Transferwise is no more - Rebranded !

[Oxx]

Apparently it's been rebranded as "Wise".

 

https://techcrunch.com/2021/02/21/wise/

[KhunBENQ]

34 minutes ago, Oxx said:

Apparently it's been rebranded as "Wise".

 

https://techcrunch.com/2021/02/21/wise/

I saw it announced on the app today.

So far no actions/changes for users.

As long as the conditions/features don't change for the worse I don't care about names.

Edited February 22, 2021 by KhunBENQ

[norfolkandchance]

Just sent money across. No change to the site.

[OJAS]

Could be quite a big deal for us Brits making online transfers from our UK accounts actually. At present I make my monthly transfers to an account with an 8-digit number and 6-digit sort code in the name of TRANSFERWISE. The necessary details are recorded as an online payee in my UK account. However should WISE in their infinite wisdom decide to change the account number and sort code, then it follows that I am going to have create a new payee in my UK account accordingly.

 

And even if WISE decide to retain the existing account number and sort code, they will surely change the account name from TRANSFERWISE to WISE at some stage - which could then unwittingly cause me to fall foul of the "Confirmation of Payee" system introduced last June (under which account names must match exactly at both originating and receiving ends - see link below) and, hence, transfers to fail, unless, again, I take the necessary action to amend my UK account payee details to the new WISE account name.

 

https://www.mirror.co.uk/money/new-bank-transfer-rules-come-22277233

 

So all in all, I am far from amused at the prospect of having to tinker with my UK account payee details one way or another solely on account of a bloody name change.????

 

Edited February 22, 2021 by onthedarkside
quote of hidden post removed

[Pilotman]

2 minutes ago, OJAS said:

 

Could be quite a big deal for us Brits making online transfers from our UK accounts actually. At present I make my monthly transfers to an account with an 8-digit number and 6-digit sort code in the name of TRANSFERWISE. The necessary details are recorded as an online payee in my UK account. However should WISE in their infinite wisdom decide to change the account number and sort code, then it follows that I am going to have create a new payee in my UK account accordingly.

 

And even if WISE decide to retain the existing account number and sort code, they will surely change the account name from TRANSFERWISE to WISE at some stage - which could then unwittingly cause me to fall foul of the "Confirmation of Payee" system introduced last June (under which account names must match at both originating and receiving ends - see link below) and, hence, transfers to fail, unless, again, I take the necessary action to amend my UK account payee details to the new WISE account name.

 

https://www.mirror.co.uk/money/new-bank-transfer-rules-come-22277233

 

All in all, I am far from amused at the prospect of having to tinker with my UK account payee details one way or another solely on account of a bloody name change.????

 

fair enough.  I use my debit card for the transfers from my UK bank,  so not an issue for me, yet. 

[bolt]

My advice would be to contact WISE and request clarification about your question.

There’s plenty of other 3^rd party transfer companies out there

[Ralf001]

28 minutes ago, OJAS said:

Could be quite a big deal for us Brits making online transfers from our UK accounts actually. At present I make my monthly transfers to an account with an 8-digit number and 6-digit sort code in the name of TRANSFERWISE. The necessary details are recorded as an online payee in my UK account. However should WISE in their infinite wisdom decide to change the account number and sort code, then it follows that I am going to have create a new payee in my UK account accordingly.

 

And even if WISE decide to retain the existing account number and sort code, they will surely change the account name from TRANSFERWISE to WISE at some stage - which could then unwittingly cause me to fall foul of the "Confirmation of Payee" system introduced last June (under which account names must match exactly at both originating and receiving ends - see link below) and, hence, transfers to fail, unless, again, I take the necessary action to amend my UK account payee details to the new WISE account name.

 

https://www.mirror.co.uk/money/new-bank-transfer-rules-come-22277233

 

So all in all, I am far from amused at the prospect of having to tinker with my UK account payee details one way or another solely on account of a bloody name change.????

 

 

is it that much of a hassle to change account names if they do ?

[treetops]

41 minutes ago, Ralf001 said:

is it that much of a hassle to change account names if they do ?

 

It would mean setting up a new payee which could mean using an OTP.  From other threads a lot of expats will have problems as they no longer have a home country mobile phone and their bank won't send to overseas numbers.

Edited February 22, 2021 by treetops

[Ralf001]

19 minutes ago, treetops said:

 

It would mean setting up a new payee which could mean using an OTP.  From other threads a lot of expats will have problems as they no longer have a home country mobile phone and their bank won't send to overseas numbers.

I did not consider an OTP so that is a fair point.

[OJAS]

19 hours ago, Pilotman said:

fair enough.  I use my debit card for the transfers from my UK bank,  so not an issue for me, yet. 

Good luck with doing that after your card has expired and been replaced in due course! Seems they're stopping transfers being paid for with credit and debit cards.

 

[Pilotman]

13 minutes ago, OJAS said:

Good luck with doing that after your card has expired and been replaced in due course! Seems they're stopping transfers being paid for with credit and debit cards.

 

My new card arrived three months ago, no issues at all.  Where do you get that BS information from? 

[Neeranam]

Is there a limit for this application? I mean for sending funds from Thailand to the UK.

[donnacha]

20 hours ago, OJAS said:

So all in all, I am far from amused at the prospect of having to tinker with my UK account payee details one way or another solely on account of a bloody name change.????

You are jumping to a lot of conclusions. That can't be good for your blood pressure. They will no doubt keep such details the same in order to minimize both inconvenience to their customers and their own support burden.
 

