Transferwise and ABA Customers

Whether you're a working stiff or a business owner yourself, this is the place to discuss all aspects of financing your drinking habit ;-)

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BleedingBlue
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Re: Transferwise and ABA Customers

Post by BleedingBlue »

Jerry Atrick wrote: Tue May 31, 2022 2:05 pm
BleedingBlue wrote: Mon May 30, 2022 8:48 pm
Jerry Atrick wrote: Mon May 30, 2022 8:07 pm
BleedingBlue wrote: Mon May 30, 2022 7:25 pm Sorry, late to the party but still unsure and hoping someone could help.
In preparing to move to Cambodia I'm not sure the best method for transferring my funds (currently in Polish zloty).
I have a Wise account and card and theoretically could put everything onto there as USD and:
1) withdraw cash when required during initial couple of weeks
2) then SWIFT transfer it all into my Cambodian bank account once it's set up
or do I exchange north of 10k into cash and take that?
This is driving me crazy any help greatly appreciated.
Wise, SWIFT, and a grand cash for emergencies would be my route
ABA just emailed me saying they do not accept SWIFT transfer through Wise.
Maybe you misunderstood me

Charge your wise card, so you can use it to take out cash, setup an ABA account here and then SWIFT the rest of your savings from your old bank to ABA. Dollars for rainy day in cash self explanatory
Aha I'm with you now. Thing is my funds are in a PLN account which I'm obliged to close before leaving Poland so transferring via SWIFT means sending my money to my UK account then forwarding it to ABA once it's set up. Feels like I'll be losing more money instead of putting it all onto my Wise card and withdrawing.
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Jerry Atrick
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Re: Transferwise and ABA Customers

Post by Jerry Atrick »

BleedingBlue wrote: Tue May 31, 2022 2:14 pm
Jerry Atrick wrote: Tue May 31, 2022 2:05 pm
BleedingBlue wrote: Mon May 30, 2022 8:48 pm
Jerry Atrick wrote: Mon May 30, 2022 8:07 pm
BleedingBlue wrote: Mon May 30, 2022 7:25 pm Sorry, late to the party but still unsure and hoping someone could help.
In preparing to move to Cambodia I'm not sure the best method for transferring my funds (currently in Polish zloty).
I have a Wise account and card and theoretically could put everything onto there as USD and:
1) withdraw cash when required during initial couple of weeks
2) then SWIFT transfer it all into my Cambodian bank account once it's set up
or do I exchange north of 10k into cash and take that?
This is driving me crazy any help greatly appreciated.
Wise, SWIFT, and a grand cash for emergencies would be my route
ABA just emailed me saying they do not accept SWIFT transfer through Wise.
Maybe you misunderstood me

Charge your wise card, so you can use it to take out cash, setup an ABA account here and then SWIFT the rest of your savings from your old bank to ABA. Dollars for rainy day in cash self explanatory
Aha I'm with you now. Thing is my funds are in a PLN account which I'm obliged to close before leaving Poland so transferring via SWIFT means sending my money to my UK account then forwarding it to ABA once it's set up. Feels like I'll be losing more money instead of putting it all onto my Wise card and withdrawing.
You could always put it into a crypto stablecoin like USDT, store on a ledger and cash out peer2peer using ABA here through Binance or LOcalbitcoins or even in person at a money exchanger. Used be an issue here once doing that but no longer
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Doc67
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Re: Transferwise and ABA Customers

Post by Doc67 »

BleedingBlue wrote: Tue May 31, 2022 2:12 pm
Doc67 wrote: Tue May 31, 2022 8:54 am
BleedingBlue wrote: Mon May 30, 2022 8:48 pm
Jerry Atrick wrote: Mon May 30, 2022 8:07 pm
BleedingBlue wrote: Mon May 30, 2022 7:25 pm Sorry, late to the party but still unsure and hoping someone could help.
In preparing to move to Cambodia I'm not sure the best method for transferring my funds (currently in Polish zloty).
I have a Wise account and card and theoretically could put everything onto there as USD and:
1) withdraw cash when required during initial couple of weeks
2) then SWIFT transfer it all into my Cambodian bank account once it's set up
or do I exchange north of 10k into cash and take that?
This is driving me crazy any help greatly appreciated.
Wise, SWIFT, and a grand cash for emergencies would be my route
ABA just emailed me saying they do not accept SWIFT transfer through Wise.
Can you expand on this? Do they give a reason? What department in ABA did you get a response from?
This is what they sent me from the ABA Contact Centre:
Dear Valued Customer,


Warm Greeting from ABA Bank.


