Why Wise Deposit takes so long in the USA?

[CartagenaWarlock]

I wanted to try out the USA deposit account in Wise (USA). So I added $1,000 USD last Friday. They informed me it will take one week to get my funds from my Wealthfront account  because apparently I linked the bank using two micro deposits. To check if the delay is due to Wealthfront or Wise, I immediately went to the Wealthfront site and initiated $1,000 transfer to Chase Bank, and the money reached my Chase bank in three hours. So it is not that Wealthfront is delaying it (The Wise transfer was a pull and the Chase bank transfer  was a push). This morning I woke up and checked my Wise account; the money is still not there (after more than one week) in my Wise account. I checked my Wealthfront account and the money was withdrawn by Wise two days after I initiated the pull at Wise and that was five days ago. I don't understand why it takes so long for Wise to pull money from my US bank. I can assure you that most American banks will pull the money by the next day (apparently they do it in batches), and it will be in my account within two/three days. I'm not sure why it takes so long for Wise to pull the money. And yes, it's a shame that there is no instant transfer in the USA, like in most countries. 

[Etaoin Shrdlu]

I've also noticed delays in ACH pull transfers when I pay my children's university tuition via their schools' payment processors. In some cases it has taken about a week to complete.

[lopburi3]

Indeed since last month this has been the case - taking at least 5 workdays to send money or fund Wise account for pull from bank (at least at the 2-3k level).  They advise will take longer than normal and can try to direct contact bank from their website but no guarantee will help and no explanation on what this would require (perhaps losing all access?). 

 

From second post above seems an ACH issue - would be interested if anyone took up Wise to reset financial path and what that involved.  If requires a us phone SMS ability likely not viable for many users. 

[NoDisplayName]

Why are you doing a pull from Wise, incurring an additional fee?

 

I send from my broker to my credit union, complete within a few hours, then send from credit union to Wise, received within 24 hours.

[mania]

6 hours ago, CartagenaWarlock said:

because apparently I linked the bank using two micro deposits

 

Same thing I am experiencing. Supposedly for the same reason my bank / micro deposits...yada yada

 

Also it has something to do with Wise partnering with PLAID

Now they want you to basically allow another firm your data/info in my case my Bank/Credit Union is not a part of that

If you check with PLAID & see I think you will find your bank also is not...But on the good side...Even though the transfers now take 5-6 days they do honor the rate originally quoted..At least so far they have

 

"That’s why Wise has partnered with Plaid to allow you to move USD funds from your Wise account safely and seamlessly — to Chime, Mercury, Robinhood and 6,000+ more apps and providers."

 

 

[Robert Paulson]

Does anyone ever stop to actually think about this stuff? When bank have access to your money, they can 10x it or more and loan it out and make money with your, mysteriously disappeared, money. 
 

They have a constant supply of money in limbo that they use to make money off of. 
 

The more appropriate question would be, why wouldn’t they do this? Why wouldn’t they rob you of your money. We know the tech is there for instant transfers. 

[Yagoda]

USA Bank (any one of 5) to Krunsgri....1-2 minutes via Wise

USA Bank to ABA Cambodia via Wise and Swift...24 hours

[Everyman]

Because your transfer to Chase is an ACH push, where the sending bank can instantly see the funds are there and Wise doing an ACH pull where it takes time to verify the funds are there.

 

Try doing an ACH pull on the Chase side from your Wealthfront account and you’ll see what I mean. 

[CartagenaWarlock]

6 hours ago, Everyman said:

Try doing an ACH pull on the Chase side from your Wealthfront account and you’ll see what I mean. 

Done many times. Not more than 24 hours. Moreover, I can see the money is already gone from Wealthfront after 48 hours of Wise pull. 

[TheAppletons]

Exact same situation for me the past two months.

 

Of note, however, is that WISE advises they can transfer the money faster if one uses a debit card or SWIFT transfer, both of which generate an increase in fees for WISE.  

[walt1]

I have been using Wise for several years now and it was always a few hours or if transferring for long term stay in Thailand the next day. This month I got the same micro deposit explanation; it ended up taking 6 days. They did apologize and gave me a free transfer up to 1000 GBP about 1300 USD so that was cool, did a transfer today and the same thing it will be 6 days again. The last time this happened the $ was up vs the Baht. Could the reason be they are low in Baht supply and don't want to buy?

[Sigmund]

Same with Currency Fair. When it's a small amount of 50 or 100 it's done practically the next day. When the amount is bigger, takes longer. Wonder if they play around a bit with the money before transfering ?

[TheAppletons]

Getting pretty sick of WISE and their delay tactics.  

 

This month, another "micro-deposit, blah blah" will take a week to get your money transferred.  I need a better option than this.

[CartagenaWarlock]

7 hours ago, TheAppletons said:

Getting pretty sick of WISE and their delay tactics.  

 

This month, another "micro-deposit, blah blah" will take a week to get your money transferred.  I need a better option than this.

@NoDisplayName suggested pushing money from your US account to their deposit account instead of pulling it. I tried it with the Wealthfront account, and it landed in their deposit account the next day. 

[TheAppletons]

Just now, CartagenaWarlock said:

@NoDisplayName suggested pushing money from your US account to their deposit account instead of pulling it. I tried it with the Wealthfront account, and it landed in their deposit account the next day. 

 

  I saw that earlier but didn't want to admit I was too stupid to know how to do that.  

