Wise Ltd - Balance of money upon death

[Krabi2111]

I have a sizeable amount of money in my Wise account and like some of you, I transfer money to my Thai bank account as and when required (usually monthly).

 

As I do not have any family in the UK and therefore hold no Will, how would Wise know of your passing or would the account remain open indefinitely?

 

If the latter, I would set up a one-time scheduled transfer by adding a bank and name in Wise and would ensure that there would be sufficient monies in the account for the transfer to take place.

 

Any comments please.

 

 

 

[scubascuba3]

Hopefully you have some warning you're about to kick the bucket or in poor health, then just transfer it to Thailand if you have someone here

[Krabi2111]

6 minutes ago, scubascuba3 said:

Hopefully you have some warning you're about to kick the bucket or in poor health, then just transfer it to Thailand if you have someone here

No warning.

 

Ensure there is a certain amount of money in Wise at the start of the year and set up a scheduled transaction to whoever for payment at end of year and do likewise at the start of each year.  Not necessarily to a recipient in Thailand.

 

What could go wrong?

[Lacessit]

I would suggest the OP needs a will, even if he is leaving his money to a home for lost dogs. Unless he enjoys seeing his money go to a government bureaucracy.

[Sparktrader]

6 minutes ago, Lacessit said:

I would suggest the OP needs a will, even if he is leaving his money to a home for lost dogs. Unless he enjoys seeing his money go to a government bureaucracy.

Correct. Get a will done totally free. Legal websites have templates download then get 2 jps to sign.

 

 

[hotandsticky]

Who to you want your money to go to?

[Sparktrader]

56 minutes ago, Krabi2111 said:

No warning.

 

Ensure there is a certain amount of money in Wise at the start of the year and set up a scheduled transaction to whoever for payment at end of year and do likewise at the start of each year.  Not necessarily to a recipient in Thailand.

 

What could go wrong?

1 do a free will as indicated

2 money transfers every month will operate unless wise is told of your death. They wont know unless someone says.

[Krabi2111]

Yes, you are all correct, I will obtain a UK Will.

 

Thanks for the replies.

[lopburi3]

1 hour ago, Krabi2111 said:

No warning.

 

Ensure there is a certain amount of money in Wise at the start of the year and set up a scheduled transaction to whoever for payment at end of year and do likewise at the start of each year.  Not necessarily to a recipient in Thailand.

 

What could go wrong?

Scheduled payments are cancelled if prevented on day scheduled - as was the case for me on October 1 - as total transfer to Thailand was limited to an amount less than my scheduled transfer - no transfer was made and later advised it was canceled. 

 

Not likely to be a big issue if you schedule monthly transfers - even if happened one time would just extend payments a month longer.

[nickmondo]

why in Wise and not in a UK Bank?

I dont understand why you keep it in Wise and not a bank, as it is a sizeable amount.

remember, you get protection for bank deposits up to 80k.

I doubt you get that with Wise if they ceased trading

[NoshowJones]

2 hours ago, nickmondo said:

why in Wise and not in a UK Bank?

I dont understand why you keep it in Wise and not a bank, as it is a sizeable amount.

remember, you get protection for bank deposits up to 80k.

I doubt you get that with Wise if they ceased trading

I have a lot of money in my Wise account, so if Wise stopped trading I lose all my money? If that is the case I am taking all my money out.

[Phulublub]

31 minutes ago, possum1931 said:

I have a lot of money in my Wise account, so if Wise stopped trading I lose all my money? If that is the case I am taking all my money out.

Well yes, but no but....

 

Wise is not part of the FSCS (not being a Regulated Bank, it cannot be, but then it does not lend out your money to third parties, which is why the FSCS was set up), but "safeguards" your money - it is held separately from their own assets and is therefore safe.  Unless some massive fraud takes place.  But then FSCS only covers the first £80K so the same could be said of banks, depending on how subsatntial your deposits.

 

See

 

https://wise.com/help/articles/2949821/is-it-safe-to-keep-money-in-my-wise-account?origin=related-article-2932699

[Kalasin Jo]

1 hour ago, possum1931 said:

I have a lot of money in my Wise account, so if Wise stopped trading I lose all my money? If that is the case I am taking all my money out.

Pretty sure Wise T&C's specifically say you, the customer, do not get the same protections as you might with a bank. They are not a bank. They are a currency holding, in some currencies with a full IBAN account number such as GBP and Euros but not Thai baht and currency exchange internet outfit.