Wise.com lost my money

doozeon

Wise use an intermediary bank- I don't know which one- their position appears to be that I have to prove I'm not lying and the recipient before they'll investigate. But surely their system should allow them to double check and verify the payment. I wish I'd known what the process would be if my transfer went missing.

nyermen

I'd ask them what payment gateway was used (SEPA, SWIFT, etc) for the payment.  

Incidentally, I'd ask a board guide to move this to the banking section, generally more knowledgeable people there on payments processing.

Withbellson

doozeon said:

Wise use an intermediary bank- I don't know which one- their position appears to be that I have to prove I'm not lying and the recipient before they'll investigate. But surely their system should allow them to double check and verify the payment. I wish I'd known what the process would be if my transfer went missing.

• UK and any other region not listed above: if we can't send a final response within 15 working days, we'll let you know. In some cases, we can take up to 35 business days to check your case.

Tell them that you have done enough and await their final response.

Then;

You can make a complaint with the Financial Ombudsman Service (FOS).

• Online: www.financial-ombudsman.org.uk

• Email: complaint.info@financial-ombudsman.org.uk

• Mail: The Financial Ombudsman Service Exchange Tower, London, E14 9SR

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• If you’re not in the UK, call +44 20 7964 0500.

You have 6 months to make a complaint after we send you a final response.

doozeon

I've made a complaint, after 15 days I'll contact the Ombudsman- I've contacted the agent for more evidence.I'll just have to wait.
Thanks to everyone who replied to my query. I'll post back here once things have been resolved.

Alan_Bowen

Just a warning that the Ombudsman scheme is completely overwhelmed at the moment and cases are taking a very long time to be reviewed, a colleague complained in July 2020 and got a review last month!

doozeon

I think I know what has happened. Whilst waiting for my transfer with Wise to get sorted, I have transferred a similar amount with Currencies Direct so that we can proceed with the purchase. Three days after being told that the transfer was successful CD have got back in touch, the intermediary bank will not process the transfer without further info from me re money laundering checks. They asked for the name and address of my employer, I've informed them that I'm retired and prior to that I was self-employed for 18 years. So now I have to wait for some more questions before they'll proceed.

I think the same thing has happened with Wise's intermediary, but their customer service/communication is much poorer. Although I am 61 years old, born and raised in the UK, married with 3 grown up children and have never been in trouble with the police, I do have a middle eastern name, and I am used to the fact that I get checked /held up a lot more than the average person. If Wise would just communicate with their intermediary, then I could answer the extra questions and move on. 

MiserlyMartin

That really is ridiculous. These money laundering checks are just an annoying hassle. I know this may not help you now but you could have opened an Irish current account while you were over viewing properties, in fact with PTSB even. Then you could have sent the money into your Irish account via Wise ready for the booking deposit, then transferred the money to the auctioneer from your Irish account. You'll need a bank account if you are going to be living over there anyway.

doozeon

The 10,000 has just been found. Citibank - the intermediary bank of Wise.com has finally contacted the recipient and asked him some questions about me, My full name, my dob, and my place of birth. before they will consider releasing my money to the agents PTSB account. So Citibank have just sat on my money for 4 weeks and Wise.com did not know/care about it.

Ctibank even told the agent that my name was on a list, which is why they were asking extra questions, but not why they waited 4 weeks before they let  anyone know. If I hadn't got extra funds available I could have lost the house purchase over it.

I will never use Wise.com again, their rates are very good, but the price you pay for that is that everything is online, and although there is a helpline who's going to wait north of 1 hour and 20 minutes to speak to someone. As long as you don't have a problem Wise.com is fine, but they couldn't have cared less when my money went missing

doozeon

I thought it was over, but it's not. Money has still not arrived in recipients account. Wise have suggested I contact the recipients bank and ask them to send it back. I have pointed out that the recipients bank has not received the money, and that I have no channel to contact them. I can't ring them, and online facilities are for existing account holders only. Wise.com still can't/won't help they just tell me it's a successful transfer from their end, and I tell them it's not a success if the money doesn't get there.

doozeon

Money arrived yesterday afternoon, approx 6 weeks after it was sent. No reasons/apology given for the delay. Suffice to say I will never use Wise.com again - If you have a problem they really won't help.