Wise large transfer

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Forums › Finance and wealth management › Wise large transfer

marpada

475 posts

Ultimate Geek

#310651 9-Nov-2023 13:47

Hi there,

Wondering if anybody here has had issues with Wise "large transfers", ie if a transaction was flagged what was the rough amount, and how easy was to solve it, or how much was the maximum amount you've sent with Wise.

Talkiet

4792 posts

Uber Geek

Trusted

#3157584 9-Nov-2023 13:49

Hundreds of thousands of dollars, although I broke it down and sent it (to the UK) in chunks of about $25k NZD.

Nothing was ever flagged, it all got through quickly. Source banks here were Westpac and ASB.

(I was sending my sister inheritance money)

Cheers - N

Please note all comments are from my own brain and don't necessarily represent the position or opinions of my employer, previous employers, colleagues, friends or pets.

marpada

475 posts

Ultimate Geek

#3157585 9-Nov-2023 13:56

Talkiet:

Hundreds of thousands of dollars, although I broke it down and sent it (to the UK) in chunks of about $25k NZD.

Nothing was ever flagged, it all got through quickly. Source banks here were Westpac and ASB.

Thanks. I thought of breaking it down but I assumed eventually that will trigger some alarm. I'm sending my savings to AU which I have proof of, but trying to avoid the risk of having a big transfer blocked for days or weeks.

Bung

6477 posts

Uber Geek

Subscriber

#3157639 9-Nov-2023 14:42

Is the opportunity to buy the Sydney Harbour Bridge only available this week? 😉

Rushmere

354 posts

Ultimate Geek

#3157710 9-Nov-2023 16:16

I’ve used Wise a lot, and never had anything flagged or delayed.

The largest single transfer I’ve done was a little over $130k (from UK to NZ), and that went through with no delays or any additional checks required.

However, I’ve got no idea whether there is a blanket maximum amount that can be sent without it being flagged, or if it’s potentially affected by other factors as well.

marpada

475 posts

Ultimate Geek

#3157714 9-Nov-2023 16:37

Bung: Is the opportunity to buy the Sydney Harbour Bridge only available this week? 😉

I'll be lucky if I can afford something more than a carpark.

Handle9

11386 posts

Uber Geek

Trusted

Lifetime subscriber

#3157718 9-Nov-2023 16:52

Check currency fairs for rates for a large transfer. They normally work out cheaper than Wise for large amounts (greater than $10k)

The transfer works a bit slower depending on the currencies but I’ve found them reliable

Stu1

1769 posts

Uber Geek

ID Verified

Subscriber

#3157720 9-Nov-2023 16:56

Any transaction over 1k gets reported to the FIU, it could also be flagged based on multiple AML/CFT rules such as ,sanctioned countries , high risk countries ect

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marpada

475 posts

Ultimate Geek

#3157723 9-Nov-2023 17:13

Handle9: Check currency fairs for rates for a large transfer. They normally work out cheaper than Wise for large amounts (greater than $10k)

The transfer works a bit slower depending on the currencies but I’ve found them reliable

Never heard of CurrencyFair, for a NZ $10000 to AU looks similar than Wise:

Wise: 0.922987 rate and 44.43 fee -> 9,188.86 AUD
CurrencyFair: 0.9190 rate and 4.00 fee -> 9,186.00 AUD

Wheelbarrow01

1723 posts

Uber Geek

Trusted

Chorus

#3157830 10-Nov-2023 01:10

I sent $260k to my brother's Canadian bank account through Wise around 3 years ago, in a single transaction with no issue. I did do a test $50 transfer first to make sure I had my brother's bank details correct first - that provided real peace of mind and I recommend for large amounts.

There were probably cheaper ways I could have done it, but none that I trusted as much as Wise (or Transferwise as they were known at the time).

Their fee on that amount was NZ$1300 which was less than the fee quoted by many other methods including banks, xe.com etc, and when Wise's competitive currency conversion rate was taken into account they were certainly up there with the best in terms of the highest cleared Canadian funds.

[Edit: added extra context]

Handle9

11386 posts

Uber Geek

Trusted

Lifetime subscriber

#3157831 10-Nov-2023 01:33

marpada:

Handle9: Check currency fairs for rates for a large transfer. They normally work out cheaper than Wise for large amounts (greater than $10k)

The transfer works a bit slower depending on the currencies but I’ve found them reliable

Never heard of CurrencyFair, for a NZ $10000 to AU looks similar than Wise:

Wise: 0.922987 rate and 44.43 fee -> 9,188.86 AUD
CurrencyFair: 0.9190 rate and 4.00 fee -> 9,186.00 AUD

It depends on the day but I’ve usually found them to have better rates. YMMV of course, checking is the right thing to do.

I’ve used them for hundreds of thousands of dollars of transfers over the last 5 years. We can’t send funds into WIse from the UAE - they don’t accept dirhams.