TransferWise changes name to Wise • Hacker News Board

Re: TransferWise changes name to Wise

#131

Post by watt » Mon, Feb 22, 2021, 8:12 AM UTC

wildfire wrote: post #101

esperent wrote: post #97

Earlier quoted context omitted.

Unfortunately I have come to believe there is no banking service that won't do things like this at some point. For example, I used to swear by N26 until I had a small issue (involving some tiny amount <€50). I told support very politely that I wasn't happy. Their response was full nuclear "pay everything immediately or we're sending your details to a collection agency". I was amazed, I had been a loyal customer for y…

This. I also used N26. There support used to be bad, now it is atroscious. The details of my situation are not important, however I was in contact with Christian Krabus - Head of Customer Care ( https://www.linkedin.com/in/christian-krabus-075a7887/ who it appears no longer works for N26). I would regular have to ask for status updates; email the managing directors and only then would things get progressed. My issue…

are you trying to imply he should continue responding to you after leaving the job?

Re: TransferWise changes name to Wise

#132

Post by dazc » Mon, Feb 22, 2021, 8:17 AM UTC

tdido wrote: post #124

dazc wrote: post #100

Earlier quoted context omitted.

In the UK we have the Financial Conduct Authority. For a registered financial institution you have protection of, I think, something like £80,000 in case the bank goes bust and you can also ask them to investigate any complaint. I have done this once for my own account and a couple of times for others. They really do look into every detail and will award compensation if it's clear the bank was at fault. Institutions…

They seem to be under the FCA: https://transferwise.com/help/articles/2932699/what-is-the-f... Do you mean they don't subscribe to the 80k protection or something like that?

Sorry, yes, the £80k protection is under the Financial Services Compensation Scheme (FSCS) https://www.fscs.org.uk/

Transferwise are not in it and say they protect your money in other ways... https://transferwise.com/help/articles/2949821/is-it-safe-to...

Re: TransferWise changes name to Wise

#133

Post by nly » Mon, Feb 22, 2021, 8:19 AM UTC

emp_ wrote: post #91

Great Timing! USERS BEWARE, my story I used the service for two years and just had the most surreal disastrous experience since the year flipped. I religiously send a the same (about 5k USD) to my home country every month so I can pay my mortgage and other bills I left when moved to NA. 2021 arrives, I start a transfer on January 27, days pass, nothing. I contact support 10 days later (of something that in the past 2…

For anyone in the UK looking for alternatives for simple transfers and no interest in another banking service I've had good experiences with Azimo.

Wasn't sure where to plug the recommendation

Re: TransferWise changes name to Wise

#134

Post by OJFord » Mon, Feb 22, 2021, 8:20 AM UTC

tdido wrote: post #124

dazc wrote: post #100

Earlier quoted context omitted.

In the UK we have the Financial Conduct Authority. For a registered financial institution you have protection of, I think, something like £80,000 in case the bank goes bust and you can also ask them to investigate any complaint. I have done this once for my own account and a couple of times for others. They really do look into every detail and will award compensation if it's clear the bank was at fault. Institutions…

They seem to be under the FCA: https://transferwise.com/help/articles/2932699/what-is-the-f... Do you mean they don't subscribe to the 80k protection or something like that?

There are more services regulated by the FCA than which fall under the protection of the FSCS.

AIUI it would have to sign up to stricter regulation, and be treated as an actual bank account, or maybe as an investment (forex) account.

Re: TransferWise changes name to Wise

#135

Post by nikolay » Mon, Feb 22, 2021, 8:21 AM UTC

colincooke wrote: post #12

I love transferwise, depend on it often. I don't get the rebrand, their old name was descriptive, easy to google, and from all perspectives really good. The rebrand won't change me using it, but I really can't see the positive in this.

Meanwhile, there's Wisely, which is widely promoted by ADP.

Re: TransferWise changes name to Wise

#136

Post by hiq » Mon, Feb 22, 2021, 8:23 AM UTC

Anderkent wrote: post #33

hiq wrote: post #4

Earlier quoted context omitted.

The deal breaker for me is the fee for bank transfers, something I've never paid for before.

Where do you live? Bank wires are pretty expensive everywhere I've seen. (local bank transfers like ACH are free on TW too)

EU / Switzerland, so I've never experienced this. I thought it was due to SEPA preventing such fees, but that doesn't seem to be the case if I read this section correctly: https://en.wikipedia.org/wiki/Single_Euro_Payments_Area#Char.... I guess healthy competition just killed these fees.

I apparently have to pay €0.28 per transfer in EUR with Transferwise. There are competitors (both in CHF and in EUR) that do this for free. I do something like 8 transfers per month, so that's 8*0.28*12 = €26.88 per year, for no added value. Not convincing.

Re: TransferWise changes name to Wise

#137

Post by nly » Mon, Feb 22, 2021, 8:25 AM UTC

nickpp wrote: post #117

ranguna wrote: post #114

Earlier quoted context omitted.

I guess that's the up side of not having free education, free health care system and a good social security.

Yeah, when your government doesn’t take money from your pocket to pay for and give you "free" stuff, you end up with more you can then decide to spend as you need. Who would’ve thought?!

Taxes in the tech hotspots in the US aren't a whole lot lower than e.g. London though. The simple fast is the salaries are just higher

Re: TransferWise changes name to Wise

#138

Post by nickpp » Mon, Feb 22, 2021, 8:27 AM UTC

drukenemo wrote: post #120

nickpp wrote: post #117

Earlier quoted context omitted.

Yeah, when your government doesn’t take money from your pocket to pay for and give you "free" stuff, you end up with more you can then decide to spend as you need. Who would’ve thought?!

It’s indeed a hard point to get across when you’ve been indoctrinated (we all are about something) that leaving it to the government is a better option. For example, people in Europe obsess about retirement plans, but rarely consider the possibility for creating their own private future financial plan.

Yeah, I have one of those (compulsory) retirement plans. Even if it's tax-free, its yield is incredibly crappy compared to my own (very conservative) investments in broad index ETFs.

I would gladly put ALL my savings into my own retirement plan instead of the government's money hole if I was allowed. But I am robbed of that choice...

Re: TransferWise changes name to Wise

#139

Post by nickpp » Mon, Feb 22, 2021, 8:32 AM UTC

nly wrote: post #137

nickpp wrote: post #117

Earlier quoted context omitted.

Yeah, when your government doesn’t take money from your pocket to pay for and give you "free" stuff, you end up with more you can then decide to spend as you need. Who would’ve thought?!

Taxes in the tech hotspots in the US aren't a whole lot lower than e.g. London though. The simple fast is the salaries are just higher

Maybe, but those taxes would be much higher if they'd have to pay for all that "free" stuff the OP was dreaming about.

Re: TransferWise changes name to Wise

#140

Post by ElectricMind » Mon, Feb 22, 2021, 8:33 AM UTC

Ironically not wise. I think Seth Godin will not be pleased. This is against niche philosophy - I was good at something then I wanted to do everything - then I went bankrupt. I like TransferWise but this is ridiculous move.