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BANGKOK 21 March 2019 22:31
rickb

TransferWise Considered Fraudulent By My US Bank

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Suspect it may have more to do with this.

Image result for foreign account tax compliance act (fatca)Image result for foreign account tax compliance act (fatca)

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42 minutes ago, Sheryl said:

The online complaints do seem to be disproportionately from Americans. May be an issue with rhe TW US bank and may also be recent or have worsened in recent years.

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app
 

I read the complaints and I must say I am very scared now.

I know there was another thread a few weeks ago that told of people having problems with payments to their account here in Thailand, but nobody's account was closed and everyone got their money,

As for me, I made another transfer this month and money did not come the next day as normal. Their was an extra 2 day delay, but they did show that when I made the transfer. They gave no reason as to why it was taking longer to transfer here.

Needless to say, this makes me very uneasy to use them. They may have some serious issues going on now behind the scenes.

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I've been with TW from the very start. There were problems with their Thai partner some years ago, and it resulted in TW stopping the service (UK to Thailand) for a couple of months. They picked up new Thai partners and it's been fine since.

 

Last transfer took just 4 hours 45 minutes from my UK bank to my Thai bank.

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48 minutes ago, lopburi3 said:

Suspect it may have more to do with this.

Image result for foreign account tax compliance act (fatca)Image result for foreign account tax compliance act (fatca)

So is it as difficult to do domestic transfers in the US?.......because my transfer to TW in the UK is a simple straight forward domestic transfer, they have a UK bank account I transfer to.

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29 minutes ago, racyrick said:

As for me, I made another transfer this month and money did not come the next day as normal.

That can happen if holidays/weekend involved.

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7 minutes ago, sumrit said:

So is it as difficult to do domestic transfers in the US?.......because my transfer to TW in the UK is a simple straight forward domestic transfer, they have a UK bank account I transfer to.

Domestic transfers in USA can be subject to checks - normally believe it is keyed at 10K but when I lived in Florida it was much less for anything in that region due to drug money,  But suspect Transferwise is subject to special provisions to allow foreign account payouts of deposited money and likely are very anxious to avoid any potential money laundering issues.

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I've been using Transferwise for sometime now without a hitch. There are several ways one can transfer funds to them, one being by using a credit card, which costs a little more in charges but which is more secure. Personally I always go the cheaper route by transferring funds from my UK account.

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12 minutes ago, lopburi3 said:

Domestic transfers in USA can be subject to checks - normally believe it is keyed at 10K but when I lived in Florida it was much less for anything in that region due to drug money,  But suspect Transferwise is subject to special provisions to allow foreign account payouts of deposited money and likely are very anxious to avoid any potential money laundering issues.

So is there a level above/below where checks are/aren't normally made?

 

People don't seem to have a problem transferring from the UK. But it appears there is a problem for Americans because of their banking/tax system

Edited by sumrit

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17 hours ago, Sheryl said:

I have never known my bank to be slow.

 

And even if there was a delay in my response, why would they deactivate the entire account? Surely that would just rule out one payment method?

 

 

Sheryl,

I would make another signup attempt using a debit/visa card as your first source of funds (you do not need bank ACH) say for $100 then if this works you know your general account is set up then add a bank ACH... Thst is how I set mine up...

 

Also I would suggest OFX.com as an alternate... I have just set my account up and thru the ACH adding process a real person at their customer service emails me to confirm things!... great customer service... 

Edited by sfokevin

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I did not try to do a domestic transfer, I tried to have TW "pull" the funds via ACH. They did not have my bank listed which made that more complex but while that created delays I am not sure that has anything at all to do with their deactivating my account. If anything the delay worked in my favor because it meant the account deactivation happened before they had gotten my money.

 

What I suspect is going on is that TW in the US is using some sort of algorithm to flag "suspicious" transactions. And then immediately deactivating accounts that are flagged without any human investigation first. This is a pretty common (and infuriating) practice among financial institutiond in the US. For years I had headaches with my credit card companies because of this and the transactions they flagged (and blocked) were ludicrous. One of them had transactions in certain countries including Thailand on the "flag" list, without regard for if the cardholder lived in Thailand. Another one apparently looked for sudden changes in amounts and flagged and blocked any payment larger in amount than prior months -- even if a similiar payment, to the same place, at about the same time, had been made periodically over the years. My favorite was when they flagged and blocked my tax payment to the IRS.....I am reasonably sure credit card thieves do not go paying people's taxes for them! Point being everything they blocked, had any human with half a brain looked at it together with my past payment history and address, would have been seen to be non-suspicious. But nobody does that, it is all by (often badly designed) algorithm

 

 

If I had wire transferred the money to TW that would have gone right to them but I suspect they would still have deactivated the account only now they'd have my money and I'd be struggling to get it back...as has happened to many customers, most of them in US.

