WISE

[giogio]

Dear members

 

for the past few months on the various platforms i have read about people being asked “verification documents” by WISE

 

i have ever only used WISE to transfer from my country bank to my thai bank. small amounts, on average 12.000 baht pm.

 

recently on my WISE profile, at the top, a red banner appeared requiring me to verify.

 

I followed the steps, requiring to provide selfies holding ID card. WISE rejected all my selfies attempts. Then i tried “help centre-verification” and i uploaded 2 perfectly clear selfies. I also emailed them attaching the selfies. I called the call centre in USA and the human operator confirmed that from their side i had complied with their requests.

 

HOWEVER, my profile still shows the red banner (implying WISE will soon block the account), and i still receive “automated emails” instructing me to provide the selfies on their live link, residency certificate, proof of funds provenience.

 

stressing that this is not a rant and i have only used WISE for the past 3 years to transfer small amounts, i am asking:

-what are the other methods to transfer living expenses money

-what are your current experiences with WISE “verification”

 

thank all contributors

[Negita43]

From the Wise advertising Blurb (UK)

 

"Our dream is for people to live and work anywhere seamlessly. That means money without borders: moving it instantly, transparently, conveniently, and — eventually — for free"

Looks like the dream might be becoming a nightmare

[KannikaP]

No problems with my UK WISE accounts for money to Bkk Bank monthly, and to Dubai banks. 

[mfd101]

Issues with Wise seem to vary from 1 country to another, mostly I suspect because each country has a different set of security requirements.

 

I use Wise to transfer from Australia to Thailand. Since we fixed the 'reason for transfer' issue in relation to Thailand several years ago, I've never had a problem.

 

Occasionally they take an extra 24 hours for the transfer to arrive, presumably because of security checking.

[KannikaP]

1 minute ago, mfd101 said:

Occasionally they take an extra 24 hours for the transfer to arrive, presumably because of security checking.

Correct. If 'Long term Stay' is ticked it will be next day at 2pm because a human being is involved.

[Tom H]

Never had any problems with Wise. Just dont park too much money by them because its not a bank and not so much „secured“.

 

Just transfer:).

[Jenkins9039]

2 hours ago, giogio said:

Dear members

 

for the past few months on the various platforms i have read about people being asked “verification documents” by WISE

 

i have ever only used WISE to transfer from my country bank to my thai bank. small amounts, on average 12.000 baht pm.

 

recently on my WISE profile, at the top, a red banner appeared requiring me to verify.

 

I followed the steps, requiring to provide selfies holding ID card. WISE rejected all my selfies attempts. Then i tried “help centre-verification” and i uploaded 2 perfectly clear selfies. I also emailed them attaching the selfies. I called the call centre in USA and the human operator confirmed that from their side i had complied with their requests.

 

HOWEVER, my profile still shows the red banner (implying WISE will soon block the account), and i still receive “automated emails” instructing me to provide the selfies on their live link, residency certificate, proof of funds provenience.

 

stressing that this is not a rant and i have only used WISE for the past 3 years to transfer small amounts, i am asking:

-what are the other methods to transfer living expenses money

-what are your current experiences with WISE “verification”

 

thank all contributors

You are American?

 

If so likely a US Thing.

[Jenkins9039]

1 hour ago, mfd101 said:

Issues with Wise seem to vary from 1 country to another, mostly I suspect because each country has a different set of security requirements.

 

I use Wise to transfer from Australia to Thailand. Since we fixed the 'reason for transfer' issue in relation to Thailand several years ago, I've never had a problem.

 

Occasionally they take an extra 24 hours for the transfer to arrive, presumably because of security checking.

Likely a SAR being filed.

[Red Phoenix]

1 hour ago, KannikaP said:

Correct. If 'Long term Stay' is ticked it will be next day at 2pm because a human being is involved.

I always tick 'Funds for long term stay' and the funds are on my Thai Kasikorn bank-account in seconds, when doing it during Thai banking-hours.

[Sigmund]

I'd rather pay the fee and go through the regular Swift bank transfer that is void of new hassles popping up evey now and then.

[owl sees all]

I pay by debit card.

 

Comes through in less than 10 seconds; every time.

[giogio]

the thread is about WISE verification issues and alternatives to WISE as currency changer and transfer

[chickenslegs]

My wife (Thai) and I each have a WISE account. Apart from the initial setting up of our accounts, neither of us has had to verify anything.

 

I (mainly) use my account to satisfy the "long term stay in Thailand" rules (at least 65,000 THB each month) and my transfer to Bangkok Bank always arrives at 2.00pm the next working day.

