By zoostoki 
Key Takeaways
- Delays in TransferWise (Wise) transactions often occur due to security checks, recipient bank processing times, public holidays, or incorrect payment details.
- Security checks, especially for first-time users or large transfers, are necessary to meet anti-money laundering (AML) and fraud prevention regulations.
- Recipient bank operating hours, additional internal checks, and local holidays can extend transfer times by several business days.
- Providing accurate recipient information, completing identity verification in advance, and initiating transfers on business days can help minimize delays.
- Monitoring transfer progress via Wise’s tracker and contacting customer support if unusual delays occur can help resolve issues promptly.
Waiting for a money transfer to go through can be frustrating, especially when you’re relying on TransferWise (now Wise) for its reputation of being fast and efficient. But sometimes, delays happen, leaving you wondering what’s causing the holdup. I’ve been there, and I know how unsettling it feels when your funds don’t arrive as quickly as expected.
There are several reasons why your TransferWise transaction might be taking longer than usual. From security checks to issues with recipient bank processing times, it’s not always as straightforward as we’d like. Understanding these factors can help ease your concerns and give you a clearer picture of what’s going on. Let’s dive into what might be slowing things down and how you can stay ahead of potential delays.
Understanding TransferWise Transfer Times
TransferWise (now Wise) aims to provide fast and reliable money transfer services. However, several factors can affect how quickly transfers are completed.
How TransferWise Typically Processes Transfers
TransferWise processes transfers in a few steps to ensure security and accuracy. First, I fund the transfer using my preferred payment method. Then, Wise converts the money at the current mid-market exchange rate. The platform uses local bank accounts to send the converted amount to the recipient, bypassing expensive global intermediary fees.
Security checks may occur during the process, especially for first-time transfers or large amounts. These checks include verifying personal details, payment sources, and recipient information.
Expected Timeframes for Different Currencies
The time required for transfers varies across currencies and countries. Common currencies like USD, EUR, and GBP often complete within one business day. Transfers involving less common currencies, such as INR or KES, may take 2–4 business days due to additional processing.
Recipient banks can also influence timelines. For instance, if a bank operates outside standard banking hours or has its own delays, transfer times may extend.
Common Reasons For Delays
Transfers through TransferWise may occasionally take longer due to external or procedural factors. Understanding these common reasons can clarify potential holdups.
Verification And Security Checks
Verification delays occur when account or transaction details require extra validation. TransferWise examines transfers for compliance with anti-money laundering (AML) and fraud prevention measures. First-time users or high-value transfers often undergo more thorough checks, which might extend processing times. For example, verifying ID or proof of address could add several hours or days to your transfer.
Bank Processing Times
Banks involved in the transfer chain can influence speed. While TransferWise sends funds promptly, the recipient bank’s processing time varies depending on internal systems and working hours. Some banks take up to three business days, particularly with cross-border transfers. Delays are common when receiving banks conduct additional internal checks for certain transaction types.
Public Holidays And Weekends
Non-working days, including weekends and public holidays, can delay transfers. Banking systems typically operate only on business days, which means transactions initiated on a Friday or before a regional holiday may not process until the following business day. National holidays in the recipient’s country can also slow delivery.
Incorrect Payment Details
Errors in input details, such as bank account numbers or recipient names, can delay processing. TransferWise must verify or correct these discrepancies with the sender or recipient, extending the completion time. For example, mismatched IBAN (International Bank Account Number) entries often require manual intervention, adding at least one day to the transfer timeline.
How To Minimize Transfer Delays
Avoiding delays with TransferWise involves proactive steps like ensuring accuracy, completing verification, and choosing optimal transfer times.
Providing Accurate Information
Accurate recipient details are critical for a seamless transfer process. Incorrect information, like a misspelled name or invalid bank account number, triggers additional checks that extend processing times. Double-check all payment fields, including account numbers, SWIFT/BIC codes, and currency details, to prevent delays.
Completing Verification In Advance
Identity verification often causes setbacks, especially for first-time users or large transfers. Submitting documents, such as your government-issued ID and proof of address, ahead of time streamlines the process. Initiating transfers only after completing this step minimizes the risk of delays.
Timing Your Transfers Strategically
TransferWise processes payments faster on business days. Initiating transfers early in the day or avoiding weekends and public holidays reduces processing time. Consider time zones for both sender and recipient banks, as discrepancies may impact the transfer timeline.
When To Contact Customer Support
If a TransferWise (Wise) transaction takes longer than expected, reaching out to customer support may help resolve the issue. Understanding when to contact them can save time and reduce frustration during delays.
Identifying Unusual Delays
I monitor the estimated delivery time displayed during the transfer process. If this time passes without the funds arriving, it might indicate a delay. Situations like prolonged verification checks, missing recipient details, or concerns flagged during security reviews often require assistance from customer support. Transfers stuck at the “in progress” status for more than 2–3 business days are another sign of an unusual delay. Additionally, system outages or interruptions announced by Wise could cause temporary disruptions.
Steps To Resolve Issues
First, I confirm all transfer details are correct, such as recipient name, account number, and routing codes. If everything is accurate, I use Wise’s transfer tracker to review the payment status. For delays caused by verification, uploading the required documents, like a government-issued ID or proof of address, directly through the app may expedite completion.
If these steps don’t resolve the issue, I contact Wise’s support through their in-app chat, email, or phone. Providing the transfer’s transaction ID and any related details ensures quicker assistance. In case of delays due to the recipient bank, I gather confirmation that Wise has sent the money and advise the recipient to check with their bank directly.
Conclusion
Understanding the factors that can delay a TransferWise transaction helps set realistic expectations and reduces frustration. While most transfers are completed quickly, occasional delays are often tied to security checks, recipient bank processes, or timing issues like weekends and holidays.
By double-checking details, completing verification steps early, and using Wise’s tools to track your transfer, you can minimize potential delays. If problems persist, Wise’s customer support team is there to assist and ensure your money reaches its destination as soon as possible.
Frequently Asked Questions
Why is my TransferWise (Wise) transfer delayed?
TransferWise delays can occur due to factors like security checks, recipient bank processing times, or errors in payment details. Weekends and public holidays can also impact processing speed, as banking systems typically operate only on business days.
How long does a TransferWise transfer usually take?
For common currencies like USD, EUR, and GBP, transfers typically complete within one business day. Less common currencies may take 2–4 business days due to additional processing by recipient banks.
What can I do to avoid delays with TransferWise?
To minimize delays, ensure all recipient details are accurate, complete your identity verification in advance, and initiate transfers on business days. Consider time zones when scheduling transfers.
What should I do if my transfer is stuck on “in progress” status?
If a transfer remains “in progress” for more than 2–3 business days, confirm that all details are correct, check the transfer tracker, and upload any required documents. If delays persist, contact Wise’s customer support.
Does the recipient bank affect transfer speed?
Yes, recipient banks play a role. Some banks take longer to process incoming funds, especially for cross-border transactions or less common currencies.
Can weekends and public holidays delay transfers?
Yes, weekends and public holidays can delay transfers, as most banks process transactions only on business days. Initiating transfers during business hours helps avoid these delays.
When should I contact TransferWise support for help?
If your transfer is delayed beyond the estimated delivery time or stuck without updates for over 2–3 business days, reach out to Wise support with your transaction details for assistance.
How does TransferWise ensure secure money transfers?
TransferWise uses thorough security checks, especially for first-time users or large amounts, to comply with regulations. While this can create short delays, it ensures safe and reliable transfers.