Send £100k to a USA bank account
Discussion
I used Xe.com to send 60k a long while back (2011) , not sure how easy it is to get a high value transfer account today and not sure their rates are as competitive as they once were. but for example a quote just now would yield $134,740.00 from your £100k with rates at 1.3473 (0.7422).
I have a vague recollection I transferred the money to them via chaps at the time which would have incurred additional fees, they may well just run it through a debit card now though.
I have a vague recollection I transferred the money to them via chaps at the time which would have incurred additional fees, they may well just run it through a debit card now though.
If you're using Wise for such a large sum, be careful. I sent $5K USD 8 days ago, and after 2 days, site told me that the money was sent. 4 days ago I got an email asking all manner of questions, when it's a firm I've paid many times over a period of years, with the same acc number. I sent them a copy of the invoice and answered all the Qs, but they still can't tell me where the money is. The supplier in Taiwan (it's a part no longer made in the UK, alas) hasn't been paid and - obviously - won't ship the parts (urgently needed, months behind schedule). The TW firn is established 40 years. I have a website, SM presence and everything to show I'm a legit trader.
Wise only reply to about 1/5 emails. I tried to call them, and got a woman who spoke loudly over me. When I tried the online chat box, I got the same response 'it'll arrive in 2-5 days'. No one can tell me where the cash is, or when it'll arrive. I've been told that I can't have a refund, one piece of info they did tell me.
I've used them without trouble for years and accept well into 6 figures a year using them (I told them this and it didn't change their tone at all - High St banks change their tone when they know you have good turnover). I won't be using them again and am quite worried about where the cash is.
Wise is great when it works, but when it doesn't, you won't get any answers at all. Methinks that they offer good rates because they are stripped to the bone in terms of staff and the level of training given to staff. I'm no defender of the Big Four, but when something goes wrong, you get a reason and you get taken seriously. Be warned!
Wise only reply to about 1/5 emails. I tried to call them, and got a woman who spoke loudly over me. When I tried the online chat box, I got the same response 'it'll arrive in 2-5 days'. No one can tell me where the cash is, or when it'll arrive. I've been told that I can't have a refund, one piece of info they did tell me.
I've used them without trouble for years and accept well into 6 figures a year using them (I told them this and it didn't change their tone at all - High St banks change their tone when they know you have good turnover). I won't be using them again and am quite worried about where the cash is.
Wise is great when it works, but when it doesn't, you won't get any answers at all. Methinks that they offer good rates because they are stripped to the bone in terms of staff and the level of training given to staff. I'm no defender of the Big Four, but when something goes wrong, you get a reason and you get taken seriously. Be warned!
Bloody hell, I’d hate to wondering where my £115k had gone.
flat16 said:
If you're using Wise for such a large sum, be careful. I sent $5K USD 8 days ago, and after 2 days, site told me that the money was sent. 4 days ago I got an email asking all manner of questions, when it's a firm I've paid many times over a period of years, with the same acc number. I sent them a copy of the invoice and answered all the Qs, but they still can't tell me where the money is. The supplier in Taiwan (it's a part no longer made in the UK, alas) hasn't been paid and - obviously - won't ship the parts (urgently needed, months behind schedule). The TW firn is established 40 years. I have a website, SM presence and everything to show I'm a legit trader.
Wise only reply to about 1/5 emails. I tried to call them, and got a woman who spoke loudly over me. When I tried the online chat box, I got the same response 'it'll arrive in 2-5 days'. No one can tell me where the cash is, or when it'll arrive. I've been told that I can't have a refund, one piece of info they did tell me.
I've used them without trouble for years and accept well into 6 figures a year using them (I told them this and it didn't change their tone at all - High St banks change their tone when they know you have good turnover). I won't be using them again and am quite worried about where the cash is.
Wise is great when it works, but when it doesn't, you won't get any answers at all. Methinks that they offer good rates because they are stripped to the bone in terms of staff and the level of training given to staff. I'm no defender of the Big Four, but when something goes wrong, you get a reason and you get taken seriously. Be warned!
