Wise-payment bounced (GBP) Thread poster: ladyinredscr (X)
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ladyinredscr (X)
Germany
Local time: 07:34
German to English
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Hello everyone,
I have never used Wise before and it turns out a client of mine has used it to pay my invoice. The payment bounced so they have tried today once again. The client is in the UK and has sent a EUR payment to my EUR account in a Polish bank.
Is it common that this kind of situations happen? My bank has not been able to give me any information, a nice customer service officer kept repeating to have no idea what Wise is.
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Tom in London
United Kingdom
Local time: 06:34
Member (2008)
Italian to English
Dr. Monika Wyczynska wrote:
Hello everyone,
I have never used Wise before and it turns out a client of mine has used it to pay my invoice. The payment bounced so they have tried today once again. The client is in the UK and has sent a EUR payment to my EUR account in a Polish bank.
Is it common that this kind of situations happen? My bank has not been able to give me any information, a nice customer service officer kept repeating to have no idea what Wise is.
The client should send the payment to your Wise account in any currency they prefer. Then you can access it from there and Wise will automatically convert it if necessary.
I know this is a slightly laborious process but it works quite well and eliminates bank transfer charges.
[Edited at 2021-09-23 15:48 GMT]
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ladyinredscr (X)
Germany
Local time: 07:34
German to English
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TOPIC STARTER
Tom in London wrote: Dr. Monika Wyczynska wrote:
Hello everyone,
I have never used Wise before and it turns out a client of mine has used it to pay my invoice. The payment bounced so they have tried today once again. The client is in the UK and has sent a EUR payment to my EUR account in a Polish bank.
Is it common that this kind of situations happen? My bank has not been able to give me any information, a nice customer service officer kept repeating to have no idea what Wise is. The client should send the payment to your Wise account. Then you can access it from there.
Thank you, Tom. I do not have one, they used to pay me through a regular transfer.
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| Incorrect IBAN | Sep 23, 2021 |
Did they check that the IBAN and account holder name were correct? It seems the most likely explanation.
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| You don't need a Wise account for that | Sep 23, 2021 |
Dr. Monika Wyczynska wrote:
they used to pay me through a regular transfer.
That's very expensive from the UK. With Wise, it costs almost nothing. You don't need to do anything, but they still need to enter your account number and the account holder name correctly. You haven't told us if they have double-checked that.
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ladyinredscr (X)
Germany
Local time: 07:34
German to English
+ ...
TOPIC STARTER | I have now asked them | Sep 23, 2021 |
Thomas T. Frost wrote: Dr. Monika Wyczynska wrote:
they used to pay me through a regular transfer. That's very expensive from the UK. With Wise, it costs almost nothing. You don't need to do anything, but they still need to enter your account number and the account holder name correctly. You haven't told us if they have double-checked that.
You might be right, Thomas. Since the accountant addressed me "Christina" (which is not my name), this might be the case. I have just written an e-mail to clarify.
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After Brexit, most of my British clients have been paying me through Wise (ex-Transferwise) directly to my bank account. I have no account with Wise…
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ladyinredscr (X)
Germany
Local time: 07:34
German to English
+ ...
TOPIC STARTER
Teresa Borges wrote:
After Brexit, most of my British clients have been paying me through Wise (ex-Transferwise) directly to my bank account. I have no account with Wise…
Thank you! How long does it take for the payment to arrive?
