Senior memeber please help

[JK2054]

Even though, according to them, we made the payment ourselves and we accept the mistake, the beneficiary name was different from the wrong recipient, and only the last digit of the account was entered incorrectly. We informed Wise within 15 minutes, and they could have frozen the wrong recipient's account as they manage both the wrong recipient and the sender.

Yes wise may but they were already gone by the time they reached out.
also the payment was sent to a third party bank.
the payment didn't end at a wise bank, it endeded a third party bank.

Wise will only be able to recover if its held in a wise account which it wasnt, hence they cant recover it.

jk

[atticus]

Hasn't the OP said he wants to take action against the recipient, the account holder? Anyway, he should be seeing a solicitor tomorrow.

[tesla6518]

wise address: 6th Floor, Tea Building, 56 Shoreditch High Street, London, England, E1 6JJ

[JK2054]

Hasn't the OP said he wants to take action against the recipient, the account holder? Anyway, he should be seeing a solicitor tomorrow.

Yes but some of them are saying wise are liable, but my point is that wise are not a bank, they just passed the funds to the recipient's bank.

wise didn't hold the funds they just trasnferred it so wise don't have chances of recovering it because they don't hold the funds is my point.

its not like if they were the bank where they could withdraw the funds from the recipients bank and give htem back, they aren't in control of the recipients account that it went to, or the one it was supposed to, both are managed by a bank not wise.

[mrrhelp]

I will politely remind @jk to read my posts as he has not understood.

1. Both the sender (us) and the wrong recipient are Wise customers, as only the last digit was incorrect.
2. Wise is a financial institution that uses intermediary banks to manage its operations. In this case, we, the sender (Wise customer), sent money to another Wise customer by mistake.
3. Wise was informed within 15 minutes.
4. As Wise controls both the sender (us) and the wrong recipient (who is also a Wise customer), Wise had the opportunity to freeze or withdraw the transaction. Instead, they put us on a 15-day waiting list. Waiting this long increases the chances that the wrong recipient will withdraw the money.

If we make a complaint to FOS again, under what grounds should I do so?

THERE IS NO THIRD party or third bank — ( sender + wrong recipient are both wise customers and wise had full control

Thanks.

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[mrrhelp]

JK2054, I would like to politely mention that it seems my previous posts have not been thoroughly read, as the same questions are being asked repeatedly. Could you please review the information I have already provided? Thank you.

[echat11]

I will politely remind @jk to read my posts as he has not understood.

1. Both the sender (us) and the wrong recipient are Wise customers, as only the last digit was incorrect.
2. Wise is a financial institution that uses intermediary banks to manage its operations. In this case, we, the sender (Wise customer), sent money to another Wise customer by mistake.
3. Wise was informed within 15 minutes.
4. As Wise controls both the sender (us) and the wrong recipient (who is also a Wise customer), Wise had the opportunity to freeze or withdraw the transaction. Instead, they put us on a 15-day waiting list. Waiting this long increases the chances that the wrong recipient will withdraw the money.

If we make a complaint to FOS again, under what grounds should I do so?

THERE IS NO THIRD party or third bank — ( sender + wrong recipient are both wise customers and wise had full control

Thanks.

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Wise's Terms and Conditions, all the bits that apply to the situation.

Make your case, go through their T and C's, the two threads has information, gather your evidence.

Also look at the T's and C's which favour Wise, because the FOS might come back with those.

https://wise.com/help/articles/24484...-details-wrong

https://wise.com/help/articles/29780...e-wrong-person

https://wise.com/help/articles/2932667/i-spelt-my-recipients-name-wrong?origin=related-article-2448406

[atticus]

If the OP has lost £100K+, why is he even thinking about the Financial Ombudsman? I hope that if he had not previously done so, he made an appointment this morning to see a solicitor urgently. He needs to be moving hard and fast, and not faffing around on a forum.

[Pezza54]

Wise state on their blog that additional checks when transferring large amounts of money can take 2-10 working days or longer.

Did Wise ask OP for these details, including recipient's name, address, bank account number, SWIFT or IBAN?

At the end of last year, Wise turned down new business customers in the UK and EU because of insufficient capacity

[mrrhelp]

Wise terms and conditions say, “We recommend you get in touch with the recipient and ask them to return the money to you, or, if the payment was to yourself, transfer it back.” This is so annoying; how on earth will we know the wrong recipient's address or details? Wise is also not sharing it.

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[JK2054]

Sorry I did misunderstand, the FCA response made it sound like it was a third party bank. If it was a wise account then the response makes no sense though.

Are you sure the recipient that got the money didnt move it to another account with another bank from their wise balance?

[echat11]

Wise terms and conditions say, “We recommend you get in touch with the recipient and ask them to return the money to you, or, if the payment was to yourself, transfer it back.” This is so annoying; how on earth will we know the wrong recipient's address or details? Wise is also not sharing it.
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Isn't that something you need to state in your complaint to Wise.

Once you complain to Wise in writing, they investigate (they have 8 weeks), if the matter isn't resolved and they give you a Deadlock Letter / Final Response you can lodge a complaint with the FOS.

In tandem, speak to a specialist solicitor /a recovery expert that knows what they are doing. But carry out checks on them before you go spending money on their services.

I agree with Atticus that you need to move matters forward.