How long does Transferwise usually take?

Recommended Posts

Posted

Hi I just set up a new transfer to myself from my U.S. credit union. The initial estimate shown on the site said I should receive the money the next day. And, that was three days ago. Just wondering if anyone has used ACH with Transferwise and how long it takes the first time.

The system did not ask me for micro deposit information for the transfer to myself to a local bank here. However, it did ask me for the micro deposit information for a transfer to my SO's account, which has been entered successfully.

Again, just wondering if any of those using Transferwise do so with ACH (bank to bank) and about how long it takes. Until now, Transferwise is reporting they are still waiting on the money, and it has indeed not been deducted from CU account.

Thanks in advance.

Link to comment
Share on other sites

  • Forum Support
Posted

Canada bank to Philippine bank usually takes 3 or 4 business days.  I try to start it on Canada's Monday morning so it is here on Philippines Friday afternoon (and sometimes even Thursday afternoon).

When  I use Canadian Debit card to a Philippine bank or Canadian Credit card to a Philippine bank then the money has been here as fast as 24 hours but quite often just 2 business days.  I try not to use that system as the fees are higher than direct bank to bank.

Link to comment
Share on other sites

Posted
8 minutes ago, Dave Hounddriver said:

Canada bank to Philippine bank usually takes 3 or 4 business days.  I try to start it on Canada's Monday morning so it is here on Philippines Friday afternoon (and sometimes even Thursday afternoon).

When  I use Canadian Debit card to a Philippine bank or Canadian Credit card to a Philippine bank then the money has been here as fast as 24 hours but quite often just 2 business days.  I try not to use that system as the fees are higher than direct bank to bank.

Ah okay, thanks for the info. About how long did take for TW to take the money from your Canadian account (the first part of the process I guess)? Thanks again.

Link to comment
Share on other sites

  • Forum Support
Posted
5 hours ago, JeSsDaDdY said:

how long did take for TW to take the money from your Canadian account

Well, that part is strange, and they did not answer it well.  In the past, the funds instantly came out of my account but it still took two business days before TW acknowledged that they had the money. Now the money does not appear to leave my account (I watch it online) for 2 days and then "suddenly" it disappears from my Canadian Bank account and instantly TW acknowledges they have the cash.

No one has been able to explain why that changed so I am guessing it is a fraud prevention measure.  I do not know what would happen if I tried to spend the money that was earmarked for TW.  I am not inclined to test that part :thumbsup:

Link to comment
Share on other sites

Posted
1 minute ago, Dave Hounddriver said:

Well, that part is strange, and they did not answer it well.  In the past, the funds instantly came out of my account but it still took two business days before TW acknowledged that they had the money. Now the money does not appear to leave my account (I watch it online) for 2 days and then "suddenly" it disappears from my Canadian Bank account and instantly TW acknowledges they have the cash.

No one has been able to explain why that changed so I am guessing it is a fraud prevention measure.  I do not know what would happen if I tried to spend the money that was earmarked for TW.  I am not inclined to test that part :thumbsup:

Yeah, that seems like it might be the case. They still haven't pulled the money from my CU account. But, I keep checking. Hope it happens soon, though. Don't like things being in limbo. I want to try out a few other services, but am not sure which ones I should go for. I tried to set up World Remit, but it doesn't like me use my Philippines address when setting up to send from the U.S. So, I don't know. Remitly looks the same, defaults to US addresses only when setting up to send via ACH. So, I guess we'll see.

 

Link to comment
Share on other sites

Posted

I've had instances when the money arrived in 2 hours and then again instances when it took a few days. I think it goes faster if the account you are sending to is yours (not sending to someone else).

Link to comment
Share on other sites

Posted

I use Transferwise and the money is generally from my US bank to the bank here in 24 hours. I've had a one transfer that took 2 days though.

Link to comment
Share on other sites

Posted
On 11/15/2018 at 9:07 PM, JeSsDaDdY said:

I tried to set up World Remit, but it doesn't like me use my Philippines address when setting up to send from the U.S. So, I don't know

We send money over by them, never had a problem, in the bank and draw-able within a couple of hours. Try ringing them, I once had a problem and rung them and they walked me through what I was doing wrong, very approachable. :thumbsup:

Link to comment
Share on other sites

Posted
9 hours ago, Clermont said:

We send money over by them, never had a problem, in the bank and draw-able within a couple of hours. Try ringing them, I once had a problem and rung them and they walked me through what I was doing wrong, very approachable. :thumbsup:

Okay, I will try giving them a call. Did you use a US address when setting up World Remit. I don't have a US address at this time. Even with my credit union, I use a Phils address only.

Link to comment
Share on other sites

Posted

Update. The two Transferwise deposits I initiated early Tuesday morning both showed up in their respective Phils accounts early Friday evening (Phils time). So, it took a little over three days total. Strange thing, though, is Transferwise is still showing the deposts in the Phils accounts as pending and not final yet. Guess that it all just takes a while to update. It seems that the money was deducted from my CU account and deposited in the Phils accounts all on the same day in short order.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...