Wise

[IvorBiggun2]

Big problem with Wise. On Monday the 12th I set in motion a money transfer from the UK. My bank sent it to Wise. Wise responded by saying they'd received the money's and I'd receive my money on 13th. The money's was taken from my UK bank  but Wise have now paused it. Wise and my bank deny having the money. 

I've tried contacting my UK bank but they won't reply to a secure message for 5 days. I've tried to contact Wise by telephone for the last week but they are not accepting phone calls and they are not replying to Emails. Where do I go from here? Thank you.

[scubascuba3]

Did you use their app? it's more secure than some web link.

 

If Wise hasn't received it did you follow the same process as previous transfers? not using any links or emails

Edited September 20, 2022 by scubascuba3

[IvorBiggun2]

1 minute ago, scubascuba3 said:

If Wise hasn't received it did you follow the same process as previous transfers? not using any links or emails

Wise have received it. They notified me as doing so and I'd receive my money on the 13th. That passed and no money. I then got a pause on the transfer. The money wasn't returned to my UK bank. I've no idea where my money is and Wise are not responding to phone calls or Emails. 

[scubascuba3]

5 minutes ago, IvorBiggun2 said:

Wise have received it. They notified me as doing so and I'd receive my money on the 13th. That passed and no money. I then got a pause on the transfer. The money wasn't returned to my UK bank. I've no idea where my money is and Wise are not responding to phone calls or Emails. 

Ah ok, confusing, you said "Wise and my bank deny having the money"

 

It's probably just delayed, many delayed lately, often due to additional checks. I can't find their number, someone will probably have for you to call, if they aren't answering they are just swamped

[Raindancer]

Pm sent with Wise contact details.  Very helpful people.

[Chivas]

15 minutes ago, IvorBiggun2 said:

Wise have received it. They notified me as doing so and I'd receive my money on the 13th. That passed and no money. I then got a pause on the transfer. The money wasn't returned to my UK bank. I've no idea where my money is and Wise are not responding to phone calls or Emails. 

You've been red flagged hence the "pause"

External agency for some reason has requested Wise clearly hold the money for now pending an investigation.

Assuming you're clean I'd imagine it will get released fairly quickly

[Chivas]

I had similar with Halifax around a  decade ago albeit I had good reason to know why in hindsight

It was released 4 days later

[1FinickyOne]

nightmare!!

 

who are these Wise people anyway?

 

I go more traditionally - bank to bank

[Tom H]

Wise is not a bank. No money security like the 100,000 Euro insurance etc. Nothing! Dont keep money on a Wise account!

In addition: No customer support over telephone really working.

 

If you have an issue you have a big one with them, even by mostly perfect transfers.

[HauptmannUK]

It seems that Wise do become 'suspicious' if you regularly transfer relatively large amounts of money. My wife has a business in the UK and transfers around £50k a year to Thailand in £10k amounts. Several times over the last three years they have paused the transfers. Couple of times they asked for a scan of her passport (despite having it already). She just sits tight and eventually the money turns up. It did cause problems in March when she was buying a new car - had to borrow from me until her money arrived. 

[IvorBiggun2]

Have now sorted my problem. Thanks to all responders.

[Bruno123]

1 hour ago, 1FinickyOne said:

nightmare!!

 

who are these Wise people anyway?

 

I go more traditionally - bank to bank

 

Good for you. I am sure they appreciate you helping to keep them buoyant.

 

Meanwhile others are getting better value for their money.

[jerrymahoney]

33 minutes ago, Bruno123 said:

 

Good for you. I am sure they appreciate you helping to keep them buoyant.

 

Meanwhile others are getting better value for their money.

If you are using the 65K monthly deposit option for one year extension of stay via retirement, then you need to have 12 monthly deposits on time and with the proper FTT coding. 

 

One screw up and you could lose your one year extension at your local immigration office.