Wise only reply to about 1/5 emails. I tried to call them, and got a woman who spoke loudly over me. When I tried the online chat box, I got the same response 'it'll arrive in 2-5 days'. No one can tell me where the cash is, or when it'll arrive. I've been told that I can't have a refund, one piece of info they did tell me.
I've used them without trouble for years and accept well into 6 figures a year using them (I told them this and it didn't change their tone at all - High St banks change their tone when they know you have good turnover). I won't be using them again and am quite worried about where the cash is.
Wise is great when it works, but when it doesn't, you won't get any answers at all. Methinks that they offer good rates because they are stripped to the bone in terms of staff and the level of training given to staff. I'm no defender of the Big Four, but when something goes wrong, you get a reason and you get taken seriously. Be warned!
NCE 61 said:
I have used Wise for several years now, good exchange rates and very quick.
So have I. But nothing had gone wrong, and I didn't need customer service. Once you do need CS, you are in real trouble. They have emailed me again, offering no proof of where the money is at all. If you wondered why they are cheap, now you know!Link: https://en.wikipedia.org/wiki/Revolut#Controversie...
Taken from link
[quote] It was reported in the past that Revolut's algorithms suspend accounts in error for weeks or months at a time because Revolut did not have sufficient compliance agents to review the automated suspensions sooner. While Revolut paid no interest on the large suspended balances, it could earn interest on the funds in wholesale money markets. Customers whose accounts were suspended were blocked from contacting Revolut's usual chat support channel and instead received automated responses from a chatbot
[/quote]
This sums up the impression I am getting from Wise at the moment. Their models can't be that different. It was my suspicion from the get-go that the cash would be in a holding account, earning money for Wise.
Taken from link
[quote] It was reported in the past that Revolut's algorithms suspend accounts in error for weeks or months at a time because Revolut did not have sufficient compliance agents to review the automated suspensions sooner. While Revolut paid no interest on the large suspended balances, it could earn interest on the funds in wholesale money markets. Customers whose accounts were suspended were blocked from contacting Revolut's usual chat support channel and instead received automated responses from a chatbot
[/quote]
This sums up the impression I am getting from Wise at the moment. Their models can't be that different. It was my suspicion from the get-go that the cash would be in a holding account, earning money for Wise.
Over a period, I moved more than £100K through Revolut, mainly USD->GBP. Once I got to 100K (ish) they asked me for some additional information on source of funds but never froze anything. I took photos of some documents and sent them over and it was cleared within a day. Seemed appropriate to me, but I do know others have had issues.
Mr Whippy said:
Funny all the AML worries when the money originates from AML controlled accounts.
How can you need AML checks again? It’s either clean or it’s not.
Is this because it’s going from UK and GBP to USA and USD?
Some of it. Others will just be getting picked up as 'random' AML checks. Of course, for some it will eventually be because the owners have legged it with all the unprotected client money. How can you need AML checks again? It’s either clean or it’s not.
Is this because it’s going from UK and GBP to USA and USD?
If there's no rush then it's always worth breaking the payments down so you never have much exposed to these firms as there is a very good reason why they are cheap.
They've had a great run but all these 'disruptor' enterprises are facing normal market conditions currently and the client money isn't client money but theirs.
And of course, one must also consider what could happen to Russian backed fx firms.
Only send amounts that you can flush down the toilet and not notice in each transaction as that's the only way to protect yourself from total loss.
I tried to send to UK from the US last week by Wise, it kept "not happening" I was told if it's over 10K you have to do it in person.
Went to my bank, my buddy rec'd about 450 less than he would have got with Wise, exchange rate of just over 1.4 plus other costs.
I'll send in lumps next time.
Went to my bank, my buddy rec'd about 450 less than he would have got with Wise, exchange rate of just over 1.4 plus other costs.
I'll send in lumps next time.
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