Transferwise is no more - Rebranded !

[Oxx 3,506]

Apparently it's been rebranded as "Wise".

 

https://techcrunch.com/2021/02/21/wise/

[KhunBENQ 15,701]

34 minutes ago, Oxx said:

Apparently it's been rebranded as "Wise".

 

https://techcrunch.com/2021/02/21/wise/

I saw it announced on the app today.

So far no actions/changes for users.

As long as the conditions/features don't change for the worse I don't care about names.

Edited February 22 by KhunBENQ

[norfolkandchance 742]

Just sent money across. No change to the site.

[OJAS 3,103]

Could be quite a big deal for us Brits making online transfers from our UK accounts actually. At present I make my monthly transfers to an account with an 8-digit number and 6-digit sort code in the name of TRANSFERWISE. The necessary details are recorded as an online payee in my UK account. However should WISE in their infinite wisdom decide to change the account number and sort code, then it follows that I am going to have create a new payee in my UK account accordingly.

 

And even if WISE decide to retain the existing account number and sort code, they will surely change the account name from TRANSFERWISE to WISE at some stage - which could then unwittingly cause me to fall foul of the "Confirmation of Payee" system introduced last June (under which account names must match exactly at both originating and receiving ends - see link below) and, hence, transfers to fail, unless, again, I take the necessary action to amend my UK account payee details to the new WISE account name.

 

https://www.mirror.co.uk/money/new-bank-transfer-rules-come-22277233

 

So all in all, I am far from amused at the prospect of having to tinker with my UK account payee details one way or another solely on account of a bloody name change.

 

Edited February 22 by onthedarkside
quote of hidden post removed

[Pilotman 19,575]

2 minutes ago, OJAS said:

 

Could be quite a big deal for us Brits making online transfers from our UK accounts actually. At present I make my monthly transfers to an account with an 8-digit number and 6-digit sort code in the name of TRANSFERWISE. The necessary details are recorded as an online payee in my UK account. However should WISE in their infinite wisdom decide to change the account number and sort code, then it follows that I am going to have create a new payee in my UK account accordingly.

 

And even if WISE decide to retain the existing account number and sort code, they will surely change the account name from TRANSFERWISE to WISE at some stage - which could then unwittingly cause me to fall foul of the "Confirmation of Payee" system introduced last June (under which account names must match at both originating and receiving ends - see link below) and, hence, transfers to fail, unless, again, I take the necessary action to amend my UK account payee details to the new WISE account name.

 

https://www.mirror.co.uk/money/new-bank-transfer-rules-come-22277233

 

All in all, I am far from amused at the prospect of having to tinker with my UK account payee details one way or another solely on account of a bloody name change.

 

fair enough.  I use my debit card for the transfers from my UK bank,  so not an issue for me, yet. 

[bolt 145]

My advice would be to contact WISE and request clarification about your question.

There’s plenty of other 3^rd party transfer companies out there

[Ralf001 45]

28 minutes ago, OJAS said:

Could be quite a big deal for us Brits making online transfers from our UK accounts actually. At present I make my monthly transfers to an account with an 8-digit number and 6-digit sort code in the name of TRANSFERWISE. The necessary details are recorded as an online payee in my UK account. However should WISE in their infinite wisdom decide to change the account number and sort code, then it follows that I am going to have create a new payee in my UK account accordingly.

 

And even if WISE decide to retain the existing account number and sort code, they will surely change the account name from TRANSFERWISE to WISE at some stage - which could then unwittingly cause me to fall foul of the "Confirmation of Payee" system introduced last June (under which account names must match exactly at both originating and receiving ends - see link below) and, hence, transfers to fail, unless, again, I take the necessary action to amend my UK account payee details to the new WISE account name.

 

https://www.mirror.co.uk/money/new-bank-transfer-rules-come-22277233

 

So all in all, I am far from amused at the prospect of having to tinker with my UK account payee details one way or another solely on account of a bloody name change.

 

 

is it that much of a hassle to change account names if they do ?

[treetops 1,205]

41 minutes ago, Ralf001 said:

is it that much of a hassle to change account names if they do ?

 

It would mean setting up a new payee which could mean using an OTP.  From other threads a lot of expats will have problems as they no longer have a home country mobile phone and their bank won't send to overseas numbers.

Edited February 22 by treetops

[Ralf001 45]

19 minutes ago, treetops said:

 

It would mean setting up a new payee which could mean using an OTP.  From other threads a lot of expats will have problems as they no longer have a home country mobile phone and their bank won't send to overseas numbers.

I did not consider an OTP so that is a fair point.

[OJAS 3,103]

19 hours ago, Pilotman said:

fair enough.  I use my debit card for the transfers from my UK bank,  so not an issue for me, yet. 

Good luck with doing that after your card has expired and been replaced in due course! Seems they're stopping transfers being paid for with credit and debit cards.

 

[Pilotman 19,575]

13 minutes ago, OJAS said:

Good luck with doing that after your card has expired and been replaced in due course! Seems they're stopping transfers being paid for with credit and debit cards.

 

My new card arrived three months ago, no issues at all.  Where do you get that BS information from? 

[Neeranam 8,338]

Is there a limit for this application? I mean for sending funds from Thailand to the UK.

[donnacha 6,022]

20 hours ago, OJAS said:

So all in all, I am far from amused at the prospect of having to tinker with my UK account payee details one way or another solely on account of a bloody name change.

You are jumping to a lot of conclusions. That can't be good for your blood pressure. They will no doubt keep such details the same in order to minimize both inconvenience to their customers and their own support burden.
 

On 2/22/2021 at 7:36 AM, Oxx said:

Apparently it's been rebranded as "Wise".

Terrific move. That domain will have cost them several million.

[donnacha 6,022]

1 minute ago, Neeranam said:

Is there a limit for this application? I mean for sending funds from Thailand to the UK.

You can make a foreign transfer from a Thai bank to your Transferwise account, as long as they both have different account holder names.
 

[Neeranam 8,338]

1 minute ago, donnacha said:

You can make a foreign transfer from a Thai bank to your Transferwise account, as long as they both have different account holder names.
 

Do you mean the same name?