 

What it was that tripped the algorithm, who kmows. Could have been the amount, the Thai destination, maybe both and also combined with being a new user.

 

You can be assurred I will definitely mot waste my time trying to start a new account. Which is probably not allowed anyhow.

 

They may use algorithms in the UK too but perhaps they are better crafted or used only as a flag with actual human investigation before action is taken....as it should be.

 

If they are using algorithms that would explain the refusal to give a reason when they deactivate an account, they would not want the algorithm to be known.

 

Those if you who have been using TW for some time without problem will probably be OK unless you make a transfer that is for a much larger sum than in the past. People wanting to do this for the first time -- especially if American and especially if transferring in to meet the 400/800k retirement requirement - be forewarned and definitely do not do this if time is of the essence. I was doing this for an 800k extension but luckily was starting far in advance so the loss of time didn't affect things via extension wise.

 

Just thoroughly p***ed me off.

 

 

 

 

 

 

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app

 

 

 

 

 

 

 

 

 

 

 

 

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5 minutes ago, Sheryl said:

If I had wire transferred the money to TW that would have gone right to them but I suspect they would still have deactivated the account only now they'd have my money and I'd be struggling to get it back...as has happened to many customers, most of them in US.

I don't think you would have had any trouble getting your money back.

 

A mate of mine from the UK thought he could load his TW account ready for a transfer later that day and transferred some money to TW from his bank account before he had actually set up the transfer in the normal way. (yes, I know you can do this on their One card now but before they were available you had to set up the transfer first before sending the the money) Because, when they received the money in their account, there was no live pending transfer to match the money to they returned it to his bank account immediately then emailed him to confirm what they'd done.

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1 hour ago, sumrit said:

So is there a level above/below where checks are/aren't normally made?

 

People don't seem to have a problem transferring from the UK. But it appears there is a problem for Americans because of their banking/tax system

 

Plenty of complaints from UK folks and other nationalities but a person needs to go to website that reflects country-specific and/or worldwide feedback.   The usconsumersaffairs website is basically focused towards people living in the US and US folks will go complaint there in many cases.

 

Now go to a website that compares different money transfer services and collects feedback on a worldwide basis like below website.  Be sure to click Review More Reviews at the bottom of each page to pull more review.   Many, many stories like Sheryl's where Transferwise just abruptly deactivated accounts.  And sometimes people with Borderless Accounts (which Sheryl didn't have) apparently get deactivated because of the "people who sent payments" into the borderless account.  Sometimes Transferwise feedback provides specifics inferring why the account was deactivated but usually it just a canned response not saying why.   Then we have the situation of Transferwise trying to comply with different "know your customer" rules in different countries....some countries are stricter than others.

 

https://www.compareremit.com/money-transfer-companies/transferwise-reviews/

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1 hour ago, Sheryl said:

What I suspect is going on is that TW in the US is using some sort of algorithm to flag "suspicious" transactions. And then immediately deactivating accounts that are flagged without any human investigation first. This is a pretty common (and infuriating) practice among financial institutions in the US....

 

....What it was that tripped the algorithm, who knows. Could have been the amount, the Thai destination, maybe both and also combined with being a new user.

Totally agree.  And I expect your Thailand address combined in trying to transfer the maximum ACH $15,000 limit on your first transfer caused an algorithm to trip and deactivate your account.   Nothing wrong in having a Thailand address but combined with going for the max on the first transfer that may have been the problem.  But who really knows...Transferwise is not going to say even if they approve your appeal and reactivate your account. 

Edited by Pib

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Another good place for US folks to review complaints against a company registered in the US is the Better Business Bureau website.  You can select by state, by company, etc.   Below is set for New York complaints against Transferwise.  But always keep in mind the US is a large country....around 330 million people....you can file numerous complaints (valid and invalid) on most any product/service/company.  But those complaints may be a small percentage of a product/service/company customer base. 

 

But I do think when Transferwise decides you have violated some rule, they immediately deactivate your account, throw you under the bus, and become extremely hard to communicate with (i.e., hard to get someone to answer the Transferwise doorbell).  

 

https://www.bbb.org/us/ny/new-york/profile/money-orders/transferwise-inc-0121-166054/complaints

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2 hours ago, Pib said:

Totally agree.  And I expect your Thailand address combined in trying to transfer the maximum ACH $15,000 limit on your first transfer caused an algorithm to trip and deactivate your account.   Nothing wrong in having a Thailand address but combined with going for the max on the first transfer that may have been the problem.  But who really knows...Transferwise is not going to say even if they approve your appeal and reactivate your account. 

They refused the appeal. And yes, no reason given. Nor wan any information about me or the transaction solicited so I doubt there was really any sort of deliberation or review process.  Had there been, surely they would have asked for some additional information of some kind.

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