Thank you so much for using our ABA Bank products and services.


Regarding your query, since WISE transfer is not able to accept you can use Swift Transfer from your bank account service instead or other additional fund transfer service such as MoneyGram or RIA.


Should you have further queries, please do not hesitate to let us know through [email protected], connect Facebook chat, Online chat or contact our hotline (+855)23 225 333 for 24/7 of service.


Best Regards,
This was the problem I had. You send you £'s to Wise and do the conversion to USD. Then WISE send you the money, not YOU sending you the money. There are two boxes on the SWIFT form MT103 that cause all the problems: The 50K - which is the senders name - should read YOUR name, (as you are really the sender), but according to JP Morgan (WISE's corresponding bank) the sender is now WISE in New York, therefore JP Morgan now put's WISE New York in 50K.

When you get a bit lower on the MT103 form to 52D - which is the senders bank - , they put the same details there too, WISE New York, because WISE is also a bank! Clear so far? Try explaining this to a girl in ABA :D

And that is why ABA started to bounce WISE swifts transfers. ABA will not allow the senders name and their bank name to be the same! This practice started some time at the end of last year.

It doesn't matter if they put a memo on it as to who is the real sender, if 50K is the same at 52D, they bounce it.

If you just use your normal bank, such as Barclays, to convert the £'s to USD and then send it to ABA via SWIFT, they should have no reason to put their name in the payers box (50K). But if they do, the same will result.

I don't know if other banks have blocked WISE transfers for this reason, if not please let me know.

I think this is all part of Cambodia's attempt to clean up it's act to get themselves of the grey list for money laundering. However, if you stand in ABA head office counter for half an hour (as I did several times trying to get to the bottom of all my problems) you will see cash going in and out that is in the millions. There are piles upon piles of 100 x $100 stacks being moved from cashier to a desk at the rear and then back to cashiers. This desk must of had had a $1million sitting on it at one point. I am amazed this place isn't on the blackest of blacklists. I am amazed nobody hasn't robbed the place.
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Doc67
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Re: Transferwise and ABA Customers

Post by Doc67 »

Jerry Atrick wrote: Tue May 31, 2022 2:28 pm
BleedingBlue wrote: Tue May 31, 2022 2:14 pm
Jerry Atrick wrote: Tue May 31, 2022 2:05 pm
BleedingBlue wrote: Mon May 30, 2022 8:48 pm
Jerry Atrick wrote: Mon May 30, 2022 8:07 pm

Wise, SWIFT, and a grand cash for emergencies would be my route
ABA just emailed me saying they do not accept SWIFT transfer through Wise.
Maybe you misunderstood me

Charge your wise card, so you can use it to take out cash, setup an ABA account here and then SWIFT the rest of your savings from your old bank to ABA. Dollars for rainy day in cash self explanatory
Aha I'm with you now. Thing is my funds are in a PLN account which I'm obliged to close before leaving Poland so transferring via SWIFT means sending my money to my UK account then forwarding it to ABA once it's set up. Feels like I'll be losing more money instead of putting it all onto my Wise card and withdrawing.
You could always put it into a crypto stablecoin like USDT, store on a ledger and cash out peer2peer using ABA here through Binance or LOcalbitcoins or even in person at a money exchanger. Used be an issue here once doing that but no longer
That's exactly how I got my money over last time and will continue to do it this way.
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Jerry Atrick
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Re: Transferwise and ABA Customers

Post by Jerry Atrick »

Doc67 wrote: Tue May 31, 2022 2:52 pm
Jerry Atrick wrote: Tue May 31, 2022 2:28 pm
BleedingBlue wrote: Tue May 31, 2022 2:14 pm
Jerry Atrick wrote: Tue May 31, 2022 2:05 pm
BleedingBlue wrote: Mon May 30, 2022 8:48 pm

ABA just emailed me saying they do not accept SWIFT transfer through Wise.
Maybe you misunderstood me

Charge your wise card, so you can use it to take out cash, setup an ABA account here and then SWIFT the rest of your savings from your old bank to ABA. Dollars for rainy day in cash self explanatory
Aha I'm with you now. Thing is my funds are in a PLN account which I'm obliged to close before leaving Poland so transferring via SWIFT means sending my money to my UK account then forwarding it to ABA once it's set up. Feels like I'll be losing more money instead of putting it all onto my Wise card and withdrawing.
You could always put it into a crypto stablecoin like USDT, store on a ledger and cash out peer2peer using ABA here through Binance or LOcalbitcoins or even in person at a money exchanger. Used be an issue here once doing that but no longer
That's exactly how I got my money over last time and will continue to do it this way.
Yup, when it's practical it's best to fuck off the banks

