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Posted (edited)

I transferred money with Wise last Thursday to my son’s bank in Australia for my AOS and today Tuesday it has still not arrived. He has had to fund this himself or we would not meet the timeline.

Also my son has been charged $150 to open an account with Centrelink. Surely this cannot be right?

I have found Wise to be very unhelpful and would not use them again.

 

Edited by caroline Selwood
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Posted (edited)
17 minutes ago, caroline Selwood said:

I transferred money with Wise last Thursday to my son’s bank in Australia for my AOS and today Tuesday it has still not arrived. He has had to fund this himself or we would not meet the timeline.

Also my son has been charged $150 to open an account with Centrelink. Surely this cannot be right?

I have found Wise to be very unhelpful and would not use them again.

 

It is only working day 4 today and arguably the third working day as UK Thursday would be Australia’s Friday.  How many working days did their terms and conditions state. Transfers are done far quicker these days but it’s still within the accepted timescales. I expect it will be there any day now.  

Edited by Tulip1

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We have used Wise at least once a month for years and the money is usually transferred from UK bank by the next working day, so by our experience the delay is unusual.

If it was us I think it definitely needs chasing up, checking that all the bank details were correct, but if Centrelink is involved perhaps that is the problem? 

Hope you get it sorted.

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My experience with Wise has been same day or next day transfer, usually between AUS-UK-AUS it happens within minutes. It could be a delay with security procedures if its your first time, in that case I'd give them a call and check on it. 

The $150 I presume is the bank fee (Commonwealth?) to setup the term deposit account rather then paying centrelink. The entire AOS process can be performed online using myGov once you have the the bank guarantee. 

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Posted (edited)

I had no idea the Commonwealth bank charged to set up an account.  My son was told to arrange for them to provide a bank guarantee.  Are you saying he could have paid the money direct to Centrelink?

 I am still chasing my money, nearly a week now.  Wise customer support is terrible, i won't be using them again.

Edited by caroline Selwood

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8 minutes ago, caroline Selwood said:

I had no idea the Commonwealth bank charged to set up an account.  My son was told to arrange for them to provide a bank guarantee.  Are you saying he could have paid the money direct to Centrelink?

 I am still chasing my money, nearly a week now.  Wise customer support is terrible, i won't be using them again.

The money sits in a bank account for 10 years so no option to pay Centrelink . Some branches charge and if your lucky the odd one doesn’t . I have just used Moneycorp last week and did the trade last Thursday , money transferred F riday and in my Aussie account Monday morning . I did find it a bit of a palaver to set up from Australia due to bank daily limits , new payee , money laundering , and confirming ID with Moneycorp

 


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15 hours ago, caroline Selwood said:

I transferred money with Wise last Thursday to my son’s bank in Australia for my AOS and today Tuesday it has still not arrived. He has had to fund this himself or we would not meet the timeline.

Also my son has been charged $150 to open an account with Centrelink. Surely this cannot be right?

I have found Wise to be very unhelpful and would not use them again.

 

I transferred money yesterday morning with Wise (the name Transferwise seemed to make far more sense!). The money went from my UK account to my Wise account in a matter of minutes. The follow-on transfer to my Australian bank account took about 5-6 hours, but it was in there yesterday evening, before the day was over. I'd re-check bank details etc.

It's an excellent service and very cost-effective. Sorry you had a bad experience, but it's worth persevering with.

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36 minutes ago, caroline Selwood said:

It has finally arrived after nearly a week nd caused a lot of anxiety.

What a relief for you 

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17 hours ago, caroline Selwood said:

The worst bit was the lack of communication from Wise.

who charged you $150?


I want it all, and I want it now.

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I don't get why people are using these companies.

I would be using a crypto currency like bitcoin if it was me.

You buy the required amount in your home country, send it to the recipient who will receive it in less than 5 minutes and they then convert it to cash.

Very minimal fees and received in seconds or minutes, not days or weeks.


I want it all, and I want it now.

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9 minutes ago, caroline Selwood said:

Apparently Commonwealth bank charged my son to open a term account.

No they don't, nor does any other bank. No one is going to pay $150 fee for the priveledge of getting something like 0.25% interest on a term deposit.

The only time they will charge a prepayment fee is if you break the term deposit.

Eg Set up a term deposit for a year and then close it early. It would be nowhere near $150 though.


I want it all, and I want it now.

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23 minutes ago, caroline Selwood said:

Apparently Commonwealth bank charged my son to open a term account.

Tell him to go back to the bank and challenge them, and if he doesnt get any sense out of them, go to Fair Trading or the Bank Ombudsman. No bank ever charges a fee to set up an account.  Did he do it by phone and is there any chance he's been scammed?


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

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16 minutes ago, Parley said:

No they don't, nor does any other bank. No one is going to pay $150 fee for the priveledge of getting something like 0.25% interest on a term deposit.

The only time they will charge a prepayment fee is if you break the term deposit.

Eg Set up a term deposit for a year and then close it early. It would be nowhere near $150 though.

 

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I will speak to my son and try to find out more information. As you say it’s ridiculous to be charged for investing your money.

Thanks for your comments, I will update when I have more information.

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You said Centrelink in your original post which sounded weird.

Best to be careful if posting allegations which are untrue. Especially under your real name. It could be considered defamatory


I want it all, and I want it now.

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With Wise accounts set up on app and linked to my UK account I transferred money from Wise account AUD to UK Santander account at great rate in 4 seconds this week...

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On 15/04/2021 at 18:06, Marisawright said:

Tell him to go back to the bank and challenge them, and if he doesnt get any sense out of them, go to Fair Trading or the Bank Ombudsman. No bank ever charges a fee to set up an account.  Did he do it by phone and is there any chance he's been scammed?

The Assurance of Support involves the Comm Bank providing a bank guarantee to the Australian Government.

To be able to provide the guarantee the CBA requires funds in a blocked deposit account.

The fee is for the bank guarantee, not for the opening of the deposit account.

Best regards.


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On 14/04/2021 at 02:46, caroline Selwood said:

I transferred money with Wise last Thursday to my son’s bank in Australia for my AOS and today Tuesday it has still not arrived. He has had to fund this himself or we would not meet the timeline.

Also my son has been charged $150 to open an account with Centrelink. Surely this cannot be right?

I have found Wise to be very unhelpful and would not use them again.

 

Wise is an execution only service.

If you want to transfer funds to Australia from the UK using an intermediary and want to have someone to talk with you should use companies such as Moneycorp, Halo, etc.

Best regards.


Managing Director, Go Matilda Visas - www.gomatilda.com

Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

Chartered Accountant (UK, and Australia)

T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

E - alan.collett@gomatilda.com and acollett@bdhtax.com

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