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  • FIRST POST
    • lavender11
    • By lavender11 22nd Oct 19, 11:13 AM
    • 1Posts
    • 0Thanks
    lavender11
    Transferwise asking clarification
    • #1
    • 22nd Oct 19, 11:13 AM
    Transferwise asking clarification 22nd Oct 19 at 11:13 AM
    This thread is no longer available
    Last edited by lavender11; 24-10-2019 at 4:26 PM.
Page 1
    • eskbanker
    • By eskbanker 22nd Oct 19, 11:32 AM
    • 11,665 Posts
    • 14,457 Thanks
    eskbanker
    • #2
    • 22nd Oct 19, 11:32 AM
    • #2
    • 22nd Oct 19, 11:32 AM
    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
    • By sillyhilly 22nd Oct 19, 11:50 AM
    • 172 Posts
    • 237 Thanks
    sillyhilly
    • #3
    • 22nd Oct 19, 11:50 AM
    • #3
    • 22nd Oct 19, 11:50 AM
    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
    • By born again 22nd Oct 19, 4:04 PM
    • 609 Posts
    • 317 Thanks
    born again
    • #4
    • 22nd Oct 19, 4:04 PM
    • #4
    • 22nd Oct 19, 4:04 PM
    When you say "Bank Deposits"
    Is that cash paid in over the counter?
    • sillyhilly
    • By sillyhilly 23rd Oct 19, 1:24 PM
    • 172 Posts
    • 237 Thanks
    sillyhilly
    • #5
    • 23rd Oct 19, 1:24 PM
    • #5
    • 23rd Oct 19, 1:24 PM
    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
    • By born again 23rd Oct 19, 8:40 PM
    • 609 Posts
    • 317 Thanks
    born again
    • #6
    • 23rd Oct 19, 8:40 PM
    • #6
    • 23rd Oct 19, 8:40 PM
    Over the counter and at ATM machines
    Originally posted by lavender11

    No wonder.
    • Ben8282
    • By Ben8282 23rd Oct 19, 8:51 PM
    • 3,968 Posts
    • 2,168 Thanks
    Ben8282
    • #7
    • 23rd Oct 19, 8:51 PM
    • #7
    • 23rd Oct 19, 8:51 PM
    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
    • By eskbanker 24th Oct 19, 12:30 AM
    • 11,665 Posts
    • 14,457 Thanks
    eskbanker
    • #8
    • 24th Oct 19, 12:30 AM
    • #8
    • 24th Oct 19, 12:30 AM
    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?
    Originally posted by Ben8282
    It'll be visible on OP's bank statements!
    TransferWise asked me to email them my bank statements which I did and now they asked me to explain cash deposits in my account.
    Originally posted by lavender11
    • sal_III
    • By sal_III 24th Oct 19, 10:48 AM
    • 1,552 Posts
    • 1,455 Thanks
    sal_III
    • #9
    • 24th Oct 19, 10:48 AM
    • #9
    • 24th Oct 19, 10:48 AM
    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
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