And when it's not, avail of them - can have the best of both worlds
BleedingBlue
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Re: Transferwise and ABA Customers

Post by BleedingBlue »

Doc67 wrote: Tue May 31, 2022 2:48 pm
BleedingBlue wrote: Tue May 31, 2022 2:12 pm
Doc67 wrote: Tue May 31, 2022 8:54 am
BleedingBlue wrote: Mon May 30, 2022 8:48 pm
Jerry Atrick wrote: Mon May 30, 2022 8:07 pm

Wise, SWIFT, and a grand cash for emergencies would be my route
ABA just emailed me saying they do not accept SWIFT transfer through Wise.
Can you expand on this? Do they give a reason? What department in ABA did you get a response from?
This is what they sent me from the ABA Contact Centre:
Dear Valued Customer,


Warm Greeting from ABA Bank.


Thank you so much for using our ABA Bank products and services.


Regarding your query, since WISE transfer is not able to accept you can use Swift Transfer from your bank account service instead or other additional fund transfer service such as MoneyGram or RIA.


Should you have further queries, please do not hesitate to let us know through [email protected], connect Facebook chat, Online chat or contact our hotline (+855)23 225 333 for 24/7 of service.


Best Regards,
This was the problem I had. You send you £'s to Wise and do the conversion to USD. Then WISE send you the money, not YOU sending you the money. There are two boxes on the SWIFT form MT103 that cause all the problems: The 50K - which is the senders name - should read YOUR name, (as you are really the sender), but according to JP Morgan (WISE's corresponding bank) the sender is now WISE in New York, therefore JP Morgan now put's WISE New York in 50K.

When you get a bit lower on the MT103 form to 52D - which is the senders bank - , they put the same details there too, WISE New York, because WISE is also a bank! Clear so far? Try explaining this to a girl in ABA :D

And that is why ABA started to bounce WISE swifts transfers. ABA will not allow the senders name and their bank name to be the same! This practice started some time at the end of last year.

It doesn't matter if they put a memo on it as to who is the real sender, if 50K is the same at 52D, they bounce it.

If you just use your normal bank, such as Barclays, to convert the £'s to USD and then send it to ABA via SWIFT, they should have no reason to put their name in the payers box (50K). But if they do, the same will result.

I don't know if other banks have blocked WISE transfers for this reason, if not please let me know.

I think this is all part of Cambodia's attempt to clean up it's act to get themselves of the grey list for money laundering. However, if you stand in ABA head office counter for half an hour (as I did several times trying to get to the bottom of all my problems) you will see cash going in and out that is in the millions. There are piles upon piles of 100 x $100 stacks being moved from cashier to a desk at the rear and then back to cashiers. This desk must of had had a $1million sitting on it at one point. I am amazed this place isn't on the blackest of blacklists. I am amazed nobody hasn't robbed the place.
Thanks for the summary. You've steered me away from SWIFT via Wise. I actually had a Zoom chat with Natwest yesterday about SWIFT to Cambodia and they said no problem at all and I don't see why they would list the sender name as themselves when it's coming from my own bank. It seems the safest way even if I end up losing money through converting PLN to GBP to USD.
I don't know where to start with Crypto to be honest and don't think I have the time to get my head around it before actually moving.
BleedingBlue
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Re: Transferwise and ABA Customers

Post by BleedingBlue »

Jerry Atrick wrote: Tue May 31, 2022 2:28 pm
BleedingBlue wrote: Tue May 31, 2022 2:14 pm
Jerry Atrick wrote: Tue May 31, 2022 2:05 pm
BleedingBlue wrote: Mon May 30, 2022 8:48 pm
Jerry Atrick wrote: Mon May 30, 2022 8:07 pm

Wise, SWIFT, and a grand cash for emergencies would be my route
ABA just emailed me saying they do not accept SWIFT transfer through Wise.
Maybe you misunderstood me

Charge your wise card, so you can use it to take out cash, setup an ABA account here and then SWIFT the rest of your savings from your old bank to ABA. Dollars for rainy day in cash self explanatory
Aha I'm with you now. Thing is my funds are in a PLN account which I'm obliged to close before leaving Poland so transferring via SWIFT means sending my money to my UK account then forwarding it to ABA once it's set up. Feels like I'll be losing more money instead of putting it all onto my Wise card and withdrawing.
You could always put it into a crypto stablecoin like USDT, store on a ledger and cash out peer2peer using ABA here through Binance or LOcalbitcoins or even in person at a money exchanger. Used be an issue here once doing that but no longer
Although tempting, I've no experience with Crypto...
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Re: Transferwise and ABA Customers

Post by Nobby Stiles »

I’ve also been looking into the P2P crypto transfers to ABA and it seemed like a good deal mainly because you bypass ABA’s international deposit fee! So I decided to send a test amount £25 via P2P through my Binance app, here’s how it went.

