Why Can't I Transfer Money from TransferWise to My Bank Account?

Why Can't I Transfer Money from TransferWise to my Bank Account

The technology revolution has brought great strides in our lives. You can easily send and even receive money, from anywhere across the globe, and anytime, thanks to TransferWise. How cool is that? However, sometimes you might attempt to make a transaction from TransferWise to your bank account and become unsuccessful. Several reasons can cause a problem. Here's an easy guide should you encounter any of these issues.

Lack of Funds

A transaction from TransferWise to your bank account can be unsuccessful if you have no funds. For instance, you want to send $400, but your TransferWise account has $200 available. You can opt to send a smaller amount to your bank. To top up your balance:

1. Select the balance you want to top up.
2. Click the add button and choose the currency you wish to use in completing the transaction.
3. Choose your method of payment and continue to the final step.
4. Complete the transfer to your bank.

Transaction Halted by TransferWise

Sometimes, there are fraudulent activities and identity theft issues that are synonymous with money transfer. Your transfer to the bank can be stopped if TransferWise suspects a looming harmful bank activity. In such a scenario, maybe the country that issued your card is not compatible with the payment system. You can opt to use a different payment method for your transfer.

Payment Refusal by Your Bank

In some instances, your bank may decline payment with TransferWise. What can be the reason you ask? Maybe, you are requesting the transaction for the first time, and it is a significant amount of money. In this scenario, you can call your bank and speak to a representative and explain you are making the payment from a reliable source. Additionally, your bank can also take a long time to process the payment. It is common to wait for a longer time before the transaction is fully complete during the weekends and holidays.

Internet Connectivity and Verification Issues

Remember, for a successful transaction with TransferWise, and you need an internet connection. If your phone antivirus says the transaction is not secure, it will not reflect. To solve the issue, check your phone settings and allow TransferWise and your bank as safe applications. Additionally, you may also have difficulty in security verification to complete the payment transaction:

1. Use a reliable internet browser such as Mozilla Firefox and even Google Chrome.
2. Clear redundant cache on your device.
3. Enable cookies from TransferWise and your bank.
4. Check your phone security settings on your antivirus and allow extensions from TransferWise.
5. Try your payment again.

Details Mismatch

You can make a mistake in filling in the details while transferring money from TransferWise to your bank account. In such a scenario, the most natural solution is to cancel the transfer soonest. Check how far the transaction is by:

1. Enter your details to your TransferWise account.
2. Click the Home tab and check your activity list.
3. Identify the pending transfer.

To cancel the transaction:

1. After selecting the pending transfer in question, click transfer.
2. Click on I didn't pay option if you noticed the details discrepancies before making the payment.
3. Consequently, click on I paid option if you saw the details mistake after making the payment.

If you are using the TransferWise balance, the money is refunded directly.

Money Limit

There is a limit that you can transfer from TransferWise to your bank account. The limit depends on the currency. Each currency has different guidelines. However, you can also send amounts exceeding the limits through several transfer transactions, with all following the limit guideline.