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Hi, this was my experience with Transfer Wise money transfer service. I got all signed up on their website and then I only wanted to transfer a small amount [100.00 dollars] at first to make sure it would work. Then I received an email from them asking for a picture ID and the reason why I choose the 100.00 dollar amount and what I was going to spend the money on?
I told them these requirements were not on their website, but they replied they were a financial institution and had the right to know who they were dealing with.
I then said all I wanted was a second option of transferring money to the Phils.
and it was none of their business what I do with my money.
My question for some of you that use this service is this normal?
Needless to say I am quite apprehensive about using this service, am I wrong?

Thanks
 

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I have used them for about a year now and don't remember if I had to send them anything. I have had no problem with them as far as receiving the Php in my account here. I normally do my transaction early afternoon local after the deposit hits my BoA account. If it is a business day in both the Philippines and US I will get the transfer between 5-8 pm local in my Php BDO account. If local or US holiday I receive it the morning of the next business day in Philippines. They use the current XE market rate minus just under !%.


How much would you like to transfer?
You send

1,000

USD
- 9.90 USD Our fee (included)
51.71250 Guaranteed rate (24 hrs)
Recipient gets

51,200.55

PHP

Chuck
 

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I would give it one more try before I gave up on them. I have never used their service so I am not referring about them directly, but sometimes some people seem to get big heads about their position and demand things beyond the normal. As an instance, 2 years ago when I wanted to send my income tax form in, I tried LBC. The female behind the counter started to open the envelope which already had the US Dept of Revenue address on it. I stopped her and asked what she was doing. She replied that she had to see what was in it. I took it & left as they have no business inquiring what is in it & have never gone back to LBC.

Fred
 

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Requiring extra ID especially on the first transaction is becoming more normal as I believe there has been a change in the security requirements recently.
 

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Requiring extra ID especially on the first transaction is becoming more normal as I believe there has been a change in the security requirements recently.
A few months ago Wells Fargo added another layer of security requiring a code. USAA has had this same second layer for many moons. I do believe that most all financial institutions are adding security to their transactions & communications because of so much cybercrime.

Fred
 

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Hi, this was my experience with Transfer Wise money transfer service. I got all signed up on their website and then I only wanted to transfer a small amount [100.00 dollars] at first to make sure it would work. Then I received an email from them asking for a picture ID and the reason why I choose the 100.00 dollar amount and what I was going to spend the money on?
I told them these requirements were not on their website, but they replied they were a financial institution and had the right to know who they were dealing with.
I then said all I wanted was a second option of transferring money to the Phils.
and it was none of their business what I do with my money.
My question for some of you that use this service is this normal?
Needless to say I am quite apprehensive about using this service, am I wrong?

Thanks
I have not used Transferwise myself but know people who have and all report favourably.
I will be using them in coming months. As far as being asked these questions, I sent off a request to my Australian bank recently for funds to buy a house. I also received a call asking the same questions.
Like you, I think what I do with my money is my business, but the Aussie bank guy told me that Philippines have been put on the watch list for terrorist money laundering recently and they are required to do so. Whilst I am not happy with that, I have nothing to hid, so complied. Fact of life in the crazy world we live in.:yo:
 

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I was told that it is a requirement of the Philippine government to target "money launderers" Extra security as to who I am does not bother me in that it might hinder a fraudulent transfer. As Americans we seem to bristle at these type questions...I know I did...but I guess that as long as there are universal requirements I (we) have to cooperate in order to get it done! It would cause less consternation if this was all explained in the sign up process... My 2 cents worth
 

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I was told that it is a requirement of the Philippine government to target "money launderers" Extra security as to who I am does not bother me in that it might hinder a fraudulent transfer. As Americans we seem to bristle at these type questions...I know I did...but I guess that as long as there are universal requirements I (we) have to cooperate in order to get it done! It would cause less consternation if this was all explained in the sign up process... My 2 cents worth
Seems as if that is the norm here, no one explains anything and when you are going through some process is when you find out all the details. At times gets very frustrating.

Fred
 

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Just a few days ago I made 2 fairly large transfers from Dubai to my bank in Davao, using my usual exchange place, not Transferwise. As the total was Php1.85m, I was advised to make 2 transfers to keep the amounts below a level that might draw attention from the money laundering checks. Didn't work, they must have linked the two transfers and still there were some additional questions asked. Yes indeed, it is a reflection of the times we live in, and I guess money transferred to Philippines is coming under some additional security checks.
 
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