£25 sent from Uk bank account to binance, I actually use my Revolut account as an on/off ramp when using crypto exchanges now because my bank got shitty with me regarding crypto currencies. So it was Uk account to Revolut then onto Binance.
Binance took £1 to deposit on their exchange.
I then spot traded my 24 GBP into USDT and transferred the USDT from my spot wallet into my funding wallet. Once in the P2P section on the app I found a buyer who dealt with small amounts and began the trade. The USD was in my ABA account within seconds and I then released the USDT to the buyer.

IMHO this is a game changer and a system I will be using again in the future to save a bit of money on my remittances.
I recently converted £3000 and sent it here to my ABA using Wise’s Swift transfer so there’s no issues with that service ATM and I must say I’ve been very impressed with Wise up until now, but……..If I’d of used P2P I estimate I would of saved myself $22.
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Re: Transferwise and ABA Customers

Post by Pseudonomdeplume »

Nobby Stiles wrote: Tue Jun 28, 2022 9:07 pm I’ve also been looking into the P2P crypto transfers to ABA and it seemed like a good deal mainly because you bypass ABA’s international deposit fee! So I decided to send a test amount £25 via P2P through my Binance app, here’s how it went.

£25 sent from Uk bank account to binance, I actually use my Revolut account as an on/off ramp when using crypto exchanges now because my bank got shitty with me regarding crypto currencies. So it was Uk account to Revolut then onto Binance.
Binance took £1 to deposit on their exchange.
I then spot traded my 24 GBP into USDT and transferred the USDT from my spot wallet into my funding wallet. Once in the P2P section on the app I found a buyer who dealt with small amounts and began the trade. The USD was in my ABA account within seconds and I then released the USDT to the buyer.

IMHO this is a game changer and a system I will be using again in the future to save a bit of money on my remittances.
I recently converted £3000 and sent it here to my ABA using Wise’s Swift transfer so there’s no issues with that service ATM and I must say I’ve been very impressed with Wise up until now, but……..If I’d of used P2P I estimate I would of saved myself $22.
Couple of questions:

You sent the equivalent of £3,000 in USD to your ABA via Wise SWIFT? Is that not the same type of transaction others are unable to execute?

To receive money into my crypto wallet, what information do I need to provide for the transfer?

Thanks in advance.
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Re: Transferwise and ABA Customers

Post by Doc67 »

Pseudonomdeplume wrote: Wed Jun 29, 2022 12:51 am
Nobby Stiles wrote: Tue Jun 28, 2022 9:07 pm I’ve also been looking into the P2P crypto transfers to ABA and it seemed like a good deal mainly because you bypass ABA’s international deposit fee! So I decided to send a test amount £25 via P2P through my Binance app, here’s how it went.

£25 sent from Uk bank account to binance, I actually use my Revolut account as an on/off ramp when using crypto exchanges now because my bank got shitty with me regarding crypto currencies. So it was Uk account to Revolut then onto Binance.
Binance took £1 to deposit on their exchange.
I then spot traded my 24 GBP into USDT and transferred the USDT from my spot wallet into my funding wallet. Once in the P2P section on the app I found a buyer who dealt with small amounts and began the trade. The USD was in my ABA account within seconds and I then released the USDT to the buyer.

IMHO this is a game changer and a system I will be using again in the future to save a bit of money on my remittances.
I recently converted £3000 and sent it here to my ABA using Wise’s Swift transfer so there’s no issues with that service ATM and I must say I’ve been very impressed with Wise up until now, but……..If I’d of used P2P I estimate I would of saved myself $22.
Couple of questions:

You sent the equivalent of £3,000 in USD to your ABA via Wise SWIFT? Is that not the same type of transaction others are unable to execute?

To receive money into my crypto wallet, what information do I need to provide for the transfer?

Thanks in advance.
Same question, how recently did you use Wise to ABA via Swift?

Also, my Binance account is registered as me being a Cambodian resident, and they don't allow GDP bank deposits (faster payments). Are you registered as a UK resident with Binance?

I can get onto crypto with a more convoluted method, namely, Barclays to Revolut and then to to Coinbase Pro (spot rate for USDT and cheaper fees), then send USDT to Binance wallet, then out to ABA with a trader in PP.
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