11 hours ago, Liverpool Lou said:

No, technicalIy or otherwise, Wise is not a bank.  If Wise was a bank, it wouldn't have to "safeguard" it's customers' money by depositing those funds with banks.   From their website....

https://wise.com/help/articles/2949821/is-it-safe-to-keep-money-in-my-wise-account

 

"Wise isn’t a bank. We’re an e-money institution.   

We’re required to keep your money safe and protected, and we do this differently to conventional banks. Unlike banks, we do not lend out customer money.  Instead of protecting your money in a financial protection scheme (like FSCS), we safeguard your money". 

 

3 hours ago, DPKANKAN said:

 

FCA licences are issued to many companies offering financial services, not only banks.  For Wise the FCA licence lists under "Activities and services":

 

For a typical High Street Bank this would be:

 

Wise are not a bank in the eyes of the FCA,  no matter how many times you post that image.

 

6 hours ago, DPKANKAN said:

 

It doesn't seem to be part of the FSCS so not part of the £85k and euro equivalent 

11 hours ago, DPKANKAN said:

As quoted by them to me when I opend his account with them.

 

 

Own capital only:). But no European Bank shields. You dont know what you are writing:). Just copy and paste google ????. When no   o w n  capital in case of any issue by WISE —-> no umbrella:). Easy enough? Do you understand the risk?

 

To say it simple: Wise is not a bank. Fact! Therefore your money is not secured as it is with or by a bank (i.e. with 100.000 Euro by government etc.).

 

Conclusion:

Dont park much money by WISE for security reasons. Just use it as a transfer machine. 

 

Further on: Money Laundering controlling is an issue which will affects Wise in the near future for sure. You will hear it when it is too late.

 

Recomendation:

Mark or cross by transfers the reason: “monthly life expenses”. Some Wise users transferred high amounts and then they block the money due to “investigations” in terms of “where is the money coming from”. 

 

Whatsoever, any issues with WISE you have an issue of greater dimensions because you cant visit them:).

 

So far all good until a next crisis:).

As a transfer company WISE is best.

 

????????☺️
 

I

Edited November 22, 20223 yr by Tom H

On 11/19/2022 at 2:13 PM, nickmondo said:

so you dont get the increases each year with the UK state pension?

 

It is only certain countries who have some sort of agreement with UK regarding State Pension increases. France is one which does, Thailand does NOT.

On 11/20/2022 at 3:25 PM, roo860 said:

Criminals my <deleted>, just saying, getting what's entitled to them after paying in for probably 50+ years, who are you to judge!

Nobody is judging - they are only stating the fact as to what the law says.   The democratically passed law, in this case, states that if you are in receipt of any State benefits, you are required to inform the DWP of your address abroad, if you are living outside the UK for 3 months or more.

That is the law.   If you decide not to adhere to the law, then that's upto you but you must be ready to take the consequences, should the authorities catch-up with you.

On 11/21/2022 at 6:50 PM, hotandsticky said:

I send him postcards from various parts of Thailand (at his request) to brighten up his wall.

 

He is fully aware that I live full time in Thailand. Like most health professionals they are only interested in your health and medical welfare - they are not interested in the political bollicks.

Just to say, I Had been here 4 Years until My U.K. GP Found out I Was Living here,I Phoned him on Skype & Tried to Blag Him that I Was only " Working " Offshore then he asked me when I was due to go back to the U.K. I said " In about 6 Months " So he just said I Cannot keep writing Prescriptions for you but I'll give you 6 more months & THAT Will be your'e last until you come back & see me in Person.....Needless to say that was me " <deleted> " End of Story !!!

On 11/20/2022 at 11:12 AM, roo860 said:

How did they find out about where he was living or did someone bubble him?

They cannot touch your state pension, it say's so on the DWP website, private pension yes.

On 11/19/2022 at 9:29 AM, poppysdad said:

But my main problem is if Santander close my account which is what they suggest will happen if I haven’t passed their criteria then I need a bank account to have my pensions paid into in the first place. If I can have them paid into Wise I can transfer into my Bangkok Bank account as soon as they are paid into my Wise account minimising any risk of a Wise problem. 

Scubascuba3, I have never hidden the fact that I live in Thailand from them in the 16 years I’ve lived here and in fact they send me sms on my Thai mobile from time to time for security reasons although I do have a uk accommodation address for most things. When I go to the online bank site I never use a vpn so they would have always been able to check where I was if the wanted to. Was I just a random check victim because it does seem strange why now the checking on me. 

120 quid a year for a UK street address.

That includes 25 scanned pages a month, but if you want the mail collected and sent on it's extra.

UKpostbox.com (street address)

Good for banks, DWP, HMRC, etc.

Edited December 9, 20223 yr by BritManToo