Wise demanding detailed banking and personal information

[ElwoodP]

Keep it civil please. Reported post removed.

[CharlieKo]

I just logged into my Wise account. There was no request to update my logging in details to facilitate an extra layer of security and certainly no request to provide details of where my money came from or any other details for sending funds to Thailand.

 

I note that what the OP is saying may be because he is a new customer to Wise, or that he has changed some details that require doing AML and KYC again.

[MeePeeMai]

I've been using Wise for more than 8 years and only recently they started asking me information about my money / banks and transfers.  I never had any problems until recently...

 

First they wanted me to verify my accounts (the same accounts which I have been transferring money from since I opened my Wise account 8 or 9 years ago), then they asked me what kind of income I have and where my money comes from, then they asked me about some of my transfers (to whom I sent the money and for what reason).  I complied and answered their questions truthfully so as to be allowed to continue using my Wise account.

 

Also, my transfers used to take 2-3 days (coming from the USA) to arrive in Thailand.  Then out of the clear blue I started getting them on the same day (on a business day / not a weekend or Holiday).  Then they only took a matter of a couple of hours.  I was impressed...

 

But recently, let's say starting about 6 months ago, my transfers would take sometimes several days to more than a week (for no apparent reason).  I was told that there was a problem with my transfer, they are still waiting for my money to arrive, the amount I sent was smaller than my normal transfer so it would take a while longer etc. etc. etc.

 

The last time I was locked out of my account until I answered a question they sent me which was:  What is the average dollar amount you send monthly to Thailand?  What are these funds used for?  They should know this, they have all  my records showing every transfer listed as living expenses fora  long term stay in Thailand. 

 

It seems that they have gone woke or numb in the brain lately.  It makes no sense to me how they are acting lately (Mike is right, it could just be KYC / AML B.S. from the corrupt USA Govt.)

 

The latest issue (after a long overdue transfer) was that they said I could speed up my transfers if I verified my bank accounts (already done that last year).  Their service has obviously gone downhill and I'm glad I don't need to use them now (since I left Thailand and I sent a lot of money there back in 2023 so I don't need to send anymore money there now).  Just another pain in the butt I had to deal with just to live in Thailand.

 

It is a lot more expensive here now that I am back in the USA (Hawaii) but I don't have any unnecessary bureaucracy or BS to deal with anymore, less stress, no more 90 day reports, and more freedom.  I never thought that I would say this but I am definitely happier now and feel like I got a monkey off my back by moving back home and skipping out on becoming a 180 day Tax Resident of Thailand (This is definitely NOT on my bucket list).

 

 

[TimBKK]

1 hour ago, TroubleandGrumpy said:

I did the transfers many months ago - 4 over a period of 3 months - last one was in April - they all went through no problems.

I move the money from my investment funds into a local Aust bank and same day transfer to Wise and then same or next day transfer to Thailand.

I had a similar issue with a brokerage in the U.S. (Fidelity) when I transferred money from a different bank into Fidelity and then immediately initiated a wire transfer to my Thai bank account.  
 

The fact that everything was done on the same day triggered alarms at Fidelity - something about “pass through” (whatever that means) violations, if memory serves - and I was banned from future wire transfers.  
 

A bit too late for the OP but food for thought for others, perhaps.

[HappyExpat57]

I guess my dick pic passed muster, the xfer went through.

Maybe the tallywhacker was too small to matter?

[bunnydrops]

A month ago they did ask me what was the name of the holder of the account I was sending to and what was my chief source of income. Transfer still go through in minutes.

[bunnydrops]

1 hour ago, HappyExpat57 said:

I guess my dick pic passed muster, the xfer went through.

Maybe the tallywhacker was too small to matter?

The photo is now on the wall at the office.

[expat_4_life]

On 7/6/2024 at 9:16 AM, TroubleandGrumpy said:

I have confirmed with Wise directly that it is them and it is not a scam.

 

On 7/6/2024 at 12:32 PM, JackGats said:

Could this be phishing?

 

On 7/6/2024 at 12:51 PM, Mike Lister said:

I agree, it sounds like s phishing expedition.

 

Wild speculation in this thread about phishing scams.  We should all be diligent as these types of scams are not uncommon.

OP has contacted Wise directly and confirmed that this is authentic.

[Dcheech]

21 hours ago, TimBKK said:

I had a similar issue with a brokerage in the U.S. (Fidelity) when I transferred money from a different bank into Fidelity and then immediately initiated a wire transfer to my Thai bank account.  

