Transferwise and ABA Customers

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Doc67
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Transferwise and ABA Customers

Post by Doc67 »

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?
ego bibere nimis
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Re: Transferwise and ABA Customers

Post by ego bibere nimis »

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?
You know that tingly little feeling you get when you really like someone? That's common sense leaving your body.
Bongmab69
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Re: Transferwise and ABA Customers

Post by Bongmab69 »

I am using WISE only from last year, and received this mail in my soam-box last week, any-one had similar things ?? It seems to be strange they ask after using it for many motnhs, and i am always sceptic to click on links in my spam-box !! ??:


We need you to verify your account before 1 March.

Because of the way we’re regulated in the EU, we’re required by law to confirm your identity and the main purpose of your account.

Here’s what you need to do:

Click the button below.
Provide the information we need — that could be a copy of your ID document, the main reason you use your account, or both.
That’s it — as soon as we verify your information you’re all set.
ego bibere nimis
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Re: Transferwise and ABA Customers

Post by ego bibere nimis »

Bongmab69 wrote: Tue Feb 22, 2022 3:51 pm I am using WISE only from last year, and received this mail in my soam-box last week, any-one had similar things ?? It seems to be strange they ask after using it for many motnhs, and i am always sceptic to click on links in my spam-box !! ??:


We need you to verify your account before 1 March.

Because of the way we’re regulated in the EU, we’re required by law to confirm your identity and the main purpose of your account.

Here’s what you need to do:

Click the button below.
Provide the information we need — that could be a copy of your ID document, the main reason you use your account, or both.
That’s it — as soon as we verify your information you’re all set.
I wouldn't do it either. If the notification came from within the app, yes - that would be OK be me, but not some random email. When I set the bank account up within Wise, I did have to provide my passport, etc. But I use it as a bank account (as it is intended) rather than an alternative to western union, etc...
You know that tingly little feeling you get when you really like someone? That's common sense leaving your body.
Khmer_Risotto
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Re: Transferwise and ABA Customers

Post by Khmer_Risotto »

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.
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Re: Transferwise and ABA Customers

Post by Nobby Stiles »

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 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!
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Re: Transferwise and ABA Customers

Post by Nobby Stiles »

Khmer_Risotto wrote: Tue Feb 22, 2022 4:43 pm

"Transaction Summary"

"INTERNATIONAL FUNDS RECEIVED FROM [MY NAME]".




Yes that’s exactly how the details of my October 2021 remittance reads.
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Re: Transferwise and ABA Customers

Post by Equinix »

If receiving money from the states try using moneygram with debit card and sent to your Emoney (metfone) wallet. The transaction is completely free. After that can sent it to yr aba for a small fee.

I received a transferwise transfer a few months ago from Europe cost me $25 in fees on a $100 transaction.
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Re: Transferwise and ABA Customers

Post by Khmer_Risotto »

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.
ego bibere nimis
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Re: Transferwise and ABA Customers

Post by ego bibere nimis »

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.
You know that tingly little feeling you get when you really like someone? That's common sense leaving your body.
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