Transferwise Charges if you cancel a transfer.

[Pumpuynarak]

Yesterday i was in the process of setting up a transfer when during the process T/W informed me that if i cancelled the transfer i would be subject to increased fees in a subsequent transfer, they stated that the cancellation of transfers cost them money.

Now i can't remember the exact details but it was something like from .4 to .5 ??? As i can no longer get the info back up i can't supply the exact info they stated. I'm in the habit of booking a transfer and "not paying till later" and seeing if the rate improves during the guarantee period, if it does i cancel the transfer and re-book at the higher rate.

 

I've gone through their site in an attempt to get this info but without success, i even tried to do another small transfer (50GBP) this morning hoping that this info would reappear but to no avail. 

 

Has anyone else experienced this ? 

[KannikaP]

No. 

 

And please note that the company is WISE now.

Edited October 2, 2021 by KannikaP

[Stocky]

23 minutes ago, Pumpuynarak said:

I'm in the habit of booking a transfer and "not paying till later" and seeing if the rate improves during the guarantee period, if it does i cancel the transfer and re-book at the higher rate.

That's something I do too, but I've not received any warnings about incurring a penalty for cancelation. 

[KhunBENQ]

24 minutes ago, Pumpuynarak said:

Has anyone else experienced this ? 

Did cancellations and restart a couple of times without any extra fees or messages.

But that was a "few" since 2018.

I remember having seen some abuse clauses in their terms?

[DFPhuket]

Once I began a Wise transfer and realized I needed to send a larger amount so I cancelled and started over with a different amount. After that, when making transfers there was a message asking me to agree that if cancelled a transfer it would cost me (I don't remember the details). I clicked a box showing I agreed. 

 

I recall the message more often appeared when I was making a larger transfer. It stopped appearing completely in a month or two after a few more transfers were made.

 

[KhunBENQ]

To be clear: when I cancelled and set up a new transfer it was always the same amount. Just taking advantage of an overnight/weekend rate hike.

[Pumpuynarak]

2 minutes ago, DFPhuket said:

Once I began a Wise transfer and realized I needed to send a larger amount so I cancelled and started over with a different amount. After that, when making transfers there was a message asking me to agree that if cancelled a transfer it would cost me (I don't remember the details). I clicked a box showing I agreed. 

 

I recall the message more often appeared when I was making a larger transfer. It stopped appearing completely in a month or two after a few more transfers were made.

 

Thanks for your confirmation. That would explain why i did'nt get the message on the 50GBP transfer.

[bbko]

On their website there's a whole page explaining cancelations and when fees take place;

 

 

https://wise.com/help/articles/2978072/whats-the-cancellation-fee?origin=related-article-2971422

[Pumpuynarak]

5 minutes ago, bbko said:

On their website there's a whole page explaining cancelations and when fees take place;

 

 

https://wise.com/help/articles/2978072/whats-the-cancellation-fee?origin=related-article-2971422

Thanks for that, i don't know why i could'nt find it lol.

"Mods", please close thread.

[sanuk711]

Happened to me the first time I used them---they cancelled then put that message up-- I wrote and told them that they didn't show the stipulation that they would only accept max of $AUS-18K  if coming from a Debit/Credit Card. Until after I had tried to transfer .

[robsamui]

Yes - I too was in the habit of cancelling an already-set-up transfer if the rates suddenly went down. I had done this perhaps a half a dozen times (over a period of about 3 years) when I got an on-screen message with my next transfer. It seems like they got picky about this sometime during the course of this year.

Edited October 2, 2021 by robsamui

[BritManToo]

Transferred 1kgbp on Friday morning, was supposed to arrive Friday aft, but got a sorry delayed until monday notice.

Cancelled the transfer, then transferred again for 300bht more in the afternoon ......... no extra charge.

[EricTh]

32 minutes ago, bbko said:

On their website there's a whole page explaining cancelations and when fees take place;

 

 

https://wise.com/help/articles/2978072/whats-the-cancellation-fee?origin=related-article-2971422

I am also using Instarem, it doesn't cost me anything to cancel a transaction if I haven't transferred the money to Instarem yet.

 

Instarem allows me 18 hours to transfer the money (at the fixed exchange rate) to them so in the meantime, if I change my mind I can cancel without any cost.

 

You guys might want to change to Instarem instead. Their fees are also much lower.

 

 

Edited October 2, 2021 by EricTh

[WhiteBuffaloATM]

thing is, WISE is a currency exchange & money transfer business / service.

not intended as a FOREX trading platform …….

warn then cancel those accounts abusing the intended service….. ? 

[WhiteBuffaloATM]

“ Fees are much lower …..”. lower than 3-4 bucks are they…. right, just rushing to spend two hours changing from Wise to save my five bucks a month…. NOT .

highest cost element here is the Exchamge Rate not the penny ante fees……

[AliG]

8 minutes ago, Tracyb said:

How do the Instagram exchange rates compare to the Wise exchange rates?

Wise rates are better 

[crazykopite]

I use wise all the time I never transfer funds until I am happy with the rate . Every morning they send me the new rate from U.K. GBP to Thai Bht . I have never felt the reason to stop a transfer as there is no other company that I’m aware of that offers better rates and handling fees . If I were to cancel a transaction then I would expect to pay some form of fee as Wise is not a charity it’s a business.

[boonchu]

transfered $7.5k by wise and was in my account within 3 hours.

[Tracyb]

That’s what I thought all along…..that Wise ends up being the best in the end.  I use Wise all the time and I’m happy!

[Skeptic7]

I play the Guaranteed Rate wait game all the time. Have literally canceled dozens of paused transfers, with no money paid yet, and then proceeded with a new transfer at higher rate. Never had any issues or warnings.

 

Have noticed the Guaranteed Rate time has gone WAY down. Used to get 48-72 hours and up to 84 hours over weekends. Now get 7-12 hours most times.

 

Recently switched to MoneyGram. It's SLOW compared to Wise (TransferWise), but better overall rate after Wise fees and more baht for my buck. 

[head bender]

never have they asked me to pay more or charged me for a cancelation and I use it 3 or 4 x a month

 

[CharlieH]

AS REQUESTED

 

CLOSED