Wise have blocked incoming deposits from my joint (with wife) bank account, asking for full name and DoB details for my wife.
Is this normal or a requirement? I've sent proof of account documentation from the bank but they still want the above details. Wife does not have Wise.
Have been doing the same process for years (weekly deposits from same joint bank account) and only been asked for this now…
Just wanting to know how you fund your Wise account and have you had to comply?
Agree Alan.
Wonder if other banks still start doing KYC on accounts receiving deposits from businesses etc.
It depends on if you process it as a deposit (which must come from your account) or as a payment into your wise account (for which you must have generated a unique bank account for that currency). Assume OP did the former hence the issues.
It depends on if you process it as a deposit (which must come from your account) or as a payment into your wise account (for which you must have generated a unique bank account for that currency). Assume OP did the former hence the issues.
Okay - no idea what the point of the former is, and it seems OPs issues are a good reason not to do it that way at all?
Yeah not sure either! Maybe just a leftover from when currency bank accounts didn’t exist and you had to go through that process? Best to avoid though for sure, unless they start introducing fees for using the personal bank accounts on wise.
Yeah not sure either! Maybe just a leftover from when currency bank accounts didn’t exist and you had to go through that process? Best to avoid though for sure, unless they start introducing fees for using the personal bank accounts on wise.
Agreed :-)
I got this push back too when I tried from a joint account. They do warn you of this when you are making the deposit.
I got this push back too when I tried from a joint account. They do warn you of this when you are making the deposit.
Where do you get the warning?
A deposit would be initiated from your bank (other than Wise), so are you getting the warning from them? If so, I wonder how they know in advance, that the Wise account doesn't have a matching name, since you only supply an account number (I think?)
You get it in the Wise app. To make a deposit you first enter the details in Wise, they will then give you their account details with the warning in there.
It says "Are you Sending from your own account" with 2 options. "Yes", and "Yes, but it's a joint account (we'll need the second account holder's name) "
And DoB?
You get it in the Wise app. To make a deposit you first enter the details in Wise, they will then give you their account details with the warning in there.
It says "Are you Sending from your own account" with 2 options. "Yes", and "Yes, but it's a joint account (we'll need the second account holder's name) "
I am guessing you must have a new Wise account (or have just never deposited funds to it before)?
When I first recorded the bank account details I needed to make a deposit (some years ago now), it never used to have that warning, and I have never had any issues (up to now at least).
After posting above, I checked, and I have in fact sent funds to my Wise account from an account that is not in my name (it is a business account, of a company I own, but the name is nothing like my personal name). I wonder if I will have trouble doing that again?
@Alan6984: Newish? 2022. Topped up and used many times and still got that message when I went through the process earlier today, with Bank Transfer as my payment method.
Newish? 2022. Topped up and used many times and still got that message when I went through the process earlier today, with Bank Transfer as my payment method. I am guessing it is only this payment method where you get this prompt.
Not really new in that respect then.
What prompted you to go into the screen where you get the bank details? I went in there once the first time, and have never been back in there since (bit concerned about doing that now!), as the Wise account details are all stored in my main bank account (and my business bank account presumably) online system and I would never update them unless something had changed (due to mistake risks).
Maybe we can avoid the issue if we don't go into that screen and have to answer the question.
@Alan6984: I went through the adding funds process purely to see the warning in the Wise app so I could post it in this thread! You can cancel it after seeing that message with no issue.
@Jizah: Thanks for trying.
But doesnt explain why I've been doing this from the same joint accoint for years and only getting pinged for it now.
@Alan6984: My point exactly. Why would they more concerned about joint accounts than other companies (whether Amazon or your own private company) making a deposit in?
Exactly. Why would the joint depositing bank warn you?
Its not been a problem before as Ive always used the same depositing account.
Not sure why Wise would care?
What happens if Amazon were to refund to my Wise - would this be blocked unless they could do KYC on Amazon??
Yeah the warning is pretty clear. I understand your argument, OP, but my assumption is that this is a KYC/AML requirement. If it was a deposit from a random business then there would be no way for Wise to collect that information in any unobstructive way. But if it's the account holder initiating the transaction at the Wise end then they have the means, and possibly the obligation, to collect more information.
Like I said, I get what you're saying, and that it's been inconvenient for you, but from my perspective it's not an unreasonable process.
Appreciate the comments!
Its just odd that they are honing in on joint accounts as an issue (which ive used the same one for years), when you would have thought that random businesses making one off deposits would be more of a concern.
Like you said it is what it is…
I reckon its also relates to amount and frequency. Like ATM has a limit on deposit amount, larger deposit must go through at teller to allow bank to collect sender's detail.
Might've been some security changes put in as people are using these accounts to scam people through trade me / facebook marketplace. They show up as ANZ bank numbers irrc.
Had a mate recently caught out with a buy now on a cheap(er) high value item only to be sent details that seemed to connect to a Wise account. Photos supplied had an american power plug so luckily had a little tip off stopping him from transferring it.
Sure, but ordinarily theres no issue with using a Wise account to receive payments for Trademe sales is there? Or would there be a need for Wise to perform KYC on all depositing Trademe payers?
What is the difference between my wife on a joint account and any other person making a payment into my Wise account like an Amazon refund?
Just did a test and it worked fine for me - no warning or anything.
