Comments on Wise for large transactions

[yonasl]

Hello,

I have a Wise account and card but never really used it.

I need to receive a quote significant EUR transfer and was wondering if Wise will do any problem when it sees the balance go up by that much from the a20 that it has now.

Any comments/experience from fellow users? I also have Revolut but have heard too many scary stories of accounts getting locked and nobody to talk to other than an AI driven Chatbot.

Thanks!

[John]

I have received 6 figures into Wise (property sale) from the UK and sent it to myself out of the UK, the money arrived when they said it would and surprisingly no documents were asked for.

I opened the Wise account a few years before that, but only put £1 into it and had no other use of the account.

When I asked Wise a question I did not perceive that the answer was written by AI.

I would not risk using revolut for more than 3 figures. This is because I already have regular use of revolut where I receive £100 or so from a “friend” and then gradually spend it on the virtual card. I would be apprehensive about changing this usage pattern.

[masaccio]

I’ve put 6 figures through Revolut as have many colleagues. You could easily be asked for proof of funds first time. I sent them a bank statement for the source of the funds and it took 24 hours to release. Next transactions went through with no check.

Maybe it helps that I have a mid-tier paid account in terms of support but it was worth the fee for unlimited Fx and Revolut’s very slightly better rates (we are talking sub percent at this point).

Anyone using Wise who has not encountered this is just lucky as it’s pretty normal money laundering practice. Maybe it depends upon the source in terms of how much they are trusted but my Fx source is essentially a large US bank.

If you are doing a large amount, I’d put a few quid through first to double check your routing/account information.

But plenty of people where I work use Wise instead of Revolut. The other alternative that is cheap is TorFx.

[redlilly]

OH works for a US firm, where part of compensation is paid out in USD via a large US bank.

For those he knows who have used Revolut, some have had problems with money going missing. Their customer service is really poor in these instances. Wise is much preferred and he, and other peers, have never had problems with it.

[can2]

Semi-regular Wise user here. Recently done a low-5 figure transfer from a large US bank to the UK. Took a week! In all honesty, the app specified the arrival date.
No documents asked, already verified and done KYC, still…

[omicron]

I’ve transferred £500k+ through Wise with no issues or questions being asked.

Though it will depend partly on the risk level associated with the countries you transfer between.

It’s also good practice to split transfers into smaller chunks with a few days/weeks in between to average out the exchange rate, unless you have a reason not to. Yes you might get lucky, but also not!

[SamG]

I have used Wise for 6 figure transactions in the past with no problem. HSBC global money also an option combined with a Euro account

[yonasl]

Thanks so much everyone! Will try Wise and report back if any issues.

[davefl]

I had a few 5 figure transactions into wise from etrade, and no issues. I also used their interest USD pot which generated a really decent return on the balance over a year or so, at a cost in fees of something like £2/month.

I never really withdrew large amounts though, just used the debtit card to spend it on hotels. The only time I paid a big bill ( figures)was a transfer from a UK bank account, into Wise and then pay into a cruise company’s USD bank account.

All flawless.