Wise Transfer Today

Bob .. bet you Wise is faster transferring money into our account!  Want to bet ?

Happy trails :-)

@Enzyte Bob

i also used Wise just transferred 3k USD to PNB for mortgage, car and other bills. Great rate 58.67

just curious why not use a CC at Landers? I use my Visa and get 3% back

Morgacj200424 said . . . .
i also used Wise just transferred 3k USD to PNB for mortgage, car and other bills. Great rate 58.67
just curious why not use a CC at Landers? I use my Visa and get 3% back

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My credit cards are all from the states, at checkout if I say in pesos, the states side bank gives me a poor rate in the exchange. If I choose dollars the processing company S&R/Landers uses takes a bite and a poor rate.

When I first came here I had a Citi CC, no interest for 18 months and 3% rebate. One day I get a letter of cancellation because of inactivity for one year. I had used the card for cataract surgery and paid it off in time and got the rebate.

Can't win

Received a notification that one client wired me funds Friday afternoon.  My Wise account had the funds by this morning. Made the transfer to my RCBC account this afternoon, and was received in about a minute.

the US rate is climbing again. just under 59.00 to the US $1.

Were going shopping at Lander's today so I made a transfer using Wise to BDO. Wise informed me the transfer took six seconds. Sure enough the money was in the BDO account. - @Enzyte Bob

I recently made a $2K transfer to my dentist's bank account. Here in the provinces, dentist's don't accept credit cards and I don't like acquiring and walking around with thousands $ in cash so bank to bank, my account to dr account seemed logical. I used remitly to make the transfer, which was supposed to take 6 seconds according to the app, however, some sort of security flag must have gone up. They told me to contact them at their USA phone number and there I was, stuck in their security maze over a small bank to bank transfer. They told me they didn’t like my using a VPN I didn't realize was even turned on; they kept asking where I was (overseas?), I sent ID photos and selfies and finally the guy said I am all set now to make larger remitly transfers while living in the Philippines. This, after having used remitly regularly since 2021 for smaller transfers, almost every day. So, 16 hours later my dentist got his money into his bank account.

Next time, whenever that may be, I will try WISE. It may be that WISE is better prepared for these transfers and satisfy their security algorithms BEFORE you make a larger transfer. In fact, during this whole incident with remitly I would gave been happy to simply cancel the transfer and use another, like WISE or WORLDREMIT. But once it got started they would not give the option to cancel. I do not like delays in such cases, after all. the dentist could refuse the work until the transfer made it through. For remitly, they have up to now been extremely fast and reliable for money transfers in the hundreds of dollars but their security chokes the first time you get into the thouands. There is no warning of additional verification needed for a simple $2000 transfer, their security is empowered to put customers through the mill and I suspect this will cost them some business. I will continue to use remitly where it works well...smaller transfers. For medium size like this one, in the future I will try WISE. For very large transfers there is SWIFT of course.

I had similar issues with Remitly a couple of years ago and gave up.  Wise has worked fine for direct bank transfer. I have only used World Remit for "cash pickup", like at M L'Huillier (which is sometimes necessary in the province if BPI is down), but they gave me some hassles this past Feb when I was transferring money for a truck we were buying. They held it up and required additional verification.

I told the buyer (private seller) I'd have the $15K (840k peso) to them by the end of the week and it took me 1 Wise transfer, 1 World Remit, and 3 Wells Fargo Express Sends to get it into my partner's BPI account, lol. Wells Fargo was by far the fastest and least hassle. And they now actually pay a competitive rate. Two days ago they paid 58.17 on my monthly transfer. But of course you have to set it up and bank with WFB to begin with.

@pnwcyclist

they gave me some hassles this past Feb when I was transferring money for a truck we were buying. They held it up and required additional verification.

That is one of my points. If you have good reason to believe your transfer will go though, fine, then we use the service. However, the minute they put you through that "additional verification" song and dance, which is not part if the regular pricess, the customer should have the option to immediately cancel the transfer and effectively tell the service to go F themselves and then you go somewhere else for your transfer. One reason to do that is that the verification process itself can have arbitrary and ominous requirements and/or be very frustrating as they reject your photos and selfies and never seem ti accept anything you send. When I see that happening, I would prefer to cancel. However, once your are in their verification loop, your are stuck and your funds are frozen until you clear it. Apparently they don’t want to lose your business (pr the fraud department wants to keep their jobs) so you are forced to do the process which they tell you is for your protection

For sure; they are very concerned lol..

When a company does that to me, I will find another service or method to move my money for future transfers. BTW, SWIFT transfers are less likely to put you through that nonsense...it is pretty straightforward but in my case, I did make a transfer and the second bank that was to send the transfer came back to me via the first bank with security questions. It wasn't that bad but this is something new that I experienced. It didn’t delay the transfer as they sent it before I was able to get the answers back to them and this doesn't really seem to make sense other than "make-work" activity or possibly proof of due diligence for the 2nd bank's security department.

Just sent 525k to my PNB account. 50% Remitly Circle and 50%WISE. Sent them at the same time.

November 14, 2024 EST

Bank Deposit

Philippine National Bank

PHP

November 14, 2024 EST

November 15, 2024 PHT

WISE:

Total to Recipient

₽ 262620.00 HP. WISE rate was slightly better than Remitly but there was a $30+ fee.  After all was said and time they were almost even.

4,500 USD

37.99 USD

4,462.01 USD

1 USD = 58.8670 PHP

You will receive

262,665.14

Remitly Circle:

Fee: None

November 14, 2024 EST

11341669-0932-4df6-95dc-

96d5b39f8558

Bank Deposit

Philippine National Bank

PHP

November 14, 2024 EST

November 15, 2024 PHT

Remitly Wallet Balance

4500.00 USD

Total Amount Charged

$ 4500.00 USD

Total to Recipient

₽ 262620.00 PHP

1 USD =58.36

Remitly arrived 15, November 11:36 am

WISE arrived 15, November 1:47 pm

I have used both services multiple times with few issues. WISE almost always has the better rate but has fees.