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TransferWise changes name to Wise

wise.com

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Re: TransferWise changes name to Wise

#3

Post by jcun4128 »

I've had good experience with TWise, sending money can be such a pain. WU was okay but after you exceed some amount start to get blocked/have to prove identity etc... I'm not rich/not sending massive amounts but was still getting flagged early on. TW is working pretty well so far, so is WU after I sent some docs. I tried a few other companies too but yeah settled on TW/WU.

Re: TransferWise changes name to Wise

#4

Post by hiq »

xmodem wrote: post #2

I'm very happy with TransferWise' low fees, but their 'borderless' account is unfortunately no substitute for a real account in the native currency in a lot of cases.

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

Re: TransferWise changes name to Wise

#6

Post by mtmail »

jcun4128 wrote: post #3

I've had good experience with TWise, sending money can be such a pain. WU was okay but after you exceed some amount start to get blocked/have to prove identity etc... I'm not rich/not sending massive amounts but was still getting flagged early on. TW is working pretty well so far, so is WU after I sent some docs. I tried a few other companies too but yeah settled on TW/WU.

We use it for business regularly and repeat transfers become faster over time. We had freelancers (EUR->GBP) receive their money in 2 days, after a while it was down to hours and we even saw 1 hour transfers. The limit became the receiving back making the funds available to the bank account owner.

Re: TransferWise changes name to Wise

#7

Post by jen20 »

panarky wrote: post #5
xmodem wrote: post #2

I'm very happy with TransferWise' low fees, but their 'borderless' account is unfortunately no substitute for a real account in the native currency in a lot of cases.

What are the limitations?

One in the US is that you cannot use a borderless account for ACH transactions initiated by the counterparty (despite it presenting the details that make it look like you can).

Re: TransferWise changes name to Wise

#8

Post by jsnell »

This feels like an incredibly ill-advised rebrand. Everyone I know of who uses TransferWise uses it rarely, like once per year. They won't be slowly eased into the new name. They'll try using the service again for the first time in a while, and everything will have changed to look like a phishing scam. And this is a service where that trust is critical, since the interaction model of the service is so odd. I'm transferring a 5 figure amount of money to a middleman, and hoping to get 99% of it back in a few days. That requires a bit of a leap of faith.

The only way this makes sense is if they're intending to sunset the transfers in a couple of years, and are all in on their "we're not calling it a bank account, so who knows if we're actually regulated like a bank" product.

Re: TransferWise changes name to Wise

#10

Post by tonystubblebine »

jsnell wrote: post #8

This feels like an incredibly ill-advised rebrand. Everyone I know of who uses TransferWise uses it rarely, like once per year. They won't be slowly eased into the new name. They'll try using the service again for the first time in a while, and everything will have changed to look like a phishing scam. And this is a service where that trust is critical, since the interaction model of the service is so odd. I'm transf…

We use it multiple times a month and seemingly the people that want to be paid this way from us seem very familiar with it. Not sure which of our anecdotes are closer to the actual truth.
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