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Stepan Konev 
Russian Federation
Local time: 08:34
English to Russian
I receive money from different clients using Wise and I don't have an account with Wise. Once I had a problem with it — they randomly choose transactions from time to time for vetting, no matter whether you have an account or not. This time they chose me... It took 2 weeks for me to get my payment. They (Wise) asked many questions: my full name, my birth date, my place of residence, whether I live in or have anything to do with Crimea, etc. Finally they authorized the transaction two weeks aft... See more I receive money from different clients using Wise and I don't have an account with Wise. Once I had a problem with it — they randomly choose transactions from time to time for vetting, no matter whether you have an account or not. This time they chose me... It took 2 weeks for me to get my payment. They (Wise) asked many questions: my full name, my birth date, my place of residence, whether I live in or have anything to do with Crimea, etc. Finally they authorized the transaction two weeks after sending me the money. However it happened just one single time. Dozens of other payments arrived well without any account. ▲ Collapse
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| Real-time when possible | Sep 23, 2021 |
Dr. Monika Wyczynska wrote:
Thank you! How long does it take for the payment to arrive?
They use instant SEPA transfers when the receiving bank accepts them (many don't). Otherwise it takes one business day.
I have a Wise account with balances in USD, GBP and EUR and local bank account numbers in these currencies, which makes it fast and cheap to be paid by clients in the US in USD and the UK in GBP (and similar for vendors outside the eurozone paid in EUR from the eurozone). No more rip-off bank or PayPal fees. ~0.5% commission on the live exchange rate. Not the greedy 3% or more practised by nearly all UK banks and PayPal. No rip-off intermediary bank fees.
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Samuel Murray
Netherlands
Local time: 07:34
Member (2006)
English to Afrikaans
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Tom in London wrote:
The client should send the payment to your Wise account in any currency they prefer.
Yes. While it is true that you can send money from any currency to any currency in Wise, Wise will typically select the most appropriate currencies for the source and target country. But you can change it to anything. I'm not sure what happens if you try to send EUR to a non-EUR account, though... possibly the bank itself will apply a currency exchange rate.
But in this case, the OP has an EUR account. OP, does your EUR account have an IBAN number that is different from your personal bank account number?
Then you can access it from there and Wise will automatically convert it if necessary.
That is not how I am used to using Wise and have seen it used. Wise will take money from the sender's bank account and send it to the recipient's bank account. Wise is not like PayPal where the money sits in an "account" where the recipient needs to log in and issue a withdrawal request.
Just yesterday the club that I belong in the Netherlands to received a Wise transfer from the UK. The money went directly from the sender's bank account to the club's bank account. It took 2 hours from start to finish, and there were practically no transaction fees for either side. The club does not have a Wise account. The sender does need to sign up for a Wise account, but the recipient can be a bank account.
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| Wise balances | Sep 23, 2021 |
Samuel Murray wrote:
Wise is not like PayPal where the money sits in an "account" where the recipient needs to log in and issue a withdrawal request.
Yes, you can use it like that. When I get paid from the US in USD, the client pays it into my US bank account with Wise using a US routing and account number. That way, it's just a domestic ACH transfer for the client. The funds then sit in my USD Wise account until I decide to change it to EUR (when the exchange rate is in my favour), transfer it or use it via a Wise debit card. Same for the other balances.
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Dr. Monika Wyczynska wrote: Teresa Borges wrote:
After Brexit, most of my British clients have been paying me through Wise (ex-Transferwise) directly to my bank account. I have no account with Wise… Thank you! How long does it take for the payment to arrive?
Two days max. I get an email notification from Wise saying that someone has send me money and one or two days later I have it on my bank account. Never had a problem...
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Sybille Brückner
Germany
Local time: 07:34
Member (2003)
English to German
+ ...
| Wise payment from the UK | Sep 24, 2021 |
to Germany needs 1 or 2 days max. Good experience with Wise.
Sybille
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Tom in London
United Kingdom
Local time: 06:34
Member (2008)
Italian to English
| I do this all the time | Sep 24, 2021 |
Samuel Murray wrote:
......I'm not sure what happens if you try to send EUR to a non-EUR account, though.....
For that reason it's advisable to have the WISE account in EUR. WHen I transfer the money from WISE to my UK bank account, WISE automatically converts it to GBP. The exchange rate is not significantly different from the exchange rate that my UK bank would have applied on the same date.
[Edited at 2021-09-24 10:49 GMT]
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