Transferwise and ABA Customers

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Khmer_Risotto
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Re: Transferwise and ABA Customers

Post by Khmer_Risotto »

ego bibere nimis wrote: Tue Feb 22, 2022 7:59 pm
Khmer_Risotto wrote: Tue Feb 22, 2022 7:55 pm I suspect that ABA is being extra careful in terms of anti money laundering. They need to know the source of funds and “Transferwise” is not specific enough for their compliance department.
Wise is a registered bank. There is no reason it shouldn't come through. Even if you are just moving money from one bank account to another.
I understand that but previously it said I was the specific source of the funds, now it is saying transferwise.
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BklynBoy
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Re: Transferwise and ABA Customers

Post by BklynBoy »

I don't mean to derail the question but I am a novice with this stuff.

Is it not possible to do bank to bank transfer?

ex: Citibank to ABA ?
or it's more expensive this way?
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Re: Transferwise and ABA Customers

Post by Clutch Cargo »

BklynBoy wrote: Tue Feb 22, 2022 9:15 pm I don't mean to derail the question but I am a novice with this stuff.

Is it not possible to do bank to bank transfer?

ex: Citibank to ABA ?
or it's more expensive this way?
Yes, but for us plebs from countries that don't have US denomination we therefore have forex issues. You generally get a lousy forex rate bank to bank unless you use a non bank provider like Wise or similar.
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Re: Transferwise and ABA Customers

Post by Doc67 »

Khmer_Risotto wrote: Tue Feb 22, 2022 4:43 pm
ego bibere nimis wrote: Tue Feb 22, 2022 3:31 pm
Doc67 wrote: Tue Feb 22, 2022 3:21 pm Has anyone used TransferWise to send money to an ABA account recently?

I had a US$ SWIFT transfer returned by ABA last week on the grounds that the senders name and the senders bank name were the same. It's line 50K and 52D of the SWIFT MT103 form for those who understand these things. The last successful transfer was in December and the MT103 is identical to the one that just bounced. When I showed them that nugget of information they then came up with, "it's a new policy" answer.

This last 5 successful transfers all showed TransferWise as the sender on my statement. I only checked the MT103 for the December payment but I suspect all the previous 5 transactions will be identical.

TransferWise used to send it to me with my name as the payer, not theirs, and it would show like that on the statement. This all changed last year around June when TransferWise started appearing on the statement as the sender. There is no explanation as to why ABA have suddenly got pissy about it, beyond the policy change excuse.

I am trying to get the MT103 from the last time when I was quoted as the sender and see what that was set out like. Maybe that will provide an acceptable template for the future.

Any suggestions or similar experiences with this pair of bankers?
I use this also, every few weeks (TW to ABA) and it has worked like a charm. I just had a look at my last inbound wire, which was received by ABA on Feb 2nd. If I look at the downloadable PDF within the ABA app, the 'sender line' is actually just a 8 digit number. 'bank' is Transferwise Inc (NY). The only reference to my name is in the 'to account' line.

Are you saying that your name is showing up in the 'bank' line?
From what I can see on my previous ABA statements, what changed is the "Transaction Summary" section of the wire transfer receipt with aba. It used to say "INTERNATIONAL FUNDS RECEIVED FROM [MY NAME]". Now it is saying "TRANSFERWISE INC."

Anyway, had my transferwise bounce back a couple weeks ago (worked in December), so interested if anyone finds a solution.
@ego bibere nimis , That 8 digit number is Transferwise, is appears on the MT103 form in line 50K.

This is the offending part of the MT103
Image

These are what 50K and 52D mean
Image

ABA says these names can not be the same. The last 5 transactions last year (June to November) all say money received from "TransferWise Inc". Prior to that, in March, the sender came up an me. Sometime last year TW changed their SWIFT forms and ABA have now decided to reject them.

I have told TW to change line 50K and put my name there. I am waiting for them to confirm and send it. They also suggested:
"We can send payment with our other partner, this may solve the issue with info rejection."

This makes me think they changed partners last year, and the name of the sender changed accordingly. When I get the MT103 from last March (the last time with my name as the sender) I will see what New York bank sent the money. This failed payment, and the previous successful one both came through JPMorgan. $'s to doughnuts they used a different bank in March.

I'll post when I get more information.

Image
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Doc67
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Re: Transferwise and ABA Customers

Post by Doc67 »

Khmer_Risotto wrote: Tue Feb 22, 2022 7:55 pm I suspect that ABA is being extra careful in terms of anti money laundering. They need to know the source of funds and “Transferwise” is not specific enough for their compliance department.
I think you are right. However, even the most recent successful payments with TW being quoted as the sender, my UK company name with full bank sort code and account number, appear in the "remarks" section. It seems this is not enough now.
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Re: Transferwise and ABA Customers

Post by BklynBoy »

damn--- the location of transferwise.. West 24th street.. is like 1 hour from my apartment by train
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Re: Transferwise and ABA Customers

Post by Nobby Stiles »

My test remittance has just arrived in my ABA account in under 24hrs.

What did I do right?


Edit: Transaction summary reads ‘International funds received by my name’ exactly the same as all my previous transactions.
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Re: Transferwise and ABA Customers

Post by Doc67 »

Nobby Stiles wrote: Thu Feb 24, 2022 12:23 pm My test remittance has just arrived in my ABA account in under 24hrs.

What did I do right?


Edit: Transaction summary reads ‘International funds received by my name’ exactly the same as all my previous transactions.
I think that's the key, it's received from you, not TW.

Can you just comfirm this is what appears on your app, i.e.
$XXXX received from Your Name
And no mention of TransferWise?
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Re: Transferwise and ABA Customers

Post by Nobby Stiles »

Doc67 wrote: Thu Feb 24, 2022 1:03 pm

I think that's the key, it's received from you, not TW.

Can you just comfirm this is what appears on your app, i.e.
$XXXX received from Your Name
And no mention of TransferWise?

Correct. Received by ‘my full name’ and after that it also quotes my house number & the Street number of my Khmer address, same as my previous transaction.

TransferWise only quoted in the bank section.
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Re: Transferwise and ABA Customers

Post by Nobby Stiles »

Nobby Stiles wrote: Tue Feb 22, 2022 6:44 pm


I last successfully sent money (£) from my Wise account onto my ABA account in October 2021.
I seem to remember my first attempt prior to that had failed and in the end I had to delete my Wise account and start again, this time registering my Wise account in my Khmer address not my Uk correspondence address, after that there has been zero problems with any remittances.
What address have you got registered with Wise?

I was just gonna send £100 now as a test but I’ve noticed my Wise £ account number has changed from what I have saved in my Uk current account payment profile?
I’ve contacted Wise customer support for clarification, once received I’ll try to send the test remittance and report back.

Keep us updated please!


Like I previously mentioned all my problems with TW ceased when I deleted my account and re registered using my Khmer address, as recommended by a very competent customer service rep I was lucky enough to speak with.
I guess if you’re sending money to one’s self it helps if all the information matches.


Just to clarify the issue with my TW account number I had. Your TW account has two account numbers, on for third party transactions and one unique number for yourself only. I had the unique one saved but could only find the 3rd party account number on the TW app, I’m sure both will work for the account holder?
I’ve also found the TW app to be very basic, if you use the TW website you get more options for your transaction, like the ability to pay the intermediary bank fee before sending, so much more transparent.
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