Wise (former TransferWise) Thread poster: Kathryn Britton
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I have been using Wise for sometime now (well over a year, receiving and making about 6/8 payments per month to/from Italy). However, recently payments are being delayed from one particular client in Italy (a client I have worked with for over 10 years). I have a business account, all my clients are in Italy but for this specific client, Wise asks for extra information (reason for the payment etc). This has happened every month for the last 4 months but this time it has kept the payment "on-hold... See more I have been using Wise for sometime now (well over a year, receiving and making about 6/8 payments per month to/from Italy). However, recently payments are being delayed from one particular client in Italy (a client I have worked with for over 10 years). I have a business account, all my clients are in Italy but for this specific client, Wise asks for extra information (reason for the payment etc). This has happened every month for the last 4 months but this time it has kept the payment "on-hold" for 10 days so far. I have contacted Wise and they say everything is in order, they simply have a backlog of checks but it is making me nervous about other payments coming in and I am wondering whether I should change banks!. Is anyone else having a similar experience? ▲ Collapse
| | | | | Need for them to explain | Apr 5, 2022 |
Clearly, everything is not in order if they keep checking the same company every month over and over again. I would insist on an explanation, since it is contradictory to claim that everything is in order while simultaneously continuing the repeated checking.
I've never had a similar problem with them, so it's probably related to this particular client. Is there anything in their company name that could trigger a warning, such as a word that looks like a country subject to sanctions... See more Clearly, everything is not in order if they keep checking the same company every month over and over again. I would insist on an explanation, since it is contradictory to claim that everything is in order while simultaneously continuing the repeated checking.
I've never had a similar problem with them, so it's probably related to this particular client. Is there anything in their company name that could trigger a warning, such as a word that looks like a country subject to sanctions? ▲ Collapse
| | | | Kathryn Britton
United Kingdom
Local time: 10:58
Italian to English
TOPIC STARTER
@Thomas T. Frost Thanks for you reply ... tbh, they are in the military field so I did wonder whether that might be the issue .. time will tell I guess
| | | | Tom in London
United Kingdom
Local time: 10:58
Member (2008)
Italian to English
Kathryn Britton wrote:
I have been using Wise for sometime now (well over a year, receiving and making about 6/8 payments per month to/from Italy). However, recently payments are being delayed from one particular client in Italy (a client I have worked with for over 10 years). I have a business account, all my clients are in Italy but for this specific client, Wise asks for extra information (reason for the payment etc). This has happened every month for the last 4 months but this time it has kept the payment "on-hold" for 10 days so far. I have contacted Wise and they say everything is in order, they simply have a backlog of checks but it is making me nervous about other payments coming in and I am wondering whether I should change banks!. Is anyone else having a similar experience?
Yes- I had the same experience about a month ago. No reason was ever given but they asked for all the details of one particular agency in Italy. They withheld the payment for about a week and then, with no explanation, released it. This was not a business account, just a normal Wise account.
Since then I have received another payment through the same account, and it wasn't held up.
[Edited at 2022-04-05 11:28 GMT]
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Edward Potter 
Spain
Local time: 11:58
Member (2003)
Spanish to English
+ ...
Their stock price is half of what it was when it IPOed about a year ago.
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Edward Potter wrote:
Their stock price is half of what it was when it IPOed about a year ago.
Interesting theory. Can you substantiate that? They seem to be profitable. I would have thought investors would be more interested in that than a couple of delayed payments due to mandatory money laundering checks or whatever.
https://wise.com/gb/blog/h1-fy22-results
| | | | Edward Potter
Spain
Local time: 11:58
Member (2003)
Spanish to English
+ ...
| Wise stock price | Apr 24, 2022 |
Thomas T. Frost wrote: Edward Potter wrote:
Their stock price is half of what it was when it IPOed about a year ago. Interesting theory. Can you substantiate that? They seem to be profitable. I would have thought investors would be more interested in that than a couple of delayed payments due to mandatory money laundering checks or whatever. https://wise.com/gb/blog/h1-fy22-results
https://www.google.com/finance/quote/WISE:LON?window=5Y
It is pretty easy to look up. According to the above link, on July 9, 2021 the price was 965 pence. On April 22, 2022 the price was 433 pence.
The price might be right to invest. The users of Transferwise rave about it.
Of course, they don't have much of a track record yet. They could have any number of problems that would keep their stock price from climbing.
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Edward Potter wrote: Thomas T. Frost wrote: Edward Potter wrote:
Their stock price is half of what it was when it IPOed about a year ago. Interesting theory. Can you substantiate that? They seem to be profitable. I would have thought investors would be more interested in that than a couple of delayed payments due to mandatory money laundering checks or whatever. https://wise.com/gb/blog/h1-fy22-results It is pretty easy to look up. According to the above link, on July 9, 2021 the price was 965 pence. On April 22, 2022 the price was 433 pence. The price might be right to invest. The users of Transferwise rave about it. Of course, they don't have much of a track record yet. They could have any number of problems that would keep their stock price from climbing.
Obviously the share price is easy to look up. What I questioned was that you related the share price to the issues with a few payments being held, as if such issues could explain that the share price plummeted.
I don't know if it's a good investment. I'm only really interested in being able to receive payments from outside the eurozone without being ripped off by PayPal or the banks, and Wise are delivering on that front.
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Edward Potter
Spain
Local time: 11:58
Member (2003)
Spanish to English
+ ...
What I questioned was that you related the share price to the issues with a few payments being held, as if such issues could explain that the share price plummeted.
I didn't relate the share price to a few payments being held.
I did wonder whether there may be some relationship. For example, could this mean they have some internal problem? Could it be management, computers, regulatory?
Or, maybe these were just anecdotal one-offs. I was just wondering.
I don't know if it's a good investment. I'm only really interested in being able to receive payments from outside the eurozone without being ripped off by PayPal or the banks, and Wise are delivering on that front.
I agree with most users of Wise. It is an excellent service. After paying high bank and PayPal fees for years, this is a welcome service.
I have this concern: this is a young and innovative service meeting a strong demand. I have no doubt some of the big fish are circling and will eventually (soon?) buy it out and ruin it. It has happened time and again with others such as PayPal, Skype, and more recently Whatsapp.
I would almost assume this will happen to Wise.
Peace out.
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