Wise - money transfer limit

1

Hey today I initiated the request to transfer close to ~200K USD it appears the only option on wise was to do a bank wire transfer (no debit) and on chase, the limit is only 25K- How do people are transferring large amounts using wise? Thanks

2

perhaps you can do multiple transactions…

3

Thanks @srhere Yes that’s what I am doing. Wise has recently introduced the limit. However, if you are physically present in the US and go to the bank for a wire transfer then there is no limit. Unfortunately, I left the US so the only option for me is to have multiple transactions of 25K

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4

@swamiom - I bank with PNC and they allow wire transfers over the phone for any amount. I have so far tried transferring $50K USD without issues.

5

Hey friends, today we tried doing a transaction through Wise. For ACH, it says it can not be initiated from my bank which is PNC and for wire, it is asking me to provide ID proof as SSN which it is not accepting. Please share how you were able to trigger the transfers.

For us, it got stuck

6

Hi @swamiom How many days did it take to transfer the money from Chase account to the Canadian bank account?

I might have to pay 2 month apartment security deposit within a week or two of arriving in Canada. I will open bank account and look for apartments only after landing (currently in US). So wondering whether the transfer will happen in a few days.

7

Using Transferwise it should only take a few days. When you make the transfer, they will let you know by which date the money should show up.

8

Chase has to release the funds - For a faster transaction, keep a close eye on the status - if it’s held by Chase - Call them and tell them to release ASAP - They might have a few questions for you depending on the amount you are transferring. Once it’s reached Wise - typically it takes 1 or 2 business days to get into your account.

9

Thanks @swamiom and @MissMapleFry

I am thinking if there is a faster way (apart from cash). Do you guys think it is reasonable to take a demand draft while I am still in US (for around 5000 USD so it is less than the 10K CAD limit) and then deposit it in USD account in Canada and then convert to CAD? This deposit should be instantaneous, correct? I guess the main drawback is the bad exchange rate I will get from the Canadian bank