Hoping to gain some knowledge on Wise.
I am selling a car. The chap buying is from NZ originally although he is based in the UK for the time being and hence needs a car.
He has haggled somewhat which I am fine with and we have agreed a price. However he would like to pay from his NZ account. I have just received the funds for half the amount and he says he will send the other half next week. He needed my SWIFT and IBAN etc and the money appears to have come from WISE. I received an email confirmation and in my bank it appears coming from his name.
I don't know the ins and outs of WISE so asking here is anyone is aware of any additional precuations I need to take, can this be reversed, any other considerations that I am not thining about?
Many thanks for any tips.
I've used WISE before but was the person sending the money not receiving it. The details he has asked for all fine. I don't think a payment can be reversed either.
I use someone in Japan to buy car parts and ship them to me, he use to use PayPal but ended up with an expensive item that the buyer didn't want anymore, raised a PayPal case and got their money back. Now he uses WISE as I believe it means the buyer can't get the money back if they change their mind.
That is reassuring. I have browsed their site and was trying to get my head around any potential for reversal.
Any other experiences welcome.
He also sent half the money today although not collecting the car for 10 days, which is very trusting of him!
Last edited by Boss13; 10th August 2023 at 10:31.
A good omen.Originally Posted by Boss13
I don’t believe the transaction can be reversed.
I use wise for all FX
I would check www.wise.com (formally Transferwise) for FAQS. I recommend them for FX
quote from their site
You can’t cancel a completed transfer. All transfers completed by Wise are final, and Wise can’t reverse or recall payments. Once your transfer is marked as completed on our website, we can’t cancel it.
Last edited by MartynJC (UK); 10th August 2023 at 12:24.
“ Ford... you're turning into a penguin. Stop it.” HHGTTG
Also been using Wise for the last several years, great service, fast, simple and reliable.
As an FYI their exchange rates have always been better than using PayPal for foreign payments
And with wise you get paid some interest on monies held - more than you can say for your standard UK high st bank and EU banks often charge you to hold money in a current account.
“ Ford... you're turning into a penguin. Stop it.” HHGTTG
I use Wise literally every week, and it’s seamless. Same day transfer (if I do it early enough) to my German suppliers
And if he’s sent the money 10 days in advance, that does bode well, as someone said already
I've used Wise regularly to move money between accounts in different countries and send to overseas contacts. No issues.
I’ve used Wise for years regularly to pay artists and consultants all over the world . I don’t use it for payments in . Never had a single problem with probably close to a thousand transfers . From experience I’d trust Wise more than arranging a swift transfer from a name bank.
From help on the Wise website:
cancel a transfer that's completed
You can’t cancel a completed transfer. All transfers completed by Wise are final, and Wise can’t reverse or recall payments. Once your transfer is marked as completed on our website, we can’t cancel it.
Wise does not have the ability to be involved in disputes between senders and recipients, so we strongly recommend that you know and trust the person or business that you are sending to before setting up a transfer or sending any money.
While we can’t get involved in disputes, we try to do everything we can to keep our customers safe. We’ll investigate any claims of fraud, and, if we find that someone has used Wise to receive money fraudulently, we’ll block them from receiving money through us.
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