Transferwise asking clarification

lavender11

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eskbanker

1) Yes.
2) Don't know, only one way to find out though.
3) You'd presumably need to find another money transfer provider, although others may also require you to declare and/or evidence source of funds.

sillyhilly

Which country are you sending these funds to, out of interest?

As above:

1) Yes

2) They will most likely request more information. It strikes as 'odd' that family and friends are lending you £20k to buy a house. It looks to me that you're getting loads of credits into your account from various third parties and sending it offshore, which will flag instantly.

3) You'll have the funds returned to you. They may report you to the National Crime Agency if they suspect anything is amiss, and this return of funds may take up to 2 weeks.

born_again

When you say "Bank Deposits"
Is that cash paid in over the counter?

sillyhilly

OK, so you're getting cash deposits into your account from unknown third parties, and are then transferring it abroad.

Which country are you sending it to? (patiently waits confirmation of a high risk country....)

born_again

lavender11 wrote: »

Over the counter and at ATM machines

No wonder.

Ben8282

You have very good friends if they are giving you money to assist you to buy a property in a foreign country.
Why are they giving you cash?
Why are you withdrawing your savings in cash from wherever the savings were previously then paying it in over the counter and through ATM's?
Paying it in to what account? You say TransferWise is asking the questions, not the bank that you are paying the cash into. How could TransferWise possibly know how the money got into your bank account in the first place?

eskbanker

Ben8282 wrote: »

You say TransferWise is asking the questions, not the bank that you are paying the cash into. How could TransferWise possibly know how the money got into your bank account in the first place?

It'll be visible on OP's bank statements!

lavender11 wrote: »

TransferWise asked me to email them my bank statements which I did and now they asked me to explain cash deposits in my account.

sal_III

Multiple cash deposits from untraceable sources, funnelled abroad to purchase a property. This is text book money laundering.

Note, I'm not saying that OP is doing ML, just that Transferwise have every right to be suspicious and demand evidence and explanation.

1) Absolutely, especially under the circumstances. They are obliged by the law to follow AML procedures.
2) Only Transferwise can answer that question, it's their discretion.
3) I would strongly advise against ignoring the request for details. The funds can be frozen and potentially seized if there is evidence of ML