 

My wife transfers money, using the "tuition fees" option, the money arrives within seconds.

 

We are both transferring monies from UK pension payments which have been deposited directly into our WISE accounts.

 

Our joint and individual bank accounts have been closed by Barclay's, because we don't have a UK address, so WISE has been a godsend for us.

 

[DPKANKAN]

13 hours ago, Tom H said:

Never had any problems with Wise. Just dont park too much money by them because its not a bank and not so much „secured“.

 

Just transfer:).

Incorrect. It is a registered bank and I have helped set up a bank account with them in London for a friend of mine here in Thailand. His 3 pensions are paid into it monthly. In fact they are in the process of setting up interest accounts too!!

[hotandsticky]

18 minutes ago, DPKANKAN said:

Incorrect. It is a registered bank and I have helped set up a bank account with them in London for a friend of mine here in Thailand. His 3 pensions are paid into it monthly. In fact they are in the process of setting up interest accounts too!!

Incorrect.

 

We aren't a bank, which means we don't lend out our customers’ money to people or businesses. This also means our e-money and payment services aren't subject to the Financial Services Compensation Scheme (FSCS). 

 

In the UK, Wise Payments Limited is an authorised Electronic Money (e-money) Institution under the Electronic Money Regulations 2011 with permission to issue electronic money and provide payment services. TINV Ltd is regulated under the Financial Services and Markets Act 2000 for the provision of investment services. 

We follow a strict set of rules set by our regulators in each country in which we operate, such as the Financial Conduct Authority (FCA) in the UK, the National Bank of Belgium (NBB) in Europe and 48 state regulators in the USA. These regulators protect the markets in which we operate. 

 

https://wise.com/help/articles/4IusAofIppsIGPcs7sEIXI/how-our-uk-entity-wise-payments-ltd-safeguards-customer-funds

 

For USA:-

 

We are not a bank, which means we do not lend out our customers’ money to people or businesses. It also means our money transfer service and Wise account balances where you haven't opted into interest are not subject to FDIC insurance.

If you’ve opted-in to earn interest on your Wise account, you're able to take advantage of FDIC passthrough insurance on your USD balance up to 250,000 USD.

 

https://wise.com/help/articles/5toCJQjm9MkTs8bEKSm30O/how-our-us-entity-wise-us-inc-protects-customer-funds?origin=related-article-4IusAofIppsIGPcs7sEIXI

Edited August 27, 2023 by hotandsticky

[norbra]

8 hours ago, giogio said:

the thread is about WISE verification issues and alternatives to WISE as currency changer and transfer

When I have had rejected selfies, I found increasing the lighting overcame this problem and reduced shadows by snapping outdoors.

Edited August 27, 2023 by norbra

[Mason45]

Maybe the first step would be to contact Wise and enquire if this message is genuine. I must've used Wise over 30 times and I've never had a problem. Their exchange rates and prompt transfers is why I've recommended Wise to all my expat friends. Years ago we were ripped off by all banks with ridiculous exchange rates and fees, with a very slow transfer time.

[BritManToo]

15 hours ago, giogio said:

-what are your current experiences with WISE “verification”

Had to do the selfie and passport photos when I opened my account years back.

Nothing required since then, usually transfer 50kbht/month.

[BritManToo]

15 hours ago, Tom H said:

Never had any problems with Wise. Just dont park too much money by them because its not a bank and not so much „secured“.

 

Just transfer:).

Not being a bank is a bonus.

Banks lend your money to other people, so repayment is a risk.

EMI's have to keep customers money in a separate holding account.

[KannikaP]

12 hours ago, owl sees all said:

I pay by debit card.

 

Comes through in less than 10 seconds; every time.

Who do you pay 'by Debit Card'..WISE? Because once the money is in your say GBP Wise account, or your THB account, the transfer is another process.

 

[KannikaP]

13 hours ago, Sigmund said:

I'd rather pay the fee and go through the regular Swift bank transfer that is void of new hassles popping up evey now and then.

I have had no 'new hassles' in the 4 years I have been transferring via Wise to Bkk Bank. Only ONCE did it go immediately to Kasikorn Bank because of a bank holiday. All the other times within 24 hours, arriving 2pm, as an International Transfer.

[owl sees all]

54 minutes ago, KannikaP said:

Who do you pay 'by Debit Card'..WISE? Because once the money is in your say GBP Wise account, or your THB account, the transfer is another process.

 

Transfer the required amount to WISE by debit card that is linked to my English bank account.

 

One of WISE options on their payment page.

Edited August 27, 2023 by owl sees all

[giogio]

1 hour ago, BritManToo said:

Had to do the selfie and passport photos when I opened my account years back.

