Wise (formerly TransferWise)

[snpark]

Now I am worried

I used revolut to transfer €4600 and it is missing

Brrr 🥶 This topic scares me! I’m not a client yet, but I think I’ll just pass my way and go to open an account at Monzo instead of Revolut…

community.revolut.com

 

[MamangDudul]

Now I am worried

I used revolut to transfer €4600 and it is missing

Brrr 🥶 This topic scares me! I’m not a client yet, but I think I’ll just pass my way and go to open an account at Monzo instead of Revolut…

community.revolut.com

Indeed scary to read such things. Personally for small amounts I don't mind using something like wise or revolut (but from now on better not), for bigger amounts it is better to use a "real" bank even if the rates are higher. I've seend pretty big amounts with some german banks in the past, the highest I ever paid was like 150€ for the transaction. Sure, seems like a lot but better than losing 51000 for example.

 

[jstar]

But still, something is off, very fishy, I would not recommend Revolut to anyone for sure, Wise uses them for some transactions I believe

Very premature conclusion without any own experience. And some guy who had a problem six (6!) years ago?! Those forums are full of spam and hoaxes. Never had any issues with outgoing payments. Perhaps the guy screwed you. Or your BCA didn’t accept it.

 

[jstar]

On the latter, I have personally seen that before; also an international transaction, also to our BCA account. Didn’t hear from them and the funds were just in limbo. Only after calling them we found out for them it was suspicious transaction and nobody took any action. Since then we mention receiver name and telephone number in the payment description / reference. That already helped.

 

[snpark]

It's not one guy. There's dozens of cases mentioned even 2023

Not so much fraud or missing money as appalling customer service where there was no way to contact revolut and no one bothered to investigate why where what etc if the money was stuck with a correspondent bank

 

[Balifrog]

Indeed.
I just made a transfer from France 2 days ago.
But where usually it took only 1 minute, this time it took 36 hours.

Maybe a problem of availability or conversion Euro / IDR ?

Rebounding on my previous post, I did a 1000 Euro (17 Jt) transfer this morning and received the money in my Indo account 3 minutes later

 

[snpark]

I did GBP Euro from Lloyds TSB bank Isle of Man yesterday morning and it was in my BCA in the afternoon so I presume with the time difference 7 hours that could have been within an hour or so

 

[Balifrog]

I did GBP Euro from Lloyds TSB bank Isle of Man yesterday morning and it was in my BCA in the afternoon so I presume with the time difference 7 hours that could have been within an hour or so

Consider local time only, not the time zone difference.
Computers don't care about time zones !
Order passed at 07:41 local
HSBC Indo notice 07:48 local

 

[snpark]

I meant they open at 8 (9?) And plus 7hr so maybe at 3.01 it was there. But it was definitely less than 2 hours because around 4-5 Jakarta time was in

 

[Balifrog]

I meant they open at 8 (9?) And plus 7hr so maybe at 3.01 it was there. But it was definitely less than 2 hours because around 4-5 Jakarta time was in

No, it's 24/24 365 days, except maintenance breaks.
When I pass my order at 07:00 am Bali time, it's 01:00 am in France.
Office hours have no importance as there is no human intervention in the chain.

 

[Samoerai]

Which is exactly the problem I have now with this German guy sent me 51,000 euro through Revolut to BCA, it left his "account" 16 May with a full MT103, still to now nothing arrived, BCA nothing in system, no error etc, his bank "its gone, no problem etc etc"

What was/is the BIC code for your BCA bank and the branche code? CENAIDJA...

 

[snpark]

CENAIDJAXXX

Central Asia (for BCA bank central Asia)

Indonesia
Jakarta
Xxx is main branch

 

[snpark]

No, it's 24/24 365 days, except maintenance breaks.
When I pass my order at 07:00 am Bali time, it's 01:00 am in France.
Office hours have no importance as there is no human intervention in the chain.