Transferred $150 from my Westpac Account (under joint names with my wife) to my Wise account that is solely under my name.
Took approx 2 hours to arrive but nothing different to what normally happens.
Wtf…
Thanks for testing
Having just read the comment from Jizah above I now see where that message is coming from.
In my case I never initiate the request from within Wise - I simply do it as a bill payment from my Westpac account to the NZD account of my Wise card.
Maybe that's the difference?
Having just read the comment from Jizah above I now see where that message is coming from.
In my case I never initiate the request from within Wise - I simply do it as a bill payment from my Westpac account to the NZD account of my Wise card.
Maybe that's the difference?
Didn't even know you could somehow initiate a payment from within Wise - how does that work, unless it is really no more than me writing you a letter, asking you for money?
:-)
@Alan6984: That is what it looks like - nothing more than a request for money from within Wise. Not really sure what the point of it is?
I've never used it and don't see any need to since the bank transfer method has always worked before.
That is what it looks like - nothing more than a request for money from within Wise. Not really sure what the point of it is?
I've never used it and don't see any need to since the bank transfer method has always worked before.
Agree - pretty much a pointless 'feature'.
Yeah i just send money across. I dont initiate in Wise. Which is my point, why block payments from joint accounts and not other companies making payments into Wise account. How would you ever perform kyc on them
Yeah i just send money across. I dont initiate in Wise. Which is my point, why block payments from joint accounts and not other companies making payments into Wise account. How would you ever perform kyc on them
I agree - it makes no obvious sense from a KYC perspective, unless they were going to restrict incoming deposits such that you could only deposit from your own account(s), and if they do that, Wise is suddenly much less useful.
I know someone that moved to the UK a few years ago, and they already had a Wise account. Made it really easy for them to get set up there, and initially when they started work, they just got their salary paid into Wise. They used it as an entirely normal bank account for months. Restricting deposits to be only from 'approved' accounts would kill that entirely.
Time for Revolut? ;)
I have been considering signing up for Revolut if only to compare and contrast with Wise.
It's on my 'to do' list, but not right at the top just yet - maybe it will make it now!
@Alan6984: I have both Wise and Revolut cards. Wise has been my card of choice for the past couple of years but got the Revolut card only this year as a comparison. I only have the virtual card for Revolut as even though they were offering the physical card for free I don't see the need for another card.
The first use of Revolut came about with this post as Wise wouldn't work in this instance and Revolut did.
Here's a recent comparison from Moneyhub for anyone wanting to see the difference.
@bigcheese: I've never had an account with Wise, only Revolut. For my use it's been great, especially their fees free exchange up to $2000 a month on the free plan (on weekdays).
@bigcheese: So which is your go to now?
Any issues woth Revolut and deposits frok joint bank accounts?
@L3tstaxth1s: Still Wise but that’s just because it has generally worked for me.
I used Revolut for the Netflix Nigeria deal when Wise didn’t work and that is all. As such, I’ve only made the one deposit. That was from the same joint account and it arrived without issue.
I don’t have the physical Revolut card, only virtual.
@L3tstaxth1s: I believe anyone can make a deposit to your Revolut account via bank transfer, from any account.
They have always been strict IMO. And it's a combination of slacking off abit, and demonstrating to the authorities that they are following anti money laundering rules, from time to time.
I have no problems with funding Wise from our Joint Account, but i did see that about a week ago Revolut launched a Joint account, so your partner can have a card also.
I love Wise, but this would be very handy when travelling.
Its random AML KYC testing I think, so dont be surprised when you get asked about the joint account.
I have Wise & Revolut. The 1st holiday Wise was great but there is usually a day or 2 for money to arrive. The 2nd holiday I was relying on it for spending money but Wise decided to delay depositing my funds - $1700 for 20! working days. - I had to complain to the regulator and did get around $100 compensation. They say they have to carry out checks but also said they didn’t check with my bank. I have carried on using it reluctantly and usually it was fine but they delayed for a week or so once. Also even tho all deposits came from my and my wife’s joint a/c once they decided they had to have for full details dob etc. If you check Facebook you will find groups dedicated to this happening a lot and wise deciding to hold onto customers funds and randomly close accounts. I believe they are short of money and do this to fund other a/cs. Revolut is much quicker to show deposits but do have an extra charge at weekends and u can only hold funds in 3/4 currencies. Buyer beware with Wise.
Good to know. They have told me they are holding on the funds for 1 to 5 days assuming they dont need further info, and have not responded to my grumpy email back saying i needed the use of those funds now. Its a regular weekly amount i deposit in from the same joint bank account. Sigh…
Just curious, is wise your daily use card locally when you say weekly deposit? I mean what's the point of using it in NZ? As there are better cashback cards for local use.
Yes. To keep my transactions away from my wife! Like toy collection purchases and expensive lunching options!
@L3tstaxth1s: Lol. And you use from joint account lol. You been naughty maybe so wise caught up to you haha.
Jokes aside,
Why not use something like dosh or similar?
@L3tstaxth1s: No virtual cards. But they have 1% cashback on everything. I think the best cashback rate for a free debit/credit card in nz.
Very interesting, as I would have thought you could receive payments from anyone at all into a Wise account (same as any bank account). I've only funded mine from my own bank account, so I haven't run into this issue.