Wise xsfer limit

[Bertik]

Got the following message from Wise this morning when I was attempting to transfer 1000 USD to my Thai bank account.  "Sorry we cannot transfer more than $29,000 USD ( I think they meant 29,000 baht) at this time. Does anybody know anything about this new change? 

Also, rather than using the ACH route they are only allowing the transfer to be charged to a debit card if amount is more than $750.

 

 

[Faz]

Unfortunately Bertik, sometimes one get so used to following a routine, when a change appears under their nose it's missed.

                                                                              Notice at the bottom !

[GMoney2312]

I saw this as well. An extra $38 on a credit card for a fee?

No Thanks!

[Bertik]

I saw that they amended their original alert later and added the note to return on Monday. It wasn't in their original post so anyway I guess we'll see what happens on Monday the 3rd.

[Chaimai]

2 hours ago, Bertik said:

I saw that they amended their original alert later and added the note to return on Monday. It wasn't in their original post so anyway I guess we'll see what happens on Monday the 3rd.

 

Everything will be back to 'normal' on Monday because the markets are live.

[Bertik]

2 hours ago, Chaimai said:

Everything will be back to 'normal' on Monday because the markets are live.

That would be good news.  I appreciate your optimism.

[Bertik]

Would be nice to have some specifics as to the reason for the current limitation of $ transfer. Probably something  to do with the strength of the US dollar.

[Chaimai]

50 minutes ago, Bertik said:

Would be nice to have some specifics as to the reason for the current limitation of $ transfer. Probably something  to do with the strength of the US dollar.

Market volatility.

 

1 hour ago, Bertik said:

That would be good news.  I appreciate your optimism.

No, simple fact - normal transactions will be restored on Monday when the global financial markets open.

[Bertik]

Mr. Chaimai; Please indulge my ignorance, I don't mean to be contrary, but why is this weekend any different than any other weekend? Market volatility has been with us for awhile. The euro has been weakening for several weeks as well as most other currencies. Has a tipping point been reached?

 

[Bertik]

As an update, it looks as though all is back to normal at Wise.

[Chaimai]

1 hour ago, Bertik said:

As an update, it looks as though all is back to normal at Wise.

Indeed....

 

 

International

Same currency

You send exactly

GBP

–6.38 GBP

Low cost transfer

fee

=993.62 GBPTotal amount we’ll convert

×42.6495Guaranteed rate (2 hrs)

Recipient gets

THB

You could save up to 60.29 GBP vs the average bank.Compare price

Should arrive in seconds

 

[Chaimai]

On 10/2/2022 at 3:22 PM, Bertik said:

Mr. Chaimai; Please indulge my ignorance, I don't mean to be contrary, but why is this weekend any different than any other weekend? Market volatility has been with us for awhile. The euro has been weakening for several weeks as well as most other currencies. Has a tipping point been reached?

 

We have not seen volatility at current levels for a long time, coupled with the uncertainty - particularly surrounding  Sterling. It is only because it was the weekend and rates were not 'live' - that exposes WISE to undue risk, hence the limitation on the value of transfers.

 

With the markets now open again WISE can react to whichever way the markets are moving. Thankfully more stable (at the moment) for Sterling after the government U-turn on higher rate tax.

[Bertik]

Thanks fòr your analysis Mr.Chaimai.