Whats your thoughts about Transferwise now?
- Thread starter Spinat
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No reason provided and funds was frozen more than 60 days like I explained in https://www.offshorecorptalk.com/threads/transferwise-holds-money-since-early-january-2019.26657/
Funds as finally released after a long period.
Funds as finally released after a long period.
It states when you look at your EUR IBAN and click on "How to use your EUR bank details" that you won't be able to receive payment by SWIFT or receive payment from outside the SEPA 🙁. Have I understood this correctly? conf/(%
You should be able to receive SWIFT on it eventually. Hope they're right about this, but I think they missed the Feb deadline...
From their post on the changes:
Can I use my new EUR bank details to accept Euros sent from outside the EU?
Payments like these are called SWIFT payments. At the moment, we’ve seen that some banks don’t recognise the new EUR details for SWIFT payments. It’s because they’re using older software.
But this︀ shouldn’t last long. By February 2020, banks around the world should have updated their software.︁ You can then start using your new EUR bank details to receive SWIFT payments.
If you need to receive Euros from outside the EU, we recommend using your expiring EUR︂ bank details , they’re the ones with the IBAN starting in ‘DE’.
From their post on the changes:
Can I use my new EUR bank details to accept Euros sent from outside the EU?
Payments like these are called SWIFT payments. At the moment, we’ve seen that some banks don’t recognise the new EUR details for SWIFT payments. It’s because they’re using older software.
But this︀ shouldn’t last long. By February 2020, banks around the world should have updated their software.︁ You can then start using your new EUR bank details to receive SWIFT payments.
If you need to receive Euros from outside the EU, we recommend using your expiring EUR︂ bank details , they’re the ones with the IBAN starting in ‘DE’.
from TW help centre;
"Your old EUR bank details still work, but they’ll expire on 1st July 2020
If someone has sent money to your old EUR bank details recently , don’t worry. They’ll keep working until 1st July 2020.
After that, whoever sends you money will need to use your new EUR bank details. If they don’t, the money will bounce back to the sender and you won’t receive it.
You’ll still have the same EUR balance, Nothing changes with your EUR balance. That means:
"Your old EUR bank details still work, but they’ll expire on 1st July 2020
If someone has sent money to your old EUR bank details recently , don’t worry. They’ll keep working until 1st July 2020.
After that, whoever sends you money will need to use your new EUR bank details. If they don’t, the money will bounce back to the sender and you won’t receive it.
You’ll still have the same EUR balance, Nothing changes with your EUR balance. That means:
- All the money you currently have︀ in your balance stays the same.
- Until July 1st 2020, the money you receive using︁ your new EUR details and your expiring EUR details will arrive in your usual EUR︂ balance.
- Anything you do with your EUR balance or your EUR bank details will be︃ reflected in your Activity and on your statement , just like normal."
I have requested clarification on this issue twice; each time they have confirmed that I will be able to receive SWIFT payments from outside SEPA to BE Iban. However, they explained that this might not be possible until April 2020 and advised to use the DE iban until May.
Response from TW in January:
Response from TW in January:
Hi, Transferwise is accepting SWIFT payment with EUR details from belgian bank. Good news to all fellas as me we use the service oftenly.
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