Why Can't I Accept TransferWise Payments?

Why Can't I Accept TransferWise Payments?

TransferWise gives you the convenience to send and receive money, like your typical bank account. However, in some instances, you might have difficulties in securing a TransferWise payment. Here's a simple approach to how you can solve different issues for seamless TransferWise payments.

Have You Set up Your Account Correctly?

To receive TransferWise payments, you must first open your account in the right way:

1. Open your TransferWise account using your name, email address, location address, and even contact information.
2. It would serve you best if you verified your identity. For instance, you can use your national identity card. Additionally, you can give proof of your address.
3. After setting up your account, click on the homepage of your TransferWise app or mobile website.
4. Open the balance option on the currency payment you intend to receive the money. For instance, if your sender is sending in AUD, you should open the AUD currency balance.
5. Fill in your bank details to receive TransferWise payments in USD, GBP, EUR, AUD. Additionally, NZD and PLN are also applicable.
6. Share your bank details with your sender to enable the transfer process.
7. You are good to go. Your sender will send the payment directly to the currency balance.

Failure for the money to reflect in the current balance of your TransferWise account can stem from several factors.

Currencies Don't Match

Your currency balance account must match with the money your sender is using in making the payments. For instance, if your sender has made payment in USD, and your current account is in AUD, you will not accept it. Only after the receipt of the money can you be able to convert the funds to the currency you prefer. Additionally, it is vital to keep in mind that you can't receive any cash or cheque payments on TransferWise.

They are also different rules on receiving TransferWise payments depending on the currency. With a EUR IBAN currency account, you can receive payment and even SEPA transfers in EUR currency. However, you can't accept other currency options or even payment if your sender uses a Kraken account.

Additionally, for balances in GBP, USD, AUD, SGD, NZD, and PNL balance, the rules are almost similar. For all currency accounts, you can only receive payment in the same currency. However, you cannot receive a TransferWise payment on swift international payments and currency payment made with a different option.

Country Not Supported in Opening a Balance

To receive payments from overseas with a TransferWise borderless account, you need to open the balances tab. In some cases, you can have an unsuccessful bid in opening a balance, depending on the country you are located in at that moment.

These countries may include Afghanistan, Japan, Malaysia, Somalia, and even Venezuela, to mention a few. Additionally, you can only get RON bank account details if you are a resident of Romania or the United Kingdom. In such a scenario, you will use a different transfer payment to receive money from your sender.

If Account and Currencies Don't Sync

You may also experience a problem receiving TransferWise payments if your sender is using an incompatible bank account. For instance, these accounts can be a brokerage, estate, stripe, PayPal, and even Skrill accounts. Furthermore, other accounts limited by this aspect are Card One banking and Contis Group accounts.

However, there is an exemption in receiving payment from specific accounts. For a USD brokerage account, you will receive the payment if the account name is under your name. Additionally, you can also receive TransferWise payments made via PayPal if it is accepting a multi-currency withdrawal account.

If Sender is Using Boleto and Has Hit the Limit

If your sender is using Boleto for TransferWise payment, some conditions must be met. For instance, your sender can only transfer 9,000 BRL as the maximum amount monthly. Additionally, the same amount is applicable for a maximum transaction transfer once.