It’s Dumb to Use Wise for Currency Exchanges Now

I know that I can have my Social Security payments deposited directly into my Portuguese bank account--without fees and at the best possible exchange rate. But that doesn't work for me because I need to divide my monthly payments into two ... leaving about a third in my USA account and transferring the balance to Portugal.

Hence, the need for currency exchange agents.

Before TransferWise morphed into Wise, I was one of its biggest supporters. Monthly transfers of my Social Security payments were quickly – if not immediately – completed between my bank in the USA (where the payments were deposited) to my bank in Portugal (where they were needed).

More often than not, in fact, before I had even completed the data to initiate a transfer, the money was already in my Portuguese bank account. Seriously.

Not anymore.

Now, the currency exchange company used by so many of us will sit on our funds, accruing interest (to Wise!) until the money finds its way into our destination accounts.

Last Thursday, 2 May, I attempted to transfer my Social Security payment from the USA to Portugal. As always, I checked and confirmed the official exchange rate with what Wise was paying. Very close, if not exact. Wise’s fee (about US $10) seemed fair, as well, nothing out of the ordinary. But when I confirmed the exchange the message on my screen informed me that my transaction was scheduled to be completed on the following Thursday (9 May), a full week!

Not acceptable.

So, I contacted Wise via its internal email system, asking why such a delay … especially since all my previous transfers had been completed the same day.

Within five minutes, I received a reply email from Wise:

Hello Bruce HOWARD,

I checked your transfer and can confirm we are still waiting to receive the money. Don’t worry - bank transfers are usually instant, but sometimes they take longer. Some banks only process transfers during weekdays, and they might run some routine checks before sending money to Wise.

If 2 working days have passed and the money has still not arrived:

Confirm the account details you used are correct.

Send us a proof of payment: a receipt – either a scan, a photo or a PDF – or a screenshot from your online bank. It has to clearly show the following:

? Your full name

? Your bank details

? Our bank details

? The date and time the payment was made

? The amount sent

? The currency

? Reference

Immediately, I checked my (sending) bank statement. There it was: Within minutes of requesting my currency exchange, Wise had taken the money from my account. See the photo of my bank statement shown here.

I contacted Wise again, providing all the required information.

Not ten minutes had passed before I received this response:

Hello Bruce,

Thanks for getting in touch and sorry about the issue you are having.

I understand your question is about the transfer #1055699154 and you would like to know why it would take more time.

It usually takes up to 4 working days for your money to reach us. You’ll see the debit in your bank account within 2-3 working days of making the transfer.

Since it can take some time for the money to reach us, make sure you have enough money in your account while you wait for the debit.

I was more than annoyed; I was furious! Hadn’t I sent them proof that the money had left my account, debited by Wise? Did the Wisebots even look at it? I doubt it. I became increasingly convinced that I was a victim of Artificial Intelligence (AI) responding to certain prompts … but not all.

My last email to Wise was sent in response. In all caps. Shouting:

READ MY EMAILS.

LOOK AT THE ATTACHMENTS.

DON'T USE AI TO SEND ME A ROBOTIC REPLY!

I AM GOING PUBLIC WITH YOUR NONSENSE.

Consider this my public reply.