W help and support and I have gone ahead with the transfer and all seems to be OK. 

 

So how did you get around the problem you had where your bank wouldn't allow the transfer? Just calling T/W resolved the problem with your own bank?

 

2 minutes ago, Hamus Yaigh said:

So how did you get around the problem you had where your bank wouldn't allow the transfer? Just calling T/W resolved the problem with your own bank?

You can override the bank's comments that it could be a scam and make the payment anyway.  With knowledge of the new system and who it affects that may be a course you have to take on occasion.

6 hours ago, treetops said:

A system called Confirmation of Payee or something like that has recently been rolled out as an anti fraud measure, to prevent you paying money to a con artist.  Not all banks are part of it and neither is Transferwise by the sound of it.  Google it for more info, but I would be happy to go ahead and it seems like you've been OK.

You are correct that was the cause of the problem just got my fingers crossed that all goes well, T/W confirmed that they are not part of the system but I would think that it would be better if they were. 

5 hours ago, Hamus Yaigh said:

 

 

So how did you get around the problem you had where your bank wouldn't allow the transfer? Just calling T/W resolved the problem with your own bank?

 

The bank didn't prevent me transferring just advised that they were unable to confirm that the details T/W had given me were in fact safe and that it could have been a scam but as I confirmed the details in the T/W app I made the decision to go ahead.