Nothing required since then, usually transfer 50kbht/month.

i am pretty sure i did some form of verification when i opened it 2 years ago, and obviously i only use it to transfer

 

i will wait until midweek if the red banner disappears.

[oxo1947]

17 minutes ago, owl sees all said:

Transfer the required amount to WISE by debit card that is linked to my English bank account.

I also use Debit card for wise---but they have a restriction on the amount you can send from Oz it's $A18K at any one time.

Silly part of it is that you can do numerous transfers of the $A18K in the same day., is your  UK card  the same.

 

I have never managed to get it in 10 seconds -- usually next day.

[KannikaP]

47 minutes ago, owl sees all said:

Transfer the required amount to WISE by debit card that is linked to my English bank account.

 

One of WISE options on their payment page.

Yes, and the other is Bank Transfer.

[Eff1n2ret]

11 hours ago, giogio said:

the thread is about WISE verification issues and alternatives to WISE as currency changer and transfer

If you really need an alternative, I have used  OFX  - https://www.ofx.com - for the last 14 years. Originally I knew them as UK Forex, but I am sure they operate in the USA as well. I just transfer funds when I need to top up my Thai accounts or when the exchange rate looks relatively favourable, and they quote for Thai Baht on the spot for whatever amount of GBP I am exchanging. The rate may be slightly less favourable than Wise, but there is no transfer fee. After I've paid them from my UK account the funds show up in my Thai account in 24 hours, unless I deal on a Friday, when it might be Tuesday before the money arrives. They use a correspondent bank in Thailand (which I think is SCB), so if showing income in your Thai account as an international transfer is important, this would be a problem for you; it doesn't bother me. SCB syphon off about 200 or 300 baht before the funds reach me.

As far as verification of identity is concerned, it was quite easy at the beginning because I was still registered as a voter at the address I had left in the UK. I had to re-confirm with them a few years back, which involved a phone call and a couple of emails, otherwise everything is very straightforward.

It works fine for me, but if I had to prove monthly income international transfers I would probably use WISE.

[owl sees all]

1 hour ago, oxo1947 said:

I also use Debit card for wise---but they have a restriction on the amount you can send from Oz it's $A18K at any one time.

Silly part of it is that you can do numerous transfers of the $A18K in the same day., is your  UK card  the same.

 

I have never managed to get it in 10 seconds -- usually next day.

TBH oxo, I don't know about restrictions. The most I have ever transferred is 6k squids. And that was a result. Sent the dosh at 55.5 and the next day it was 49 something.

 

What I do, is keep checking the rate, and when I think it has hit peak on that cycle, I send the dosh over. Don't send it on a fixed day, or anything like that. Sometimes 200 squids. Other times 1000. Just depends on the x-rate.

 

I was a very early user of WISE (then transfer wise), They would send me free dosh, and ask me for a screenshot when it arrived in my bank. It would take 24 hours or so.; even longer at W/Es. That was when they first started up. Now-a-days, it is just a couple of seconds.

[KannikaP]

12 minutes ago, owl sees all said:

TBH oxo, I don't know about restrictions. The most I have ever transferred is 6k squids. And that was a result. Sent the dosh at 55.5 and the next day it was 49 something.

 

What I do, is keep checking the rate, and when I think it has hit peak on that cycle, I send the dosh over. Don't send it on a fixed day, or anything like that. Sometimes 200 squids. Other times 1000. Just depends on the x-rate.

 

I was a very early user of WISE (then transfer wise), They would send me free dosh, and ask me for a screenshot when it arrived in my bank. It would take 24 hours or so.; even longer at W/Es. That was when they first started up. Now-a-days, it is just a couple of seconds.

If you do not want/need THB to be in the bank here, you could convert your GBP into THB and keep in your WISE THB account and send as/when needed.

[Chivas]

19 hours ago, Red Phoenix said:

I always tick 'Funds for long term stay' and the funds are on my Thai Kasikorn bank-account in seconds, when doing it during Thai banking-hours.

Agreed. I had to laugh at the post you originally quoted

 

It makes not one iota of difference what the reason you put for transfer it is entirely down to audit control in the event of any future investigation for money laundering etc etc

 

You can tell these people till they are blue in the face but they wont listen

 

Edited August 27, 2023 by Chivas

[Sigmund]

5 hours ago, KannikaP said:

I have had no 'new hassles' in the 4 years I have been transferring via Wise to Bkk Bank. Only ONCE did it go immediately to Kasikorn Bank because of a bank holiday. All the other times within 24 hours, arriving 2pm, as an International Transfer.

So just because you did not, everybody else is supposed to abide ?