38 minutes ago, jas007 said:

Why does Wise care where the money comes from or where it's going?

I don't use Wise but this thread prompted me to try and have a look at their Ts and Cs. I can understand many of the restrictions but their list is extensive - https://wise.com/us/acceptable-use-policy-inc

 

The language to me is confusing as under 1.2 they say lawful transactions are ok but then follow up with a paragraph that says

Quote

We do not support businesses or transactions which are involved in any of the following categories, such businesses or transactions may be declined.

 This list includes "adult content", online pharmacies and IPTV and VoIP providers.........amongst others.  

1 hour ago, Halman said:

But not where you actually live?  If so, that is illegal.  

Dont be an a$$hole. Its illegal huh? Thanks for your brilliant comment….

2 hours ago, BritManToo said:

when Dee Money went bust.

 

You have evidence of this? There were rumours in December and  nothing since.

57 minutes ago, jas007 said:

Why does Wise care where the money comes from or where it's going?

 

Because around 20% of all money in financial circulation is criminal money. That money is seeking to be laundered by obfuscating its origins through lots of money transfers through legitimate organisations like Wise.

7 hours ago, khunjake said:

Guys, something very serious developing for those who use Wise. After being a customer for over 3 years, Wise halted an incoming bank transfer and proceeded to freeze all of the remaining funds in my account. Over 5 figures of assets.

Thanks for the head's up but all I can say is that my recent transactions have been fine - and those included a one off large amount.

 

I've had payments (in the UK) held by my UK in recent months - one of which was to Wise. The money didn't arrive in my Wise account  so I called my UK bank who told me that the transfer to Wise was being held on a random fraud check.  It was a small amount to my own account which I make regularly to cover household running expenses. I complained and told them to either send it or return it to my account.  I was called back, asked a few personal questions and the cash was sent to Wise who transferred it immediately.

 

Last week I had occasion to send a large amount for a car purchase and checked with Wise whether it was likely to be held or not. They told me that if it was under $50,000 US it would not be held but I might need to be verified before it could be sent. Long story short, I took a chance and just sent it the normal way. It was not held my either my UK bank or Wise and arrived in my Thai bank account seconds after it was sent.

6 minutes ago, MangoKorat said:

Thanks for the head's up but all I can say is that my recent transactions have been fine - and those included a one off large amount.

 

I've had payments (in the UK) held by my UK in recent months - one of which was to Wise. The money didn't arrive in my Wise account  so I called my UK bank who told me that the transfer to Wise was being held on a random fraud check.  It was a small amount to my own account which I make regularly to cover household running expenses. I complained and told them to either send it or return it to my account.  I was called back, asked a few personal questions and the cash was sent to Wise who transferred it immediately.

 

Last week I had occasion to send a large amount for a car purchase and checked with Wise whether it was likely to be held. They told me that if it was under $50,000 US it would not be held but I might need to be verified before it could be sent. Long story short, I took a chance and just sent it the normal way. It was not held my either my UK bank or Wise and arrived in my Thai bank account seconds after it was sent.

Things usually work great.. until they don’t. 

31 minutes ago, khunjake said:

Things usually work great.. until they don’t. 

 

31 minutes ago, khunjake said:

Things usually work great.. until they don’t. 

Over the years I've never had any problems using Wise but then I only use it for transfers not a depositry. It's only for living expenses and every 3 months. I still like a bet on the horses from time to time so if you wan't to bet on the races and watch them live you need a VPN. Once again it all about money laundering.

37 minutes ago, Mason45 said:

 

Over the years I've never had any problems using Wise but then I only use it for transfers not a depositry. It's only for living expenses and every 3 months. I still like a bet on the horses from time to time so if you wan't to bet on the races and watch them live you need a VPN. Once again it all about money laundering.

May I add I send money from Australia to Thailand using Wise, My comment about betting and watching horse racing and other sporting events in Australia is they are restricted to people living in Australia only to help prevent money laundering, that's why I have to use a VPN.

1 hour ago, khunjake said:

2 hours ago, Halman said:

But not where you actually live?  If so, that is illegal.  

Dont be an a$$hole. Its illegal huh? Thanks for your brilliant comment….

Google the Patriot Act bank residential address requirement if you don't believe me.  You are required to list your real residential address on your bank account.  I don't make or like the law, but that's what it is.  Good luck.

There have been random posts saying Wise has screwed me over and this is the end for Wise for years and years......But the huge and vast majority of people seem to have no problem with Wise....

 

Considering how many people use Wise in Thailand, this thread would be a heck of a lot longer than 2 pages if there really was a big problem....

The problem isn't with Wise, it's the insanely strict Anti Money Laundering and Counter Terrorism Financing regulations they have to adhere to, in order to stay in business and avoid penalties and sanctions. They're obliged to freeze accounts and are forbidden to say why they did so under anti tipping off rules.

 

They (and all similar financial service providers) err on the side of extreme caution, freeze accounts and cancel transactions for all kinds of obscure reasons. I had a remittance frozen for using my wife's pet name in the transaction reference field, even though I'd stated what the transaction was for. They'd flagged it as suspicious under CTF and Sanctioned individual concerns. They cancelled the transfer and I did get the money refunded a few days later, after I'd provided them with extensive information on whom I was transferring to and why.

 

Gone are the days when our money was ours to do what we liked with.

On 3/21/2025 at 1:58 AM, Moonlover said:

Wise has to care where the money is coming from because they are required to do so by the regulatory institutes. Just like banks they required to report any suspicious activities.

 

One factor that I note from the O/Ps post is that he kept a large sum of money, 'over 5 figures of assets' in his account. (What ever that means) Why I wonder? Wise is set up to transfer money, not as a depository. That's what banks are for. It's that sort of unusual activity that the regulars are likely to pick up on.

 

I only deposit money into my Wise account when I wish to make a transfer and it is usually only there for as long as it takes to complete that transfer, a matter of minutes.

 

That's what Wise does and they are very good at it and I'm happy to continue using them.

 

 

 

It always seemed unwise to use Wise for amateur Forex trading. As if we know what the baht or other currencies will do anyway. 

 

Best not to hold currency with them. They are not a bank. Just have them deduct funds as needed from a real account when sending money. 

13 hours ago, Everyman said:

 

It always seemed unwise to use Wise for amateur Forex trading. As if we know what the baht or other currencies will do anyway. 

 

Best not to hold currency with them. They are not a bank. Just have them deduct funds as needed from a real account when sending money. 

Yes I agree with you. Perhaps it wasn't such a good idea to drop the word "Transfer' from their trade name.