 

  Basically, you would transfer the funds from your home bank account to WISE (how to find the routing number or whatever is required), then it gets deposited into a WISE account you set up to "hold" home currency, then you send the home currency in Thai baht to your Thai bank through WISE?  Is that sort of what we're talking about here?

[CartagenaWarlock]

9 hours ago, TheAppletons said:

Basically, you would transfer the funds from your home bank account to WISE (how to find the routing number or whatever is required), then it gets deposited into a WISE account you set up to "hold" home currency, then you send the home currency in Thai baht to your Thai bank through WISE?  Is that sort of what we're talking about here?

Assuming you are from the US, create a US dollar account in the Wise. You can see their routing and your account number. It is a checking account. Go to your US bank and set up a transfer using the routing and account number. Your US bank will make two micro-deposits in your Wise US dollar account. Verify the two microdeposits in your bank account, and then transfer the money to your wise US dollar account. The money will be in your Wise account the following day. After that, you can transfer money to any account (Thai bank) from your Wise US dollar account. 

[TheAppletons]

Just now, CartagenaWarlock said:

Assuming you are from the US, create a US dollar account in the Wise. You can see their routing and your account number. It is a checking account. Go to your US bank and set up a transfer using the routing and account number. Your US bank will make two micro-deposits in your Wise US dollar account. Verify the two microdeposits in your bank account, and then transfer the money to your wise US dollar account. The money will be in your Wise account the following day. After that, you can transfer money to any account (Thai bank) from your Wise US dollar account. 

 

  Thank you for the assist.  

[walt1]

On my last two transfers Wise took out the money the next day from my US account and held it for five days before transferring to my Thai account. It seems they are holding the cash in limbo for some reason. Are they earning interest or just short of Baht?

[BKKKevin]

I transfer funds from my Charles Schwab to me Wuse account... It usually arrives same day - No fee (US business time)... Once in my Wise USD account I can transfer to my BK Bank usually in a few hours... I always keep a month's worth of funds in the Wise USD account it gets almost 5%... If you go to your USD account and click more and then proof of accout details it will give you your Wise  ACH info to link your US account to it... I've heard people have just linked the SS deposit directly to Wise using this ACH method...

[CartagenaWarlock]

5 hours ago, BKKKevin said:

I transfer funds from my Charles Schwab to me Wuse account... It usually arrives same day - No fee (US business time)... Once in my Wise USD account I can transfer to my BK Bank usually in a few hours... I always keep a month's worth of funds in the Wise USD account it gets almost 5%... If you go to your USD account and click more and then proof of accout details it will give you your Wise  ACH info to link your US account to it... I've heard people have just linked the SS deposit directly to Wise using this ACH method...

Yes, pushing from a US account to the Wise USD account is fast. My Chase Bank does it in a few hours. I have not tried CHarles Schwab yet. Let me try it by sending $10. Do you know fees and limitations of ATM withdrawal using Wise ATM card in Thailand? In my Wise USD account, I see I have a virtual card but no physical card in my possession. I usually transfer funds from my Chase account to my Charles Schwab account and then use their ATM card to withdraw funds in Thailand. But Charles Schwab pays meagre interest to hold money in their account; hence, I don't keep too much money in their account. My savings are in the WealthFront account, and my investment money is in the Fidelity account. WealthFront charges ATM fees for international transactions. 

[BKKKevin]

2 hours ago, CartagenaWarlock said:

Yes, pushing from a US account to the Wise USD account is fast. My Chase Bank does it in a few hours. I have not tried CHarles Schwab yet. Let me try it by sending $10. Do you know fees and limitations of ATM withdrawal using Wise ATM card in Thailand? In my Wise USD account, I see I have a virtual card but no physical card in my possession. I usually transfer funds from my Chase account to my Charles Schwab account and then use their ATM card to withdraw funds in Thailand. But Charles Schwab pays meagre interest to hold money in their account; hence, I don't keep too much money in their account. My savings are in the WealthFront account, and my investment money is in the Fidelity account. WealthFront charges ATM fees for international transactions. 

I don’t have the Wise debit card I use Bangkok Bank debit card here… Other may chime in on it… My guess is the fees from Wise and the ATM would be significant… The nice thing about Charles Schwab is they refund all ATM fees… And as you pointed out they give you nothing for funds not invested… I have a Fidelity account and they also refund all foreign ATM fees and money sitting in their cash position is invested in money market at around 4.5%… This is the account my SS check is deposited…

[CartagenaWarlock]

3 hours ago, BKKKevin said:

I have a Fidelity account and they also refund all foreign ATM fees and money sitting in their cash position is invested in money market at around 4.5%…

Yeah their SPAXX now returns, I think 4.5%. But their ATM card is tied to their checking account, which returns a meager amount. When you transfer from their investment account (money market) to their checking account, it is not immediate because they have to sell SPAXX and can only settle at the end of the day and receive the money in your checking account the following day. 

[bunnydrops]

Kind of odd. I added to my Wise account 3 days ago ($1000). The money showed in my wise account in seconds and a day before WF bank posted the transaction.

[BirchBark]

I have been experiencing the same thing with Wise.  For the last 2 years, transfers have been same day and often seconds.  Last month with no changes by me to the sending or receiving bank the time increased up to 5 days.  It has shaken my faith in Wise.  Not sure I can trust them anymore.