Same. Money from a Mutual Fund deposited to US bank and once they said funds were available, I tried to transfer. However Wise said (warned) funds would not get to my Thai branch for FIVE DAYS. Never had that message before. Tried again in a couple hours and went through immediately.  

   

[Liquorice]

On 7/6/2024 at 1:57 PM, KhunBENQ said:

Read this to learn that this is definitely no pishing or scam, like it or not.

As the OP stated he has done four bigger transfers to his wife.

Seem to have triggered some alarm.

 

https://wise.com/help/articles/2976418/what-documents-might-i-need-for-a-large-transfer

 

Looks to me like: don't use WISE for large transfers and particularly to third parties?

Wise don't define 'bigger' transfers.

I transferred £20,000 at the beginning of this year, and £10, 000 last week, with no additional questions being requested.

 

I wonder if the issue is how much and to which Thai bank @TroubleandGrumpy is transferring to.

Only Bangkok Bank, SCB and Kasikorn can accept automatic transfers of more than 50K THB (up to 3m THB) without additional information.

 

[NanLaew]

On 7/6/2024 at 9:16 AM, TroubleandGrumpy said:

I think it is a follow on from their recent data breach, but not only has Wise implemented upgraded login authentication processes, they are now demanding details personal and financial information for the last 3 months.  Below is the list of things they are asking for and I have confirmed with Wise directly that it is them and it is not a scam. 

Firstly, I am not going to comply and I will only be sending them basic written answers - not detailed statements and 'proof'.

Secondly, IMO this is a stupid thing to do because this will be copied by the scammers. 

My advice is to think carefully before responding to such a request.

Never has a bank or any financial institution ever demanded from me such information.

Is this related to the recent income tax changes introduced in Thailand? Maybe - who knows. 

I will be using another method to send money to Thailand from now on.

 

Could you please send over the following information?

Please include as much detail as possible.
 

Let us know how you earned the money to pay for your transfers

·         A detailed explanation of how you earned the money — this could be your salary, the sale of a property, company, or shares or from inheritance

 

Please send us your bank statements from the account ending in [XXXXX]

·         They must show transactions from the past 3 months

·         The latest date on the statement must be today or yesterday

 

Let us know why you’re making payments to xxxxxxxx xxxxxxxxx

·         A detailed description explaining what the money was used for or the reason for making these transfers

·         Let us know your relationship to the recipient

 

Upload all your documents here (Wise website).
 

 

Pretty much the same information that my UK offshore bank requested from me about 6 months ago as part of their KYC compliance procedures (customer for about 38 years).

 

What's your problem again?

[freeworld]

2 hours ago, Liquorice said:

Wise don't define 'bigger' transfers.

I transferred £20,000 at the beginning of this year, and £10, 000 last week, with no additional questions being requested.

 

I wonder if the issue is how much and to which Thai bank @TroubleandGrumpy is transferring to.

Only Bangkok Bank, SCB and Kasikorn can accept automatic transfers of more than 50K THB (up to 3m THB) without additional information.

 

Nothing to do with any of that how much money one transfers.

 

The banks and financial institutions periodically update their customers/users KYC information which it seems what the OP is all about.

 

[TroubleandGrumpy]

On 7/8/2024 at 10:19 AM, Liquorice said:

Wise don't define 'bigger' transfers.

I transferred £20,000 at the beginning of this year, and £10, 000 last week, with no additional questions being requested.

 

I wonder if the issue is how much and to which Thai bank @TroubleandGrumpy is transferring to.

Only Bangkok Bank, SCB and Kasikorn can accept automatic transfers of more than 50K THB (up to 3m THB) without additional information.

 

I think it was about the amounts involved in total probably - each one was well under 1M Baht.  I only transfer to BKK - one in my name and one in wife's name. 

[sanmyintmaung]

On 7/7/2024 at 10:07 AM, CharlieKo said:

I just logged into my Wise account. There was no request to update my logging in details to facilitate an extra layer of security and certainly no request to provide details of where my money came from or any other details for sending funds to Thailand.

 

I note that what the OP is saying may be because he is a new customer to Wise, or that he has changed some details that require doing AML and KYC again.

 

If you link your bank account to Wise, they can view your last 3 months bank account statement.

Below is the statement from Wise how the income verification works when connecting your bank account to Wise.

 

https://wise.com/help/articles/2fIgKG0VDxkthyjwztfXvR/how-does-connecting-to-my-bank-to-verify-my-income-work