Sorry I'm talking about Lloyds Bank not wise
It says transfers processed office hours only M-F
So the processed it Monday 8 or 9 am
And I checked in Jakarta around 4 which is about 10 in UK.
Maybe it was there at 3 or 2
Anyway same day

 

[Balifrog]

Sorry I'm talking about Lloyds Bank not wise
It says transfers processed office hours only M-F
So the processed it Monday 8 or 9 am
And I checked in Jakarta around 4 which is about 10 in UK.
Maybe it was there at 3 or 2
Anyway same day

Ok, noted. My bank in France is S.G.
I do an online transfer anytime day or night or W.E. it is executed immediately (at a cost of 0,80 euro, free transfer is within 24h)
Money is send to Wise's bank account in Belgium and then I am credited in Indo.
Note : WISE works by compensation, so it's not MY money that arrives on my account but money that Wise must have somewhere in Indonesia.

 

[snpark]

Ok, noted. My bank in France is S.G.
I do an online transfer anytime day or night or W.E. it is executed immediately (at a cost of 0,80 euro, free transfer is within 24h)
Money is send to Wise's bank account in Belgium and then I am credited in Indo.
Note : WISE works by compensation, so it's not MY money that arrives on my account but money that Wise must have somewhere in Indonesia.

That's the hawalla system. Upgrade from the indian

It's like me calling my mate in NYC asking him to give $50 to my buddy there and I will send him later or he asks me to give $50 to his friend here

It works off trust. I mean really all money is numbers on a screen and should be instant

But by keeping your money for a day that's how bankers make money.
Lend it out, buy stocks etc or put on overnight money market forex etc
They pay you 2% but lend it out at 5%

 

[Balifrog]

That's the hawalla system. Upgrade from the indian

It's like me calling my mate in NYC asking him to give $50 to my buddy there and I will send him later or he asks me to give $50 to his friend here

Correct, their system is based on that principle. I was just too lazy to look up the name.

And agreed for the 2nd part of your post.
When VERY young I worked 3 years in banking (1970) and it was already like that.
I left that world to join the Navy because I could not imagine myself spending half a century in an office with a suite, whatever the position.

 

[snpark]

I was an RAF family, born RAF Halton, went to RAF military school (Duke of Kent, London) but after Biggin Hill and Cranwell from 16,000 down to 64 they said im A4 G1 Z1 my eyesight wasn't perfect 20-20 so "if you got an eye injury you would not be able to see to fly back to base" (says the 200kg Sarge with bifocals)
I'm like yeh get a SAM in my eye might sting a bit. Don't we have autopilot in GR4 ?

So why join RAF if can't fly? Navigator on a C130? RAF Regiment?? QCS? Scream at tourists all day outside the barracks
Can still be commercial pilot or rotary. Ironically by 13 already been up in a Puma, Seaking, Gazelle, Apache and a Chinook from Odiham to school, sat by the open ramp all the way back.
In the end went for greed - Chase Manhattan. Then oops 1991, end of story with financial industry
Worked for a billionaire in London / Jersey then off to Dubai 92ish

The rest is history as they say

 

[Shadrach]

I use Wise, and it has been working superbly for me. Fast and efficient. I use Dollars to Rupiah, and the rate is good. I heard don't pay with Dollars, but change the Dollar to Rupiah first, then transfer.

 

[harryopal1]

I’ve been using Wise for a while, and it’s generally great, but sometimes their exchange rates don’t work in my favor.

The question is do you transfer $ to your bank here and then exchange. If so the you are losing money every time. Having Wise send Rupiah gives a much better exchange rate.

 

[Hawk256]

I'm still not brave enough to involve another party into the equation. My bank gives free wire transfers with competitive exchange rates. Saving a couple of dollars just doesn't seem worth it. When there is a problem you will have three parties pointing the finger at each other. Already some instances in this thread. Plus you are giving yet another party all of financial information to be seen when it is hacked. Not really a question of if anymore but when.