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Old 28.08.2016, 11:34
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TransferWise and International Payments

Hi All,

I have a frustrating situation with TransferWise regarding a payment I made to a person in Canada. The money ended up in a strangers account and it look unlikely that I'll get it back! Please can somebody advise me on the following, which describes how the error occurred.

For payments to Canada TransferWise requests the following info:
  • Account Holders Name
  • Institution Number
  • Transit Number
  • Account Number

All the details were entered correctly, except for the Transit Number. Unfortunately, the intended recipient provided me with the wrong Transit Number—giving me his local branch not where the account was registered. Because Canadian bank branches work fairly autonomously, this resulted in the money getting paid into a strangers account. I'm now apprehensively waiting to see if a payment recall works out.

My question is: could this have been avoided if TransferWise had requested a unique IBAN number and SWIFT code?

Thanks in advance,
Chris
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Old 29.08.2016, 01:08
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Re: TransferWise and International Payments

Hi Chris. Sorry to hear about this unfortunate development. I have used TW in the past and actually its worked fine thus far (touch wood).

For each new account TW does advice to make a small transaction to check the end to end chain and avoid any untoward developments.

Wishing you the best of luck, and do hope that TW is able to identify the beneficiary of wrong payment and get it reversed.
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Old 29.08.2016, 09:41
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Re: TransferWise and International Payments

Many thanks rahulanjali!

I didn't come across any info suggesting that I do a small test transaction first. Can you remember where you saw it?

All the best,
Chris
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Old 29.08.2016, 15:07
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Re: TransferWise and International Payments

hi
phone them,
i had an issue where the money never made it to my south african account
i phoned them, and with a little luck resolved the issue within 2 days
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Old 29.08.2016, 15:49
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Re: TransferWise and International Payments

Hi zmaster1911,

I did call them, several times, but it appears that their ability to recall payments depends on the recipients country. Each banking system is different.

Just have to wait to see if it's successful.

Last edited by cas; 29.08.2016 at 15:49. Reason: Minor edit
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