Wise formerly Transferwise

[STEVE G]

I just transferred £1,000 2 hours ago and no problem.

I was referring to amounts above 1,000 sterling.

Still showing Thursday for amounts over 1,000

I've just had a look on the Wise app and the fees to do two transfers of 1000 pounds is only about 70p more than one of 2000 pounds, so unless you're on a very tight budget, I wouldn't worry about it too much and do multiple transfers.

[sateeb]

Cheers Steve, that was my next plan, saves me doing the math.

Still doesn't answer why amounts over a grand will take a day when it used to take seconds. Ho Hum welcome to multiple transfers.

[caller]

I was referring to amounts above 1,000 sterling.

Still showing Thursday for amounts over 1,000

I transferred just over £2k at 17.26 and it went as normal. They claim the transfer took 6 seconds, but it probably took double that, it even said 'it's taking slighly longer'!

EDIT: Transfer to Kbank.

Have you considered changing the process you use? I had hassle with my bank using an old account that as far as I was aware was dead, as the account to transfer to Wise from, and I couldn't change it. I thought of getting on to my bank, but decided to just do the transfer myself, so that's where basically Wise hand you over to your bank, and when you have done there, they hand you back to Wise.

[HHTel]

I never transfer less than £1500 and never had a problem. I do the same as caller. Do the transfer direct with my bank and then back to Wise.

[STEVE G]

Still doesn't answer why amounts over a grand will take a day when it used to take seconds. Ho Hum welcome to multiple transfers.

I think it's basically because of the way that Wise works.
The reason it's so cheap is because they don't actually transfer money from country to country, they just tie together transfers each way and pay out from a locally registered bank.
I suppose that delays are caused when they might have too much going in one direction so they need to check that things balance out rather than just letting the computer get on with it.
Over the last year I've done quite a few pretty large transfers and the longest I was quoted was three days but it actually went through in less than one so they seem to be giving you the worst scenario.

[craigie123]

Just tried my normal monthly transfer, US$ and greater sum than 1000k sterling, Wise asked me for photo verification before I could continue, had to use my passport and take a selfie, process a bit clunky, but completed. Now they tell me my money will not arrive until July 3rd when they initially said six hours. Also said they will have to receive my money from the bank before they will complete manual verification although I received an email saying they had confirmed my document upload.

Anybody else had to go through this debacle? If I have to do this every month then Wise just lost another customer.

[Big Boy]

No, definitely not, and I've been transferring monthly since 18 Dec 2018 (always well in excess of 1000k Sterling). My next transfer is due on Friday. I'll let you know if I have a problem.

[Bubba1]

Just tried my normal monthly transfer, US$ and greater sum than 1000k sterling, Wise asked me for photo verification before I could continue, had to use my passport and take a selfie, process a bit clunky, but completed. Now they tell me my money will not arrive until July 3rd when they initially said six hours. Also said they will have to receive my money from the bank before they will complete manual verification although I received an email saying they had confirmed my document upload.

Anybody else had to go through this debacle? If I have to do this every month then Wise just lost another customer.

I this happen on Friday as well I uploaded my drivers licence and it was verified in a few minutes.

Took a few days possibly because I put the reason as ‘long term stay in Thailand’ which should make it come across as an international transfer

[sateeb]

Did my monthly transfer on Sunday with no problems.

[Big Boy]

I've just re-read craigie123's post. I read £1000, not "greater sum than 1000k sterling." I was just as bad because I used the same in my reply.

Very sorry craigie123, I can only dream of sums such as "greater sum than 1000k sterling." Trying to move such HUGE amounts probably does require very special verification.

[buksida]

I don't think many people would be sending more than a million quid via Wise so it is probably a typo ... but I could be wrong

Many institutions dealing with money transfers have ramped up their KYC procedures recently, I've had similar issues with other payments platforms.

[Bubba1]

Has anyone gone into their bank for this?

https://www.bangkokpost.com/business/25 ... -toughened

[STEVE G]

Just tried my normal monthly transfer, US$ and greater sum than 1000k sterling, Wise asked me for photo verification before I could continue, had to use my passport and take a selfie, process a bit clunky, but completed. Now they tell me my money will not arrive until July 3rd when they initially said six hours. Also said they will have to receive my money from the bank before they will complete manual verification although I received an email saying they had confirmed my document upload.

Anybody else had to go through this debacle? If I have to do this every month then Wise just lost another customer.

A while back I did several large transfers to buy some land and my account got frozen until I could provide proof of where the money was coming from. I sent them some pay statements and they were happy with that.
I imagine it's because of anti-money laundering rules.

[Ginjaninja]

I did two large transfers in the past week whilst the exchange rate was 'ok'.
Arrived instantaneously. No issue.

[Big Boy]

I'll let you know if I have a problem.

I've just transferred £1,900 - money arrived in seconds.