On 2/22/2021 at 7:36 AM, Oxx said:

Apparently it's been rebranded as "Wise".

Terrific move. That domain will have cost them several million.

[donnacha]

1 minute ago, Neeranam said:

Is there a limit for this application? I mean for sending funds from Thailand to the UK.

You can make a foreign transfer from a Thai bank to your Transferwise account, as long as they both have different account holder names.
 

[Neeranam]

1 minute ago, donnacha said:

You can make a foreign transfer from a Thai bank to your Transferwise account, as long as they both have different account holder names.
 

Do you mean the same name?

[donnacha]

19 minutes ago, Neeranam said:

Do you mean the same name?

No, different names. It has to do with the controls banks must enforce on money leaving Thailand. You can't send it to yourself, it supposedly has to be paying a bill or for some service, and that would be in someone else's name.

So, they no longer ask why you are sending it out, and her bank allows her to do it via their app, but a transfer to the same name will be prevented.

Each week my partner sends a few thousand Euros to my EU account and I then transfer it to her account at the same bank. The transfer from the Thai bank is astonishingly fast.

Ironically, I cannot sent it directly to her American crypto exchange because they will only accept transfers from an account with the same name.
 

[treetops]

28 minutes ago, donnacha said:

Each week my partner sends a few thousand Euros to my EU account and I then transfer it to her account at the same bank.

 

I don't have the multi-currency account so no personal experience.  What exchange rate and fees are there for what you describe?

[OJAS]

3 hours ago, Pilotman said:

My new card arrived three months ago, no issues at all.  Where do you get that BS information from? 

 

I got that BS information as you like to call it from a dummy transfer which I have just tried to initiate with my credit card. I hit a brick wall in the form of a cryptic message informing me that Wise sends money to bank accounts and was presented with no way of entering my credit card details as part of the process.

[OJAS]

23 hours ago, bolt said:

My advice would be to contact WISE and request clarification about your question.

There’s plenty of other 3^rd party transfer companies out there

I duly emailed Wise yesterday and just received the following reassuring reply:-

 

The only thing we’re changing is our domain, our name, our logo and the name of our app. Nothing else has changed.

 

You don’t need to update our bank account details right now to send money. You can still transfer money to the same bank account details you’ve been using.

 

We might change our company name to Wise on our account details eventually. We’ll let you know if you need to update this.
 

[Nout]

23 hours ago, treetops said:

 

It would mean setting up a new payee which could mean using an OTP.  From other threads a lot of expats will have problems as they no longer have a home country mobile phone and their bank won't send to overseas numbers.

Use your card reader

[Pilotman]

37 minutes ago, OJAS said:

 

I got that BS information as you like to call it from a dummy transfer which I have just tried to initiate with my credit card. I hit a brick wall in the form of a cryptic message informing me that Wise sends money to bank accounts and was presented with no way of entering my credit card details as part of the process.

I did a transfer today using debit card, no issues. Maybe its a 'credit card' issue rather than a 'debit card' one

[donnacha]

7 hours ago, treetops said:

 

I don't have the multi-currency account so no personal experience.  What exchange rate and fees are there for what you describe?

I think her Thai bank does the exchange to Euro. Once inside her Wise account she can put the money into any of her dozens of different currency balances. Standard Wise exchange fees apply. 

[upu2]

On 2/22/2021 at 9:10 AM, KhunBENQ said:

I saw it announced on the app today.

So far no actions/changes for users.

As long as the conditions/features don't change for the worse I don't care about names.

By all accounts it is a name change and the funcionality will remain the same

[chaihot]

14 hours ago, donnacha said:

So, they no longer ask why you are sending it out, and her bank allows her to do it via their app, but a transfer to the same name will be prevented.

Thanks!  I never knew that.

[KhunBENQ]

14 hours ago, upu2 said:

By all accounts it is a name change and the funcionality will remain the same

Sure, they won't shoot themself in the foot.

Just received my latest transfer initiated yesterday evening.

[treetops]

22 hours ago, Nout said:

Use your card reader

 

Not all banks use card readers.

[BritManToo]

On 2/23/2021 at 7:23 PM, Nout said:

Use your card reader

Many of us don't have physical debit cards, putting a photo of my debit card in a reader doesn't work.

[billd766]

I had an email from (TransferWise) this morning,

 

Quote "

In a few weeks, we're changing our name to Wise. It feels right, because we’re so much more than transfers now — we're the international account used by over 10 million people to live, work, and travel around the world.

We promise this won’t change your experience. It's still the same account you’re used to, but with a sharp new logo.

Here's what you need to know:

You'll still use your TransferWise login details
If you use a password manager, you'll have to re-save
Your existing payments will still go through
You can share the love (and savings) with your friends

[Nout]

6 hours ago, BritManToo said:

Many of us don't have physical debit cards, putting a photo of my debit card in a reader doesn't work.

Who does not have a physical debit card? Why not? They are free and help with financial transactions and ID issues. Not having one is poor planning or purblind obstinacy.

[Nout]

1 hour ago, billd766 said:

I had an email from (TransferWise) this morning,

 

Quote "

In a few weeks, we're changing our name to Wise. It feels right, because we’re so much more than transfers now — we're the international account used by over 10 million people to live, work, and travel around the world.

We promise this won’t change your experience. It's still the same account you’re used to, but with a sharp new logo.

Here's what you need to know:

You'll still use your TransferWise login details
If you use a password manager, you'll have to re-save
Your existing payments will still go through
You can share the love (and savings) with your friends

I just used T..néé TW..all works the same usually use CCs but just added two DCs. All good.