 

Having confidence that your 12 monthly extension deposits will be copacetic is another way to look at value. So I will stick with SWIFT even though exchange rate may be better with WISE.

Edited September 20, 2022 by jerrymahoney

[Bruno123]

56 minutes ago, jerrymahoney said:

If you are using the 65K monthly deposit option for one year extension of stay via retirement, then you need to have 12 monthly deposits on time and with the proper FTT coding. 

 

One screw up and you could lose your one year extension at your local immigration office.

 

Having confidence that your 12 monthly extension deposits will be copacetic is another way to look at value. So I will stick with SWIFT even though exchange rate may be better with WISE.

Understood. Apparently they have a mechanism for showing the correct coding, but I understand your reluctance.

[jerrymahoney]

41 minutes ago, Bruno123 said:

Understood. Apparently they have a mechanism for showing the correct coding, but I understand your reluctance.

Thank you. When comes to my ability to stay in Thailand, I am not interested in a mechanism.

[scubascuba3]

7 minutes ago, jerrymahoney said:

Thank you. When comes to my ability to stay in Thailand, I am not interested in a mechanism.

Many things are mechanisms like getting the annual retirement extension

[jerrymahoney]

41 minutes ago, scubascuba3 said:

Many things are mechanisms like getting the annual retirement extension

So is this:

 

[Bruno123]

19 hours ago, jerrymahoney said:

Thank you. When comes to my ability to stay in Thailand, I am not interested in a mechanism.

I don't mind. It's your money ☺️

[Photoguy21]

I had a long delay like the OP has so I went to the app, cancelled it and resent the money. This time it arrived within a few minutes of sending.

[scubascuba3]

11 minutes ago, Photoguy21 said:

I had a long delay like the OP has so I went to the app, cancelled it and resent the money. This time it arrived within a few minutes of sending.

so you hadn't already sent the money?

[jerrymahoney]

15 minutes ago, Bruno123 said:

I don't mind. It's your money ☺️

Yes. And getting the FTT sure thing every 12 months  is d-well worth it.

[scubascuba3]

4 minutes ago, jerrymahoney said:

Yes. And getting the FTT sure thing every 12 months  is d-well worth it.

even though probably costing you about 8k a year? when the extension is only 1,900 baht

Edited September 21, 2022 by scubascuba3

[jerrymahoney]

1 minute ago, scubascuba3 said:

even though probably costing you about 8k a year? when the extension is only 1,900 baht

I just look at what is the cost of one screw-up.

[Photoguy21]

7 minutes ago, scubascuba3 said:

so you hadn't already sent the money?

No, it was in the process of being sent by Wise

[scubascuba3]

6 minutes ago, Photoguy21 said:

No, it was in the process of being sent by Wise

ah ok, different to how i do it, i transfer £ to Wise

[Photoguy21]

Just now, scubascuba3 said:

ah ok, different to how i do it, i transfer £ to Wise

I transfer from my UK account to Wise then use Wise to transfer to Thailand

[scubascuba3]

10 minutes ago, jerrymahoney said:

I just look at what is the cost of one screw-up.

Some mitigate that risk by monitoring monthly Wise transfers and if there is a screw up and it settles domestic they send another transfer so complies ok

[scubascuba3]

1 minute ago, Photoguy21 said:

I transfer from my UK account to Wise then use Wise to transfer to Thailand

so you have a "multicurrency" account with them? where balances can be held? whereas i just do transfers 

[jerrymahoney]

5 minutes ago, scubascuba3 said:

Some mitigate that risk <snip>

I prefer, to the extent possible, eliminate that risk.

Edited September 21, 2022 by jerrymahoney

[Photoguy21]

31 minutes ago, scubascuba3 said:

so you have a "multicurrency" account with them? where balances can be held? whereas i just do transfers 

Just Sterling then I adjust the Baht amount I want to be sent and the Sterling is automatically adjusted accordingly. My account is in Sterling, they dont as yet have a Thai Baht available.