Wise Errors Problems and Questions

IMPORTANT!!! Read everything if you plan to use Wise (formerly called Transfer Wise) for your online money transfer transactions.

This post is all about Wise errors, problems, and limitations. However, aside from possible issues encountered while using the Wise platform, this post will also feature and discuss Wise common questions and easy-to-follow instructions on how to do things in Wise.

Is Wise better than PayPal in terms of amount received locally? Based on experience, Wise appears to have the advantage because the money is received direct to the local bank here in the Philippines. 

Let’s look at the following:

Sending money from PayPal:
Foreign Sender > PayPal > Philippines local bank

Sending money from Wise:
Foreign Sender > Philippines local bank

Since each leg of the transaction has deductible fees, Wise is the better choice to receive money because it has fewer steps thus lower fees.

Which is faster? For this one, PayPal seems to have the advantage over Wise. Receiving money using PayPal is usually instant. This basically means, that when someone sends money to your PayPal account, it will immediately reflect.

However, please note that the received funds is still in your PayPal balance. Transferring the money to your PayPal balance to a local bank is a different situation and may vary in time depending on the method of transfer or how the local bank is set up (configured) to your PayPal account (i.e. PayPal to GCash, PayPal to BPI bank, PayPal to BDO card, etc…)

Using Wise on the other hand, the money will arrive within the day (again, this is based on experience), usually within 3 to 4 hours (even on weekends).

Money did not arrive error: incorrect account setup. One of the common errors is the money did not arrive. And this is usually because the account registration was not properly setup in Wise.

To resolve this issue, simply fix the set up or registration of the account. Ensure that it has accurate info, correct spellings, the bank can accept online payments, etc…

How to set up a Wise account to receive money? As mentioned above, one common encountered error in Wise is that the money did not arrive. To prevent this unfortunate scenario, ensure that the account is correctly set up or registered in Wise.

What I actually did was downloaded the Wise app in Google Playstore then registered.

Do I need to make a Wise foreign account? Not necessarily – but making a Wise account have plenty of advantages. As of the moment, I have not yet created a Wise foreign account but I might in the future (quite busy with other stuffs currently).

How can you receive money in Wise if you just registered and did made an account? It’s actually simple, just configure your Wise to receive money by email or by phone. This basically means, when configured properly, another Wise user can send you money once you provided them with the configured email address or phone number.

Incorrect email address or phone number is given? Well, that can be quite problematic especially if someone owns and is registered to Wise using those information. This is an error that might be irreversible because it was an honest mistake and the one who inadvertently received the funds has nothing to do with it. Let’s just say Christmas came in early for them.

So again, be sure to provide the correct information when requesting money.

Who can send me money via Wise? A lot of people are already using Wise for different purposes. Some good examples can be remittances from relatives living abroad, freelances requesting payment from their online clients, if you ask relatives to buy you something if they have plans to go to Philippines soon, etc…

Can I transfer money from Wise to my GCash? Yes it is possible. But again, if you just registered and did not make any Wise USD (or Wise currency or Wise foreign) account, then it will just pass through Wise and go directly to your GCash. So be sure to configure your GCash account in Wise properly.

Is Wise an Online Bank question? Although it is possible to send and receive money online via Wise, it seems that the platform is making no such claim. Think of it more as a financial technology company. A lot of those are popping up nowadays. Note: this post will continuously be updated so be sure to come back for more updates.

That’s just about it. If the Wise problem you encountered is not listed above, be sure to drop it off on the comment section and will try to address it. But again, if you are still undecided whether you want to use Wise, you can always read other opinions or explore the Wise official website to get a feel of it.

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